如有疑问，投资者可拨打本公司的客户服务电话（400-818-6666）或登录本公司网站（www.ChinaAMC.com）咨 询、了解有关信息。 风险揭示：本基金的管理费率为0.65%/年，若以0.65%/年的管理费率计算的7日年化暂估收益率小于或等于2倍活期 存款利率，基金管理人将调整管理费率为0.3%/年，以降低每万份基金暂估净收益为负并引发销售机构交收透支的 风险，直至该类风险消除，基金管理人方可恢复按0.65%/年的费率计提管理费，上述管理费率调整不需召开基金 份额持有人大会。因此可能存在管理费率在下调为0.3%/年后，经基金管理人判断每万份基金暂估净收益为负并引 发销售机构交收透支的风险已消除而恢复按0.65%/年的费率计提管理费，进而影响投资者收益。 一、管理费调整方案 二、其他需要提示的事项 待上述基金合同约定的风险消除后，本基金管理人将恢复本基金管理费率为0.65%/年，并另行公告，敬请投资者 关注。 本基金投资于货币市场工具，基金收益受货币市场流动性及货币市场利率波动的影响较大，因此，本基金可能面 临较高流动性风险以及货币市场利率波动的系统性风险。本基金是以投资者交易结算资金为管理对象的货币 ...

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].