“最后独苗”离场，券商资管子公司公募牌照申请退潮

Core Viewpoint - The recent announcement from the China Securities Regulatory Commission (CSRC) indicates that there are currently no brokerage asset management subsidiaries in the queue for public fund management qualifications, as Guojin Asset Management has withdrawn its application [1][4]. Group 1: Regulatory Changes and Market Dynamics - The CSRC's new regulations have allowed for a slight relaxation in the number of public fund licenses, leading to a surge in applications from brokerage asset management subsidiaries in 2023, with six institutions applying [4]. - Only two out of the six institutions, namely China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained licenses, resulting in an approval rate of only one-third [4]. - As of late 2025, the approval pace has slowed, with several institutions, including Guojin Asset Management, withdrawing their applications, leading to a "zero" status for brokerage asset management subsidiaries in the application queue [4][8]. Group 2: Competitive Landscape - The public fund industry is experiencing intensified competition, with over 160 public fund management institutions currently operating in China, which has led to resource wastage [8]. - As of October 2025, the total net asset value of public funds managed by these institutions reached 36.96 trillion yuan, marking a historical high for seven consecutive months [8]. - The top ten institutions in the public fund industry account for nearly 40% of the market share, indicating a high concentration of management scale [8][9]. Group 3: Future Outlook - Guojin Asset Management has confirmed that the withdrawal of its public fund license application was a strategic decision based on current market conditions and future business planning, with the possibility of reapplying in the future [5][6]. - The barriers to entry for new applicants are high, particularly in areas like ETFs, where established firms dominate, making it challenging for new or smaller institutions to compete effectively [9].