Group 1 - The core viewpoint of the article is that the transformation of brokerage asset management large collective products into public offerings is entering a critical phase, with a deadline set for the end of 2025 for completion [1][2][4] - The three main paths for product disposal include transferring to affiliated public funds, liquidation, or transitioning to private equity [2][3] - The trend of "cross-group migration" is emerging, where some brokerages are transferring products to third-party public fund managers without direct equity ties [3][4] Group 2 - The application for public fund licenses by brokerages has reached a standstill, indicating the end of the licensing rush that began in 2023, leading to a new phase of differentiated competition [4][5] - Some brokerages are leveraging their dual licenses (public and private) to accelerate business expansion, with examples like Caitong Asset Management showcasing a stable business structure [4][5] - The focus is shifting from merely obtaining public licenses to enhancing investment research capabilities and business collaboration as key competitive advantages [7][8] Group 3 - Investment research and collaborative capabilities are identified as critical factors for brokerages to compete effectively against banks and public funds [7][8] - Brokerages can utilize their integrated financial ecosystem to provide comprehensive services, enhancing their competitive edge in a saturated market [8] - The ability to quickly respond to market changes and adapt product offerings is highlighted as a significant strength of brokerage asset management [8]

【导读】券商资管公募化改造冲刺，以投研与协同能力突围 中国基金报记者 孙越 赵心怡 临近年底，券商资管大集合产品的公募化改造进入最后的密集操作期。根据2018年资管新规配套法规要求，券商参公大集合应在2025年年底前完成公募化 改造。目前各券商正加速推进产品处置，行业迎来历史性时刻。 移交"兄弟"公募、清盘或转型私募是目前产品处置的三大主流路径，与此同时，"跨集团迁移"等新兴案例也为行业提供了新思路。此外，在公募牌照申请 热潮退去后，券商资管的发展逻辑正从追逐牌照转向深耕能力，以投研实力和业务协同为核心的差异化竞争新阶段已然开启。 大集合产品改造进入冲刺阶段 将大集合产品移交至同一股东旗下的公募基金公司，成为当前最主流的改造方式。这一路径能最大程度保持产品存续，避免清盘带来的规模流失，同时实 现券商与基金公司之间的资源整合。例如，中信证券资管于今年将旗下共计19只大集合产品移交给华夏基金进行管理，广发资管也陆续把旗下产品转至广 发基金管理，中金公司则将旗下大集合产品的管理人变更为其全资控股的中金基金。 对于不符合公募化改造条件或规模较小的产品，只能选择转为私募资管计划或清盘。今年6月，国投证券资管宣布将"安信 ...