又一家！撤回公募牌照申请

Core Viewpoint - The withdrawal of public fund license applications by Guotou Securities Asset Management (Guozheng Zichan) reflects a tightening regulatory environment and a shift towards rational development and survival of the fittest in the asset management industry [2][4][11]. Group 1: License Withdrawal - Guotou Securities Asset Management has officially withdrawn its application for a public fund license, joining other firms like GF Securities Asset Management and Guangfa Securities Asset Management in this trend [2][9]. - The company had been waiting for over two years for the approval process, which began with its application submission on July 18, 2023, and included several rounds of feedback without significant progress [4][5]. Group 2: Industry Context - As of the end of Q3, there are only three securities firms and eleven securities asset management institutions that have been granted public fund licenses, managing a total of nearly 600 billion yuan in non-monetary fund assets [2]. - The tightening of public fund license approvals is seen as a response to the current industry landscape, where there are 165 fund management companies and qualified asset management institutions, leading to significant competition [10][11]. Group 3: Strategic Shifts - The withdrawal of applications indicates a new phase in the industry characterized by rational development, where larger securities firms can leverage the "one participation, one control, one license" policy for comprehensive business layouts [11]. - Smaller securities firms are encouraged to focus on niche areas such as ABS, quantitative strategies, and fixed income, adopting a specialized and high-quality approach to private asset management [11]. - Some firms are opting for full acquisitions of existing fund companies to enter the public fund business, as seen with Shanghai Securities' acquisition of Xinjiang Qianhai United Fund [11].