Core Viewpoint - Tianhong Fund announced a reduction in the custody fee for its Tianhong Yu'ebao money market fund from 0.08% to 0.07%, effective September 23, marking the first fee reduction in the fund's 12-year history [2][5] Group 1: Fee Adjustments - Tianhong Yu'ebao's management fee remains at 0.3% and the service fee at 0.25%, resulting in a total fee rate of 0.62% after the adjustment [5] - Other money market funds, including E Fund and Guoxin Guozheng, have also announced fee reductions, indicating a trend across the industry to lower costs for investors [3][4] Group 2: 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 [2] - 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% as of September 22, with Tianhong Yu'ebao's yield at 1.02% [4] - The current monetary environment is expected to remain loose, with cash management products continuing to offer advantages despite lower yields compared to bank deposits [4]

Core Insights - The Tianhong Yu'ebao money market fund has reduced its custody fee from 0.08% to 0.07%, resulting in a comprehensive fee rate decrease from 0.63% to 0.62% [1][3] - Over 40 money market funds have lowered fees this year, indicating a trend towards fee reductions in response to declining yields and regulatory encouragement [1][6][8] Fee Reductions - Tianhong Yu'ebao's fee reduction is part of a broader trend, with other funds like E Fund and Xingsheng Asset Management also announcing fee cuts on the same day [1][6] - E Fund's management fee was reduced from 0.20% to 0.15%, and its custody fee from 0.08% to 0.05% [6] - The average management fee reduction across 15 money market funds this year is 0.1 percentage points, with some funds seeing significant cuts [6][7] Market Context - The decline in money market fund yields, with Tianhong Yu'ebao's seven-day annualized yield hitting a record low of 1.0200%, has prompted these fee reductions [5][6] - Regulatory changes, such as the proposed reduction of sales service fees to 0.15% per year, are also influencing the trend towards lower fees [3][7] Industry Impact - The overall trend of fee reductions is seen as a strategy to enhance competitiveness and provide benefits to investors amid a backdrop of low interest rates [1][3][8] - A total of 48 money market funds have implemented fee reductions this year, with various funds adjusting management, custody, and sales service fees [7][8]

Core Insights - Tianhong Yu'ebao has become the largest public fund in the market with a total scale of 793.2 billion yuan as of June 30, 2025, marking its first fee reduction since its establishment 12 years ago [2] - Multiple money market funds have announced fee reductions, indicating a trend in the industry to enhance competitiveness and benefit investors amid a backdrop of low annualized returns [4] Group 1: Tianhong Yu'ebao - As of June 30, 2025, Tianhong Yu'ebao's total scale reached 793.2 billion yuan, making it the largest public fund in the market [2] - The fund, originally established as Tianhong Zenglibao in May 2013, was renamed Tianhong Yu'ebao in 2015 [2] - The fund's management fee rate has been 0.3%, with a custody fee rate of 0.08%, and this marks the first fee reduction in its 12-year history [2] Group 2: Industry Fee Reductions - On September 23, E Fund announced a reduction in the management fee rate of its E Fund Margin Income Money Market Fund from 0.20% to 0.15% and the custody fee from 0.08% to 0.05% [4] - Guoxin Guozheng Cash Increment Money Market Fund reduced its management fee from 0.30% to 0.20% and custody fee from 0.10% to 0.07% [4] - Over 40 money market funds have reduced fees this year, reflecting a strategy to enhance competitiveness and respond to the high-quality development of public funds [4]

Core Points - A new wave of fee reductions has emerged in the money market fund sector, with Tianhong Yu'ebao reducing its custody fee from 0.08% to 0.07%, resulting in a comprehensive fee rate decrease from 0.63% to 0.62% [1][5][3] - Over 40 money market funds have lowered fees this year, driven by a backdrop of moderately loose monetary policy and declining seven-day annualized yields [1][5][12] - The seven-day annualized yield of Tianhong Yu'ebao has reached a historical low of 1.0200% as of September 22, 2023, marking a significant decline since its inception [9][6] Fee Reductions - Tianhong Yu'ebao's fee reduction is part of a broader trend, with other funds like E Fund and Huabao also announcing fee cuts on the same day [11][1] - The average management fee reduction across 15 money market funds has been 0.1 percentage points, with some funds reducing fees by as much as 0.65 percentage points [11][12] - A total of 48 money market funds have implemented fee reductions this year, with 12 funds lowering custody fees and 27 funds reducing sales service fees [12][11] Market Context - The decline in fees is attributed to the overall decrease in market interest rates, which has negatively impacted the yields of money market funds [5][16] - Regulatory guidance is pushing for lower management and custody fees in large-scale index and money market funds, indicating a trend towards fee reductions in the industry [5][12] - The current average seven-day annualized yield for the entire market of money market funds is 1.12%, with 78 funds yielding below 1% [14][12] Future Yield Outlook - Short-term yields for money market funds are expected to remain low, with limited potential for significant upward or downward movement [15][16] - The central bank is likely to maintain a moderately loose monetary policy, which will keep liquidity conditions favorable for the time being [16][15] - Future reductions in yields may require adjustments in key policy rates by the central bank, which currently stands at 1.4% for the seven-day reverse repurchase rate [16][15]

Core Points - Public funds are experiencing a wave of fee reductions, with a significant move from Tianhong Yu'ebao money market fund, which lowered its custody fee from 0.08% to 0.07%, resulting in a comprehensive fee rate decrease from 0.63% to 0.62% [1][5][3] - Over 40 money market funds have reduced fees this year, driven by a backdrop of moderately loose monetary policy and declining seven-day annualized yields [1][5][11] Fee Reduction Details - Tianhong Yu'ebao's fee reduction is part of a broader trend, with other funds like E Fund and Xingsheng Asset Management also announcing fee cuts on the same day [1][10] - The average management fee reduction across 15 money market funds this year is 0.1 percentage points, with some funds like Guolian Cash Adding benefiting from a significant cut of 0.65 percentage points [10][11] Yield Trends - The seven-day annualized yield of Tianhong Yu'ebao has reached a historical low of 1.0200% as of September 22, 2023, marking a continuous decline over the past year [8][6] - The overall average seven-day annualized yield for the market is 1.12%, with 78 funds reporting yields below 1% [13][11] Regulatory Influence - Regulatory guidance is pushing for fee reductions in large-scale index and money market funds, with potential adjustments to sales service fees as well [5][11] - The China Securities Regulatory Commission has proposed a draft regulation that may lower the sales service fee rate for money market funds to 0.15% per year [5][11] Future Outlook - The short-term outlook for money market fund yields is expected to remain low, with limited potential for significant increases or decreases [14] - Current monetary policy is likely to remain moderately loose, reducing the likelihood of tightening liquidity in the near future [14]

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].

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].

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 - Tianhong Yu'ebao Money Market Fund has announced a reduction in its custody fee from 0.08% to 0.07%, resulting in a decrease in the overall fee rate from 0.63% to 0.62% [1][4] - This fee reduction is part of a broader trend in the industry, with over 40 money market funds lowering fees this year, driven by a combination of declining yields and regulatory encouragement [1][4][9] Fee Reduction Details - The adjustment in Tianhong Yu'ebao's custody fee is effective from September 23, following discussions with the custodian, CITIC Bank [2][4] - Other funds, such as E Fund and Guoxin Guozheng, have also announced fee reductions, with some management fees dropping significantly [8][9] Market Context - The seven-day annualized yield of Tianhong Yu'ebao has reached a historical low of 1.0200% as of September 22, 2023, reflecting a downward trend in yields across the market [7][10] - The average seven-day annualized yield for all money market funds is currently at 1.12%, with a notable number of funds yielding below 1% [10] Regulatory Influence - Regulatory bodies are pushing for fee reductions in large-scale index and money market funds, which is expected to lead to further adjustments in management and custody fees [4][11] - The China Securities Regulatory Commission has proposed lowering the sales service fee for money market funds, indicating a trend towards reduced costs for investors [4][11] Future Yield Outlook - The current monetary policy is expected to remain accommodative, limiting the potential for significant increases in money market fund yields in the near term [11] - Future yield movements will likely depend on central bank actions regarding key policy rates, with limited room for downward adjustments in short-term asset yields [11]

Group 1 - Multiple money market funds have announced fee reductions to lower investment costs for investors [3] - E Fund has reduced the management fee from 0.20% to 0.15% and the custody fee from 0.08% to 0.05% for its money market fund starting September 26 [3] - Guoxin Guozheng has adjusted its management fee from 0.30% to 0.20% and custody fee from 0.10% to 0.07% effective September 23 [3] - Huabao Fund is offering a promotional service fee reduction from 0.25% to 0.20% for its cash management fund from September 23 to December 23 [3] Group 2 - The average 7-day annualized yield of 358 money market funds is 1.12%, with 22% of funds yielding below 1% [4] - Funds with yields below 1% are primarily those with assets under 10 billion, but there are also 21 funds exceeding 10 billion in this category [4] - The demand for cash management is shifting towards low-risk and flexible options due to declining deposit rates and increased market volatility [4] - Money market funds remain a key choice for cash management due to their low risk, high liquidity, and convenience [4]