At the end of 2025, the surviving brokerage group products expired one after another. Most were converted to public offering products, and some went into liquidation. However, there are also a few products that have issued a “deferred card” to extend their shelf life until the first quarter or mid-year of 2026. According to information, it is hoped that these products will be changed to public offering products through cooperation with fund companies. Over the past year, many fund companies have achieved a considerable incremental scale by “compiling” a large collection of products. Most of the large collection products are currency or bond products, and there are also a few partial share hybrid products or debt-partial hybrid products, etc. The reporter noticed that after many large monetary pooled products were converted to public funds, the annual management fee rate was not reduced in due course; it was still as high as 0.9%. However, the 7-day annualized income was only about 0.7%. The phenomenon of inversion of management fees and yield has caused some controversy.

At the end of 2025, the surviving brokerage group products expired one after another. Most were converted to public offering products, and some went into liquidation. However, there are also a few products that have issued a “deferred card” to extend their shelf life until the first quarter or mid-year of 2026. According to information, it is hoped that these products will be changed to public offering products through cooperation with fund companies. Over the past year, many fund companies have achieved a considerable incremental scale by “compiling” a large collection of products. Most of the large collection products are currency or bond products, and there are also a few partial share hybrid products or debt-partial hybrid products, etc. The reporter noticed that after many large monetary pooled products were converted to public funds, the annual management fee rate was not reduced in due course; it was still as high as 0.9%. However, the 7-day annualized income was only about 0.7%. The phenomenon of inversion of management fees and yield has caused some controversy.