Core Viewpoint - The article emphasizes the importance of protecting investor interests during the transition of brokerage public collective investment products, highlighting a successful case by Dongcai Fund as a model for the industry [1][2]. Group 1: Regulatory Context - The regulatory initiative aims to integrate public collective investment products into a unified, transparent framework to provide standardized financial services to a broader range of investors, with a core focus on "protection" [2]. - The transition should not be a passive compliance action but an active exploration to achieve smooth product transitions with minimal social costs and optimal customer experiences [2]. Group 2: Dongcai Fund's Case - Dongcai Fund's successful acquisition of two products exemplifies proactive engagement, aiming to safeguard ordinary investors' wealth and investment continuity during the transformation of the wealth management industry [2]. - The operational strategy involved a "smooth transition" by automatically converting existing shares, maintaining continuous holding periods, and preserving trading habits to avoid operational errors and additional costs [2]. - The product design retained performance benchmarks, fee structures, and rolling holding operations, ensuring continuity in risk-return characteristics and alleviating investor concerns about strategy changes [2]. Group 3: Industry Insights - Dongcai Fund's practice provides valuable insights for the ongoing transformation of public collective investment products and the broader asset management industry, demonstrating that a smooth transition is technically feasible if management is willing to invest resources and take responsibility [3]. - The case expands the definition of "professional capability" in asset management, emphasizing the importance of operational and service excellence in fulfilling investor trust, especially as the industry shifts from rapid growth to high-quality development [3]. - The article illustrates that adhering to regulatory spirit is not merely about compliance but represents a strategic opportunity for mutual benefit among investors and the industry [3][4].

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].