Core Insights - The total scale of private asset management products by securities firms reached 5.73 trillion yuan by the end of September, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [1] - Actively managed collective asset management plans have seen significant growth, with their scale rising to 31,957.89 billion yuan, an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of private asset management products [1] - The scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, a reduction of 317.63 billion yuan, making up 44.27% of the total scale [1] Industry Overview - The total scale of private asset management products across securities and futures institutions reached 12.46 trillion yuan by the end of September, a decrease of 1210.08 billion yuan from the previous month, reflecting a month-on-month decline of 0.96% [1] - The breakdown of private asset management product scales includes 5.73 trillion yuan from securities firms and their asset management subsidiaries, 4.79 trillion yuan from fund management companies, 904.88 billion yuan from fund subsidiaries, and smaller amounts from other entities [2] - Fixed income products dominate the investment types, with 17,550 products accounting for 44.7% of the total number, and a total scale of 8.93 trillion yuan, representing 71.7% of the total asset management scale [2]

Core Insights - The brokerage asset management business is accelerating its return to active management fundamentals, with a notable increase in the scale of private asset management products [1][2] Group 1: Asset Management Scale and Growth - As of the end of September, the scale of brokerage private asset management products reached 5.73 trillion yuan, an increase of approximately 2687.33 billion yuan since the beginning of the year, reflecting a growth rate of 4.92% [2] - The scale of actively managed collective asset management plans rose to 31,957.89 billion yuan, with an increase of 3004.97 billion yuan, representing a growth rate of 10.38% and accounting for 55.73% of the total scale of brokerage private asset management [2][3] - In contrast, the scale of single asset management plans, primarily focused on channel business, decreased to 25,386.32 billion yuan, down by 317.63 billion yuan, continuing a downward trend [2] Group 2: Product Supply and Market Trends - The success of the active management transition is validated by new product data, with a total of 3,536.12 billion yuan in newly filed brokerage private asset management products in the first three quarters of the year [2] - Among these, the scale of collective asset management plans accounted for 2,189.76 billion yuan, representing 61.93% of the newly filed products, indicating a dominant position in the market [2] Group 3: Future Outlook and Structural Optimization - Analysts expect that the brokerage asset management business will continue to grow in both scale and revenue, with a stabilization trend anticipated by 2026 [3] - The implementation of asset management regulations has led to a continuous decline in channel-type asset management scale, while the proportion of collective asset management has been steadily increasing, highlighting a clear trend towards active management [3] - Policy support, particularly for small and medium-sized brokerages, is expected to facilitate the development of the asset management business, with new regulations encouraging differentiated development paths [3]

Core Viewpoint - The overall scale of private asset management by securities firms in China has shown a stable recovery trend in 2023, reaching a record high of 5.8 trillion yuan by the end of August, marking a 6.03% increase from the end of last year [1] Group 1: Asset Management Scale - As of the end of August, the scale of actively managed collective asset management plans reached 3.28 trillion yuan, a growth of 13.16% compared to the end of last year [1] - The scale of single asset management plans was 2.52 trillion yuan, reflecting a decrease of 2% from the end of last year [1] - The proportion of collective asset management plans in the total scale of private asset management increased from 52.97% at the end of last year to 56.53% by the end of August, indicating a shift towards active management [1] Group 2: Product Structure - Fixed income products dominate the private asset management offerings, with a scale of 4.78 trillion yuan, accounting for 82.41% of the total, and showing a steady increase of 5.6% from the end of last year [1] - Equity products and futures/derivatives products had scales of 370.81 billion yuan and 34.601 billion yuan, respectively, with equity products declining by 14.62% and futures/derivatives products increasing by 4.41% [1] Group 3: Mixed Products Growth - The scale of mixed products has significantly increased, reaching 613.813 billion yuan by the end of August, a growth of 29.08% from the end of last year [2] - The number of mixed products approved for registration from June to August showed a strong upward trend, with the proportion of mixed products in total approvals rising from 51.56% in June to 56.94% in August [2] - Mixed products are favored by investors due to their broad investment scope and ability to balance risk and return effectively [2] Group 4: Revenue Trends - In the first three quarters, 42 A-share listed securities firms achieved a total net income of 33.251 billion yuan from asset management fees, reflecting a year-on-year growth of 2.43% [2] - The net income from asset management fees for six firms exceeded 1 billion yuan, with CITIC Securities leading at 8.703 billion yuan [3] - Only 14 out of the 42 listed firms saw a year-on-year increase in asset management fee income, while 14 firms experienced a decline exceeding 20% [3]

Core Viewpoint - The brokerage asset management business is accelerating its return to active management, with a continuous clearing process of channel business and a significant recovery in the scale of private asset management products. Group 1: Market Trends - As of the end of April, the scale of brokerage private asset management products reached 5.43 trillion yuan, reversing the decline trend since February, with an increase of over 100 billion yuan in April alone [1] - The proportion of actively managed collective asset management plans has risen to 54.07%, indicating ongoing structural optimization and transformation towards active management in the brokerage asset management business [2][3] Group 2: Product Structure - The scale of actively managed collective asset management plans increased to 2.93 trillion yuan, with a growth of 1,127.94 billion yuan, representing a 4% increase [2] - Fixed income products remain the mainstay of growth, with a scale of 44,770.01 billion yuan, accounting for 82.49% of the total, and an increase of 1,195.9 billion yuan, or 2.74% [2] Group 3: New Product Launches - In the first four months of this year, the total establishment scale of brokerage private asset management products was 1,341.75 billion yuan, with collective asset management plans accounting for 61.08% [3] Group 4: Revenue and Fee Trends - Analysts expect that the brokerage private asset management business will continue to grow in the second half of the year, despite a slight decline in revenue in the first quarter [4] - The adjustment of fees for collective asset management products is expected to stabilize, leading to steady growth in fees and revenue for brokerage asset management [4] Group 5: Strategic Focus - Brokerage firms are exploring various asset strategies, including quantitative, derivatives, and overseas investments, to meet diverse investor needs [5] - Recent regulatory changes are expected to promote the development of asset management businesses among small and medium-sized brokerages, encouraging them to explore differentiated development paths [5] Group 6: Future Outlook - Analysts predict a downward trend in asset management fees due to policy encouragement for public funds to reduce fees and the ongoing popularity of passive investment strategies [6]