重要牌照苦等无果，这类产品接连“易主”

Core Viewpoint - The article discusses the accelerated disposal of public offering collective investment products by securities firms, with many institutions opting to transfer management to public fund companies due to the prolonged wait for necessary licenses [1][2]. Group 1: Current Trends in Securities Firms - Multiple securities firms are actively transferring their public offering collective investment products to affiliated public fund companies, marking a significant trend in the industry [2][3]. - As of the end of Q1 2025, there are 167 collective investment products under transformation, with a total asset scale of 3570.32 billion yuan [1]. Group 2: Management Changes and Strategies - Securities firms are increasingly changing the management of their collective investment products to affiliated fund companies, which helps maintain product continuity and investor trust [3][4]. - The approval process for public fund licenses has become more stringent, leading firms to expedite their final disposal plans for collective investment products [2][4]. Group 3: Challenges in Obtaining Public Fund Licenses - The article highlights the difficulty securities firms face in obtaining public fund licenses, with only 14 firms currently holding such licenses and four more awaiting approval [4]. - Firms without public fund licenses are encouraged to transfer management to affiliated public fund companies or face the possibility of liquidation or conversion to private funds [4][5]. Group 4: Future Directions for Securities Firms - Securities firms with public fund licenses need to differentiate themselves in a competitive market with numerous public funds and products [4][5]. - Companies like Huatai Securities Asset Management and China Merchants Securities Asset Management are focusing on enhancing their core competencies and expanding their product offerings to adapt to market demands [5].