“牌照红利”不再，券商托管业务迎来新一轮格局重塑

Core Viewpoint - The "license dividend" is diminishing, leading to a reshaping of the securities custody business in China as firms adapt to new regulatory standards and increased competition [1][2]. Group 1: Regulatory Changes - Six securities firms have withdrawn their applications for fund custody qualifications due to new regulations that have raised the entry barriers for the custody industry [2]. - The new regulations have increased the net asset threshold for custody business from 20 billion to 30 billion yuan and introduced a requirement for a minimum of 5 billion yuan in custody assets for continued operation [2][3]. Group 2: Market Dynamics - The custody market has become highly competitive, with a significant price war leading to declining fee rates, making it challenging for many firms to maintain profitability [2][8]. - The shift from "license-driven" to "capability-driven" and "service-driven" models is seen as a long-term opportunity for leading firms to solidify their market positions and enhance comprehensive financial service capabilities [3][4]. Group 3: Service Transformation - There is a consensus in the industry to transition from basic custody services to "custody+" comprehensive services, which include value-added services such as investment performance analysis and risk monitoring [4][5]. - Firms are focusing on providing tailored services to meet the specific needs of private equity clients, emphasizing customer service and operational stability [4][5]. Group 4: Risk Management - The essence of custody business is balancing risk and efficiency, especially in complex scenarios like private equity funds where timely risk control is crucial [7]. - Companies are enhancing their compliance and risk management frameworks, moving from passive compliance to proactive risk management strategies [7][8]. Group 5: Financial Pressures - The ongoing price war has led to custody fees for private equity funds dropping significantly, with rates now ranging from 0.01% to 0.005%, which is much lower than the rates for public funds [8]. - Many small to medium-sized custody firms are struggling to achieve profitability, raising concerns about the sustainability of investment in risk control capabilities across the industry [8].