HTSC(SH:601688) Sou Hu Cai Jing·2025-12-04 22:09Group 1 - The core point of the article is that the wave of securities firms applying for public fund licenses has come to an end, with all applications withdrawn by November 28, 2025, marking the conclusion of this "application frenzy" [1] - The approval process for public fund licenses was initially stimulated by the implementation of the "Supervision and Administration Measures for Publicly Raised Securities Investment Fund Managers" in May 2022, which relaxed restrictions on the number of licenses held by the same entity [1][2] - In 2023, there was a peak in applications, with six securities firms submitting requests, but by late 2023, all applicants had withdrawn their applications, indicating a complete retreat from the public fund license pursuit [1][2] Group 2 - The shift away from seeking public fund licenses is attributed to the recognition that securities asset management firms can pursue alternative paths beyond public fund licenses, focusing on differentiation and collaboration as key strategies [2] - Securities asset management firms are expected to concentrate on high-net-worth clients and non-bank institutions, utilizing various financial instruments such as ABS, REITs, and quantitative tools to develop multi-asset and multi-strategy businesses [2] - The unique advantage of securities asset management firms lies in their "securities firm gene," which can be transformed into sustainable productivity through collaboration across the entire business chain [2] Group 3 - Currently, 14 securities firms or their asset management subsidiaries hold public fund licenses, but most of them are considered "mid-tier" or "lower-tier" in terms of asset management scale [3] - According to Wind data, only Dongfanghong Asset Management has over 200 billion in managed assets, while most firms manage around 100 billion, ranking between 60th and 100th in the industry [3] Group 4 - The financial performance of 12 securities asset management firms in the first half of the year shows mixed results, with nine firms reporting year-on-year revenue growth [4][5] - Notably, Xingsheng Asset Management led with over 40% revenue growth, while Huatai Securities Asset Management achieved the highest net profit of 713 million [5] Group 5 - The retreat from public fund license applications reflects a reassessment by securities firms regarding the public fund sector, shifting from impulsive expansion to a more calculated cost-benefit analysis [6] - For those already in the market, the challenge lies in finding differentiated development paths to transition from merely holding a license to achieving genuine profitability in a competitive environment [6]