Group 1 - The core viewpoint is that after Guangfa Asset Management and Guangzheng Asset Management withdrew from the public fund license application process, only two broker asset management firms remain awaiting approval for public fund licenses [1] - The China Securities Regulatory Commission (CSRC) has removed Guangzheng Asset Management from the list of institutions applying for public fund management qualifications, following Guangfa Asset Management's exit in August [1] - The remaining broker asset management firms still in the public fund license approval queue are Guozheng Asset Management and Guojin Asset Management [1] Group 2 - As of 2024, applications for public fund licenses by broker asset management institutions have nearly come to a halt, with a total of 14 firms having obtained the necessary licenses [2] - By the end of 2025 Q2, the asset management scale of broker asset management firms is approximately 8.51 trillion yuan, reflecting a slight increase of about 0.2 trillion yuan from the end of 2024 and an increase of 0.65 trillion yuan from the end of 2023 [2] - The end of 2023 marks the final deadline for the public offering transformation of large collective products managed by broker asset management firms, which can be achieved through various compliance methods [2]

Group 1 - The core viewpoint of the articles indicates that the number of brokerage asset management firms applying for public fund licenses has significantly decreased, with only two firms remaining in the queue after Guangfa Asset Management and Guangzheng Asset Management withdrew their applications [1][2] - As of now, there are 14 brokerage firms and their asset management subsidiaries that have obtained licenses to manage public funds [2] - The regulatory deadline for the public offering transformation of large collective products managed by brokerage asset management firms is set for the end of this year, with various compliance options available for firms to meet requirements [2] Group 2 - The asset management scale of brokerage firms has stabilized and shows a slight upward trend, with approximately 8.51 trillion yuan in assets under management by the second quarter of 2025, reflecting a small increase from the end of 2024 and a larger increase from the end of 2023 [2] - Guangzheng Asset Management was established on May 9, 2012, and was formerly known as the asset management headquarters of Guangda Securities [3]