唐泳则认为，在牌照有限的情况下，券商资管仍可以立足于现有"根据地"，把业务做精做细。他表示，尽 管华安资管尚未取得公募牌照，但公司通过聚焦"私募小集合"业务，不断强化产品收益、丰富产品线，同时加 强投资能力的持续培养，已取得了很好的效果。 证券时报记者 谭楚丹 近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在分论坛"2025中国证券业 资产管理高峰论坛"上，资管行业众多精英共同探讨了新形势下证券业高质量发展的机遇与路径。 在"后公募化时代，券商资管发展机遇与挑战"圆桌讨论环节中，参与讨论的嘉宾有华安证券副总裁、华安 资管董事长唐泳，山证资管总经理李宏宇，申万宏源资管首席投资官顾伟，财通资管总经理助理、权益投资总 监李响。本次圆桌讨论的主持人，由国信证券非银金融行业首席分析师孔祥担任。 与会嘉宾围绕"牌照、竞合、基因、协同"等关键词，就券商资管在行业变革期的定位选择、差异化发展路 径以及内部协同机制等议题分享见解，为行业转型升级提供了有益思路。 公募牌照并非唯一路径 公募牌照是券商资管无法绕开的话题，它影响着券商资管的业务模式与战略布局。手握牌照者无不思考如 何差异化，暂未入场者则在 ...

近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在分论坛"2025中国证券 业资产管理高峰论坛"上，资管行业众多精英共同探讨了新形势下证券业高质量发展的机遇与路径。 在"后公募化时代，券商资管发展机遇与挑战"圆桌讨论环节中，参与讨论的嘉宾有华安证券副总裁、华 安资管董事长唐泳，山证资管总经理李宏宇，申万宏源资管首席投资官顾伟，财通资管总经理助理、权 益投资总监李响。本次圆桌讨论的主持人，由国信证券非银金融行业首席分析师孔祥担任。 与会嘉宾围绕"牌照、竞合、基因、协同"等关键词，就券商资管在行业变革期的定位选择、差异化发展 路径以及内部协同机制等议题分享见解，为行业转型升级提供了有益思路。 公募牌照并非唯一路径 "当前，银行理财面临两大挑战：一是银行理财转型方向也是多资产多策略，与券商资管颇为吻合，双 方可以各取所长，共享策略收益；二是部分无理财牌照的中小银行理财公司，面临业务转型压力，这为 长期深耕这些客户的券商资管提供了广泛的合作空间。"李宏宇说。 李响谈道，虽然距离头部公募基金还有很长的路要走，但财通资管仍然坚持"以客户利益为上"，通过体 系化的团队建设、多元化的产品布局和梯队化 ...

Core Viewpoint - The withdrawal of Guangfa Asset Management and Guangzheng Asset Management from the public fund management license application process indicates a shift in the industry from a focus on obtaining licenses to emphasizing operational capabilities and differentiation in product offerings [1][12][16] Group 1: License Application and Market Dynamics - Guangzheng Asset Management withdrew from the application process after waiting over two years, similar to Guangfa Asset Management, which manages over 250 billion in assets [1] - The urgency in obtaining licenses is driven by regulatory requirements mandating that certain products must complete public offering transformations by the end of 2025, or face liquidation or conversion to private funds [3][5] - The time-consuming nature of the application process has led firms to seek alternative strategies, such as transferring products to affiliated fund companies that already hold public licenses [5][6] Group 2: Cost-Benefit Analysis of Obtaining Licenses - The costs associated with obtaining a public fund license, including building research teams and compliance systems, can reach millions annually, making it less attractive for firms [8][10] - The competitive landscape for public fund management is saturated, with 164 firms vying for market share, making it difficult for new entrants to achieve significant scale [10] - In contrast, private fund strategies, such as FOF and alternative investments, offer higher profit margins and quicker returns, appealing more to leading firms [10] Group 3: Industry Evolution and Future Outlook - The industry is transitioning from a "license acquisition" mindset to one focused on "capability competition," where firms must demonstrate unique value propositions rather than simply holding licenses [12][14] - Regulatory scrutiny has increased, with a focus on differentiation among firms, as evidenced by feedback received by firms like Guozheng Asset Management [12][16] - The withdrawal from the license application process is seen as a rational decision, allowing firms to concentrate on their core competencies and deliver better products to investors [14][16]

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening trend in public fund license approvals amid the industry's push for high-quality development [2][3]. Group 1: Regulatory Changes and Industry Context - The China Securities Regulatory Commission (CSRC) issued new regulations in May 2022, allowing brokerages to apply for public fund licenses under a "one participation, one control, one license" framework [3]. - Following the introduction of these regulations, at least six brokerage asset management firms applied for public fund licenses, but only two, namely China Merchants Asset Management and Everbright Securities Asset Management, received approval in 2023 [3]. Group 2: Guangfa Asset Management's Status - Guangfa Asset Management submitted its application for public fund management qualifications in January 2023, but has now exited the approval list as of August 1, 2023 [3]. - Currently, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [3]. Group 3: Transition of Products - The deadline for the transformation of brokerage asset management's public collective products is set for the end of 2025, prompting firms to transfer these products to affiliated fund companies [5]. - Guangfa Securities holds a 54.53% stake in Guangfa Fund and a 22.65% stake in E Fund, having already initiated the transfer of ten public collective products to Guangfa Fund [5]. - As of the second quarter of 2025, Guangfa Asset Management's public collective product scale reached 32.539 billion yuan, with over 90% being money market products [6].

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [1][2]. Group 1: Company Actions - Guangfa Asset Management was previously among six brokerage asset management firms that submitted applications for public fund licenses, but it has now exited the approval list [1][5]. - The company submitted its application materials to the China Securities Regulatory Commission (CSRC) in January 2023, but only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals in 2023 [4][5]. Group 2: Industry Context - The public fund industry is experiencing a trend towards high-quality development, leading to a tightening of public fund license approvals [2]. - As of August 1, 2023, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [5]. Group 3: Regulatory Changes - In May 2022, the CSRC issued new regulations allowing brokerages to achieve "one participation, one control, one license" for public fund licenses, prompting several brokerage asset management firms to apply for licenses [4]. - The transition deadline for brokerage asset management firms to convert their public collective products is set for the end of 2025, with Guangfa Asset Management already beginning to transfer its products to Guangfa Fund [7]. Group 4: Product Management - As of the second quarter of 2025, Guangfa Asset Management's public collective product scale reached 32.539 billion yuan, with over 90% being money market products [8].

Core Viewpoint - The transformation of broker-dealer public collective investment products is entering its final phase, with many firms accelerating their disposal plans and shifting management to public fund companies [2][4][5]. Group 1: Current Status of Broker-Dealer Public Collective Products - As of the end of Q1 this year, there are 37 broker-dealer institutions with over 150 public collective investment products, totaling a scale of 354.9 billion yuan, with 11 products exceeding 10 billion yuan in size, all of which are money market funds [3][12]. - Many broker-dealers are transferring their public collective products to affiliated public fund companies, especially when they lack public fund licenses [5][11]. Group 2: Recent Developments - On June 28, Guotai Junan Asset Management announced plans to transfer three public collective products to Anxin Fund Management, while CICC extended the expiration date of two of its products to November 30, 2025, and is working to change the management to CICC Fund [2][6]. - CICC's previous products received approval from the CSRC to change their registration to CICC Fund, indicating a trend towards compliance with regulatory requirements [7]. Group 3: Regulatory Environment and Future Outlook - The regulatory framework established in 2018 requires broker-dealer public collective products to transition to public fund management, with a focus on compliance and quality development in the public fund industry [8][10]. - The pace of obtaining public fund licenses has slowed, with only a few broker-dealers successfully acquiring such licenses, leading others to explore alternative routes for compliance or liquidation of their products [11][15]. - The recent trend shows that regulatory bodies are less inclined to grant extensive extensions for product deadlines, indicating a push for completion of the transformation process [15].

Core Viewpoint - The pace of disposal for brokerages' public-like collective products has accelerated, with many firms opting to transfer management to public fund companies and register these products as public funds [1][2][4] Group 1: Current Trends - Brokerages are increasingly transferring their public-like collective products to affiliated public fund companies as a mainstream disposal method [2][6] - On June 28, Guotai Junan Asset Management announced plans to transfer three of its public-like collective products to Anxin Fund Management [1][3] - CICC extended the expiration date of its collective products from June 30, 2025, to November 30, 2025, and plans to change the management to CICC Fund [3][7] Group 2: Regulatory Context - The 2018 regulatory guidelines require brokerages to convert public-like collective products to comply with public fund standards, with various pathways for compliance [4][5] - As of now, only about ten brokerages have obtained public fund licenses, making it easier for them to transition their public-like collective products to public funds [4][6] Group 3: Market Dynamics - As of the first quarter of this year, there are 150+ public-like collective products from 37 brokerages, with a total scale of 354.9 billion [7] - Many brokerages have not disclosed specific plans for the conversion of their public-like collective products, merely extending their expiration dates [7][8] - If these products are not converted by the end of this year, they may face liquidation, as regulatory bodies have not granted widespread extensions [8]

Core Viewpoint - The leadership transition at Xingzheng Asset Management is expected to enhance its business layout and competitive strength, with a focus on optimizing operations and expanding its public and private fund offerings [4][5]. Group 1: Leadership Changes - Sun Guoxiong has stepped down as Chairman of Xingzheng Asset Management and will transition to a business inspector role, with Liu Yu taking over as Chairman [1][2]. - Liu Yu has a strong background in finance, having served in various significant roles, including as the Executive Director and President of Xingzheng Investment [2][3]. - The management team has been strengthened with the appointment of Yang Hua as General Manager and Zheng Fangbiao as Vice General Manager, following the departure of Xu Xiang [3][5]. Group 2: Business Development - Xingzheng Asset Management has achieved a management scale exceeding 100 billion yuan, marking a 20% increase from the previous year, reaching a new five-year high [5]. - The company has recently obtained a public fund management license, becoming one of the 14 brokerages with such a qualification in the industry [4][5]. - The launch of its first public fund, focusing on dividend strategies and quantitative stock selection, indicates a strategic move to leverage its new public fund license [5].