以下文章来源于财联社资管视界 ，作者闫军 其次，赎回资金交收时间上，不得过度追求赎回资金到账效率，并强调公平对待投资者。 财联社资管视界 . 财联社倾力打造的金融、资管、FICC资讯和投研平台，为广大金融从业者和投资者提供电报、独家新闻、精选资讯、重大事件点评、深度报道、研究报 告等。 监管出手基金申赎时间安排，补上货基"套利"漏洞。 监管近日发布最新情况通报，对基金销售结算资金交收机制进行优化。 通报面向基金管理人、基金销售机构，核心要点如下： 首先，明确申购资金交收时间安排，缩短申购资金在途时间，堵上货币增强漏洞。 此条款直指场外货币基金，具体要求：基金份额确认日当日10:00前将确认数据和资金清算数据发送至基金销售机构，基金销售机构应当在 基金份额确认日当日16:00前将确认成功的申购资金在扣除相关手续费(如有)后划转至该基金的注册登记账户。 此举之后，在某些银行理财、券商资管、电商渠道颇受争议的"货币增强"类产品漏洞将被彻底堵上。 监管要求，一是基金管理人应当公平对待所有投资者，对同一基金产品，不得因销售渠道不同设置差异化的赎回资金交收时间；二是除货币 市场基金、同业存单基金以外的其他类型基金，赎回资 ...

中国基金报记者 曹雯璟 记者从业内获悉， 最新一期《 机构监管情况通报 》（ 以下简称《通报》）于11月24日发 布。 《通报》要求，基金管理人、基金销售机构应当坚持投资者利益优先、公平对待投资者的原 则，建立健全基金销售结算资金交收机制，不断规范和完善业务操作流程，综合考虑基金产 品运作特点和技术系统建设情况等因素，合理设置基金销售结算资金交收时间安排。 多位业内人士表示， 此次 《通报》 对申购或赎回资金交收时间、 宣传营销等 方面提出一系 列要求，从源头上强化投资者资金安全保护，促使公募行业从 "内卷式"竞争 回归以持有人利 益为先、产品稳健运作的本源，对构建公平、透明、可持续的基金生态具有重要意义。 细化申购资金交收时间节点 关于申购资金交收时间安排，《通报》要求，基金管理人、基金销售机构应当加大技术系统 建设投入，切实提高基金申购资金交收效率，缩短申购资金在途时间。 《通报》明确，对于场外货币市场基金，基金管理人应当在基金份额确认日当日10:00前将确 认数据和资金清算数据发送至基金销售机构，基金销售机构应当在基金份额确认日当日16:00 前将确认成功的申购资金在扣除相关手续费（如有）后划转至该基金 ...

Group 1: Report Overview - The report focuses on the impact of fund redemption fee reform on institutional behavior and the bond market, and also mentions the potential influence of tax - preferential policies [6][9] Group 2: Report Core View - The adjustment of redemption fees is generally beneficial to medium - and long - term treasury bonds, and money funds and inter - bank certificate of deposit funds will also indirectly benefit. The relatively pressured varieties mainly include 30Y treasury bonds, 10Y CDB bonds, and Tier 2 capital bonds. The final official draft's implementation intensity determines the market volatility. Tax - preferential policies are also potential key policy variables [6][21] Group 3: Several Possible Scenarios of Policy Implementation - Three main scenarios are set for analysis: full implementation according to the solicitation draft; waiving redemption fees after holding for 3 months; waiving redemption fees after holding for 1 month. There may also be more lenient fee requirements for customized products with a high proportion of institutional investors [10][11] Group 4: Impact on Institutional Allocation Behavior 4.1 Bank Self - operation - Redemption fee adjustment reduces the attractiveness of funds as flexible allocation tools and affects the flexibility of bank self - operation in quarterly assessment. Banks may convert some fund outsourcing to direct bond investment, preferring medium - and long - term treasury bonds. The strictness of policy implementation determines the intensity and scope of behavior adjustment [12][13] 4.2 Bank Wealth Management - The core impact is the weakening of the fund's liquidity management function. Wealth management may adjust in two aspects: reallocating assets to more liquid ones and adopting a more cautious bond investment strategy. The adjustment amplitude varies with different scenarios [14][15] 4.3 Insurance - The impact on insurance is relatively small, and its allocation behavior remains relatively stable [16] Group 5: Impact on the Bond Market 5.1 Negative Impact - To cope with redemption pressure, funds may sell some holdings, causing demand for 30Y treasury bonds, 10Y CDB bonds, and Tier 2 capital bonds to decline and interest rate centers to rise [18][20] 5.2 Positive Impact - Bank self - operation's direct investment benefits medium - and long - term treasury bonds. Wealth management's direct investment may focus on short - end credit bonds. Overall, the adjustment benefits medium - and long - term treasury bonds, and money funds and inter - bank certificate of deposit funds also indirectly benefit [21]

Core Viewpoint - The yields of money market funds, represented by Yu'ebao, have significantly declined, with many products now showing a 7-day annualized yield below 1.5%, leading to a shift in investor sentiment and a search for alternative investment options [2][4][10] Summary by Sections Current Yield Situation - As of July 10, 2023, 182 out of 364 money market funds have a 7-day annualized yield below 1.5%, marking a significant drop from earlier in the year when over 80% of products yielded more than 2% [2][4] - The largest money market fund, Tianhong Yu'ebao, reported a yield of only 1.478% on July 10, down from a peak of 2.453% earlier in the year [4] Reasons for Yield Decline - The decline in money market fund yields is attributed to a relatively loose monetary policy and an overall decline in the yields of underlying assets such as bank deposits and short-term bonds [6][10] - Analysts indicate that the current economic environment, characterized by slow recovery and abundant liquidity in the interbank market, is contributing to the downward trend in yields [6][10] Investor Behavior and Demand - Despite the declining yields, there remains strong demand for money market funds as investors seek low-risk options amid a volatile stock market [7][10] - The continuous decrease in bank deposit rates has led to a shift of funds from banks to money market funds, as investors prioritize capital safety [7] Alternative Investment Options - With the attractiveness of money market funds waning, investors are exploring alternatives such as short-term bond funds and interbank certificate funds, which offer higher yields while maintaining low risk [10][11] - Short-term bond funds are highlighted as a viable option due to their higher potential returns compared to money market funds, although they may have slightly less liquidity [10][11]

Group 1: Report Overview - The report analyzes the impact of the third - stage public offering fund fee reform on the bond market, which aims to guide long - term investment and optimize the fee system [3][18] - The third - stage reform mainly focuses on the sales link, reducing subscription fees and sales service fees while increasing short - term redemption fees, and is expected to save investors about 30 billion yuan annually [3][19] Group 2: Reform Background and Content - The public offering fund fee reform has three stages. The first stage reduced management and custody fees, saving about 14 billion yuan; the second stage cut trading commissions, saving about 6.8 billion yuan; the third stage adjusted sales - related fees, saving about 30 billion yuan [19] - The new rules set clear upper limits for subscription fees of stock, hybrid, and bond funds, and exempt sales service fees for some funds held over one year [26] - The new rules classify and set redemption fees based on fund types and holding periods, with a short - term trading penalty and long - term holding reward mechanism [26] Group 3: Impact on Fund Products - After the new rules, the attractiveness of Class C shares decreases, and the fee advantage of Class A shares relatively increases, as Class C shares' short - term redemption fees are significantly raised [53] - Short - term pure bond funds are more affected, while money market funds, inter - bank certificate of deposit funds, and bond ETFs are expected to benefit, with potential scale expansion [7][58] - The new rules lead to a differentiation in fund yields, with bond funds, especially short - term pure bond funds, having weaker short - term returns after deducting redemption fees [68] Group 4: Impact on Institutional Behavior - Banks may reduce their holdings of short - term bond funds and increase investments in inter - bank certificate of deposit funds, money market funds, and bond ETFs, or turn to customized bond funds or direct bond investment [8][86] - Wealth management companies may redeem short - term bond funds and shift to high - liquidity or medium - long - term funds [8] - Insurance funds, with stable liability ends, are less directly affected by the redemption fee adjustment [8] Group 5: Impact on the Bond Market - In the short term, short - term pure bond funds face redemption pressure, and the demand for secondary - tier perpetual bonds and ultra - long - term interest - rate bonds may shrink [9] - In the long term, it forces investors to extend the holding period of bond funds, injecting stable funds into the bond market and narrowing the interest - rate fluctuation range [9]

Core Insights - The article highlights the declining interest rates on deposits and the impact on consumers' savings and investment decisions, emphasizing the shift towards alternative investment options due to low returns from traditional savings accounts [2][3][5] Group 1: Interest Rate Trends - The three-year fixed deposit interest rate has decreased to 1.0%, down by 20 basis points from the previous month, reflecting a significant reduction from 2.6% in 2023 [2] - The current interest rates for demand deposits have dropped to 0.1%, compared to 0.3% in 2020, indicating a continuous decline in savings returns [4] Group 2: Consumer Behavior and Investment Shifts - Consumers are increasingly frustrated with low interest rates, leading to a preference for alternative investments such as government bonds, which offer a more stable return of around 2.0% [3] - The article mentions a shift towards structured deposits linked to foreign exchange rates, although these come with the caveat of not guaranteeing interest [5] Group 3: Economic Context and Future Outlook - The People's Bank of China emphasizes a targeted approach to monetary policy, avoiding broad measures, which may limit the potential for further interest rate cuts [3] - Analysts suggest that the Federal Reserve's interest rate cut cycle may not extend beyond 2025, indicating a global trend of declining interest rates [4]

Core Viewpoint - The article discusses the recent trend of mutual funds, particularly money market and short-term bond funds, implementing large purchase limits ahead of the National Day holiday, aimed at protecting existing investors' interests and managing liquidity risks [3][6][7]. Group 1: Fund Purchase Restrictions - Over 100 funds have recently announced large purchase limits, with many set to resume operations after the holiday [3][7]. - Specific funds, such as Guoshou Anbao and Changjiang LeXiang, have implemented limits on institutional investors, capping single account purchases at 100,000 to 1 million yuan, with resumption scheduled for October 9 [6][7]. - The majority of restricted funds are bond funds, which account for over 70% of the total, indicating a significant trend in the market [7]. Group 2: Reasons for Restrictions - The primary reasons for these restrictions include preventing dilution of returns for existing investors due to large inflows during the holiday period, as bond interest continues to accrue [6][8]. - There is also a concern about liquidity risks, as large inflows and subsequent outflows around the holiday could force fund managers to sell assets, negatively impacting returns [7][8]. Group 3: Market Outlook for Q4 - The A-share market is currently experiencing a period of adjustment, with indices showing modest gains as of September 29, 2023 [10]. - Analysts suggest that the market's micro liquidity remains ample, and external risks are easing, which may support the A-share market moving into Q4 [10][11]. - Key areas to watch include consumer recovery, investment pressures, and persistent low inflation, which could influence market dynamics [10][11]. Group 4: Investment Strategies - Investment managers recommend focusing on technology sectors, including consumer electronics and semiconductor equipment, as core areas for growth in the upcoming quarter [12]. - There is a suggestion to consider defensive assets like banks and dividend stocks to mitigate potential market risks [12].

Group 1 - A significant number of funds have recently implemented large purchase restrictions ahead of the holiday, with over 100 funds initiating such measures in the last ten days [1][3] - The restrictions are primarily aimed at protecting existing investors' interests and maintaining fund stability, as large inflows could dilute returns during the holiday period when bond interest continues to accrue [2][3] - Specific funds, such as Guotai Junan and Changjiang Asset Management, have set limits on large purchases, with some capping institutional investments at 100,000 yuan and others at 1 million yuan, with a planned resumption of operations on October 9 [2][3] Group 2 - The A-share market has shown a relatively calm performance compared to the previous year, with only a 1.06% increase in the four trading days leading up to September 29, contrasting sharply with a 21% rise during the same period last year [1][3] - Analysts suggest that the current market is in a consolidation phase, with a focus on core sectors that show resilience and strong consensus among investors [1][5] - The upcoming fourth quarter is expected to present investment opportunities, with key areas of focus including limited consumer recovery, investment pressures, and persistent low inflation [5][6] Group 3 - Historical data indicates that bond funds have a high probability of positive returns in the five trading days following the holiday, with short-term bond fund indices showing a 100% probability of positive returns from 2016 to 2024 [4] - The current market environment is characterized by a "slow bull" trend, with ongoing adjustments seen as a healthy consolidation that supports long-term market sustainability [6][7] - The technology sector is identified as a core focus for future investment, with opportunities in consumer electronics, semiconductor equipment, and various power equipment sectors expected to benefit from manufacturing upgrades [7][8]

Group 1 - A significant number of funds, nearly 50, announced a suspension of subscription services before the National Day and Mid-Autumn Festival holidays, effective from September 29, with a resumption on October 9 [1][3] - The suspended products include money market funds, bond funds, and interbank certificate funds, aimed at protecting the interests of existing fund shareholders and enhancing the stability of fund operations [1][3] - Fund managers advised investors to consider the time required for fund transactions and to make arrangements in advance if they need to access funds during the holiday period [1][5] Group 2 - Specific funds such as Chang'an Money Market, China Ocean Money Market, and various bond funds have confirmed the suspension of subscription, conversion, and regular investment services [3][4] - The suspension is in line with the trading halt of the Shanghai and Shenzhen stock exchanges from October 1 to October 8, with trading resuming on October 9 [3][4] - The rationale for the suspension is to prevent a large influx of funds just before the holiday, which could complicate fund management and dilute the interests of existing shareholders [4]

Group 1 - The bond market is currently in a chaotic phase, influenced by weak fundamentals and strong risk appetite, with expectations of two phases in market performance for the remainder of the year [1][2] - The first phase, from mid-September to October, is expected to see a recovery in the bond market, with the 10-year government bond yield potentially peaking around 1.85% [1][25] - The second phase, from November to mid-December, may see an increase in policy expectations, with the yield center likely to rise, potentially reaching a high of around 1.9% [1][26] Group 2 - Bond yields have fluctuated, with the 10-year government bond yield rising from 1.65% at the end of June to above 1.81%, before retreating to 1.79% by September 12 [2] - The "stock-bond seesaw" effect has been observed, where rising stock market performance leads to increased bond yields, as seen with the Shanghai Composite Index rising from 3440 to above 3880 [2][4] - The macroeconomic environment shows limited changes, with GDP growth in the first half of the year at 5.3%, but subsequent months showing weaker consumption and investment data [2][3] Group 3 - Monetary policy remains moderately accommodative, with potential for further interest rate cuts following the Federal Reserve's recent rate reduction [3] - Institutional behavior is impacting the bond market, with banks and insurance companies showing varied levels of bond purchasing activity [13][14][15] - Recent regulatory changes regarding fund sales fees are expected to increase redemption pressures on bond funds, potentially leading to higher bond yields [19][20] Group 4 - Historical analysis indicates that previous "stock-bond seesaw" phases have led to significant movements in both markets, with the current phase expected to be less impactful than past occurrences [7][9] - The bond market's sensitivity to stock market movements is anticipated to weaken, with the bond market's performance becoming less reactive to stock price changes [10][26] - The overall bond market is expected to maintain a stable yield environment, with predictions of slight fluctuations in the coming months [22][25]