Core Viewpoint - The withdrawal of public fund license applications by Guojin Securities Asset Management marks the end of the "application boom" for broker asset management public licenses that began in 2023, indicating a shift towards deep adjustment and differentiated development in the industry [1][2]. Group 1: License Application Trends - The surge in applications for public licenses began in May 2022 when the CSRC relaxed restrictions on the number of public licenses, allowing broker asset management subsidiaries to apply [2]. - In 2023, six institutions, including China Merchants Asset Management and Xingye Asset Management, submitted applications, but only two received licenses that year [2]. - By 2024, there were no new public licenses granted, and by late 2025, several broker asset management firms began withdrawing their applications [2][4]. Group 2: Regulatory Context and Industry Response - The timing of the withdrawal coincides with the approaching deadline for the Asset Management New Regulations, which require brokers to complete the public transformation of their products by the end of 2025 [4]. - Many broker asset management firms are transferring their public products to affiliated fund companies as a common strategy to comply with the regulations [4]. Group 3: Market Dynamics and Future Directions - The withdrawal of public license applications has led to a clear differentiation in the development paths of broker asset management firms, with only 14 out of 30 firms obtaining public qualifications [5]. - Firms with public licenses are encouraged to seek differentiated advantages in a competitive market, while those without may focus on traditional strengths in private asset management [5]. - The private asset management sector is experiencing a resurgence, with the scale of private products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [5].