SCS(SH:601555) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-20 23:10Core Viewpoint - The recent regulatory changes have led to a significant reduction in the number of brokerages applying for fund custody qualifications, with only three institutions remaining in the queue, primarily due to heightened entry barriers established by new regulations [1][2][3]. Group 1: Regulatory Changes and Impact - The China Securities Regulatory Commission (CSRC) has published a notice indicating that only three institutions are currently applying for fund custody qualifications, down from seven in the past [1][3]. - In just over eight months, six brokerages have withdrawn their applications for fund custody qualifications, primarily due to the new regulations that have raised the entry threshold significantly [2][5]. - The new regulations aim to shift the industry focus from "quantity expansion" to "quality competition," implementing "hard thresholds and dynamic supervision" to reshape the industry ecosystem [2][5]. Group 2: Financial Requirements - The new regulations require brokerages to have a net asset of at least 300 billion yuan, which has led many smaller brokerages to withdraw their applications as they do not meet this requirement [5][6]. - Prior to the new regulations, the minimum net asset requirement was 200 billion yuan, indicating a substantial increase in the standards for obtaining custody qualifications [5][6]. Group 3: Industry Concentration and Trends - The fund custody industry is experiencing a trend towards concentration, with banks and a few large brokerages controlling approximately 80%-90% of public and private fund custody [7]. - Over 70% of brokerages have not obtained fund custody qualifications, highlighting a growing disparity between larger and smaller firms in the industry [7][8]. - The top five brokerages in terms of fund custody account for 65.71% of the total custody numbers, indicating a significant concentration of business among leading firms [8]. Group 4: Future Outlook and Strategies - Smaller brokerages that cannot meet the new requirements may need to explore differentiated survival strategies, such as partnering with larger institutions for operational support [9][10]. - The custody license is shifting from being a "scarce resource" to a "capability certification," suggesting that larger brokerages will leverage technology to maintain their advantages while smaller firms may transition to service outsourcing roles [10].