10月10日，证监会发布的公告显示，光证资管已从"资产管理机构开展公募基金管理业务资格审批"名单 中移除，这意味着这场历时2年零4个月的公募牌照申请历程画上句号。 《每日经济新闻》记者注意到，上述事件并非孤例，两个月前，广发资管已率先退出。 自2022年"一参一控一牌"新规落地，券商资管跑步入场申请公募牌照的热潮，正迎来肉眼可见的"分化 时刻"。当招商资管、兴证资管已顺利拿牌，开启公募化新征程之际，光证资管的离场，使其旗下超300 亿元参公产品的转型路径面临重构。 广发资管率先退出 《每日经济新闻》记者注意到，光证资管的公募牌照申请，始于行业政策松绑的关键节点。2022年5 月，"一参一控一牌"政策正式落地，为行业打开新空间。进入2023年，券商资管申请公募牌照迎来高 峰，招商资管、广发资管、兴证资管、光证资管、国证资管和国金资管先后递交申请材料。其中，光证 资管递交的材料于2023年6月19日获证监会接收，成为当时第四家启动申请的券商资管。 从最初的布局规划来看，若申请顺利获批，光大证券将在已控股光大保德信基金、参股大成基金的基础 上，再添一张光证资管的公募牌照。更重要的是，光证资管可与光大保德信基金形成业 ...

Group 1 - The approval pace for public fund licenses is slowing, with some securities asset management firms "withdrawing" from the application queue [1] - Currently, only three firms remain in the public fund management qualification approval list: Shanghai Everbright Securities Asset Management, Anxin Securities Asset Management, and Guojin Securities Asset Management [1] - Guangfa Securities Asset Management, which submitted its application earlier, has "disappeared" from the approval list, raising questions about whether it voluntarily withdrew its application [2] Group 2 - Guangfa Asset Management's application for public fund management was received on January 19, 2023, and was supplemented on January 30, 2023, but has seen no substantial progress for over two years [2] - In contrast, other firms like CMB Asset Management and Xingsheng Asset Management have successfully obtained public fund licenses in 2023 [3] - The public fund license is considered crucial for the transformation of securities asset management businesses and is a hard requirement for maintaining certain collective asset management products [3] Group 3 - The transition of certain collective asset management products to public fund products is necessary due to regulatory requirements, with two main pathways: obtaining a public fund license or transferring management to a subsidiary fund company [3] - As the transition period nears its end, many securities asset management firms are opting to change the management of their collective products to their affiliated fund companies [3][4] - Guangfa Asset Management has submitted multiple applications to change the management of its asset management plans to Guangfa Fund, with several applications already accepted by regulators [4] Group 4 - The majority of the collective products seeking management changes are mixed and bond-type products, with most having scales below 500 million yuan [4] - For instance, Guangfa Asset Management's products, such as Guangfa Asset Management Shengshi Selected and Guangfa Asset Management Qianli One-Year Holding, have management scales of 0.88 million yuan, 2.57 million yuan, 1.34 million yuan, and 1.95 million yuan respectively [4] - The Guangfa Asset Management Shengshi Selected product has performed well, with a return rate of 25.99% since the beginning of the year, outperforming its benchmark return rate of 9.07% [4]

Core Viewpoint - Guangfa Asset Management has withdrawn from the public fund management qualification application list, indicating a pause in its pursuit of public fund licenses amid a challenging regulatory environment for brokerages [2][3]. Group 1: Application Status - In 2023, six brokerage asset management firms submitted applications for public fund licenses, but only two, China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained licenses [2][5]. - As of 2024, only three firms, including Guangfa Asset Management, are in the queue for public fund license applications, with Guangfa's withdrawal marking a significant development in the industry [3][5]. Group 2: Industry Context - The regulatory environment has become increasingly stringent, with no new public fund licenses granted since November 2023, leading to a stagnation in applications from brokerage asset management firms [5][6]. - The 2022 regulatory changes that relaxed the limits on the number of public fund licenses held by the same entity initially spurred a surge in applications, but the subsequent approval process has been slow [5][6]. Group 3: Strategic Adjustments - In light of the challenges in obtaining public fund licenses, many brokerage asset management firms are transitioning their collective asset management products to public fund management companies they control or hold stakes in [2][6]. - Guangfa Asset Management has begun transferring some of its products to Guangfa Fund Management, reflecting a broader trend among brokerages to adapt to regulatory requirements [2][7].

Core Viewpoint - The recent withdrawal of Guangfa Asset Management from the public fund management qualification application list indicates a slowdown in the approval process for public fund licenses among securities firms, with only two firms successfully obtaining licenses in 2023 [1][4][5]. Group 1: Guangfa Asset Management's License Application - Guangfa Asset Management has exited the public fund management qualification application list, which signifies a halt in its pursuit of a public fund license [3][4]. - In January 2023, Guangfa Asset Management submitted its application to the CSRC, becoming the second securities firm to do so that year, following招商资管 [3]. - Currently, only three institutions, including 光证资管 and 国证资管, are still in line for public fund license applications, while Guangfa has withdrawn [3][6]. Group 2: Industry Trends and Regulatory Environment - The approval process for public fund licenses has slowed down significantly, with only two out of six securities firms that applied in 2023 receiving approval [5][6]. - The CSRC's regulatory changes in May 2022, which relaxed the restrictions on the number of public fund licenses held by the same entity, initially encouraged many securities firms to apply for public fund licenses [5]. - As of now, only 14 securities firms and their subsidiaries have been approved to conduct public fund management business [6]. Group 3: Urgency for Transformation of Collective Investment Products - The delay in obtaining public fund licenses has made the transformation of collective investment products more urgent for securities firms, with a deadline set for the end of this year [7]. - There are several compliance options for transforming collective investment products, including obtaining a public fund license or changing the management to a public fund [7]. - As of the second quarter of 2025, Guangfa Asset Management's collective investment products totaled 32.539 billion yuan, with over 90% being money market products [7][8].