□本报记者 王鹤静 在公募行业降费潮起的同时，部分公募基金管理人结合自身资源禀赋，加大力度挖掘产品结构亮点，在 今年上半年的顺风行情中打造出诸多规模增量显著、得到投资者广泛认可的重点单品。得益于此，上半 年超过半数的公募基金管理人实现管理费收入的同比增长，进一步巩固自身根基，为行业高质量发展转 型积蓄力量。 一方面，广发基金、富国基金等头部机构凭借多元的产品类型与健康的产品结构，在指数业务以及固 收、主动权益业务方面，涌现出诸多规模亮点；另一方面，部分大中型公募机构发挥差异化禀赋，借助 风口集中力量扩大领先优势，打造出很多爆款单品。 此前，由于受到产品结构单一、过度依赖传统高费率主动权益产品、明星基金经理出走、主动权益基金 回本后遭遇赎回等因素影响，特别是2024年11月龙头宽基ETF集体降费，给部分公募机构带来了一定的 经营压力。身处行业高质量发展的变革时代，业内人士建议，公募机构不仅需要通过提升投研能力、优 化产品结构、升级客户服务、强化科技赋能等方式，增强核心竞争力，还要控制运营成本，提升管理效 率，实现可持续发展。 多点开花趋势明显 数据显示，2025年上半年，超过半数的公募基金管理人实现管理费收入同 ...

□本报记者 王鹤静 在公募行业降费潮起的同时，部分公募基金管理人结合自身资源禀赋，加大力度挖掘产品结构亮点，在 今年上半年的顺风行情中打造出诸多规模增量显著、得到投资者广泛认可的重点单品。得益于此，上半 年超过半数的公募基金管理人实现管理费收入的同比增长，进一步巩固自身根基，为行业高质量发展转 型积蓄力量。 一方面，广发基金、富国基金等头部机构凭借多元的产品类型与健康的产品结构，在指数业务以及固 收、主动权益业务方面，涌现出诸多规模亮点；另一方面，部分大中型公募机构发挥差异化禀赋，借助 风口集中力量扩大领先优势，打造出很多爆款单品。 此前，由于受到产品结构单一、过度依赖传统高费率主动权益产品、明星基金经理出走、主动权益基金 回本后遭遇赎回等因素影响，特别是2024年11月龙头宽基ETF集体降费，给部分公募机构带来了一定的 经营压力。身处行业高质量发展的变革时代，业内人士建议，公募机构不仅需要通过提升投研能力、优 化产品结构、升级客户服务、强化科技赋能等方式，增强核心竞争力，还要控制运营成本，提升管理效 率，实现可持续发展。 多点开花趋势明显 Wind数据显示，2025年上半年，超过半数的公募基金管理人实现管理 ...

Core Viewpoint - The shift of deposits from traditional banks to money market funds (MMFs) may not yield the expected higher returns due to increasing fee rates that significantly reduce actual earnings [1][2][3]. Group 1: Market Trends - In May 2023, several major state-owned banks lowered deposit rates, with three-year fixed deposit rates dropping to the "1" range, prompting a "deposit migration" trend among savers towards MMFs, bond funds, and bank wealth management products [1]. - The total scale of MMFs increased from 13.32 trillion yuan at the end of March to 14.40 trillion yuan by the end of May 2023, reflecting a growth of over 1 trillion yuan in just two months [4][8]. Group 2: Fee Structures - Many MMFs have high fee rates, with nearly 30% of MMFs having management fees of 0.3% or higher, and almost 40% charging sales service fees of 0.25% or more, leading to comprehensive operational fee rates exceeding 0.6% for numerous funds [2][3]. - The average operational comprehensive fee rate for MMFs has surpassed 0.4%, while some funds, particularly those transitioning from brokerage margin products, maintain management fees above 0.7%, with the highest reaching 0.9% [3][4]. Group 3: Impact on Returns - For ordinary investors seeking low-risk and flexible liquidity, high-fee MMFs can significantly diminish net returns, with operational fees potentially consuming nearly 30% of total earnings in some cases [3][6]. - The largest MMF, Tianhong Yu'ebao, has an operational comprehensive fee rate of 0.63%, which, when factored into its net yield of 1.5867% for 2024, indicates that fees substantially impact investor returns [4][6]. Group 4: Challenges in Fee Reduction - The high fee structure of MMFs poses challenges for fee reductions, as they are a crucial revenue source for asset management companies and distribution channels [7]. - The need for fee reductions is acknowledged, especially as MMF fees currently exceed those of index funds, but actual reductions depend on negotiations among asset management firms, banks, and distribution platforms [7][8]. Group 5: Future Considerations - Asset management firms are encouraged to optimize operational costs through improved transaction systems and the use of technology to enhance efficiency, which could create opportunities for lowering management fees [8]. - The balance between operational sustainability and investor experience remains a long-term challenge for asset management institutions in the MMF sector [9].

Core Viewpoint - The recent trend of major banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, has been to phase out long-term large-denomination certificates of deposit (CDs) in response to the ongoing narrowing of net interest margins, indicating a strategic shift towards more sustainable liability structures [1][4]. Group 1: Market Changes - Many banks have removed five-year and even three-year large-denomination CDs from their offerings, with some banks now only providing products with a maximum term of two years [1][2]. - The average interest rate for three-year large-denomination CDs has dropped significantly from 2.197% to 1.55%, leading to a reduction in interest income for depositors [2][3]. Group 2: Interest Rate Trends - The interest rates for large-denomination CDs have entered a "1 era," with rates for two-year and one-year CDs generally around 1.20% and 1.55% for three-year CDs, reflecting a broader trend of declining rates [3][4]. - The current interest rates for two-year and shorter large-denomination CDs are concentrated between 0.9% and 1.4%, while five-year products have largely disappeared from the market [3]. Group 3: Strategic Responses - Banks are actively reducing the scale of long-term liabilities to avoid the risk of cost-revenue inversion, which is a direct response to the pressure on net interest margins [1][4]. - The net interest margin for Chinese commercial banks is projected to decline further, with a reported drop to 1.43% in the first quarter of 2025, highlighting the ongoing challenges faced by the banking sector [4].

Core Viewpoint - The trend of major banks in China, including Industrial and Commercial Bank of China, China Merchants Bank, and CITIC Bank, is to withdraw five-year large denomination certificates of deposit (CDs) and shorten the maximum term of available CDs to two years, in response to declining interest margins [1][3]. Group 1: Bank Actions - Major banks are actively reducing long-term liabilities by lowering the interest rates on long-term large denomination CDs or even suspending the issuance of three and five-year products to mitigate the risk of future cost-revenue inversion [1][4]. - As of recent searches, five-year large denomination CDs are no longer available on the apps of major state-owned banks, with the longest available term being three years at a rate of 1.55% [1]. - China Merchants Bank has also removed three and five-year large denomination CDs from sale, currently offering only products with terms of two years or less, with rates below 2.15% [3]. Group 2: Interest Rate Trends - The average interest rates for one-year, two-year, three-year, and five-year large denomination CDs are reported as 1.719%, 1.867%, 2.197%, and 2.038% respectively, indicating a general decline in rates [4]. - The interest rates for three-year large denomination CDs have decreased by approximately 80 basis points compared to the same period in 2024, with current rates concentrated between 1.55% and 1.8% [3]. - The latest seven-day annualized yield for Tianhong Yu'ebao has reached 1.18%, which is close to the one-year large denomination CD rate of 1.2%, highlighting the diminishing advantage of large denomination CDs in terms of interest rates [3]. Group 3: Industry Context - The banking sector is currently facing low net interest margins, with the net interest margin further declining to 1.43% in the first quarter of 2025, down 9 basis points from the end of 2024 [4]. - The pressure on net interest margins is exacerbated by the continuous decline in loan yields due to multiple reductions in the Loan Prime Rate (LPR), while the trend of increasing fixed-term deposits intensifies the burden of high-interest liabilities [4][5]. - The suspension of five-year large denomination CDs and the reduction of medium to long-term deposit products are necessary measures for banks to lower funding costs and stabilize net interest margins [5].

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