唐泳则认为，在牌照有限的情况下，券商资管仍可以立足于现有"根据地"，把业务做精做细。他表示，尽 管华安资管尚未取得公募牌照，但公司通过聚焦"私募小集合"业务，不断强化产品收益、丰富产品线，同时加 强投资能力的持续培养，已取得了很好的效果。 证券时报记者 谭楚丹 近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在分论坛"2025中国证券业 资产管理高峰论坛"上，资管行业众多精英共同探讨了新形势下证券业高质量发展的机遇与路径。 在"后公募化时代，券商资管发展机遇与挑战"圆桌讨论环节中，参与讨论的嘉宾有华安证券副总裁、华安 资管董事长唐泳，山证资管总经理李宏宇，申万宏源资管首席投资官顾伟，财通资管总经理助理、权益投资总 监李响。本次圆桌讨论的主持人，由国信证券非银金融行业首席分析师孔祥担任。 与会嘉宾围绕"牌照、竞合、基因、协同"等关键词，就券商资管在行业变革期的定位选择、差异化发展路 径以及内部协同机制等议题分享见解，为行业转型升级提供了有益思路。 公募牌照并非唯一路径 公募牌照是券商资管无法绕开的话题，它影响着券商资管的业务模式与战略布局。手握牌照者无不思考如 何差异化，暂未入场者则在 ...

东方IC 来源：环球网 【环球网财经综合报道】随着国金证券资产管理有限公司悄然撤回公募牌照申请，证监会最新审批名单 显示，券商资管公募牌照申请队列已实现"清零"。这一标志性事件宣告了始于2023年的券商资管"申牌 热潮"正式落幕，行业正迎来深度调整与差异化发展的新阶段。 证监会最新公布的审批名单显示，最后一家排队申请公募牌照的券商资管子公司——国金资管，已从名 单中消失。至此，年初还在排队的四家券商资管子公司公募牌照申请已全部撤回。对于此次调整，国金 证券相关人士表示，按照行业发展导向，当前阶段将集中资源巩固现有资产管理业务的核心竞争力，深 耕细分领域，为投资者提供更精准的资产管理服务。 回顾这一轮申请热潮，其起点可追溯至2022年5月。当时证监会发布《公开募集证券投资基金管理人监 督管理办法》及其配套规则，适度放宽公募持牌数量限制，允许同一集团下证券资管子公司等专业资管 机构申请公募牌照。政策推动下，2023年成为券商资管子公司申请公募牌照的"爆发年"，招商资管、兴 证资管、广发资管、光证资管、国证资管和国金资管等六家机构先后递交申请，其中仅招商资管和兴证 资管在当年获得牌照。然而2024年全年，券商资管公 ...

对于此次调整，国金证券（600109）相关人士告诉记者，按照行业发展导向，当前阶段将集中资源巩固现有资产管理 业务的核心竞争力，深耕细分领域，为投资者提供更精准的资产管理服务。 申请热潮退去 2022年5月，证监会发布《公开募集证券投资基金管理人监督管理办法》及其配套规则，适度放宽公募持牌数量限制， 允许同一集团下证券资管子公司等专业资管机构申请公募牌照。 政策推动下，2023年成为券商资管子公司申请公募牌照的"爆发年"。招商资管、兴证资管、广发资管、光证资管、国 证资管和国金资管等六家机构先后递交申请，仅招商资管和兴证资管在当年获得牌照。 【导读】国金资管撤回公募牌照申请，审批队列已"清零" 2025年11月28日，证监会最新公布的审批名单显示，最后一家排队申请公募牌照的券商资管子公司——国金资管，悄 然从名单中消失。 至此，年初还在排队的四家券商资管子公司公募牌照申请已全部撤回，审批队列"清零"。 随着截止日期临近，券商资管行业已进入冲刺阶段。券商资管将旗下大集合产品移交至同一集团旗下的控股基金公 司，已成为常见的选择。例如，中信资管陆续将旗下多只参公大集合产品移交至由中信证券控股的华夏基金管理，广 发资 ...

2025 年 11 月 28 日，证监会最新公布的审批名单显示，最后一家排队申请公募牌照的券商 资管子公司 —— 国金资管，悄然从名单中消失。 中国基金报记者 赵心怡 至此，年初还在排队的四家券商资管子公司公募牌照申请已全部撤回，审批队列 " 清零 " 。 | | | | | 表12:资产管理机构开展公募基金管理业务资格审批 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 审核期限:20个工作日 | | | | | | 受理 | | | 审查 | | | | | 序号 | 申请人 | 申请材料接 | 补正日ノ | 受理决定 者不予 第一次反 接收第一 第 | 接收第 | 第二次反 | 接收第二 次反馈材 | 决定 | 爸莊 | | | | 收目 | | 受理决定 馈意见日 H | 料日 | 馈意见日 | 料日 | | | 对于此次调整，国金证券相关人士告诉记者，按照行业发展导向，当前阶段将集中资源巩固 现有资产管理业务的核心竞争力，深耕细分领域，为投资者提供更精准的资产管理服 ...

回溯过往，券商资管子公司掀起公募牌照申请热潮，源于政策松绑。2022年5月，"一参一控"政策正式 落地，适度放宽公募持牌数量限制，推动部分券商谋求第二张公募牌照。 2023年共有包括招商资管、兴证资管、广发资管、光证资管、国证资管和国金资管6家券商资管递交公 募牌照申请，最终仅招商资管和兴证资管获得公募牌照。 一家不剩。 11月28日，证监会披露《资产管理机构开展公募基金管理业务资格审批》排队情况，原本上一周还在排 队的国金资管，也不见了踪影。 这意味着，年初原本还在排队申请公募牌照的广发资管、光证资管、国证资管和国金资管4家券商资管 子公司，在获取公募牌照方面宣告"团灭"。 2018年资管新规要求，券商"参公大集合"在2025年底前完成公募化改造。随着截止日期临近，券商资管 行业进入冲刺阶段，主要转型路径包括管理人变更、清盘或转型私募。 全部撤回 11月28日，证监会最新发布的证券、基金经营机构行政许可申请受理及审核情况公示披露，在《资产管 理机构开展公募基金管理业务资格审批》栏中，已经没有任何一家券商资管排队在列申请公募牌照了。 券商中国记者注意到，就在前一周11月21日，国金资管尚且还在列表中排队申请公 ...

一家不剩。 11月28日，证监会披露《资产管理机构开展公募基金管理业务资格审批》排队情况，原本上一周还在排队的国金资管，也不见了踪影。 这意味着，年初原本还在排队申请公募牌照的广发资管、光证资管、国证资管和国金资管4家券商资管子公司，在获取公募牌照方面宣告"团灭"。 2018年资管新规要求，券商"参公大集合"在2025年底前完成公募化改造。随着截止日期临近，券商资管行业进入冲刺阶段，主要转型路径包括管理 人变更、清盘或转型私募。 全部撤回 11月28日，证监会最新发布的证券、基金经营机构行政许可申请受理及审核情况公示披露，在《资产管理机构开展公募基金管理业务资格审批》栏 中，已经没有任何一家券商资管排队在列申请公募牌照了。 回溯过往，券商资管子公司掀起公募牌照申请热潮，源于政策松绑。2022年5月，"一参一控"政策正式落地，适度放宽公募持牌数量限制，推动部分 券商谋求第二张公募牌照。 2023年共有包括招商资管、兴证资管、广发资管、光证资管、国证资管和国金资管6家券商资管递交公募牌照申请，最终仅招商资管和兴证资管获得 公募牌照。 2024年以来，券商资管申请获批的公募牌照几乎陷入"停滞"，不过，上述4家券商资 ...

Core Viewpoint - The article highlights the complete withdrawal of several brokerage asset management subsidiaries from the public fund license application process, indicating a significant shift in the industry as the deadline for compliance with new regulations approaches [2][3][6]. Group 1: License Application Status - As of November 28, no brokerage asset management companies are currently in line to apply for public fund licenses, marking a total withdrawal from the application process [3]. - Initially, four companies, including Guotai Junan Asset Management, were in the queue for public fund licenses, but all have now withdrawn their applications [2][6]. - The withdrawal of applications is seen as a response to regulatory signals indicating that no new public fund licenses would be granted to brokerage asset management firms [6]. Group 2: Regulatory Background - The asset management industry is undergoing a transformation due to the 2018 regulations requiring brokerage firms to convert their "public collective" products to comply with public fund standards by the end of 2025 [8]. - The transition has led to various strategies, including changing management to public fund institutions, converting products to private funds, or liquidation [9]. Group 3: Industry Trends - The article notes that only 14 out of 30 brokerage asset management subsidiaries have successfully obtained public fund licenses, with the majority of applications failing to progress [7]. - The trend of transferring management of collective products to affiliated public fund companies is becoming common among brokerage firms, as seen with companies like CITIC Asset Management and GF Asset Management [10]. - Some firms are also exploring partnerships with unrelated fund companies for managing their products, indicating a diversification of management strategies [10][11].

Core Viewpoint - The once-booming competition among brokerage asset management firms for public fund licenses is clearly retreating, with several firms withdrawing their applications, indicating a shift in strategy and market conditions [1][2][5]. Group 1: Withdrawal of Applications - The recent trend shows a significant number of brokerage asset management firms, including Guotai Junan Asset Management, Guangfa Asset Management, and Guosen Asset Management, have suspended their applications for public fund licenses, leaving only Guojin Asset Management in the queue [1][2]. - Guosen Asset Management submitted its application in October 2023 but has not received any feedback, highlighting the uncertainty in the approval process [3]. Group 2: Market Environment and Strategic Choices - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [5]. - The tightening of regulations and intense competition in the public fund industry has led some asset management firms to reassess their cost-benefit ratios, opting to withdraw if they lack sufficient resources or competitive advantages [5][6]. Group 3: Regulatory Context and Future Implications - The approval process for public fund licenses has slowed significantly since the initial surge in applications in 2023, with only a few firms receiving approvals, indicating a potential "zero release" situation in 2024 [3][4]. - The impending deadline for brokerage firms to complete the transformation of their collective asset management products by the end of 2025 adds pressure, prompting some firms to seek alternative solutions to alleviate transformation stress [6][7].

Group 1 - The trend of brokerage asset management firms withdrawing applications for public fund licenses is evident, with several firms like Guotai Junan Asset Management and Guangfa Asset Management halting their applications, leaving only Guojin Asset Management in the queue [1][2][4] - The approval process for public fund licenses has significantly slowed down after a surge in applications in 2023, with only a few firms receiving approvals, indicating a stark contrast to the previous year's enthusiasm [4][5] - The collective withdrawal from public fund license applications reflects a more cautious strategic choice by brokerage asset management firms in the current market environment, rather than a fundamental devaluation of public fund licenses [6][7] Group 2 - The tightening of regulations and intense competition in the public fund industry have led some asset management firms to reassess their cost-benefit ratios, resulting in a more rational decision to withdraw from applications [6][7] - The impending deadline for the transformation of brokerage collective asset management products into public offerings by the end of 2025 adds pressure on firms, prompting them to seek alternative solutions to alleviate transformation stress [7][8] - Some firms have begun transferring their collective asset management products to affiliated fund management companies as a strategy to comply with regulatory requirements while awaiting public fund license approvals [8]

Core Insights - The securities industry reported strong growth in the first three quarters of 2025, with 42 listed brokerages achieving a revenue increase of over 42% year-on-year and a net profit growth of over 62% [1][2] - However, the asset management (AM) sector lagged significantly, with a mere growth rate of 2.43%, indicating deeper industry concerns and challenges [1][2] Revenue Performance - Total revenue for the 42 listed brokerages reached 419.56 billion yuan, marking a year-on-year increase of 42.55% [2] - The self-operated business accounted for 44.54% of total revenue, while brokerage services contributed 26.64%, together making up over 70% of the revenue [2] - The AM business's growth was starkly contrasted by other sectors, with brokerage services leading at a 74.64% growth rate, followed by interest and self-operated businesses at 54.52% and 43.83%, respectively [2] Institutional Performance - The top three firms in AM revenue were CITIC Securities, GF Securities, and Guotai Junan, with revenues of 8.703 billion yuan, 5.661 billion yuan, and 4.273 billion yuan, respectively [3] - Only 14 out of the 42 listed brokerages reported positive growth in their AM business, indicating a significant divide within the industry [3] Challenges in Asset Management - The AM sector faces dual pressures from scale and profitability, with existing large collective products undergoing a standardization transformation, impacting management scale and revenue [4] - Intense competition from public funds and bank wealth management subsidiaries further constrains the AM sector, which is still developing its active management capabilities [4] - The decline in interest rates and frequent credit risks have limited the supply of high-yield assets, challenging previous investment strategies reliant on high returns [4] Strategic Shifts - A notable trend has emerged where brokerages are withdrawing their applications for public fund licenses, contrasting sharply with the previous rush to apply [5][6] - This withdrawal is seen as a rational choice based on a deep assessment of resources, market conditions, and profit models, signaling a shift from a "license-driven" to a "capability-driven" model [6] - The consensus is forming that public fund licenses are not a panacea, with private fund operations emphasizing professional services and customized solutions becoming more appealing for certain brokerages [6] Recovery in Private Asset Management - Despite the withdrawal from public fund applications, the private asset management sector is experiencing a resurgence, with the scale of private fund products reaching 5.73 trillion yuan, an increase of approximately 270 billion yuan from the end of 2024 [7] - The growth in private fund product registrations indicates the necessity for differentiated strategies, focusing on multi-asset allocation and innovative strategies [7] Future Growth Drivers - Future growth in the AM sector is expected to be driven by two main factors: the completion of public fund transformations leading to secondary growth, and the stabilization and differentiation of private asset management offerings [8] - The focus will likely shift towards low-volatility, high-liquidity products, as well as alternative investments and cross-border allocations [8] Competitive Dynamics - Successful firms like Changcheng Securities and Guojin Securities have achieved over 30% growth by upgrading their "fixed income plus" strategies and integrating financial technology into their operations [9] - The emphasis is on a diversified product matrix and precise timing in investment strategies to capture macro opportunities [9][10] - The integration of AI technology into research and decision-making processes is becoming a core competitive advantage for asset management firms [10]