"刚上班那会儿，每天打开App看看'宝宝'赚了几块钱，是我的'小确幸'。"北京白领林薇（化名）表 示，"但现在，数字越来越不起眼，早想不起来去看了。"她口中的"宝宝"，指的是曾风光无限的货币基 金。 据Wind数据，截至12月22日，全市场货币基金七日年化收益率中位数为1.24%。其中，93只货币基金已 跌至1%以下，还有280余只在1%至1.2%之间。 海通证券则在研究中表示："全面破1只是时间问题。" 01、过去的6%VS今天的1% "年化6%的时代，确实回不去了。"有着15年"基龄"的王鹏（化名）感慨道。他回忆，2013年，天弘基 金以一款"1元起投、T+0赎回，还能直接支付"的货币基金产品余额宝，完成了对千万普通人的"理财启 蒙"。 那是一个疯狂的夏天。2013年6月"钱荒"来袭，部分货币基金七日年化收益率冲破6%，把银行0.35%的 活期利率甩出几条街。"工资扔里面，每天会有块儿八毛的收益。" 截至12月22日，全市场货币基金七日年化收益率中位数为1.24%，除了93只货币基金的七日年化收益率 跌破1%，部分产品甚至已经跌破0.5%，其中包括山证资管日日添利C、广发现金宝A、金鹰现金增益E 等。 同 ...

Core Viewpoint - The article discusses the recent trend of some money market funds increasing their management fees despite a broader trend of fee reductions in the industry, highlighting the complexities and implications of fee structures in the current low-yield environment [1][5][10]. Group 1: Fee Adjustments and Trends - On November 20, two money market funds, Xin'ao Cash Treasure and Fuanda Shenzhou Tiantili, announced the restoration of their management fees to 0.80% and 0.55% respectively, after temporarily lowering them to 0.30% due to low estimated annualized returns [1][2]. - The fee adjustment mechanism in these funds is designed to prevent negative net returns per ten thousand units, allowing for temporary fee reductions when returns fall below a certain threshold [4][5]. - The average seven-day annualized yield of money market funds has decreased from 1.25% mid-year to 1.1% by November 20, with 69 funds yielding below 1% [5][8]. Group 2: Impact of High Fees - The average management fee across the market is currently 0.26%, with some funds charging as high as 0.9%, which significantly impacts net returns, especially as overall yields decline [7][12]. - Funds with higher comprehensive fees (management, custody, and service fees) have shown lower average annualized yields, with those exceeding 0.7% yielding only 0.785% compared to the market average of 1.23% [7][12]. - The high fee structures are increasingly seen as a hidden cost that erodes investor returns, particularly in a low-yield environment [6][10]. Group 3: Regulatory and Market Context - Regulatory signals have indicated a push towards reducing fees for money market funds, with recent guidelines suggesting a cap on sales service fees and encouraging fund companies to lower management fees [10][11]. - Despite the downward pressure on yields, the overall scale and number of money market fund investors have continued to grow, indicating a persistent demand for these investment vehicles [12][13]. - The article emphasizes the importance of ongoing fee reforms to protect the interests of small and medium investors, as larger funds benefit from economies of scale that can facilitate lower fees [13].

Core Viewpoint - Recent adjustments in management fees for certain money market funds have raised concerns about the alignment of fee structures with investor interests, particularly as the market experiences declining yields and increased fee variability [1][4][7]. Group 1: Fee Adjustments and Mechanisms - Two money market funds, Xin'ao Cash Treasure and Fuanda Shenzhou Tiantili, have recently restored their management fees to 0.80% and 0.55% respectively, after temporarily lowering them to 0.30% due to low estimated annualized returns [1][2]. - The fee adjustment mechanism is designed to prevent negative net returns for investors, automatically lowering fees when estimated returns fall below a certain threshold [3][6]. - This mechanism is not uncommon in money market funds, but it does not fundamentally address the alignment of fee structures with investor interests [1][3]. Group 2: Market Trends and Yield Decline - The average seven-day annualized yield for money market funds has decreased from 1.25% mid-year to 1.1% by November 20, with 69 funds yielding below 1% [4][8]. - High management fees are becoming a significant concern as they can erode investor returns, especially in a low-yield environment where fees consume a large portion of the returns [7][8]. - Funds with higher fees have shown significantly lower average yields compared to the market average, indicating that high fees are detrimental to investor returns [8][9]. Group 3: Regulatory and Industry Responses - Regulatory bodies have indicated a push towards reducing management fees for money market funds, with recent guidelines suggesting lower caps on sales service fees and encouraging fund companies to lower management fees [12][14]. - Some large funds have begun to lower their fees, but the overall progress in fee reduction remains slow compared to equity funds [14][15]. - Despite declining yields, the overall scale and number of investors in money market funds have continued to grow, indicating their importance as a cash management tool for individual investors [15][16].

Core Viewpoint - Tianhong Fund announced a reduction in the custody fee rate for its Tianhong Yu'ebao money market fund, lowering the annual fee rate from 0.08% to 0.07%, marking the first fee reduction since the fund's inception over 10 years ago [1][9]. Fee Adjustments - The adjusted comprehensive operating fee rate for Tianhong Yu'ebao is now 0.62%, with a management fee of 0.3% and a sales service fee of 0.25% [3]. - Other funds, such as Guoxin Guozheng Cash Growth and E Fund Margin, also announced fee reductions, with total fee reductions of 0.13% and 0.08% respectively [3][10]. Market Context - As of June 30, Tianhong Yu'ebao's scale was 793.219 billion, and prior to the fee reduction, the fund incurred a custody fee of 315 million in the first half of the year [9]. - The reduction in fees is seen as a response to declining yields and regulatory policies, indicating a potential beginning of a fee reform in the money market fund sector [3][11]. Yield Trends - The seven-day annualized yield for Tianhong Yu'ebao has decreased to 1.02%, while other funds like Guoxin Guozheng Cash Growth and E Fund Margin have yields of 0.82% and 1.16% respectively [12]. - Recent data shows that over 10% of money market funds have yields below 1%, with some even below 0.5% [12]. Regulatory Influence - The China Securities Regulatory Commission (CSRC) has encouraged the reduction of management and custody fees for large-scale index and money market funds as part of its initiative for high-quality development in the public fund industry [13]. - The CSRC's recent draft regulations suggest that the sales service fee for money market funds should not exceed 0.15% per year, further supporting the trend of fee reductions [13]. Investor Impact - Lower fees directly reduce investment costs for investors, enhancing actual returns and making money market funds more attractive to low-risk investors [14]. - The fee reductions are expected to drive fund companies to improve management efficiency and research capabilities, ultimately raising the overall professional standards in the public fund industry [14].