[Scale complex drives the wave of fee reductions, and the financial management industry urgently needs to break out of the price war] September 24th, recently, the wave of fee reductions by financial management companies has struck again, and the fixed management fee of some financial products has approached 0. In the context of declining yields on fixed-income products and serious product homogeneity, "roll-up rates" have become an important means for financial management companies to "exchange price for volume" and compete for existing funds. The reporter noticed that due to the strong voice of the channel side, the financial management industry's fee reductions mostly started from fixed management fees, and rarely touched sales and service fees. Management fees are an important source of operating income for financial management companies. Continuous price wars can easily cause the industry to fall into involution, adversely affecting the long-term capacity building and business sustainability of the industry. (China Securities Journal)