回溯过往，券商资管子公司掀起公募牌照申请热潮，源于政策松绑。2022年5月，"一参一控"政策正式 落地，适度放宽公募持牌数量限制，推动部分券商谋求第二张公募牌照。 2023年共有包括招商资管、兴证资管、广发资管、光证资管、国证资管和国金资管6家券商资管递交公 募牌照申请，最终仅招商资管和兴证资管获得公募牌照。 一家不剩。 11月28日，证监会披露《资产管理机构开展公募基金管理业务资格审批》排队情况，原本上一周还在排 队的国金资管，也不见了踪影。 这意味着，年初原本还在排队申请公募牌照的广发资管、光证资管、国证资管和国金资管4家券商资管 子公司，在获取公募牌照方面宣告"团灭"。 2018年资管新规要求，券商"参公大集合"在2025年底前完成公募化改造。随着截止日期临近，券商资管 行业进入冲刺阶段，主要转型路径包括管理人变更、清盘或转型私募。 全部撤回 11月28日，证监会最新发布的证券、基金经营机构行政许可申请受理及审核情况公示披露，在《资产管 理机构开展公募基金管理业务资格审批》栏中，已经没有任何一家券商资管排队在列申请公募牌照了。 券商中国记者注意到，就在前一周11月21日，国金资管尚且还在列表中排队申请公 ...

一家不剩。 11月28日，证监会披露《资产管理机构开展公募基金管理业务资格审批》排队情况，原本上一周还在排队的国金资管，也不见了踪影。 这意味着，年初原本还在排队申请公募牌照的广发资管、光证资管、国证资管和国金资管4家券商资管子公司，在获取公募牌照方面宣告"团灭"。 2018年资管新规要求，券商"参公大集合"在2025年底前完成公募化改造。随着截止日期临近，券商资管行业进入冲刺阶段，主要转型路径包括管理 人变更、清盘或转型私募。 全部撤回 11月28日，证监会最新发布的证券、基金经营机构行政许可申请受理及审核情况公示披露，在《资产管理机构开展公募基金管理业务资格审批》栏 中，已经没有任何一家券商资管排队在列申请公募牌照了。 回溯过往，券商资管子公司掀起公募牌照申请热潮，源于政策松绑。2022年5月，"一参一控"政策正式落地，适度放宽公募持牌数量限制，推动部分 券商谋求第二张公募牌照。 2023年共有包括招商资管、兴证资管、广发资管、光证资管、国证资管和国金资管6家券商资管递交公募牌照申请，最终仅招商资管和兴证资管获得 公募牌照。 2024年以来，券商资管申请获批的公募牌照几乎陷入"停滞"，不过，上述4家券商资 ...

Core Viewpoint - The article highlights the complete withdrawal of several brokerage asset management subsidiaries from the public fund license application process, indicating a significant shift in the industry as the deadline for compliance with new regulations approaches [2][3][6]. Group 1: License Application Status - As of November 28, no brokerage asset management companies are currently in line to apply for public fund licenses, marking a total withdrawal from the application process [3]. - Initially, four companies, including Guotai Junan Asset Management, were in the queue for public fund licenses, but all have now withdrawn their applications [2][6]. - The withdrawal of applications is seen as a response to regulatory signals indicating that no new public fund licenses would be granted to brokerage asset management firms [6]. Group 2: Regulatory Background - The asset management industry is undergoing a transformation due to the 2018 regulations requiring brokerage firms to convert their "public collective" products to comply with public fund standards by the end of 2025 [8]. - The transition has led to various strategies, including changing management to public fund institutions, converting products to private funds, or liquidation [9]. Group 3: Industry Trends - The article notes that only 14 out of 30 brokerage asset management subsidiaries have successfully obtained public fund licenses, with the majority of applications failing to progress [7]. - The trend of transferring management of collective products to affiliated public fund companies is becoming common among brokerage firms, as seen with companies like CITIC Asset Management and GF Asset Management [10]. - Some firms are also exploring partnerships with unrelated fund companies for managing their products, indicating a diversification of management strategies [10][11].

Core Viewpoint - The transformation of broker-dealer public collective investment products is entering its final phase, with many firms accelerating their disposal plans and shifting management to public fund companies [2][4][5]. Group 1: Current Status of Broker-Dealer Public Collective Products - As of the end of Q1 this year, there are 37 broker-dealer institutions with over 150 public collective investment products, totaling a scale of 354.9 billion yuan, with 11 products exceeding 10 billion yuan in size, all of which are money market funds [3][12]. - Many broker-dealers are transferring their public collective products to affiliated public fund companies, especially when they lack public fund licenses [5][11]. Group 2: Recent Developments - On June 28, Guotai Junan Asset Management announced plans to transfer three public collective products to Anxin Fund Management, while CICC extended the expiration date of two of its products to November 30, 2025, and is working to change the management to CICC Fund [2][6]. - CICC's previous products received approval from the CSRC to change their registration to CICC Fund, indicating a trend towards compliance with regulatory requirements [7]. Group 3: Regulatory Environment and Future Outlook - The regulatory framework established in 2018 requires broker-dealer public collective products to transition to public fund management, with a focus on compliance and quality development in the public fund industry [8][10]. - The pace of obtaining public fund licenses has slowed, with only a few broker-dealers successfully acquiring such licenses, leading others to explore alternative routes for compliance or liquidation of their products [11][15]. - The recent trend shows that regulatory bodies are less inclined to grant extensive extensions for product deadlines, indicating a push for completion of the transformation process [15].

Core Viewpoint - The pace of disposal for brokerages' public-like collective products has accelerated, with many firms opting to transfer management to public fund companies and register these products as public funds [1][2][4] Group 1: Current Trends - Brokerages are increasingly transferring their public-like collective products to affiliated public fund companies as a mainstream disposal method [2][6] - On June 28, Guotai Junan Asset Management announced plans to transfer three of its public-like collective products to Anxin Fund Management [1][3] - CICC extended the expiration date of its collective products from June 30, 2025, to November 30, 2025, and plans to change the management to CICC Fund [3][7] Group 2: Regulatory Context - The 2018 regulatory guidelines require brokerages to convert public-like collective products to comply with public fund standards, with various pathways for compliance [4][5] - As of now, only about ten brokerages have obtained public fund licenses, making it easier for them to transition their public-like collective products to public funds [4][6] Group 3: Market Dynamics - As of the first quarter of this year, there are 150+ public-like collective products from 37 brokerages, with a total scale of 354.9 billion [7] - Many brokerages have not disclosed specific plans for the conversion of their public-like collective products, merely extending their expiration dates [7][8] - If these products are not converted by the end of this year, they may face liquidation, as regulatory bodies have not granted widespread extensions [8]