登录新浪财经APP 搜索【信披】查看更多考评等级 天衡审字（2025）02793号 南京证券神州天添利货币型集合资产管理计划全体集合计划份额持有人： 一、审计意见 我们审计了南京证券神州天添利货币型集合资产管理计划（以下简称"该集合计划"）财务报表，包括 2025年11月16日（管理人变更前一日）的资产负债表，自2025年1月 1至2025年11月16日（管理人变更 前一日）止期间的利润表、净资产变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照财务报表附注4.2所述的编制基础编制。 二、形成审计意见的基础 天衡会计师事务所（特殊普通合伙） 审计报告 天衡审字（2025）02793号 我们按照中国注册会计师审计准则（以下简称"审计准则"）的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照《中国注册会计师独 立性准则第1号一一财务报表审计和审阅业务对独立性的要求》和中国注册会计师职业道德守则，我们 独立于该集合计划，并履行了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、强调 ...

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].

Core Points - The announcement details a partnership between Fuan Da Fund Management Co., Ltd. and Shanghai Guo Xin Jia Li Fund Sales Co., Ltd. to enhance fund sales starting December 5, 2025 [1] - Investors will be able to perform various fund-related transactions through Guo Xin Jia Li, including account opening, subscription, redemption, and regular investment [1] - A fee discount scheme will be available for investors who subscribe to the specified funds through Guo Xin Jia Li, with specific terms outlined in Guo Xin Jia Li's latest activity announcements [1][2] Applicable Funds - The announcement specifies that certain funds managed by Fuan Da will be available for transactions through Guo Xin Jia Li [1] Investor Eligibility - The services are available to investors who use the Guo Xin Jia Li trading platform for the specified fund transactions [1] Fee Discount Scheme - The fee discount for subscriptions will be determined by Guo Xin Jia Li's latest announcements, and any new funds added to the sales platform will also be eligible for the discount from their respective subscription start dates [1][2]