券商托管业务“业绩王”揭晓！头部垄断下，仅剩1家在坚守基金托管牌照入场券？

Group 1 - The core point of the news is that the recent regulatory changes have led to a significant reduction in the number of securities firms applying for fund custody qualifications, with only three firms remaining in the queue, including only Dongwu Securities among brokerages [1][2] - The new regulations have raised the entry threshold for fund custody institutions, requiring commercial banks to have a net asset of no less than 500 billion and securities companies to have at least 300 billion [2][3] - As of the end of Q1 this year, only Dongwu Securities met the new net asset requirement of 429 billion, while six other small and medium-sized brokerages withdrew their applications due to not meeting the criteria [2][3] Group 2 - The collective withdrawal of applications began after the introduction of new regulations, which have made it increasingly difficult for smaller brokerages to compete, highlighting a growing "Matthew effect" in the industry [3] - Data shows that leading brokerages dominate the public fund custody business, with Guotai Junan and Haitong Securities each managing 232 public funds, followed by Guangfa Securities and CITIC Securities with 177 and 170 funds respectively [3][4] - Currently, there are 30 securities companies with fund custody qualifications, but many have zero funds under custody, indicating a concentration of business among a few major players [4] Group 3 - Securities firms are actively developing fund custody businesses as it provides diversified income and enhances client stickiness, generating stable intermediary income and promoting synergy with other services [5] - The custody business allows brokerages to gain insights into fund managers' investment strategies and operational habits, which supports risk control and business innovation [5]