随着2025年底券商参公大集合产品规范改造步入收官阶段，未取得公募资格的券商资管平台产品面临清 盘、转私募或变更管理人三条路径，如何最大限度保障持有人利益，已成为检验金融机构成色与监管精 神贯彻深度的核心命题。 在此背景下，近日东财基金对东证融汇旗下鑫享30天、禧悦90天两只产品的成功承接，为行业提供了一 个范本。该次迁移，不仅创下近期非货参公大集合单次移交规模新高，更以平稳衔接的务实方案，生动 诠释了对金融监管保护投资者权益精神的深刻贯彻。将"以投资者为本"落实转化为一套充满技术含量与 人文关怀的系统性解决方案。 对投资者保护精神的贯彻：监管导向下的典范实践 监管层推动参公大集合产品改造的初衷，是为了使该类产品全面纳入公募基金统一、规范、透明的监管 框架，从而为更广大的投资者提供标准化的理财服务。其核心精神是"保护"。因此，真正的贯彻监管精 神，其形态不仅是被动地完成合规动作，而是主动探索如何以最小的社会成本、最优的客户体验，实现 产品的平稳过渡。 东财基金此次承接案例，正是这种主动作为的体现。它选择了一条更复杂、更需要担当的道路，其目标 直指财富管理行业转型的最终目的：在进程中最大限度地守护每一位普通持有 ...

Core Viewpoint - The application for public fund licenses by securities asset management companies has significantly cooled down after a two-year policy relaxation, shifting from a rush to apply to a more rational withdrawal of applications [1][2]. Group 1: License Application Trends - Initially, four securities asset management subsidiaries, including GF Asset Management, Guangfa Asset Management, and Guozheng Asset Management, applied for public fund licenses, but by November, three of them had withdrawn their applications, leaving only Guojin Asset Management still in the queue [1][2]. - In 2023, six securities asset management companies submitted applications for public fund licenses, but only two, China Merchants Asset Management and Xingsheng Asset Management, were granted licenses. The approval of new licenses has nearly stagnated in 2024 [2][4]. Group 2: Regulatory Environment - The "One Participation, One Control" policy, which relaxed the restrictions on the number of public fund licenses, was implemented in May 2022, prompting many securities firms to seek additional licenses [2]. - Recent regulatory signals indicate that no new public fund licenses will be issued to securities asset management companies, leading to speculation that Guojin Asset Management may also withdraw its application [4]. Group 3: Transition to Public Fund Management - According to the asset management regulations established in 2018, securities firms must complete the public transformation of their "participating public collective" products by the end of 2025. Firms without public fund licenses must choose to liquidate, extend, or change management for their related products upon expiration [5][6]. - As the deadline approaches, the industry is entering a critical transition phase, with many firms opting to transfer management of their public collective products to affiliated public fund companies or to shift towards private asset management [6][7].