Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, the largest money market fund in the public offering industry, is expected to influence other funds to follow suit, leading to a general decrease in fee levels across the industry [1][3][7]. Group 1: Fee Reduction Details - On September 23, Tianhong Fund announced a reduction in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion, making it the largest money market fund in the public offering market [3]. - Other fund management companies, including E Fund and Guoxin Guozheng Fund, also announced fee reductions on the same day, indicating a broader trend in the industry [3][4]. Group 2: Industry Impact - The fee reduction is likely to intensify competition within the industry, compelling fund managers to enhance their management capabilities [7][8]. - The average custody fee for money market funds is approximately 0.06% per year, indicating that Tianhong Yuerbao's new fee is still slightly above the industry average [3][6]. - The trend of fee reductions has been evident this year, with around 16 money market funds lowering management fees and 11 reducing custody fees [5][6]. Group 3: Investor Implications - Lower fees will directly reduce investment costs for investors, potentially increasing their actual returns, especially in a low-yield environment [4][8]. - The reduction in fees enhances the attractiveness of money market funds as a cash management tool, particularly as bank deposit rates decline [8]. - The regulatory environment is also pushing for fee reductions to benefit investors, as indicated by the China Securities Regulatory Commission's initiatives [4][7].

Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, the largest money market fund in China, is expected to influence the overall fee structure of the money market fund industry, potentially leading to a broader trend of fee reductions among other funds [1][8]. Group 1: Fee Reduction Details - On September 23, Tianhong Fund announced a decrease in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion yuan, making it the largest money market fund in the public fund market [3]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong Yuerbao's new fee is slightly above the industry average [3]. Group 2: Industry Impact - The fee reduction by Tianhong Yuerbao may prompt other large and medium-sized money market funds to follow suit, leading to a general decline in fee levels across the industry [1][9]. - The trend of fee reductions has already been observed this year, with 16 money market funds lowering management fees and 11 reducing custody fees [7]. - The competitive landscape in the money market fund sector is expected to intensify as firms strive to enhance management capabilities in response to fee reductions [9]. Group 3: Investor Implications - Lower management and custody fees will directly reduce investment costs for investors, thereby increasing the net returns from money market funds [10]. - The fee reductions are anticipated to enhance the attractiveness of money market funds as a cash management tool, especially in a declining bank deposit interest rate environment [10]. - The adjustments in fees are seen as a move to strengthen the inclusive financial attributes of money market funds, potentially attracting more low-risk preference capital [10].

Core Viewpoint - The reduction of management and custody fees by Tianhong Yu'ebao, the largest money market fund in China, is expected to influence the overall fee structure of the money market fund industry, potentially leading to a broader trend of fee reductions among other funds [1][9]. Fee Reduction Details - On September 23, Tianhong Yu'ebao announced a reduction in its custody fee from 0.08% to 0.07%, effective immediately [1][4]. - As of the second quarter of 2025, Tianhong Yu'ebao's management scale reached approximately 793.22 billion yuan, making it the largest money market fund in the public offering market [4]. - Following Tianhong's announcement, five other fund management companies also announced fee reductions for their money market funds on the same day [4]. Industry Impact - The fee reduction by Tianhong Yu'ebao may prompt other large and medium-sized money market funds to follow suit, leading to a decrease in the overall fee levels in the industry [1][9]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong's new fee is slightly above the industry average [4]. - The trend of fee reductions has been evident this year, with around 16 money market funds lowering their management fees and 11 reducing their custody fees [8]. Investor Implications - The reduction in fees directly lowers the investment costs for investors, enhancing their actual returns, especially in a context where money market fund yields are generally low [1][10]. - Lower fees strengthen the appeal of money market funds as cash management tools, particularly in a declining bank deposit interest rate environment, which may attract more low-risk preference funds [10]. - The competitive pressure from fee reductions may lead fund companies to improve their operational efficiency and investment research capabilities to retain clients [9].

Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, the largest money market fund in the public fund industry, is expected to influence other large and medium-sized money market funds to follow suit, potentially leading to an overall decrease in fee levels across the industry [1][3][7]. Fee Reduction Details - On September 23, Tianhong Fund announced a reduction in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion yuan, making it the largest money market fund in the public fund market [3]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong Yuerbao's new fee is still slightly above the industry average [3]. Industry Impact - The fee reduction by Tianhong Yuerbao may intensify competition within the industry, compelling fund managers to enhance their management capabilities [1][6][7]. - Other fund management companies, such as E Fund and Guoxin Guozheng Fund, also announced fee reductions on the same day, indicating a broader trend in the industry [1][3]. Investor Benefits - Lower management and custody fees directly reduce investment costs for investors, which can enhance their actual returns, especially in a low-yield environment [4][7]. - The trend of fee reductions is seen as a way to strengthen the appeal of money market funds as cash management tools, particularly as bank deposit rates decline [7]. Historical Context - There has been a noticeable trend of fee reductions in money market funds this year, with approximately 16 funds lowering management fees and 11 funds reducing custody fees [6]. - The average management fee, custody fee, and sales service fee for money market funds have all decreased compared to the end of last year, reflecting a broader industry shift towards lower fees [6].

Core Viewpoint - The recent fee reduction by Tianhong Yuerbao, the largest money market fund in China, is expected to trigger a wave of similar fee adjustments across the industry, enhancing competition and potentially benefiting investors by lowering their investment costs [1][4][10]. Industry Summary - Tianhong Yuerbao has lowered its custody fee from 0.08% to 0.07%, effective immediately, which is still slightly above the industry average custody fee of approximately 0.06% [2][3]. - The fund's management fee and sales service fee are currently at 0.3% and 0.25%, respectively, both of which are also above the industry averages [3]. - Other fund management companies, including E Fund and Guoxin Guozheng, have also announced fee reductions for their money market funds, indicating a broader trend in the industry [3][5]. - A total of 16 money market funds have reduced management fees, 11 have lowered custody fees, and nearly 30 have adjusted sales service fees this year, reflecting a general decline in fee levels [8]. Investor Impact - The reduction in fees directly decreases the investment costs for investors, leading to an increase in net returns, especially in a low-yield environment where the seven-day annualized yield is around 1% [4][10]. - Lower fees enhance the attractiveness of money market funds as cash management tools, particularly as bank deposit rates decline, potentially drawing more low-risk preference funds into the market [10].

中国经济网北京8月15日讯 昨日，东证融汇证券资产管理有限公司发布东证融汇添添益中短债债券 型集合资产管理计划清算报告。 东证融汇添添益中短债C累计收益率走势 来源：天天基金网 截至2025年8月11日最后一次披露净值日，该基金A/C份额累计单位净值为1.1281元、1.0997元，累 计收益率为10.99%、9.97%。 东证融汇添添益中短债A累计收益率走势 报告称，东证融汇添添益中短债债券型集合资产管理计划(以下简称"本集合计划")由东北证券6号 核心优势集合资产管理计划变更而来。经中国证监会批准，自2022年2月10日起，"东北证券6号核心优 势集合资产管理计划"正式变更为"东证融汇添添益中短债债券型集合资产管理计划"。 《东证融汇添添益中短债债券型集合资产管理计划资产管理合同》(以下简称"《资产管理合同》") 中关于集合计划存续期限约定，"本集合计划自本资产管理合同变更生效日起存续至2025年8月11日。本 集合计划自2025年8月11日后，按照中国证监会相关规定执行。2025年8月11日后，不符合法律法规或中 国证监会的要求而须终止本集合计划的，无须召开集合计划份额持有人大会"。东证融汇证券资产管理 ...