Sou Hu Cai Jing·2025-12-02 08:38Core Viewpoint - The approval process for public fund licenses has faced significant setbacks, with several asset management companies withdrawing their applications, leading to a complete failure for the group of broker asset management subsidiaries seeking public licenses [2][4]. Group 1: Policy Changes and Market Reactions - In May 2022, the China Securities Regulatory Commission (CSRC) announced a policy to relax the restrictions on public fund licenses, allowing broker asset management subsidiaries to apply for public licenses [1]. - By 2023, several broker asset management companies, including招商资管, 兴证资管, and others, began applying for public licenses, indicating a positive market response to the new policy [1]. - However, by late 2023, major applicants like广发资管 and光证资管 withdrew their applications, leaving only国金资管 in the running, which subsequently also withdrew, resulting in a total failure for the group [2][4]. Group 2: Industry Dynamics and Competition - The withdrawal of applications reflects a reassessment of the cost-benefit ratio by asset management firms amid stricter regulations and intense competition in the public fund industry [4]. - The "Matthew Effect" is evident in the public fund sector, where the top ten fund managers control 41.31% of the total market size, indicating a trend where resources are increasingly concentrated among the most competitive firms [4]. - The competitive landscape is further complicated by the presence of over 160 public fund management entities, making it challenging for new entrants to differentiate themselves and survive [6]. Group 3: Financial Performance of Asset Management Firms - As of September 2025, the top ten public fund managers had a combined net asset value of 15.06 trillion yuan, with significant increases in their market share [4]. - Financial data shows that华泰证券资管 leads in profitability with a net profit of 8.82 billion yuan, while中银证券 follows closely with a net profit of 9.06 billion yuan, highlighting the financial strength of these firms [9][10]. - Smaller firms are struggling, with many experiencing high turnover rates among experienced fund managers, indicating a challenging environment for mid-sized asset management companies [5][6]. Group 4: Future Outlook - The public fund license is seen as a critical pivot for brokerages transitioning from private to public fund management, enhancing their fundraising capabilities and product offerings [11]. - Even without public licenses, broker asset management firms may continue to leverage their strengths in fixed income and quantitative strategies, focusing on niche markets for differentiation [12].