文|恒心 来源|财富独角兽 2025年7月末，公募"老十家"之一的华安基金迎来权力更迭。 掌舵超十年的董事长朱学华正式卸任党委书记、董事长，原招商基金总经理徐勇接棒，并按惯例将出任董事长。此次换帅看似常规退休交接，实则暗流涌 动——朱学华执掌的十一年间，华安基金规模从2014年三季度末他刚上任时的640亿元飙升至卸任时的7000多亿，但2024年营收与净利润双双下滑，行业 排名跌至第15位。 更复杂的棋局在于股东层面：国泰君安与海通证券合并而成的国泰海通证券，或迎来旗下华安基金与海富通基金的整合倒计时。徐勇这位横跨政府、保 险、公募的"跨界老将"，成为这艘7000亿巨轮的新领航者。 01 新帅登场：跨界高手的机遇与质疑 华安基金的危机本质是增长模式的失灵。 据Wind数据显示，2024年末华安基金管理规模突破7000亿元。从各类型基金来看，截至2025年二季度末，货币基金3038.58亿元，债券基金1597.05亿元， 股票型基金661.87亿元，另类投资621.36亿元，QDII基金195.64亿元，混合基金819.4亿元，规模较三年前"腰斩"。然而，华安基金全年营收同比下滑 9.56%至31.1亿元，净利 ...

证监会8月1日发布的《证券、基金经营机构行政许可申请受理及审核情况公示》显示，广发证券资产管理（广东）有限公 司（下称"广发资管"）退出了公募基金管理业务资格审批名单。据证监会公示信息，自2024年以来，券商资管子公司申请 公募牌照处于"零获批"阶段。 | | | 2023年，还有广发资管、光大资管、安信资管（现国证资管）、国金资管提交的公募牌照申请材料获证监会接收。然而， 自2024年以来，再无券商或其资管子公司获得公募牌照。 值得注意的是，此前，券商或其资管子公司先后依法设立了多只投资者人数不受200人限制的集合资产管理计划（俗称大集 合产品），自2012年基金法修订以来，此类产品因不符合《基金法》而不得新设，但囿于历史原因，不少大集合产品仍然 存续。 2018年11月，证监会发布《证券公司大集合资产管理业务适用操作指引》（简称《操作指引》），《操作指引》对大集合 产品进一步对标公募基金、实现规范发展的标准与程序进行细化明确，并给予了合理的规范过渡期。 申请公募牌照即是券商及其资管子公司延续运行原有大集合产品的策略之一，但随着监管部门对券商资管发放公募牌照进 程放缓，券商大集合资管产品正谋求新出路，更换管 ...

Core Viewpoint - The merger of Guotai Junan Asset Management and Haitong Asset Management marks the first consolidation of brokerage asset management subsidiaries in China's securities industry, aiming to enhance operational efficiency and comply with regulatory requirements [6][10][11]. Company Announcement - Guotai Haitong Securities announced the absorption merger of Guotai Junan Asset Management and Haitong Asset Management on July 25, with the new name "Shanghai Guotai Haitong Securities Asset Management Co., Ltd." effective from the same date [1][3][5]. Merger Details - The merger involves key steps such as product migration and legal entity consolidation, with a focus on protecting investor interests and maintaining normal business operations during the transition [6][12]. - The combined asset management scale of the two companies is projected to reach 695.4 billion yuan, with a combined revenue of 2.118 billion yuan and a net profit of nearly 500 million yuan [7]. Historical Context - Both Guotai Junan Securities and Haitong Securities have a long history in asset management, having received pilot qualifications in 2005, and have been operating for 20 years [7]. - Guotai Junan Asset Management was established in 2010 and ranked second in the industry with an asset management scale of 588.43 billion yuan as of the end of 2024, while Haitong Asset Management, founded in 2012, had an asset management scale of 106.98 billion yuan, ranking 14th [7]. Regulatory Compliance - The merger is driven by the need to avoid competition among subsidiaries and to comply with the regulatory requirement of "one participation, one control, one license," which limits the number of fund management companies a single entity can control [10]. - The integration of the asset management companies is part of a broader strategy to meet regulatory demands and streamline operations [9][10]. Future Prospects - The merger is expected to create new experiences in wealth management and client service, potentially leading to innovative asset management products and improved service offerings [11][12]. - The integration will also involve renaming and management changes for various products, with plans for some of Haitong's products to transition to public fund status [12][13].

Group 1 - Huashan Fund announced the resignation of multiple fund managers on July 5, 2025, which has attracted market attention [2][3] - The resignations include managers from various funds, with all changes effective from July 7, 2025 [3] - The fund managers who resigned include Zhou Shuzhan, Wei Yuanyuan, Ma Xiaoxuan, Li Bangchang, He Tao, Zheng Ruxi, and Lin Tangyu [3] Group 2 - Managerial changes at Huashan Fund began in the first half of the year, with Sun Lina resigning from seven funds on March 17, 2025, managing nearly 300 billion yuan [4] - In May 2025, manager Li Xin also announced his resignation, overseeing a total of 8.016 billion yuan across seven funds [4] - The merger between Huashan Fund's major shareholder Guotai Junan and Haitong Securities has raised concerns regarding regulatory compliance and fund management licenses [4][5] Group 3 - Analysts note that while Huashan Fund has a larger scale compared to Haitong Fund's 172.2 billion yuan, Haitong possesses valuable licenses, including a rare social security fund license [5] - The frequent changes in fund managers at Huashan Fund have led to speculation about the future direction and stability of the fund [5]

Core Viewpoint - The recent personnel changes at Guotai Haitong Securities, following its merger, indicate a strategic shift in leadership aimed at enhancing the integration of its fund management subsidiaries, particularly Huashan Fund and Haifutong Fund, which have differing asset scales and management qualifications [2][6][12]. Group 1: Leadership Changes - Guotai Haitong Securities has appointed Xie Lebin, the former vice president, as the new chairman of Haifutong Fund, succeeding Lu Ying, who has transitioned to the role of head of the research institute [2][5]. - Lu Ying has a notable background, having served over 20 years at Haitong Securities and has been recognized as a top analyst in the retail and wholesale trade sector [3][5]. - The leadership restructuring is seen as a move to better align the interests of the merged entities, with a focus on integrating operations and addressing regulatory compliance [6][15]. Group 2: Fund Management Landscape - Following the merger, Guotai Haitong Securities controls two public fund companies, Huashan Fund and Haifutong Fund, with Huashan Fund's assets exceeding 700 billion yuan, significantly larger than Haifutong Fund's 171.6 billion yuan [2][9][10]. - Haifutong Fund holds valuable management qualifications for social security funds, enterprise annuities, and pension funds, which are not possessed by Huashan Fund, indicating a potential competitive advantage [10][12]. - The market speculates on the possibility of merging the two funds, with discussions around whether Huashan Fund will absorb Haifutong Fund or if the latter will emerge as the dominant entity due to its specialized qualifications [12][14]. Group 3: Financial Performance and Challenges - Haifutong Fund has experienced a 4.22% year-on-year growth in asset value, but its overall ranking has declined, indicating challenges in maintaining competitive performance [15][16]. - The fund's product structure shows a heavy reliance on bond and money market funds, with a significant decline in mixed fund performance, raising concerns about its ability to compete in the equity market [16][20]. - Despite recent growth in its ETF offerings, Haifutong Fund faces pressure to improve overall performance and profitability, particularly in light of declining revenues and profits over the past few years [20][22].