Core Insights - Shanghai Everbright Securities Asset Management Co., Ltd. (Everbright Asset Management) has been removed from the list of institutions applying for public fund management qualifications by the China Securities Regulatory Commission (CSRC) [1][3] - This follows the withdrawal of Guangfa Asset Management from the qualification approval list in August, leaving only Anxin Asset Management (now Guozhen Asset Management) and Guojin Asset Management in the queue for public fund licenses [1][3] Company Developments - Everbright Asset Management submitted its application for a public fund license on June 19, 2023, and provided supplementary materials on June 27, 2023, but did not enter the formal review stage [3] - The company has transferred several public collective products to Everbright Baodexin Fund Management, which is 55% owned by Everbright Securities [3] - The company reported revenue of 675 million yuan and a net profit of 219 million yuan for the year 2024, with a total asset management scale of 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [4] Management Changes - Everbright Asset Management has experienced significant changes in its executive team, raising concerns about its future strategic direction [4] - Key management changes include the departure of former General Manager Wang Pei in January 2023, the appointment of Chang Song as General Manager in July 2023, and subsequent changes in leadership roles throughout 2024 [4] - In August 2023, the company announced the resignation of Chairman Xiong Guobing due to job adjustments, with General Manager Qiao Zhen temporarily assuming the chairman's responsibilities [4]

Group 1 - The core viewpoint of the articles indicates that the number of brokerage asset management firms applying for public fund licenses has significantly decreased, with only two firms remaining in the queue after Guangfa Asset Management and Guangzheng Asset Management withdrew their applications [1][2] - As of now, there are 14 brokerage firms and their asset management subsidiaries that have obtained licenses to manage public funds [2] - The regulatory deadline for the public offering transformation of large collective products managed by brokerage asset management firms is set for the end of this year, with various compliance options available for firms to meet requirements [2] Group 2 - The asset management scale of brokerage firms has stabilized and shows a slight upward trend, with approximately 8.51 trillion yuan in assets under management by the second quarter of 2025, reflecting a small increase from the end of 2024 and a larger increase from the end of 2023 [2] - Guangzheng Asset Management was established on May 9, 2012, and was formerly known as the asset management headquarters of Guangda Securities [3]

Core Viewpoint - The article discusses the accelerated disposal of public offering collective investment products by securities firms, with many institutions opting to transfer management to public fund companies due to the prolonged wait for necessary licenses [1][2]. Group 1: Current Trends in Securities Firms - Multiple securities firms are actively transferring their public offering collective investment products to affiliated public fund companies, marking a significant trend in the industry [2][3]. - As of the end of Q1 2025, there are 167 collective investment products under transformation, with a total asset scale of 3570.32 billion yuan [1]. Group 2: Management Changes and Strategies - Securities firms are increasingly changing the management of their collective investment products to affiliated fund companies, which helps maintain product continuity and investor trust [3][4]. - The approval process for public fund licenses has become more stringent, leading firms to expedite their final disposal plans for collective investment products [2][4]. Group 3: Challenges in Obtaining Public Fund Licenses - The article highlights the difficulty securities firms face in obtaining public fund licenses, with only 14 firms currently holding such licenses and four more awaiting approval [4]. - Firms without public fund licenses are encouraged to transfer management to affiliated public fund companies or face the possibility of liquidation or conversion to private funds [4][5]. Group 4: Future Directions for Securities Firms - Securities firms with public fund licenses need to differentiate themselves in a competitive market with numerous public funds and products [4][5]. - Companies like Huatai Securities Asset Management and China Merchants Securities Asset Management are focusing on enhancing their core competencies and expanding their product offerings to adapt to market demands [5].

Core Viewpoint - The article discusses the accelerated disposal of public collective investment products by securities firms, with many choosing to transfer management to public fund companies due to the prolonged wait for important licenses [1][3]. Group 1: Current Trends in Securities Firms - As of the end of Q1 2025, there are 167 public collective investment products managed by securities firms, with a total asset size of 3570.32 billion yuan [1]. - Only 14 securities firms or their asset management subsidiaries currently hold public fund licenses, leading to limited options for those without such licenses [1][6]. Group 2: Management Transfers - Several securities firms, including Guotou Securities and CICC, have announced plans to transfer their public collective investment products to affiliated fund companies [3][4]. - Guotou Securities plans to transfer three products to Anxin Fund, while CICC has extended the expiration date of two products and is moving management to CICC Fund [3]. Group 3: Challenges and Strategies - The regulatory environment has become more stringent regarding the approval of extensions for collective investment products, necessitating quicker decisions on disposal plans by asset management firms [3][4]. - For firms without public fund licenses, transferring management to a fund company under the same shareholder structure is seen as a pragmatic solution to maintain product continuity and client trust [4][6]. Group 4: Future Outlook - The core paths for the public transformation of collective investment products include converting to public fund products, transferring management to affiliated public funds, or liquidating non-compliant products [6][7]. - The competition among licensed securities firms is intensifying, prompting them to seek differentiated strategies to stand out in a crowded market [7][8].