11月19日晚，中金公司（601995）、东兴证券（601198）、信达证券（601059）三家券商几乎同时发布停牌公告，筹划由中金公司通过换股方式吸收合并东 兴证券和信达证券。按三季报数据粗略相加，合并后新券商资产规模将超过万亿元，在行业中仅次于中信证券（600030）、国泰海通（601211）和华泰证券 （601688）。 对资本市场而言，这是"汇金系"券商版图的一次重排；对基金行业而言，更直接的悬念在于：同属中央汇金控制的三家券商，其背后的中金基金、信达澳亚 基金和东兴基金是否会因此被纳入同一套体系，公募牌照如何排阵、如何分工？ | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | | --- | --- | | 601995 中金公司 Ａ股 停牌 | 2025/11/20 | | 截止日期 | 基金类型 全部 | ∨ 机构类型 全部 | V | 剔除ETF联接基金份额/净值 仅展示公募持牌 | | | --- | --- | --- | --- | --- | --- | | 序号 | 公司名称 ⇒ | 草学类型 | 资产净值合计(亿元) = | 资产净值排名 ۾ | ...

Core Viewpoint - Guotou Securities Asset Management Co., Ltd. (Guozheng Zican) has withdrawn its application for a public fund license after waiting for over two years, reflecting a tightening environment for public fund license approvals in the industry [2][3][7]. Group 1: License Application Process - Guozheng Zican submitted its application for public fund management qualifications on July 18, 2023, and received a notice for corrections on July 25, 2023. After submitting additional materials on February 8, 2024, the application was formally accepted, but no further progress was made after receiving initial feedback on March 21, 2024 [3][5]. - Other securities asset management companies, including GF Securities Asset Management and Everbright Securities Asset Management, have also withdrawn their public fund license applications, leaving only Guojin Asset Management in the queue [7]. Group 2: Industry Context - As of the end of the third quarter, a total of three securities firms and eleven securities asset management institutions have been approved for public fund licenses, managing nearly 600 billion yuan in non-monetary fund scale [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 asset management institutions with public qualifications, leading to significant competition [8][9]. - The withdrawal of applications indicates a shift towards "rational development and survival of the fittest" in the industry, with larger securities firms leveraging the "one participation, one control, one license" policy for comprehensive business layouts, while smaller firms focus on niche areas like ABS, quantitative, and fixed income [9].

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].

Core Insights - The public fund license, once highly sought after, is losing its appeal as evidenced by the recent withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. from the public fund management qualification approval list [1][2] - Guangda Securities Asset Management is not the only firm to withdraw; in August, GF Asset Management also exited the application process, leaving only two firms, Guozheng Asset Management and Guojin Asset Management, still awaiting approval [1][3] Summary by Sections License Withdrawal - Guangda Securities Asset Management has been removed from the list of institutions applying for public fund management qualifications, marking a significant shift in the industry [2] - The firm submitted its application in June 2023 but faced a stagnant approval process, leading to the decision to pause its application after over two years of waiting [2][4] Industry Context - 2023 was anticipated to be a peak year for public fund license applications, initiated by regulatory changes in May 2022 that allowed more firms to apply [2][4] - Despite the initial surge in applications, only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals, while the rest faced delays or withdrew their applications [2][3] Strategic Considerations - The withdrawals reflect a strategic shift among firms, as regulatory requirements mandate that collective asset management products must complete public transformation by the end of 2025 [4][5] - Firms like Guangda Securities Asset Management are opting for alternative strategies, such as transferring their products to affiliated public fund platforms, to mitigate transformation pressures [4][5] Market Dynamics - The competitive landscape for asset management firms is changing, with a focus on high-value services like private fund of funds and alternative investments becoming more attractive compared to the lengthy and costly public fund license application process [5] - Regulatory tightening, increased capital thresholds, and evolving governance structures present substantial challenges for firms seeking public fund licenses, leading to a more stable competitive environment where larger firms may solidify their positions [5]

Core Viewpoint - The article discusses the withdrawal of Shanghai Guangda Securities Asset Management Co., Ltd. (Guangzheng Asset Management) from the public fund management license application process, highlighting a trend among securities asset management companies in China to pause their public fund license applications [2][6]. Group 1: License Application Status - Guangzheng Asset Management has been removed from the list of institutions applying for public fund management qualifications as per the latest announcement from the China Securities Regulatory Commission (CSRC) [6]. - In August 2023, another asset management company, GF Asset Management, also withdrew from the qualification approval list, leaving only Anxin Asset Management (now Guozheng Asset Management) and Guojin Asset Management still in the application queue [2][6]. Group 2: Historical Context and Regulatory Changes - Guangzheng Asset Management submitted its application for a public fund license on June 19, 2023, and provided supplementary materials on June 27, 2023. However, the application did not enter the formal review stage, and the company did not receive further inquiries from regulators [5][6]. - Since the implementation of new regulations in May 2022, which allow securities firms to hold one public fund license, there have been no new approvals for public fund licenses among securities asset management companies after the licenses were granted to招商资管 and 兴证资管 in 2023 [6]. Group 3: Company Performance and Management Changes - Guangzheng Asset Management reported a revenue of 675 million yuan and a net profit of 219 million yuan for the year 2024, with a total asset management scale of 3,114 billion yuan, reflecting a growth of 3.71% from the beginning of the year [8]. - The company has experienced significant changes in its executive team, raising concerns about its future strategic direction. Notable changes include the departure of the original general manager in January 2023 and subsequent appointments and adjustments within the management team throughout 2024 [8].

Core Viewpoint - Guangzheng Asset Management has withdrawn its application for a public fund license, following a trend among securities asset management companies to pause their public fund license applications [1][3]. Group 1: License Application Status - Guangzheng Asset Management was removed from the list of institutions applying for public fund management qualifications by the China Securities Regulatory Commission (CSRC) [1][3]. - In August 2023, another asset management company, GF Asset Management, also withdrew from the qualification approval list [3]. - Currently, only Anxin Asset Management (now Guozheng Asset Management) and Guojin Asset Management are still in the queue for public fund license applications [1][3]. Group 2: Company Background and Financials - Guangzheng Asset Management was established on May 9, 2012, and is the first asset management company under a listed securities firm in China [4]. - According to Guangzheng Securities' 2024 annual report, Guangzheng Asset Management achieved revenue of 675 million yuan and a net profit of 219 million yuan in 2024 [4]. - As of the end of 2024, the asset management scale of Guangzheng Asset Management was 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [4]. Group 3: Management Changes - The company has experienced a series of changes in its executive team, raising market concerns about its future strategic direction [4]. - In January 2023, the former general manager, Wang Pei, left due to work adjustments, and the then vice general manager, Chang Song, took over as acting general manager [4]. - In October 2024, Chang Song returned to the vice general manager position due to health reasons, and Qiao Zhen was promoted to general manager [4][5].

Core Viewpoint - The withdrawal of public fund license applications by both Guangfa Asset Management and Everbright Securities Asset Management highlights challenges in the asset management industry, particularly in the context of regulatory scrutiny and market conditions [1][5][8]. Group 1: Company Developments - Everbright Securities Asset Management (光证资管) has been removed from the list of institutions approved for public fund management qualifications by the China Securities Regulatory Commission (CSRC) [1][8]. - Guangfa Asset Management was the first to withdraw from the public fund license application process in August 2025, followed by Everbright Securities Asset Management, marking the end of a two-year and four-month application journey for the latter [5][8]. - As of the end of 2024, Everbright Securities Asset Management reported a revenue of 675 million yuan and a net profit of 219 million yuan, with a total asset management scale of 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [2][4]. Group 2: Industry Context - The "one participation, one control, one license" policy implemented in May 2022 has accelerated the process for securities firms to apply for public fund licenses, with several firms submitting applications [7]. - Currently, only two firms, Guozheng Asset Management (国证资管) and Guojin Asset Management (国金资管), remain in the queue for public fund licenses after the withdrawals of Guangfa and Everbright [8][9]. - A total of three securities firms and eleven subsidiaries have been granted public fund management qualifications, indicating a competitive landscape in the asset management sector [9][10].

Core Viewpoint - The recent leadership change at Huaan Fund, with Xu Yong replacing Zhu Xuehua as chairman, is seen as a pivotal moment for the company amid ongoing industry restructuring and integration challenges following the merger of Guotai Junan Securities and Haitong Securities [1][2][3]. Company Overview - Xu Yong officially took over as chairman of Huaan Fund on August 28, 2025, after Zhu Xuehua's retirement on August 26, 2025 [3]. - Xu Yong has a diverse background, including experience in various sectors such as industry, government, insurance, and public funds, and previously served as the general manager of招商基金 (Zhaoshang Fund) [3][4]. - Under Xu's leadership at招商基金, the fund's management scale increased from 792.1 billion to 933.2 billion yuan from July 2022 to May 2025 [3]. Industry Context - Huaan Fund, established in 1998, is one of the first "old ten" fund companies in China but has faced challenges in total assets and profitability compared to招商基金 [4]. - As of the end of 2024, Huaan Fund reported total assets of 7.767 billion yuan and net assets of 5.687 billion yuan, with a revenue decline of 9.56% year-on-year [4]. - The leadership change is viewed as a strategic move by Guotai Haitong Securities to integrate its public fund resources and enhance business collaboration, particularly with Haitong Fund [4][6]. Integration and Restructuring - The integration of Guotai Junan Securities and Haitong Securities is a significant event in the Chinese securities industry, with the merger completed in March 2025 [6]. - Following the merger, Guotai Haitong Securities must consolidate its public fund resources to comply with regulatory requirements, with a specific integration plan due by February 2026 [6][7]. - The integration process has already begun with Haitong Fund, which has seen significant growth in its ETF offerings, surpassing 100 billion yuan in total scale as of August 21, 2025 [5][6].

Core Viewpoint - The recent release of the "Supervision and Management Measures for Publicly Raised Securities Investment Fund Managers" by the China Securities Regulatory Commission (CSRC) marks the long-awaited implementation of the "one participation, one control, one license" policy, allowing the same entity to apply for a public fund license in addition to holding and controlling one fund each [1][2][3]. Group 1: Regulatory Changes - The new regulations primarily relax the previous restrictions on the number of public licenses held by the same entity, allowing for a more flexible application process for public fund licenses [2][3]. - The measures maintain the "one participation, one control" policy while permitting professional asset management institutions under the same group, such as securities, insurance, and bank wealth management subsidiaries, to apply for public licenses [2][3]. Group 2: Impact on Securities Firms - The new rules are expected to accelerate the application process for public licenses among securities asset management firms, providing new business growth opportunities [1][3]. - Major securities firms that control large public funds, such as CITIC Securities and Haitong Securities, are likely to benefit the most from these changes, enhancing their profitability [1][3]. Group 3: Market Dynamics - The introduction of the new regulations is anticipated to intensify competition in the public fund market, which could lead to improved service quality across the industry [3][4]. - Currently, there are 154 fund managers in total, with only 8 being securities asset management firms, indicating significant room for growth in this sector as firms prepare to transition to public fund operations [4][6]. Group 4: Challenges and Opportunities - While the new regulations present opportunities for securities asset management firms to enter the public fund space, they also face challenges due to the established presence and experience of existing large public funds [7]. - Securities asset management firms may need to enhance their research and investment capabilities to compete effectively in the public fund market, leveraging their experience in customized services from their private fund operations [7].

Core Viewpoint - The leadership change at Hua'an Fund, with Xu Yong taking over from Zhu Xuehua, is seen as a critical variable for the company's future amidst declining revenue and profit, and potential integration with Haifutong Fund due to the merger of their parent companies [2][11]. Group 1: Leadership Transition - Xu Yong, a cross-industry veteran, is expected to leverage his experience in government, insurance, and public funds to revitalize Hua'an Fund, which has seen its growth stagnate [6][14]. - Zhu Xuehua's tenure saw the fund's assets grow from 64 billion RMB in Q3 2014 to over 700 billion RMB at his departure, but revenue and net profit declined in 2024, dropping the fund's industry ranking to 15th [2][7]. Group 2: Financial Performance - As of mid-2025, Hua'an Fund's management scale reached 700 billion RMB, but its revenue fell by 9.56% to 3.11 billion RMB, and net profit decreased by 2.66% to 910 million RMB, indicating a disconnect between scale and performance [7][10]. - The fund's reliance on money market funds has led to a significant drop in its active equity capabilities, contributing to its growth challenges [7][10]. Group 3: Governance and Risk - Recent scandals, including a former fund manager's penalty for misconduct, have exposed weaknesses in Hua'an Fund's risk control systems, further eroding trust [8][10]. - The fund's governance issues are compounded by a rigid incentive structure that hampers innovation and responsiveness to market changes [10][14]. Group 4: Market Dynamics and Future Outlook - The merger of Guotai Junan and Haitong Securities raises questions about the future of Hua'an Fund, with speculation that it may be absorbed by Haifutong Fund due to regulatory constraints on fund licenses [11][13]. - The integration poses risks, including potential rebranding and operational disruptions, which could significantly impact Hua'an Fund's market position [13][14].