Core Viewpoint - The transformation of broker-dealer public collective products is accelerating, with a deadline approaching for compliance with regulatory requirements, leading to significant changes in management structures and product types [1][6]. Group 1: Current Status of Broker-Dealer Public Collective Products - As of August 14, there are 120 broker-dealer public collective products with a total asset size of approximately 310.86 billion yuan, involving 33 brokerages [1][6]. - Only 14 brokerages or their asset management subsidiaries currently hold public fund licenses, indicating a limited number of firms able to directly convert their products to public funds [1][6]. Group 2: Transformation Trends - The mainstream option for broker-dealers is to transfer their collective products to public fund companies, as seen with CITIC Securities transferring multiple products to Huaxia Fund [2][4]. - Several brokerages, including Donghai Securities and Xingsheng Securities, have also changed management to their respective public fund subsidiaries, indicating a trend towards consolidation within the industry [2][3]. Group 3: Regulatory Environment and Challenges - The regulatory environment is tightening, with approvals for product extensions becoming more stringent, signaling that the transformation of public collective products is in its final stages [4][6]. - Brokerages without public fund licenses face limited options, primarily choosing to transfer management, liquidate, or convert to private funds [5][7]. Group 4: Implications for the Industry - The migration of products to public fund management is expected to benefit smaller public fund companies significantly, enhancing their asset management scale and competitive positioning [8]. - The transformation process will require enhanced management capabilities and compliance with public fund standards, increasing competitive pressure within the industry [8].