华安证券副总裁唐泳：持续提升主动管理能力，是中小券商的重要生存之道

Core Insights - The 19th Shenzhen International Financial Expo opened on November 19, featuring the "2025 China Financial Institutions Annual Conference and China Securities Asset Management Summit" [1] - Tang Yong, Vice President of Huazhong Securities and Chairman of Huazhong Asset Management, emphasized that despite the common constraint of incomplete licenses among small and medium-sized brokerages, focusing on core competencies and refining existing businesses can lead to differentiated development paths [1] Company Insights - Huazhong Securities is transitioning its large collective products to its subsidiary, Huafu Fund, with most products having been operational for over five years and peak scale exceeding 10 billion [1] - The company has adopted a strategy emphasizing absolute returns and controlling drawdowns, which has yielded positive results [1] - Since 2019, Huazhong Asset Management has focused on absolute returns as its core direction, aiming to control volatility and achieve high benchmark completion rates, gradually building a complete product line [1] Industry Insights - The management scale of Huazhong Securities' private small collective business has exceeded 40 billion [1] - The revenue structure of Huazhong Asset Management has achieved balanced development, with management fee income accounting for 60% and performance-based income for 40% [1] - Despite the increasing trend of centralization in public offerings, private businesses can effectively offset management fee pressures by delivering expected client returns and generating excess returns [2]