券商资管“公募热”退潮：年内三家撤回 仅剩国金等批文

Core Viewpoint - The once-booming competition among brokerage asset management firms for public fund licenses is clearly retreating, with several firms withdrawing their applications, indicating a shift in strategy and market conditions [1][2][5]. Group 1: Withdrawal of Applications - The recent trend shows a significant number of brokerage asset management firms, including Guotai Junan Asset Management, Guangfa Asset Management, and Guosen Asset Management, have suspended their applications for public fund licenses, leaving only Guojin Asset Management in the queue [1][2]. - Guosen Asset Management submitted its application in October 2023 but has not received any feedback, highlighting the uncertainty in the approval process [3]. Group 2: Market Environment and Strategic Choices - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [5]. - The tightening of regulations and intense competition in the public fund industry has led some asset management firms to reassess their cost-benefit ratios, opting to withdraw if they lack sufficient resources or competitive advantages [5][6]. Group 3: Regulatory Context and Future Implications - The approval process for public fund licenses has slowed significantly since the initial surge in applications in 2023, with only a few firms receiving approvals, indicating a potential "zero release" situation in 2024 [3][4]. - The impending deadline for brokerage firms to complete the transformation of their collective asset management products by the end of 2025 adds pressure, prompting some firms to seek alternative solutions to alleviate transformation stress [6][7].