Core Insights - The establishment of Peng'an Fund Management Co., Ltd. has been approved, marking a significant move in the brokerage's public fund layout strategy [1][2][3] - The approval reflects two key trends: the ongoing development of the brokerage's public fund strategy and the shift of new public funds to lower-tier cities, particularly Hainan, due to tax incentives [1][4] Company Developments - Peng'an Fund is fully owned by Kaiyuan Securities, with a registered capital of 100 million yuan, and is required to complete its establishment within six months of approval [2][3] - The fund's registration in Hainan allows it to benefit from a 550,000 yuan incentive and a reduced corporate income tax rate of 15% [5][6] Industry Trends - The approval of Peng'an Fund indicates a growing trend of brokerages establishing public funds, with over 40% of public fund institutions being brokerage-affiliated [7][8] - The recent trend shows brokerages favoring the application for public fund licenses through asset management subsidiaries, enhancing internal collaboration and product offerings [8][9] Regulatory Environment - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk isolation and compliance in the operations of newly established public funds [2][3] - The regulatory framework supports the establishment of public funds in Hainan, aligning with the broader financial reform initiatives in the region [4][6]