（原标题：山证资管总经理李宏宇：券商资管迎来重要发展机遇） 人民财讯11月19日电，11月19日，第十九届深圳国际金融博览会开幕，"2025中国金融机构年会暨中国 证券业资产管理高峰论坛"同步举行。山证资管总经理李宏宇表示，在中国160万亿资管生态中，券商资 管正迎来属于自己的重要发展机遇。 李宏宇表示，券商资管与公募基金在服务客群、策略供给、产品形态上存在明显差异。未来公募基金更 加专注于广大个人投资者和工具化产品供给，产品特征清晰透明；而券商资管将更多聚焦于高净值客户 和非银机构，除传统投资业务外，还可开展ABS、REITs、场内外衍生品、私募FOF/MOM、量化工具 等多资产多策略业务。李宏宇表示，公募基金核心竞争力在于其直接投资能力，而券商资管的核心竞争 力除直接投资能力外，还包括资产配置能力。 李宏宇指出，当前银行理财面临两大焦点：一是银行理财策略转型方向也是多资产多策略，与券商资管 最为吻合，双方可以各取策略所长，共享策略收益；二是部分无理财牌照的中小银行理财业务面临转型 压力。这为长期深耕这些客户的券商资管提供了与银行理财广泛的合作空间。 ...

Group 1 - The core point of the announcement is the appointment of Deng Dong as the new Deputy General Manager of Guosen Securities Asset Management Co., Ltd. [1][2] - Deng Dong has a diverse background in the finance industry, having previously worked at KPMG as an auditor, and held various positions at China Merchants Fund Management Co., Ltd. and Baoying Fund Management Co., Ltd. [1][3] - The appointment is effective from November 10, 2025, and Deng Dong joined Guosen Securities Asset Management in September 2025 [1][3] Group 2 - The announcement is made in accordance with the "Measures for the Supervision and Management of Directors, Supervisors, Senior Management Personnel and Practitioners of Securities and Fund Operating Institutions" [2] - The new appointment is categorized as a change in senior management at the fund management company [2] - Deng Dong holds relevant qualifications including securities and fund practitioner qualifications, and he has a master's degree [3]

Core Insights - The 2025 Securities Industry High-Quality Development Conference and the Golden Bull Award Ceremony were held in Xiamen, China, recognizing outstanding achievements in the securities industry [1][3] - Everbright Securities Asset Management Co., Ltd. received the "2025 Golden Bull Securities Collective Asset Manager" award, with two of its products winning specific categories [1][3] Industry Overview - The asset management industry is undergoing structural adjustments due to new regulations, with a focus on enhancing active asset management capabilities [3] - The purpose of the "2025 Securities Company Collective Asset Management Plan Golden Bull Award" is to promote sustainable development in the asset management sector and encourage rational investment among investors [3] Company Profile - Everbright Securities Asset Management was established on May 9, 2012, and is the first asset management company under a listed securities firm in China, with a registered capital of 200 million yuan [3] - The company has maintained a commitment to compliance and innovation over the past decade, leveraging the comprehensive financial services of Everbright Group to provide diversified asset allocation solutions [3][4] Performance and Strategy - Everbright Securities Asset Management has built a strong reputation in the industry by adhering to value investment principles and enhancing its research and investment capabilities [4] - The company has focused on high-quality development since 2025, expanding its product offerings to meet diverse client needs and maintaining an efficient product issuance pace [4] - The firm is accelerating technological innovation and digital transformation to improve decision-making and risk control systems, thereby enhancing its ability to support the real economy and wealth management [4] Future Outlook - The company is committed to a "customer-first" principle and aims to provide stable and sustainable investment returns while playing a leading role in the high-quality development of China's asset management industry [5]

Core Viewpoint - The article challenges the perception that brokerage asset management firms lack equity investment capabilities, highlighting that some firms, like Caitong Asset Management, have successfully established themselves in this area through active management and a focus on deep research and value investment [1][3]. Group 1: Company Overview - Caitong Asset Management has a total management scale exceeding 300 billion yuan, with nearly 110 billion yuan in public fund management, maintaining a leading position in the brokerage asset management industry [3]. - The firm has achieved a 156.69% absolute return rate for its equity funds over the past seven years, ranking in the top 20% among fund managers [3]. Group 2: Investment Philosophy and Team Structure - The investment philosophy of Caitong Asset Management is centered around "deep research, value investment, absolute returns, and long-term assessment," which has guided its equity investment strategy since its inception [4]. - The equity research team consists of approximately 40 members, with over 20 dedicated equity researchers, and has grown the scale of its equity public funds from 700 million yuan to over 17 billion yuan [4][5]. Group 3: Research and Investment Strategy - The firm has established a structured approach to integrate research and investment, with clear departmental divisions focusing on public and private equity investments, each led by experienced fund managers [8]. - Caitong Asset Management emphasizes a long-term investment strategy, focusing on fundamental research to uncover intrinsic value, regardless of market fluctuations [13][15]. Group 4: Team Development and Culture - The average experience of equity fund managers and investment managers at Caitong Asset Management exceeds 14 years, with many having backgrounds in absolute return investments [5]. - The firm fosters a culture of openness and shared values, encouraging diverse investment styles while ensuring that all team members receive adequate research support [12].

Core Viewpoint - The recent disclosure from the China Securities Regulatory Commission indicates that Guotou Securities Asset Management Co., Ltd. has been removed from the list of institutions approved for public fund management business, reflecting a tightening of public fund license approvals in the industry [1] Group 1: Industry Dynamics - Several asset management firms, including GF Securities Asset Management and Guangfa Securities Asset Management, have withdrawn their applications for public fund licenses, leaving only Guojin Securities Asset Management in the queue [1] - As of the end of the third quarter, a total of 3 securities firms and 11 asset management institutions have been granted public fund licenses, managing nearly 600 billion yuan in non-monetary fund scale [1] - The industry is experiencing a "Matthew Effect," where a few firms dominate the market, leading to intensified competition among similar companies [1] Group 2: Financial Impact - The tightening of public fund license approvals aligns with the current industry landscape, where smaller fund companies are facing revenue pressures due to a backdrop of fee reductions [1] - Some securities asset management firms are reconsidering their strategies regarding entering the public fund space in light of these challenges [1]

Core Viewpoint - The recent disclosure from the China Securities Regulatory Commission indicates that Guotou Securities Asset Management Co., Ltd. has been removed from the list of institutions approved to manage public funds, reflecting a tightening of public fund license approvals in the industry [1] Group 1: Industry Changes - Guotou Securities Asset Management, previously known as Anxin Asset Management, is no longer on the list for public fund management qualifications [1] - Other firms, including GF Securities Asset Management and Guangfa Securities Asset Management, have also withdrawn their applications for public fund licenses, leaving only Guojin Securities Asset Management in the queue [1] - As of the end of the third quarter, a total of 3 brokerages and 11 asset management firms have been granted public fund licenses, managing nearly 600 billion yuan in non-monetary fund assets [1] Group 2: Market Dynamics - The industry is experiencing a significant "Matthew Effect," with 165 fund management companies and asset management institutions holding public qualifications, leading to intensified homogeneous competition [1] - The tightening of public fund license approvals aligns with the current industry landscape, where smaller fund companies are facing revenue impacts due to a backdrop of fee reductions [1] - Some brokerage asset management firms are reconsidering their strategies for entering the public fund space in light of these challenges [1]

Core Viewpoint - Guotou Securities Asset Management Co., Ltd. (Guozheng Zican) has withdrawn its application for a public fund license after waiting for over two years, reflecting a tightening environment for public fund license approvals in the industry [2][3][7]. Group 1: License Application Process - Guozheng Zican submitted its application for public fund management qualifications on July 18, 2023, and received a notice for corrections on July 25, 2023. After submitting additional materials on February 8, 2024, the application was formally accepted, but no further progress was made after receiving initial feedback on March 21, 2024 [3][5]. - Other securities asset management companies, including GF Securities Asset Management and Everbright Securities Asset Management, have also withdrawn their public fund license applications, leaving only Guojin Asset Management in the queue [7]. Group 2: Industry Context - As of the end of the third quarter, a total of three securities firms and eleven securities asset management institutions have been approved for public fund licenses, managing nearly 600 billion yuan in non-monetary fund scale [2]. - The tightening of public fund license approvals is seen as a response to the current industry landscape, where there are 165 fund management companies and asset management institutions with public qualifications, leading to significant competition [8][9]. - The withdrawal of applications indicates a shift towards "rational development and survival of the fittest" in the industry, with larger securities firms leveraging the "one participation, one control, one license" policy for comprehensive business layouts, while smaller firms focus on niche areas like ABS, quantitative, and fixed income [9].

Core Viewpoint - The withdrawal of public fund license applications by Guotou Securities Asset Management (Guozheng Zichan) reflects a tightening regulatory environment and a shift towards rational development and survival of the fittest in the asset management industry [2][4][11]. Group 1: License Withdrawal - Guotou Securities Asset Management has officially withdrawn its application for a public fund license, joining other firms like GF Securities Asset Management and Guangfa Securities Asset Management in this trend [2][9]. - The company had been waiting for over two years for the approval process, which began with its application submission on July 18, 2023, and included several rounds of feedback without significant progress [4][5]. Group 2: Industry Context - As of the end of Q3, there are only three securities firms and eleven securities asset management institutions that have been granted public fund licenses, managing a total of nearly 600 billion yuan in non-monetary fund assets [2]. - The tightening of public fund license approvals is seen as a response to the current industry landscape, where there are 165 fund management companies and qualified asset management institutions, leading to significant competition [10][11]. Group 3: Strategic Shifts - The withdrawal of applications indicates a new phase in the industry characterized by rational development, where larger securities firms can leverage the "one participation, one control, one license" policy for comprehensive business layouts [11]. - Smaller securities firms are encouraged to focus on niche areas such as ABS, quantitative strategies, and fixed income, adopting a specialized and high-quality approach to private asset management [11]. - Some firms are opting for full acquisitions of existing fund companies to enter the public fund business, as seen with Shanghai Securities' acquisition of Xinjiang Qianhai United Fund [11].

Core Insights - Major brokerage asset management firms have significantly recovered in Q3, with notable growth in public fund management scale [1][2] - The A-share market performed well in Q3, leading to increased asset management scale for firms focusing on active equity products [1] - Several fund managers reported impressive returns, with some products achieving net value growth exceeding 40% in Q3 [1][2] Fund Management Performance - As of September 30, 2025, four brokerage asset management firms have public fund management scales exceeding 100 billion yuan, including Dongfanghong Asset Management (203.91 billion yuan), Huatai Securities Asset Management (172.32 billion yuan), Bank of China International Securities (131.83 billion yuan), and Caitong Asset Management (105.02 billion yuan) [1] - Dongfanghong Asset Management saw its public fund management scale increase by over 24 billion yuan compared to the end of June, surpassing 200 billion yuan [1] - Fund managers such as Fu Yixiang and Miao Yu reported significant product performance, with several funds achieving nearly 50% returns in Q3 [1][4] Investment Trends and Insights - Fu Yixiang emphasized that artificial intelligence represents a long-term industrial trend, enhancing efficiency and return on equity for companies [3] - Miao Yu highlighted the scarcity of high-quality manufacturing in the global market, suggesting that these stocks should be reasonably priced [4] - Jiang Cheng noted that the current market uptrend is supported by positive fundamentals across various sectors, particularly in AI and new energy [5] - Xu Jingze focused on the smart robotics industry as a core growth area for the next 5-10 years, indicating a shift towards companies with core competitiveness [6] - Bao Jianwen adjusted his portfolio to increase semiconductor exposure, focusing on domestic AI and digital economy sectors [7]

Core Viewpoint - The article highlights the significant recovery in the asset management scale of major brokerage firms' public funds, driven by a strong performance in the A-share market during the third quarter of 2023 [1][2]. Summary by Sections Asset Management Scale - As of September 30, 2025, four brokerage asset management firms have public fund management scales exceeding 100 billion yuan: Dongfanghong Asset Management (2039.15 billion yuan), Huatai Securities Asset Management (1723.18 billion yuan), Bank of China International Securities (1318.28 billion yuan), and Caitong Asset Management (1050.23 billion yuan) [1][2]. - Dongfanghong Asset Management's public fund management scale increased by over 24 billion yuan compared to the end of June 2023, surpassing 200 billion yuan [1]. Fund Performance - In the third quarter, several funds managed by Dongfanghong Asset Management saw net value growth exceeding 40%, with some funds achieving nearly 50% returns [3]. - Caitong Asset Management's advanced manufacturing fund, managed by Xu Jingze, recorded a net value increase of 46.59% in the third quarter [3]. - Zhongtai Asset Management's funds also performed well, with net value growth of 37.3% and 25.31% for specific funds managed by Gao Lanjun and Tian Yu, respectively [3]. Investment Insights - Fund manager Fu Yixiang from Dongfanghong Asset Management emphasized the long-term trend of artificial intelligence as a key driver for global economic growth, highlighting its potential to reduce costs and improve return on equity (ROE) [4]. - Fund manager Miao Yu noted the scarcity of high-quality manufacturing in the global market, suggesting that the market should assign reasonable valuations to these stocks [5]. - Jiang Cheng from Zhongtai Asset Management pointed out that the current market uptrend is supported by positive fundamentals rather than merely liquidity-driven factors [6]. Sector Focus - Xu Jingze from Caitong Asset Management identified the smart robotics industry as a core growth area for the next decade, indicating a shift towards companies with genuine competitive advantages [9]. - Bao Zaiwen, also from Caitong Asset Management, adjusted his fund's focus towards semiconductor and digital economy sectors, emphasizing the importance of safety margins and performance certainty in stock selection [10].