进入12月，券商资管大集合产品的公募化改造进入冲刺阶段。除业界熟知的集团内部交接及"兄弟"公募 基金公司接手等传统路径外，近期密集发布的公告还透露了"非关联方承接"这一模式。与此同时，券商 资管公募牌照申请队列也在近期正式"清零"。在业内人士看来，随着大集合产品公募化改造步入尾声， 券商资管行业也即将迎来发展格局的分化与重塑。 从"内部消化"到"外部嫁接" 进入12月，多家机构公布旗下大集合产品的最终去向。 此前，券商资管大集合公募化改造的路径相对明确：最理想的是券商或子公司已持有公募牌照，可直接 进行产品变更；其次是将产品移交至同一控股股东旗下的公募基金公司；对于不具备条件或规模过小 的，则直接进入清算程序或转为私募计划。 而对于产品的迁移，集团内部消化或移交"兄弟"公募基金公司，无疑是过去几年的主流模式。例如，12 月4日，国信资管公告，近日表决通过了《关于国信现金增利货币型集合资产管理计划更换管理人并变 更注册为鹏华现金增利货币市场基金的议案》。企查查显示，国信证券是鹏华基金的实际控制人，持有 鹏华基金50%股权。又如，12月1日，光大证券资管宣布将"光大阳光现金宝货币型集合资产管理计 划"转给了同集团 ...

Core Viewpoint - The article discusses the recent changes in management for several large collective investment products under Guangzheng Asset Management, indicating a trend of transitioning these products to public fund management companies as the deadline for compliance with new regulations approaches [5][6]. Group 1: Management Changes - On November 27, Guangzheng Asset Management transferred eight large collective investment products to Everbright Pramerica Fund Management, which is 55% owned by Everbright Securities [5]. - This transfer is part of a broader trend where many securities firms are moving their collective investment products to affiliated public fund companies due to the expiration of the transitional period for compliance with new asset management regulations [5][6]. Group 2: Industry Trends - The transition to public fund management is becoming the mainstream approach for securities firms that do not hold public fund licenses, as they face three options: liquidation, extension, or changing the management [5][6]. - The pace of management changes has accelerated, with multiple firms, including GF Asset Management and Huafu Fund, also announcing similar transitions in November [6][7]. - As of now, only Guojin Asset Management remains in the queue for public fund license applications, while several firms, including Guangzheng Asset Management, have withdrawn their applications [8][9]. Group 3: Market Competition - The asset management industry is experiencing intense competition, particularly in fixed income and cash management products, from public funds and bank wealth management subsidiaries [9]. - Analysts suggest that the public fund path is more suitable for leading institutions with comprehensive financial ecosystems and retail channels, while specialized securities firms may find private fund paths more advantageous [9].

Group 1 - The stock price of Guoyuan Securities as of August 8, 2025, is 8.59 yuan, down 0.02 yuan or 0.23% from the previous trading day [1] - The company opened at 8.60 yuan, reached a high of 8.64 yuan, and a low of 8.53 yuan, with a trading volume of 286,800 hands and a transaction amount of 246 million yuan [1] - Guoyuan Securities is a comprehensive securities company based in Anhui, involved in securities brokerage, investment banking, and asset management, and is a constituent of the Shenzhen 500 index [1] Group 2 - Recently, Guoyuan Securities' asset management product "Guoyuan Yuanying Six-Month Regular Open Bond Type Collective Asset Management Plan" has transitioned to Changsheng Yuanying Six-Month Regular Open Bond Fund, marking a case of public offering transformation in the securities asset management industry [1] - According to regulatory requirements, securities firms' collective asset management products must gradually complete their transformation, which may include converting to public funds, transferring to affiliated public institutions, or liquidation [1] - On August 8, the net outflow of main funds from Guoyuan Securities was 8.42 million yuan, accounting for 0.02% of the circulating market value, while over the past five trading days, the cumulative net inflow of main funds was 25.89 million yuan, representing 0.07% of the circulating market value [1]