Core Viewpoint - Multiple money market funds, including Tianhong Yu'ebao, have announced fee reductions to better meet investor needs and lower investment costs amid a declining yield environment [1][4][6]. Group 1: Fee Reductions - Tianhong Fund announced a reduction in the custody fee for Tianhong Yu'ebao from 0.08% to 0.07%, effective September 23 [1][4]. - This marks the first fee reduction for Tianhong Yu'ebao since its establishment 12 years ago [4]. - Other funds, such as E Fund and Guoxin Guozheng, also announced fee reductions, with E Fund lowering its management fee from 0.20% to 0.15% and custody fee from 0.08% to 0.05% [4][6][8]. Group 2: Fund Performance and Market Context - As of June 30, 2025, Tianhong Yu'ebao's total scale reached 793.2 billion, making it the largest public fund in the market [4]. - The average 7-day annualized yield for money market funds has declined from approximately 1.35% at the beginning of the year to 1.23% by September 22, with Tianhong Yu'ebao's yield at 1.02% [8]. - The current fee structure for Tianhong Yu'ebao is slightly higher than the market averages, which are 0.059% for custody fees, 0.24% for management fees, and 0.13% for service fees [4][8]. Group 3: Market Outlook - The cash management product yields are expected to remain low due to a loose monetary environment and declining bank deposit rates [9]. - Despite the low yields, cash management products continue to offer advantages as stable liquidity management tools [9].

Group 1 - Tianhong Fund announced a reduction in the management fee of Tianhong Yu'ebao money market fund from 0.08% to 0.07%, effective from September 23 [1] - As of June 30, 2025, Tianhong Yu'ebao's total scale reached 793.2 billion, making it the largest public fund in the market [1] - The average management fee and service fee for all money market funds in the market are 0.059% and 0.13% respectively, while Tianhong Yu'ebao's fees are slightly higher at 0.3% and 0.25% [1] Group 2 - E Fund also announced a fee reduction for its E Fund Margin Income Money Market Fund, with management fees decreasing from 0.20% to 0.15% and custody fees from 0.08% to 0.05%, effective from September 26 [3] - Guoxin Guozheng Cash Increase Money Market Fund reduced its management fee from 0.30% to 0.20% and custody fee from 0.10% to 0.07%, effective from September 23 [3] - Fund companies stated that the fee reductions aim to better meet investors' needs and lower their investment costs [3] Group 3 - The average 7-day annualized yield of money market funds was approximately 1.35% at the end of Q2, down by about 0.18% from the beginning of the year, and further decreased to 1.23% by September 22 [3] - Tianhong Yu'ebao's 7-day annualized yield was reported at 1.02% [3] - The cash management products are expected to maintain low yield levels due to a loose monetary environment and declining bank deposit rates [4]

Core Insights - The report focuses on the performance of pure fixed income, "fixed income + options," and cash management financial products [1] - The analysis covers the average net value growth rates and highlights top-performing products in each category [5][8][11] Group 1: Product Performance - As of June 19, the average net value growth rate for pure fixed income products with a maturity of three months or less was 1.07%, outperforming cash management products [5] - Among pure fixed income products, 88.55% recorded positive returns each month over the past six months [5] - The top-performing product was Hangyin Wealth's "Happiness 99 Gain Fixed Income (Short Debt) Daily Open Type" with a net value growth rate of 2.89% [5] Group 2: Highlights of Fixed Income + Options Products - The average net value growth rate for "fixed income + options" products was 0.21%, with a maximum drawdown of 1.37% [8] - The leading products in this category were "Zhaoyin Global Asset Momentum Two-Year Fixed Open 8A" and "Zhaoyin Global Asset Momentum Fourteen-Month Fixed Open 8A," with growth rates of 1.91% and 1.55%, respectively [8] Group 3: Cash Management Products - The average annualized yield for RMB cash management products over the past six months was 1.562%, while for USD cash management products, it was 4.028% [11] - The top cash management products included "Qiyuan Cash 5 No. J" and "Qiyuan Currency 2 (ESG Theme) G," with yields of 2.925% and 2.626%, respectively [11]