Xin Hua Wang·2025-08-12 06:30Core Insights - The asset management scale of securities firms has decreased from its peak to 8.64 trillion yuan, a reduction of over 50%, indicating a need for comprehensive transformation and enhancement of active management capabilities [1] - The latest data shows that CITIC Securities has surpassed 1 trillion yuan in both average asset management scale and active management assets, while five other firms have over 90% of their assets in active management, reflecting significant transformation results [1] - However, the transformation process has revealed several issues, including inadequate implementation of asset management regulations, violations in product operations, non-standard investment management, and insufficient credit risk management mechanisms [1] Securities Firms Asset Management Scale - As of the fourth quarter of 2021, the top 20 securities firms collectively managed 6.15 trillion yuan in assets, with CITIC Securities leading at 1.17 trillion yuan, ahead of CICC by nearly 300 billion yuan [2] - Both CITIC Securities and Zhongyin Securities saw their average asset management scales increase by over 100 billion yuan compared to the previous quarter, with Zhongyin Securities experiencing the highest growth rate of 26.32% [2] - Conversely, nine firms reported a decrease in their average asset management scale, with five firms experiencing declines exceeding 10%, and Haitong Securities seeing a drop of over 20% [2] Active Management Growth - By the end of the third quarter of 2021, the total asset management business scale was approximately 65.87 trillion yuan, with securities firms' private asset management business accounting for 8.64 trillion yuan, representing only 13.12% of the total, indicating significant potential for growth [3] - The active management asset scale of the top 20 securities firms reached 5.21 trillion yuan in the fourth quarter of 2021, with CITIC Securities exceeding 1 trillion yuan in active management assets [3] - Zhongyin Securities reported a remarkable increase of 87% in its active management asset scale, reaching 4111.76 billion yuan, attributed to favorable market conditions and strategic partnerships [4] Regulatory and Compliance Issues - Recent regulatory actions have highlighted compliance issues within securities firms, such as inadequate implementation of asset management regulations and deficiencies in risk management systems [6] - East Asia Securities received a warning for failing to comply with regulations, while Zhejiang Securities faced a six-month suspension for various compliance failures [6] - The industry is increasingly focusing on enhancing risk control awareness and improving research and investment capabilities in response to regulatory demands [6]