"对于没有公募牌照的券商资管来说，'参公大集合'产品的流失，意味着利润盘失去了重要一环。"一家 来自券商资管的业内人士对中国证券报记者表示。 近期，伴随"参公大集合"的最后期限临近，券商资管旗下大批存量大集合产品转移至母公司旗下参股或 控股的公募基金，或者选择清盘。 对于公募机构来说，承接券商资管的大集合产品，一方面丰富了产品线，另一方面也承接了更多资金规 模。这其中，货币型集合产品和规模较大的权益集合产品，成为公募青睐的方向。 "最后期限"已至 2018年资管新规（即《证券公司大集合资产管理业务适用操作指引》）要求，券商"参公大集合"需在 2025年底前完成公募化改造。这意味着，留给券商存量大集合产品的时间已不足两周。 将大集合产品托付给"血缘关系"亲近的公募机构，成为产品转型的重要渠道。例如，光大保德信基金承 接了光大证券资管旗下的部分大集合产品，华富基金承接了华安证券资管旗下的部分大集合产品，鹏华 基金承接了国信证券资管旗下的部分大集合产品。此外，11月以来，还有上海证券、中金公司等多家机 构旗下的部分参公大集合产品完成管理人变更。 还有部分券商资管将产品转移到了与自身没有股权关系的公募机构旗下。11月 ...

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 ...

Core Viewpoint - The withdrawal of public fund license applications by Guojin Securities Asset Management marks the end of the "application boom" for broker asset management public licenses that began in 2023, indicating a shift towards deep adjustment and differentiated development in the industry [1][2]. Group 1: License Application Trends - The surge in applications for public licenses began in May 2022 when the CSRC relaxed restrictions on the number of public licenses, allowing broker asset management subsidiaries to apply [2]. - In 2023, six institutions, including China Merchants Asset Management and Xingye Asset Management, submitted applications, but only two received licenses that year [2]. - By 2024, there were no new public licenses granted, and by late 2025, several broker asset management firms began withdrawing their applications [2][4]. Group 2: Regulatory Context and Industry Response - The timing of the withdrawal coincides with the approaching deadline for the Asset Management New Regulations, which require brokers to complete the public transformation of their products by the end of 2025 [4]. - Many broker asset management firms are transferring their public products to affiliated fund companies as a common strategy to comply with the regulations [4]. Group 3: Market Dynamics and Future Directions - The withdrawal of public license applications has led to a clear differentiation in the development paths of broker asset management firms, with only 14 out of 30 firms obtaining public qualifications [5]. - Firms with public licenses are encouraged to seek differentiated advantages in a competitive market, while those without may focus on traditional strengths in private asset management [5]. - The private asset management sector is experiencing a resurgence, with the scale of private products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [5].

Core Viewpoint - The withdrawal of public fund license applications by Guojin Asset Management marks the end of the queue for securities asset management subsidiaries, indicating a significant shift in the industry landscape [1][5]. Group 1: License Application Trends - In 2023, there was a surge in applications for public fund licenses from securities asset management subsidiaries, driven by regulatory changes that eased restrictions [4]. - By the end of 2024, there were no approvals for public fund licenses, leading to a complete withdrawal of applications by various firms in 2025 [5]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is linked to the 2018 asset management regulations, which require securities firms to complete the public offering transformation of their products by the end of 2025 [6]. - Many firms are transferring their public fund products to affiliated fund management companies as a common strategy to comply with the new regulations [6]. Group 3: Differentiation in the Market - The withdrawal of public fund license applications has led to a clear differentiation in the development paths of securities asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [7]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [7]. - As of September 2025, the scale of private asset management products from securities firms reached 5.73 trillion yuan, reflecting a growth of approximately 270 billion yuan from the end of 2024 [7].

Core Viewpoint - The withdrawal of public fund license applications by brokerage asset management subsidiaries indicates a significant shift in the industry, with all applications now retracted, leading to a "clean slate" in the approval queue [2][3][7]. Group 1: License Application Trends - In 2023, a surge in applications for public fund licenses occurred, driven by regulatory changes that eased restrictions on the number of licenses [6]. - By the end of 2024, there was a complete halt in the approval of new public fund licenses, with several brokerage asset management firms withdrawing their applications in 2025 [7]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is closely linked to the 2018 asset management regulations, which require brokerages to complete the public offering transformation of their products by the end of 2025 [9]. - As the deadline approaches, many brokerage asset management firms are transferring their public fund products to affiliated fund management companies, a common strategy observed in the industry [9]. Group 3: Differentiation in Business Strategies - The withdrawal of public fund license applications has led to a clear divergence in the development paths of brokerage asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [11]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [11]. - The private asset management sector is experiencing a revival, with the scale of private asset management products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [11].

Core Viewpoint - The approval process for public fund management licenses for securities asset management subsidiaries has effectively come to a halt, with no firms currently in the queue for applications, indicating a significant shift in the regulatory landscape for the industry [1][2][3]. Group 1: License Application Status - As of November 28, no securities asset management firms are listed as pending for public fund management licenses, marking a complete withdrawal of applications from the previous week [2][3]. - The initial wave of applications for public licenses was driven by policy relaxations, particularly the "one participation, one control" policy introduced in May 2022, which allowed for a limited increase in the number of public licenses [2][3]. - In 2023, six securities asset management firms submitted applications for public licenses, but only two, China Merchants Asset Management and Everbright Securities Asset Management, were granted licenses [2][3]. Group 2: Regulatory Changes and Industry Impact - The 2018 asset management regulations mandated that securities asset management products transition to public fund management by the end of 2025, leading to a rush among firms to comply [4][5]. - With the deadline approaching, firms that have not obtained public licenses are exploring alternative paths, including changing management to public fund institutions, liquidating products, or transitioning to private fund management [4][5]. - Notably, some firms are transferring their public fund products to affiliated fund companies, while others are engaging in cross-industry management arrangements, which is becoming increasingly rare [5].

Core Viewpoint - The application for public fund management licenses by several brokerage asset management subsidiaries has completely ceased, 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 in line to apply for public fund licenses, marking a complete withdrawal of applications [3][6]. - Initially, four companies, including Guotai Junan Asset Management, were in the queue for public licenses, but all have now withdrawn their applications [2][6]. - The regulatory environment has shifted, with indications that no new public fund licenses will be granted to brokerage asset management firms [6][8]. Group 2: Regulatory Background - The asset management industry is under pressure to complete the transformation of "public collective" products to comply with regulations by the end of 2025 [7][9]. - The 2018 regulations required brokerage asset management products to align with public fund management standards, leading to a rush for licenses following the easing of restrictions in 2022 [5][7]. Group 3: Industry Response and Future Directions - With the deadline approaching, brokerage asset management firms are exploring various paths, including changing management, liquidation, or transitioning to private fund management [9][10]. - Some firms are transferring their collective products to affiliated public fund companies, while others are opting for private asset management plans [10][11]. - Notably, there are instances of cross-industry management changes, where firms without affiliated fund companies are engaging unrelated fund management firms [10][11].

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]