倒计时！券商参公大集合改造冲刺

Core Viewpoint - The transformation of broker asset management large collective products into public offerings is nearing completion, with many firms actively changing management to comply with regulatory requirements [1][2][6]. Group 1: Regulatory Background - The 2018 asset management regulations require brokers to complete the public offering transformation of their large collective products by the end of 2025 [2]. - Brokers without public offering licenses can choose to liquidate, extend, or change management for their related products upon expiration [2]. Group 2: Recent Developments - On December 1, Xinda Australia Fund announced the management change of the Galaxy Mercury Short-Debt Bond Collective Asset Management Plan from Galaxy Jinhui Securities to Xinda Australia Fund, marking a significant step in the public offering transformation [1][2]. - In November alone, multiple brokers, including Everbright Securities and Huazhong Securities, have completed management changes for at least 20 collective products [6]. Group 3: Cross-Group Management Changes - A new trend of cross-group management changes has emerged, where management is transferred to external public fund companies without direct equity ties [7][10]. - For instance, Wanlian Securities announced a management change to Ping An Fund for its Wanlian Tian Tian Li Money Management Plan, showcasing this cross-group approach [7][9]. Group 4: Industry Analysis - Analysts suggest that the urgency of regulatory compliance is driving brokers to seek external partnerships, as many lack the internal capacity for compliance [10]. - The cross-group transfer model is expected to become a significant supplementary direction for future transformations, although it will coexist with internal group transfers [10].