Core Viewpoint - The transformation of collective asset management products into public funds is accelerating in China, with multiple institutions making the transition recently [2][8]. Group 1: Recent Transformations - Recently, Huaxia Fund announced the conversion of nine collective asset management plans from CITIC Securities Asset Management into public funds under Huaxia Fund [4]. - Other institutions such as Dongwu Securities, GF Asset Management, Guoyuan Securities, and Donghai Securities have also transitioned their collective asset management plans into public funds [2][4]. Group 2: Details of the Transition - The nine collective asset management plans that transitioned include four mixed funds and four bond funds with varying holding periods, along with one quantitative stock fund [6]. - The transition involves changes in various product details, including fund managers, management fees, investment scope, and duration [6]. Group 3: Industry Trends - As of the end of the second quarter of 2025, over 140 collective asset management products have undergone transformation, with a total asset scale of approximately 340 billion yuan [9]. - The industry views the end of this year as a critical deadline for collective asset management products, as failure to transition may lead to liquidation [10].