华夏基金官宣！

Core Viewpoint - The transformation of collective asset management products into public funds is accelerating in China, with multiple institutions making the transition recently [1][5]. Group 1: Recent Transformations - 华夏基金 announced the conversion of 9 collective asset management plans from 中信证券资管 into public funds under its management, effective from July 22, 2025 [3]. - The 9 converted funds include 4 mixed funds and 4 bond funds, along with 1 quantitative stock fund, with changes in fund managers, management fees, investment scope, and duration [3][4]. - In addition to the 9 funds, 中信证券资管 has transferred all 19 of its public collective plans to 华夏基金 this year [4]. Group 2: Industry Trends - The pace of transformation for collective asset management products into public funds has increased significantly in 2023, with various firms like 华安证券 and 广发证券 also making similar transitions [6]. - As of the end of Q2 2025, over 140 collective asset management products have undergone transformation, with a total asset scale of approximately 340 billion yuan, including 10 products exceeding 10 billion yuan each [6]. - The industry views the end of 2023 as a critical deadline for collective asset management products, as failure to transition may lead to liquidation [7]. Group 3: Strategic Implications - Many brokerages are opting to transfer their products along with research teams to affiliated fund companies to maintain scale and revenue while avoiding the complexities of obtaining public fund licenses [7]. - This strategy helps brokerages mitigate risks associated with potential liquidation and maintain investor trust, while also benefiting affiliated fund companies by enhancing their product scale [7].