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].

Group 1: Industry Overview - The "license dividend" is no longer applicable, leading to a reshaping of the securities fund custody business landscape [1][2] - Six securities firms have withdrawn their applications for fund custody qualifications this year, indicating a shift in the industry due to new regulations [2] - The new regulations have raised the entry threshold for custody institutions, increasing the net asset requirement from 20 billion to 30 billion yuan [2] Group 2: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released a draft in April 2023 that enhances the entry requirements for fund custody institutions and improves the industry exit mechanism [2][3] - The new rules require a minimum of 5 billion yuan in custody assets for continued operation, which has led to some firms retracting their applications due to inability to meet these hard indicators [2] Group 3: Market Dynamics - The competition in the custody market has intensified, with a significant price war leading to declining fee rates [2][8] - The shift from basic custody services to "custody+" comprehensive services is becoming a consensus in the industry, as basic services no longer meet the needs of managers [4][5] Group 4: Service Transformation - Firms are focusing on enhancing customer service and response speed, with an emphasis on compliance and operational stability [4][5] - Companies like Guotai Junan Securities are actively transitioning to "custody+" services, offering value-added services such as investment performance analysis and risk monitoring [4][5] Group 5: Risk Management - The essence of custody business is balancing risk and efficiency, especially in complex scenarios like private equity funds [7] - Companies are elevating compliance and risk control to a strategic level, moving from passive compliance to proactive risk management [7][8] Group 6: Financial Pressures - The ongoing price war has led to custody fees for private equity funds dropping significantly below reasonable levels, creating financial pressure on both small and large custody institutions [8] - Many small custody firms may struggle to achieve profitability, raising concerns about the sustainability of investment in risk control capabilities across the industry [8]

Core Viewpoint - The core viewpoint of the news is that the China Securities Association (CSRC) has developed the "Implementation Opinions" to enhance self-regulation and promote high-quality development in the securities industry, emphasizing a shift from "license-driven" to "capability-driven" operations [1][2][3]. Group 1: Implementation Opinions Overview - The "Implementation Opinions" consist of 28 measures across seven areas, including improving the self-regulation system, enhancing self-regulation in sponsorship and underwriting, and promoting service functions [2][3]. - The focus is on guiding securities firms to prioritize functionality over mere operational aspects, marking a new trend in the industry [1][5]. Group 2: Functional Emphasis - The emphasis on functionality is highlighted as a key trend, with securities firms expected to explore new avenues in fulfilling their roles as financial institutions [5][6]. - Specific measures include supporting technological innovation and integrating financial strategies into long-term business plans to aid the development of a modern industrial system [6][7]. Group 3: Risk Management and Compliance - The "Implementation Opinions" stress the importance of enhancing compliance and risk management frameworks, including the establishment of a comprehensive risk management system [7][8]. - There is a call for improved reputation risk management and the promotion of a strong financial culture to enhance the industry's social reputation [7][8]. Group 4: Market Impact - Analysts believe that the "Implementation Opinions" will lead to more professional, efficient, and compliant services from institutions, thereby better meeting the diverse needs of investors and stabilizing market expectations [8].