重要牌照苦等无果，这类产品接连“易主”

Core Viewpoint - The article discusses the accelerated disposal of public collective investment products by securities firms, with many choosing to transfer management to public fund companies due to the prolonged wait for important licenses [1][3]. Group 1: Current Trends in Securities Firms - As of the end of Q1 2025, there are 167 public collective investment products managed by securities firms, with a total asset size of 3570.32 billion yuan [1]. - Only 14 securities firms or their asset management subsidiaries currently hold public fund licenses, leading to limited options for those without such licenses [1][6]. Group 2: Management Transfers - Several securities firms, including Guotou Securities and CICC, have announced plans to transfer their public collective investment products to affiliated fund companies [3][4]. - Guotou Securities plans to transfer three products to Anxin Fund, while CICC has extended the expiration date of two products and is moving management to CICC Fund [3]. Group 3: Challenges and Strategies - The regulatory environment has become more stringent regarding the approval of extensions for collective investment products, necessitating quicker decisions on disposal plans by asset management firms [3][4]. - For firms without public fund licenses, transferring management to a fund company under the same shareholder structure is seen as a pragmatic solution to maintain product continuity and client trust [4][6]. Group 4: Future Outlook - The core paths for the public transformation of collective investment products include converting to public fund products, transferring management to affiliated public funds, or liquidating non-compliant products [6][7]. - The competition among licensed securities firms is intensifying, prompting them to seek differentiated strategies to stand out in a crowded market [7][8].