Core Viewpoint - The transformation of collective asset management products into public funds is accelerating in China, with multiple institutions making the transition recently [2][8]. Group 1: Recent Transformations - Recently, Huaxia Fund announced the conversion of nine collective asset management plans from CITIC Securities Asset Management into public funds under Huaxia Fund [4]. - Other institutions such as Dongwu Securities, GF Asset Management, Guoyuan Securities, and Donghai Securities have also transitioned their collective asset management plans into public funds [2][4]. Group 2: Details of the Transition - The nine collective asset management plans that transitioned include four mixed funds and four bond funds with varying holding periods, along with one quantitative stock fund [6]. - The transition involves changes in various product details, including fund managers, management fees, investment scope, and duration [6]. Group 3: Industry Trends - As of the end of the second quarter of 2025, over 140 collective asset management products have undergone transformation, with a total asset scale of approximately 340 billion yuan [9]. - The industry views the end of this year as a critical deadline for collective asset management products, as failure to transition may lead to liquidation [10].

Core Viewpoint - The transition of several collective asset management products from CITIC Securities Asset Management to public funds managed by Huaxia Fund reflects a broader trend in the industry towards compliance with regulatory requirements and the transformation of large collective products into public offerings [10][11]. Group 1: Product Transition Details - Nine collective asset management products from CITIC Securities have officially transitioned to public funds managed by Huaxia Fund as of July 22, 2025 [3]. - The management fee rate for these products has decreased from 0.7% to 0.3% following the transition [2][6]. - The investment scope of the products has been expanded to include "credit derivatives," along with adjustments to valuation methods [5][6]. Group 2: Regulatory Background - The rectification of large collective products began in 2018, initiated by the China Securities Regulatory Commission (CSRC) with guidelines requiring these products to complete their transition to public offerings by December 31, 2020 [11]. - Firms without public fund licenses were encouraged to transfer management to affiliated fund companies to facilitate this transition [11][12]. Group 3: Ongoing Changes - Some collective products from CITIC Securities are still awaiting their transition to public funds, indicating that the process is ongoing within the industry [8]. - Other firms in the industry, such as CITIC Jiantou and Everbright Securities, have similarly transitioned their large collective products to their respective public fund subsidiaries [13].