2025年末，伴随券商参公大集合产品整改期限的到来，这一已有22年历史的重要资管业务正式谢幕。 目前，券商参公大集合已基本完成变更，还存续的券商大集合产品仅3只，包括国联现金添利、银河水星现金添利和粤开现金惠等尚未完成平 移。据悉，大多数的大集合转为公募产品，有的转为私募，有的则选择清盘。 在经历了去通道、强监管的转型期后，券商资管正回归主动管理本源，通过产品创新和服务升级提升竞争力。 最新数据显示，证券行业资管业务总规模已超9万亿元。截至2025年11月末，券商（包含资管子公司）私募资管规模达5.8万亿元，此外，东证 资管等4家券商资管公募管理规模也超千亿元。 对于券商资管大集合产品的公募化改造的收官，以及公募牌照申请的放缓，有业内人士表示，行业回归"受人之托，代人理财"本源，资管行业 开启新一轮竞速。 图片来源：摄图网 大集合谢幕 券商大集合产品是券商集合资管业务的历史遗留产物。 2003年，券商资产管理业务迎来规范化时代。2004年10月25日，光大证券率先向证监会申报集合资产计划，成为首只申报获批的券商集合理财 产品，也是券商首只大集合理财产品，该产品于2005年4月成立。 按照集合理财的规模和认购最 ...

Core Viewpoint - The article discusses the accelerated disposal of public offering collective investment products by securities firms, with many institutions opting to transfer management to public fund companies due to the prolonged wait for necessary licenses [1][2]. Group 1: Current Trends in Securities Firms - Multiple securities firms are actively transferring their public offering collective investment products to affiliated public fund companies, marking a significant trend in the industry [2][3]. - As of the end of Q1 2025, there are 167 collective investment products under transformation, with a total asset scale of 3570.32 billion yuan [1]. Group 2: Management Changes and Strategies - Securities firms are increasingly changing the management of their collective investment products to affiliated fund companies, which helps maintain product continuity and investor trust [3][4]. - The approval process for public fund licenses has become more stringent, leading firms to expedite their final disposal plans for collective investment products [2][4]. Group 3: Challenges in Obtaining Public Fund Licenses - The article highlights the difficulty securities firms face in obtaining public fund licenses, with only 14 firms currently holding such licenses and four more awaiting approval [4]. - Firms without public fund licenses are encouraged to transfer management to affiliated public fund companies or face the possibility of liquidation or conversion to private funds [4][5]. Group 4: Future Directions for Securities Firms - Securities firms with public fund licenses need to differentiate themselves in a competitive market with numerous public funds and products [4][5]. - Companies like Huatai Securities Asset Management and China Merchants Securities Asset Management are focusing on enhancing their core competencies and expanding their product offerings to adapt to market demands [5].

Core Viewpoint - The article discusses the accelerated disposal of public collective investment products by securities firms, with many choosing to transfer management to public fund companies due to the prolonged wait for important licenses [1][3]. Group 1: Current Trends in Securities Firms - As of the end of Q1 2025, there are 167 public collective investment products managed by securities firms, with a total asset size of 3570.32 billion yuan [1]. - Only 14 securities firms or their asset management subsidiaries currently hold public fund licenses, leading to limited options for those without such licenses [1][6]. Group 2: Management Transfers - Several securities firms, including Guotou Securities and CICC, have announced plans to transfer their public collective investment products to affiliated fund companies [3][4]. - Guotou Securities plans to transfer three products to Anxin Fund, while CICC has extended the expiration date of two products and is moving management to CICC Fund [3]. Group 3: Challenges and Strategies - The regulatory environment has become more stringent regarding the approval of extensions for collective investment products, necessitating quicker decisions on disposal plans by asset management firms [3][4]. - For firms without public fund licenses, transferring management to a fund company under the same shareholder structure is seen as a pragmatic solution to maintain product continuity and client trust [4][6]. Group 4: Future Outlook - The core paths for the public transformation of collective investment products include converting to public fund products, transferring management to affiliated public funds, or liquidating non-compliant products [6][7]. - The competition among licensed securities firms is intensifying, prompting them to seek differentiated strategies to stand out in a crowded market [7][8].