公募牌照不好拿 券商资管参公大集合产品转型急

Core Viewpoint - The recent withdrawal of Guangfa Asset Management from the public fund management qualification application list indicates a slowdown in the approval process for public fund licenses among securities firms, with only two firms successfully obtaining licenses in 2023 [1][4][5]. Group 1: Guangfa Asset Management's License Application - Guangfa Asset Management has exited the public fund management qualification application list, which signifies a halt in its pursuit of a public fund license [3][4]. - In January 2023, Guangfa Asset Management submitted its application to the CSRC, becoming the second securities firm to do so that year, following招商资管 [3]. - Currently, only three institutions, including 光证资管 and 国证资管, are still in line for public fund license applications, while Guangfa has withdrawn [3][6]. Group 2: Industry Trends and Regulatory Environment - The approval process for public fund licenses has slowed down significantly, with only two out of six securities firms that applied in 2023 receiving approval [5][6]. - The CSRC's regulatory changes in May 2022, which relaxed the restrictions on the number of public fund licenses held by the same entity, initially encouraged many securities firms to apply for public fund licenses [5]. - As of now, only 14 securities firms and their subsidiaries have been approved to conduct public fund management business [6]. Group 3: Urgency for Transformation of Collective Investment Products - The delay in obtaining public fund licenses has made the transformation of collective investment products more urgent for securities firms, with a deadline set for the end of this year [7]. - There are several compliance options for transforming collective investment products, including obtaining a public fund license or changing the management to a public fund [7]. - As of the second quarter of 2025, Guangfa Asset Management's collective investment products totaled 32.539 billion yuan, with over 90% being money market products [7][8].