券商中国·2025-04-06 23:13Core Viewpoint - The asset management business of securities firms has shown signs of recovery in 2024, with a total scale of private asset management reaching 5.47 trillion yuan, marking a 3.0% increase from the previous year. However, challenges remain in improving profitability due to market fluctuations and declining management fees [2][8]. Group 1: Asset Management Scale - By the end of 2024, the asset management scale of major securities firms has generally increased, with CITIC Securities leading at 15,424.46 billion yuan, the only firm surpassing 1.5 trillion yuan [3][4]. - Other top firms include Guotai Junan with 5,884.30 billion yuan and Huatai Securities with 5,562.67 billion yuan [4]. - The growth rate of major firms is relatively low, with CITIC Securities showing an 11.09% increase in the previous year [5]. Group 2: Product Structure Changes - A significant change in product structure is the rapid expansion of collective asset management plans, which reached 2.67 trillion yuan in February 2024, surpassing single asset management plans for ten consecutive months [6]. - CITIC Securities reported a collective asset management plan scale of 3,432.43 billion yuan, a 15.30% increase from 2023 [7]. Group 3: Public Fund License Challenges - Many leading securities firms have not obtained public fund licenses, limiting their product layout and market competitiveness [8]. - The top ten firms in public fund non-cash management scale include Dongfanghong Asset Management and Bank of China International Securities, with only three firms exceeding 100 billion yuan [8]. - The lack of public fund licenses affects the overall profitability of securities firms' asset management businesses [8]. Group 4: Profitability Issues - The overall profitability of securities firms' asset management has significantly declined since the implementation of new regulations in 2018, despite a slight rebound in 2024 [9][12]. - Huatai Securities reported the highest net income from asset management at 3.106 billion yuan, while CITIC Securities and Dongfang Securities followed with 2.322 billion yuan and 1.341 billion yuan, respectively [11]. - The ability to generate income from asset management has decreased, with several firms experiencing declines in net income despite stable or growing management scales [12][14].