8个月内，6家券商撤回基金托管牌照申请

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) indicates a significant decline 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 [2][3][6]. Group 1: Regulatory Changes and Impact - The new fund custody regulations have raised the entry threshold, leading to a "withdrawal wave" among brokerages, with six out of seven previously applying brokerages retracting their applications within eight months [3][9]. - The new regulations require a minimum net asset of 300 billion yuan for securities firms, significantly higher than the previous requirement of 200 billion yuan, which has disqualified many smaller brokerages [10][11]. - The CSRC aims to shift the industry focus from "quantity expansion" to "quality competition" through stringent requirements and dynamic supervision [3][10]. Group 2: Current Market Landscape - As of now, only East Wu Securities remains in the queue for fund custody qualifications, with the other six withdrawn applications being from smaller brokerages with lower net asset scales [6][9]. - Currently, there are 68 institutions with fund custody qualifications in China, with 36 being banks and 30 being brokerages [7]. - The concentration of the fund custody market is increasing, with banks and a few large brokerages controlling approximately 80%-90% of the market [13]. Group 3: Future Trends and Strategies - The trend indicates a growing concentration in the fund custody industry, with larger brokerages capturing over 80% of the market share, while smaller firms are pushed towards low-margin businesses [14][15]. - Smaller brokerages may need to explore differentiated survival paths, such as collaborating with larger institutions for operational support and compliance monitoring [15]. - The market dynamics suggest that custody licenses are transitioning from being a "scarce resource" to a "capability certification," with larger firms leveraging technology to maintain their advantages [15].