最后一家，撤回申请！

Core Viewpoint - The withdrawal of public fund license applications by Guojin Asset Management marks the end of the queue for securities asset management subsidiaries, indicating a significant shift in the industry landscape [1][5]. Group 1: License Application Trends - In 2023, there was a surge in applications for public fund licenses from securities asset management subsidiaries, driven by regulatory changes that eased restrictions [4]. - By the end of 2024, there were no approvals for public fund licenses, leading to a complete withdrawal of applications by various firms in 2025 [5]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is linked to the 2018 asset management regulations, which require securities firms to complete the public offering transformation of their products by the end of 2025 [6]. - Many firms are transferring their public fund products to affiliated fund management companies as a common strategy to comply with the new regulations [6]. Group 3: Differentiation in the Market - The withdrawal of public fund license applications has led to a clear differentiation in the development paths of securities asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [7]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [7]. - As of September 2025, the scale of private asset management products from securities firms reached 5.73 trillion yuan, reflecting a growth of approximately 270 billion yuan from the end of 2024 [7].