Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, the largest money market fund in the public offering industry, is expected to influence other funds to follow suit, leading to a general decrease in fee levels across the industry [1][3][7]. Group 1: Fee Reduction Details - On September 23, Tianhong Fund announced a reduction in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion, making it the largest money market fund in the public offering market [3]. - Other fund management companies, including E Fund and Guoxin Guozheng Fund, also announced fee reductions on the same day, indicating a broader trend in the industry [3][4]. Group 2: Industry Impact - The fee reduction is likely to intensify competition within the industry, compelling fund managers to enhance their management capabilities [7][8]. - The average custody fee for money market funds is approximately 0.06% per year, indicating that Tianhong Yuerbao's new fee is still slightly above the industry average [3][6]. - The trend of fee reductions has been evident this year, with around 16 money market funds lowering management fees and 11 reducing custody fees [5][6]. Group 3: Investor Implications - Lower fees will directly reduce investment costs for investors, potentially increasing their actual returns, especially in a low-yield environment [4][8]. - The reduction in fees enhances the attractiveness of money market funds as a cash management tool, particularly as bank deposit rates decline [8]. - The regulatory environment is also pushing for fee reductions to benefit investors, as indicated by the China Securities Regulatory Commission's initiatives [4][7].

作为公募行业规模最大、知名度最高的货币基金，天弘余额宝的降费动作引发市场关注。 9月23日，天弘基金公告称，经与基金托管人中信银行协商一致，决定调低天弘余额宝货币基金的托管费，由原来的0.08%年费率调低为 0.07%。调整后费率即日生效。 自公募基金费率改革启动以来，主动权益基金、指数基金、债券基金陆续开启批量降费模式，货币基金的降费主要在小范围进行。如今，接近 8000亿元规模的天弘余额宝调降托管费，意味着什么？ 受访人士向21世纪经济报道记者指出，天弘余额宝降费可能会带动其他大中型货币基金跟随调整费率，进而推动货币基金的整体费率水平下 降。同时，大规模货基降费短期将加剧行业竞争，迫使行业提升管理能力。此外，于投资者而言，调降货基的管理费率、托管费率，直接降低 了投资成本，在货基收益率普遍偏低的情况下，能减少费率对收益的侵蚀，提升投资者实际回报。 今年以来，货基降费的趋势已有显现。天弘余额宝降费的同一天，易方达基金、国新国证基金分别宣布将调降旗下一只货币基金的管理费率、 托管费率。而东证融汇资管、兴证资管、长江证券资管则公告了调低货币基金管理费适用费率相关事宜。 6只货基同日公告降费 公募行业的降费潮蔓延 ...

记者丨易妍君 编辑丨包芳鸣 视频丨张迎 作为公募行业规模最大、知名度最高的货币基金，天弘余额宝的降费动作引发市场关注。 9月23日，天弘基金公告称，经与基金托管人中信银行协商一致，决定调低天弘余额宝货币基金的托管 费，由原来的0.08%年费率调低为0.07%。调整后费率即日生效。 自公募基金费率改革启动以来，主动权益基金、指数基金、债券基金陆续开启批量降费模式，货币基金 的降费主要在小范围进行。如今，接近8000亿元规模的天弘余额宝调降托管费，意味着什么？ 受访人士向21世纪经济报道记者指出，天弘余额宝降费可能会带动其他大中型货币基金跟随调整费率， 进而推动货币基金的整体费率水平下降。同时，大规模货基降费短期将加剧行业竞争，迫使行业提升管 理能力。此外，于投资者而言，调降货基的管理费率、托管费率，直接降低了投资成本，在货基收益率 普遍偏低的情况下，能减少费率对收益的侵蚀，提升投资者实际回报。 今年以来，货基降费的趋势已有显现。天弘余额宝降费的同一天，易方达基金、国新国证基金分别宣布 将调降旗下一只货币基金的管理费率、托管费率。而东证融汇资管、兴证资管、长江证券资管则公告了 调低货币基金管理费适用费率相关事宜。 ...

9月23日，天弘基金公告称，经与基金托管人中信银行协商一致，决定调低天弘余额宝货币基金的托管费，由原来的0.08%年费率调低为 0.07%。调整后费率即日生效。 自公募基金费率改革启动以来，主动权益基金、指数基金、债券基金陆续开启批量降费模式，货币基金的降费主要在小范围进行。如今，接近 8000亿元规模的天弘余额宝调降托管费，意味着什么？ 受访人士向21世纪经济报道记者指出，天弘余额宝降费可能会带动其他大中型货币基金跟随调整费率，进而推动货币基金的整体费率水平 下降。同时，大规模货基降费短期将加剧行业竞争，迫使行业提升管理能力。此外， 于投资者而言，调降货基的管理费率、托管费率，直 接降低了投资成本，在货基收益率普遍偏低的情况下，能减少费率对收益的侵蚀，提升投资者实际回报。 今年以来，货基降费的趋势已有显现。天弘余额宝降费的同一天，易方达基金、国新国证基金分别宣布将调降旗下一只货币基金的管理费率、 托管费率。而东证融汇资管、兴证资管、长江证券资管则公告了调低货币基金管理费适用费率相关事宜。 记者丨 易妍君 编辑丨包芳鸣 视频丨张迎 作为公募行业规模最大、知名度最高的货币基金，天弘余额宝的降费动作引发市场关注。 ...

货基降费潮来袭？ 作为公募行业规模最大、知名度最高的货币基金，天弘余额宝的降费动作引发市场关注。 9月23日，天弘基金公告称，经与基金托管人中信银行协商一致，决定调低天弘余额宝货币基金的托管 费，由原来的0.08%年费率调低为0.07%。调整后费率即日生效。 自公募基金费率改革启动以来，主动权益基金、指数基金、债券基金陆续开启批量降费模式，货币基金 的降费主要在小范围进行。如今，接近8000亿元规模的天弘余额宝调降托管费，意味着什么？ 受访人士向21世纪经济报道记者指出，天弘余额宝降费可能会带动其他大中型货币基金跟随调整费率， 进而推动货币基金的整体费率水平下降。同时，大规模货基降费短期将加剧行业竞争，迫使行业提升管 理能力。此外，于投资者而言，调降货基的管理费率、托管费率，直接降低了投资成本，在货基收益率 普遍偏低的情况下，能减少费率对收益的侵蚀，提升投资者实际回报。 今年以来，货基降费的趋势已有显现。天弘余额宝降费的同一天，易方达基金、国新国证基金分别宣布 将调降旗下一只货币基金的管理费率、托管费率。而东证融汇资管、兴证资管、长江证券资管则公告了 调低货币基金管理费适用费率相关事宜。 6只货基同日公告降费 ...

9月20日，招商证券资产管理有限公司公告称，旗下"招商资管智远天添利货币"于9月19日计算的7日年 化暂估收益率低于2倍活期存款利率，根据合同约定，自当日起该基金的管理费年费率由0.90%下调至 0.30%。 公告显示，该基金有关管理费率的规定明确，该基金的管理费按前一日基金资产净值的0.90%年费率计 提，若以0.90%的管理费计算的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 理费为0.30%，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计提0.90%的管理费。 记者进一步梳理发现，9月份以来，因收益率走低，兴证资管金麒麟现金添利货币、长江货币管家、招 商资管智远天添利货币等3只产品也出现相同的情况，上述产品均为货币市场基金。 陕西巨丰投资资讯有限责任公司高级投资顾问陈宇恒向《证券日报》记者表示，从投资者利益保护角度 看，当基金收益率处于较低水平甚至可能面临每万份基金暂估净收益为负的情况时，若继续按照较高的 管理费率收取费用，无疑会进一步侵蚀投资者的实际收益。通过调降管理费，能够在一定程度上减轻投 资者的负担，保障投资者在市场不利环 ...

Group 1 - Several brokerage firms have recently adjusted management fees for margin products in response to declining yields, with Shenyin Wanguo Asset Management announcing a management fee adjustment to 0.30% for its money market fund starting September 2 [1] - The adjustment of management fees is closely related to the decline in yields, as many asset management contracts stipulate that fees will be adjusted if the calculated yield falls below twice the current deposit rate [1] - Brokerage margin products are favored for their liquidity services, including T+0 real-time redemption and unlimited withdrawals, which enhance their competitive edge in the market [1] Group 2 - The domestic silicon wafer production plan for September has been raised for the first time, with an overall output increase compared to August, as many silicon wafer companies raise their operating rates due to price increases [2] - The global battery cell production is expected to reach approximately 60GW in September, a 2.3% increase from August, with domestic production also showing a similar increase [2] - The semiconductor industry is experiencing a structural recovery, with the analog chip sector seeing a significant rebound in profitability, with a nearly fourfold increase in net profit in the second quarter compared to the previous quarter [2] Group 3 - A new study has identified a weak point in certain blood cancers that can be targeted by drugs, potentially allowing for the selective elimination of cancer cells without harming healthy cells [3] - The research emphasizes the urgent need for new drugs with fewer side effects and stronger targeting capabilities, particularly for conditions like myelodysplastic syndromes [3] Group 4 - Deep Insight Technology announced that its subsidiary has received regulatory approval for a mobile MRI system, making it the first company in China to master and register this core technology [4] - The latest version of the Kimi K2 model has been released, extending the context length to 256K and supporting high output speeds [4] Group 5 - Alibaba and other shareholders have exited Yuanrong Qihang, with the company stating that this is part of its restructuring process [5] - White Elephant's e-commerce subsidiary has been fined for false advertising, highlighting regulatory scrutiny in the sector [5] Group 6 - Zhongshan Securities' Hefei branch has been ordered to rectify its operations due to violations related to investor solicitation activities [6] - Huaxia Bank has been fined 87.25 million yuan for imprudent management of loans and related business [7] Group 7 - Hangzhou Bank's approval for a shareholding change has been revoked due to failure to complete the change within the stipulated time [8] - Yunnan Energy Investment's subsidiary has received a subsidy of 309 million yuan for renewable energy, contributing to its total subsidies of 591 million yuan for the fiscal year [15] Group 8 - The market saw a significant increase in the ChiNext index, with a rise of 6.55%, driven by strong performance in the solid-state battery sector [17] - The overall market showed a positive trend with over 4,800 stocks rising, while only a small number of stocks declined [17]