Core Viewpoint - The transition period for the transformation of "publicly offered collective products" is nearing its end, prompting several brokerage firms to change the management of their collective products to avoid liquidation and successfully convert them into public fund products [1][4]. Group 1: Changes in Management of Collective Products - As of November, at least 25 publicly offered collective products have officially changed their management to public fund companies, with notable changes including products from Guangfa Fund, Huafu Fund, and others [1][3]. - The process for changing management involves obtaining approval from the China Securities Regulatory Commission (CSRC) and holding a meeting for product holders to vote on the change [3][4]. - The changes not only involve the management but may also affect product names, investment strategies, and fee structures [3][4]. Group 2: Shift in Focus for Brokerage Asset Management - Brokerage asset management firms are increasingly abandoning the pursuit of public fund licenses, with several firms like Guangfa Asset Management and Guotou Securities Asset Management withdrawing their applications [6][7]. - The reasons for this shift include the lengthy wait for license approval, high initial investment costs for establishing independent operations, and the competitive landscape of the public fund industry [7][9]. - Firms are now focusing on differentiated strategies in private asset management and wealth management, which are seen as more advantageous compared to the public fund sector [2][8]. Group 3: Strategic Implications of the Transition - The transition to changing management for collective products is viewed as a necessary response to regulatory compliance requirements, allowing firms to retain clients and avoid fund liquidation [4][5]. - The current trend indicates a move away from "license worship" towards a more rational understanding of the profitability challenges associated with public fund operations [7][9]. - Brokerage firms are now concentrating on creating value-driven products that cater to specific client needs, emphasizing absolute returns and tailored investment strategies [10].