Core Viewpoint - The overall scale of private asset management by securities firms in China has shown a stable recovery trend in 2023, reaching a record high of 5.8 trillion yuan by the end of August, marking a 6.03% increase from the end of last year [1] Group 1: Asset Management Scale - As of the end of August, the scale of actively managed collective asset management plans reached 3.28 trillion yuan, a growth of 13.16% compared to the end of last year [1] - The scale of single asset management plans was 2.52 trillion yuan, reflecting a decrease of 2% from the end of last year [1] - The proportion of collective asset management plans in the total scale of private asset management increased from 52.97% at the end of last year to 56.53% by the end of August, indicating a shift towards active management [1] Group 2: Product Structure - Fixed income products dominate the private asset management offerings, with a scale of 4.78 trillion yuan, accounting for 82.41% of the total, and showing a steady increase of 5.6% from the end of last year [1] - Equity products and futures/derivatives products had scales of 370.81 billion yuan and 34.601 billion yuan, respectively, with equity products declining by 14.62% and futures/derivatives products increasing by 4.41% [1] Group 3: Mixed Products Growth - The scale of mixed products has significantly increased, reaching 613.813 billion yuan by the end of August, a growth of 29.08% from the end of last year [2] - The number of mixed products approved for registration from June to August showed a strong upward trend, with the proportion of mixed products in total approvals rising from 51.56% in June to 56.94% in August [2] - Mixed products are favored by investors due to their broad investment scope and ability to balance risk and return effectively [2] Group 4: Revenue Trends - In the first three quarters, 42 A-share listed securities firms achieved a total net income of 33.251 billion yuan from asset management fees, reflecting a year-on-year growth of 2.43% [2] - The net income from asset management fees for six firms exceeded 1 billion yuan, with CITIC Securities leading at 8.703 billion yuan [3] - Only 14 out of the 42 listed firms saw a year-on-year increase in asset management fee income, while 14 firms experienced a decline exceeding 20% [3]