券商资管“公募热”退潮：年内三家撤回，仅剩国金等批文；多家基金公司撤销监事会

Group 1 - The enthusiasm for public fund licenses among securities asset management companies has significantly cooled, with three institutions withdrawing their applications this year, leaving only Guojin Asset Management in the queue for approval [1] - This trend reflects a rational return to the industry regarding public fund licenses, potentially leading to a greater focus on active management capabilities and promoting differentiated competition among firms [1] - The reduction in new entrants may alleviate homogenization pressure in the public fund industry, prompting existing institutions to strengthen their core competitiveness [1] Group 2 - The total scale of cross-border mergers and acquisitions (M&A) has doubled year-on-year, with Chinese enterprises disclosing 182 outbound M&A events totaling 177.25 billion, of which 142 events occurred in 2025 alone, amounting to 156.85 billion [2] - Major securities firms are actively seizing opportunities in cross-border M&A, with firms like CICC and CITIC Securities enhancing their service offerings and team structures to capture market share [2] - Despite the growth, many Chinese securities firms still lack the capability to handle complex cross-border transactions, which remains a shortcoming in the industry [2] Group 3 - The number of newly established index-enhanced funds has surged over 400% year-on-year, with 160 new products launched this year, driven by policy support, improved index systems, and increased investor demand [3] - This explosive growth indicates a strong market preference for passive investment strategies, leading to intensified competition among public fund institutions [3] - The trend may reshape the asset management industry landscape, concentrating funds further into leading index products and enhancing overall market pricing efficiency [3] Group 4 - Several fund companies have begun to abolish their supervisory boards, following Yingda Fund's lead, with firms like Yimin Fund and Fangzheng Fubang Fund also making this move to streamline operations and reduce costs [4] - The decision to eliminate supervisory boards reflects an internal optimization strategy within the legal framework, aimed at enhancing efficiency and lowering operational costs [4] - This trend may support stock prices of small and medium-sized public companies and accelerate industry consolidation, indicating a shift towards more refined operational practices in the financial sector [4]