Core Viewpoint - The public offering transformation of large collective products in the brokerage asset management sector is entering a critical phase, with new models emerging beyond traditional internal transfers and "brother" fund company takeovers, indicating a potential reshaping of the industry landscape [1][6]. Group 1: Public Offering Transformation - As of December, several institutions have announced the final destinations of their large collective products, with notable transfers occurring to unrelated third-party fund companies, marking a shift from the previous internal transfer model [2][3]. - The emergence of "non-affiliated party transfers" as a new pathway for public offering transformation reflects a pragmatic choice for some brokerage asset management firms facing internal resource shortages and challenges in obtaining public offering licenses [3][6]. - Currently, there are still 47 large collective products undergoing public offering transformation in the market [4]. Group 2: Public License Application Status - The queue for public offering license applications has been cleared, with only two out of six institutions that applied in 2023 receiving approval, highlighting the difficulties faced by brokerage asset management firms in obtaining public licenses [5]. - The competitive landscape of the public offering industry has become increasingly solidified, with over 160 institutions and the top ten firms holding nearly 40% market share, making it challenging for new entrants to establish a competitive presence [5]. Group 3: Industry Restructuring - The public offering transformation is not just a regulatory requirement but also a reorganization of the industry landscape, with firms that have obtained public licenses needing to integrate into the competitive public offering system [6]. - Firms that have not yet entered the public offering space may focus on private equity and institutional business, emphasizing customized asset management solutions to meet complex client needs [6]. - Companies are expected to concentrate resources on strengthening core asset management capabilities and providing personalized, data-driven asset allocation solutions to clients [6].