参公大集合倒计时！“该清的清，该转的转”

Core Viewpoint - The impending deadline for the transformation of "publicly offered large collective" products is leading to significant changes in the asset management landscape for securities firms, with many products being transferred to public funds or facing liquidation [1][2]. Group 1: Transformation of Large Collective Products - The 2018 asset management regulations require securities firms to complete the public offering transformation of "publicly offered large collective" products by the end of 2025, leaving limited time for existing products [2]. - Many securities firms are transferring their large collective products to affiliated public funds, such as Everbright Fund taking over products from Everbright Securities Asset Management [2]. - Some firms are also transferring products to public funds without direct equity relationships, as seen with Wanlian Securities transferring its money market fund to Ping An Fund [2]. Group 2: Liquidation and Private Fund Transition - For products that do not meet the public offering transformation criteria or are smaller in scale, securities firms often opt to convert them into private fund plans or liquidate them, with liquidation being the more common outcome [3]. - Several securities firms, including Everbright Securities and Huatai Securities, have announced the liquidation of some of their products in the fourth quarter [3]. Group 3: Public Fund Opportunities - Public funds view the acquisition of large collective products as an opportunity to enhance their management scale and diversify their product offerings, particularly favoring money market and large equity products [4]. - For instance, Shenyin Wanguo Securities' two money market funds, with a combined scale of approximately 29 billion yuan, are set to be transferred to Shenwan Hongyuan Fund, potentially bringing significant new capital [4]. Group 4: Challenges for Smaller Products - Smaller products, especially those in the bond category, are often not considered by public funds due to low management fees that do not cover operational costs, leading to a higher likelihood of liquidation [5]. - The recent phase of securities firms transitioning to public offerings appears to be concluding, as evidenced by the removal of the last securities firm from the approval list for public fund management [6]. Group 5: Future Strategies for Securities Firms - Securities firms are now focusing on developing smaller collective products, which often have self-operated or customized attributes, but face stability challenges [7]. - Many firms are working to establish multi-strategy investment departments and are exploring overseas investment products to attract more capital [7].