Core Viewpoint - The once-booming competition among brokerage asset management firms for public fund licenses is clearly retreating, with several firms withdrawing their applications, indicating a shift in strategy and market conditions [1][2][5]. Group 1: Withdrawal of Applications - The recent trend shows a significant number of brokerage asset management firms, including Guotai Junan Asset Management, Guangfa Asset Management, and Guosen Asset Management, have suspended their applications for public fund licenses, leaving only Guojin Asset Management in the queue [1][2]. - Guosen Asset Management submitted its application in October 2023 but has not received any feedback, highlighting the uncertainty in the approval process [3]. Group 2: Market Environment and Strategic Choices - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [5]. - The tightening of regulations and intense competition in the public fund industry has led some asset management firms to reassess their cost-benefit ratios, opting to withdraw if they lack sufficient resources or competitive advantages [5][6]. Group 3: Regulatory Context and Future Implications - The approval process for public fund licenses has slowed significantly since the initial surge in applications in 2023, with only a few firms receiving approvals, indicating a potential "zero release" situation in 2024 [3][4]. - The impending deadline for brokerage firms to complete the transformation of their collective asset management products by the end of 2025 adds pressure, prompting some firms to seek alternative solutions to alleviate transformation stress [6][7].

Core Viewpoint - The article discusses the ongoing transformation of collective asset management plans into public funds, indicating a significant shift in the asset management industry towards compliance with public fund standards [1][6]. Group 1: Transformation of Asset Management Plans - Starting from July 22, 2023, nine collective asset management plans under CITIC Securities Asset Management have officially changed their management to Huaxia Fund, transitioning to public fund status [2][3]. - Other institutions like Dongwu Securities, GF Asset Management, and Guoyuan Securities have also converted their collective asset management plans into public funds, indicating a broader trend in the industry [2][4]. - The transformation process began in late 2018, with a regulatory push for collective asset management products to align with public fund management standards by December 31, 2020 [6][8]. Group 2: Types of Funds Created - The nine public funds resulting from the transformation include four bond funds with varying holding periods and four mixed funds, along with one quantitative stock fund [4]. - Fund managers for these new public funds include professionals such as Wu Fan and Jing Boling, indicating a shift in management personnel alongside the structural changes [4]. Group 3: Regulatory Context and Industry Trends - The transformation aligns with the China Securities Regulatory Commission's (CSRC) guidelines, which have influenced the pace and nature of these changes in the asset management sector [6][7]. - The approval process for public fund qualifications has slowed down since 2024, prompting some firms to expedite the transition of their collective asset management products to public fund status [7][10]. - As of now, there are still over 140 collective asset management plans in the market, with a total scale of approximately 340 billion yuan, indicating that the transformation process is nearing completion but not yet fully realized [8][10].