【导读】光证资管"撤回"公募牌照申请 又一家券商资管申请公募牌照，按下"暂停键"。 近日，根据证监会最新公示，上海光大证券资产管理有限公司（以下简称光证资管）已从"资产管理机 构开展公募基金管理业务资格审批"名单中移除。 今年8月，广发资管同样退出资格审批名单。目前，只有安信资管（现国证资管）和国金资管正在排队 申请公募牌照。 | | | | | | 表12:资产管理模构开展公募基金管理业务资格审批 | | 审核期限:20个工作日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 27 | | | 10 16 | | | | 序号 | 喷油人 | 职请材料播 数目 | 并正比 | 委屈传统 或者不了 受伤事之 | 第一次投资者见目 | 量收费 次反清材料日 | | 紧连 | | | Call of Animal Collection in Museum 吸引任参资上 | 2023/7/18 | 2023/7/25 | 2024/2/8 | 2024/3/11 | | | | | | 管理有限公司 | | | | | | | ...

Group 1 - The approval pace for public fund licenses is slowing, with some securities asset management firms "withdrawing" from the application queue [1] - Currently, only three firms remain in the public fund management qualification approval list: Shanghai Everbright Securities Asset Management, Anxin Securities Asset Management, and Guojin Securities Asset Management [1] - Guangfa Securities Asset Management, which submitted its application earlier, has "disappeared" from the approval list, raising questions about whether it voluntarily withdrew its application [2] Group 2 - Guangfa Asset Management's application for public fund management was received on January 19, 2023, and was supplemented on January 30, 2023, but has seen no substantial progress for over two years [2] - In contrast, other firms like CMB Asset Management and Xingsheng Asset Management have successfully obtained public fund licenses in 2023 [3] - The public fund license is considered crucial for the transformation of securities asset management businesses and is a hard requirement for maintaining certain collective asset management products [3] Group 3 - The transition of certain collective asset management products to public fund products is necessary due to regulatory requirements, with two main pathways: obtaining a public fund license or transferring management to a subsidiary fund company [3] - As the transition period nears its end, many securities asset management firms are opting to change the management of their collective products to their affiliated fund companies [3][4] - Guangfa Asset Management has submitted multiple applications to change the management of its asset management plans to Guangfa Fund, with several applications already accepted by regulators [4] Group 4 - The majority of the collective products seeking management changes are mixed and bond-type products, with most having scales below 500 million yuan [4] - For instance, Guangfa Asset Management's products, such as Guangfa Asset Management Shengshi Selected and Guangfa Asset Management Qianli One-Year Holding, have management scales of 0.88 million yuan, 2.57 million yuan, 1.34 million yuan, and 1.95 million yuan respectively [4] - The Guangfa Asset Management Shengshi Selected product has performed well, with a return rate of 25.99% since the beginning of the year, outperforming its benchmark return rate of 9.07% [4]

Group 1 - The core point of the article is that GF Securities Asset Management (Guangdong) Co., Ltd. has withdrawn from the public fund management qualification approval list, indicating a tightening of public fund license approvals in the industry [1][2][3] - Prior to this, six securities asset management companies had submitted applications for public fund licenses, but only two, namely China Merchants Asset Management and Everbright Securities Asset Management, were approved in 2023 [2][3] - The tightening of public fund license approvals is attributed to the high-quality development of the public fund industry, leading to uncertainty regarding whether other securities asset management companies will continue to apply for public fund licenses after GF Asset Management's withdrawal [1][3] Group 2 - In May 2022, the China Securities Regulatory Commission (CSRC) issued new regulations allowing securities firms to achieve "one participation, one control, one license" for public fund licenses, prompting at least six securities asset management companies to apply for public fund licenses [2] - As of August 1, 2023, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management were still in the queue for public fund license applications, while GF Asset Management had exited the approval list [3] - GF Asset Management has been actively transitioning its public collective investment products, with a deadline set for the end of 2025 for completing this transformation [4] Group 3 - As of the second quarter of 2025, the total scale of GF Asset Management's public collective investment products was 32.539 billion yuan, with over 90% of this amount in money market products, totaling 30.443 billion yuan [5]

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening trend in public fund license approvals amid the industry's push for high-quality development [2][3]. Group 1: Regulatory Changes and Industry Context - The China Securities Regulatory Commission (CSRC) issued new regulations in May 2022, allowing brokerages to apply for public fund licenses under a "one participation, one control, one license" framework [3]. - Following the introduction of these regulations, at least six brokerage asset management firms applied for public fund licenses, but only two, namely China Merchants Asset Management and Everbright Securities Asset Management, received approval in 2023 [3]. Group 2: Guangfa Asset Management's Status - Guangfa Asset Management submitted its application for public fund management qualifications in January 2023, but has now exited the approval list as of August 1, 2023 [3]. - Currently, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [3]. Group 3: Transition of Products - The deadline for the transformation of brokerage asset management's public collective products is set for the end of 2025, prompting firms to transfer these products to affiliated fund companies [5]. - Guangfa Securities holds a 54.53% stake in Guangfa Fund and a 22.65% stake in E Fund, having already initiated the transfer of ten public collective products to Guangfa Fund [5]. - As of the second quarter of 2025, Guangfa Asset Management's public collective product scale reached 32.539 billion yuan, with over 90% being money market products [6].

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening of public fund license approvals in the industry [1][2]. Group 1: Company Actions - Guangfa Asset Management was previously among six brokerage asset management firms that submitted applications for public fund licenses, but it has now exited the approval list [1][5]. - The company submitted its application materials to the China Securities Regulatory Commission (CSRC) in January 2023, but only two firms, China Merchants Asset Management and Everbright Securities Asset Management, received approvals in 2023 [4][5]. Group 2: Industry Context - The public fund industry is experiencing a trend towards high-quality development, leading to a tightening of public fund license approvals [2]. - As of August 1, 2023, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses [5]. Group 3: Regulatory Changes - In May 2022, the CSRC issued new regulations allowing brokerages to achieve "one participation, one control, one license" for public fund licenses, prompting several brokerage asset management firms to apply for licenses [4]. - The transition deadline for brokerage asset management firms to convert their public collective products is set for the end of 2025, with Guangfa Asset Management already beginning to transfer its products to Guangfa Fund [7]. Group 4: Product Management - As of the second quarter of 2025, Guangfa Asset Management's public collective product scale reached 32.539 billion yuan, with over 90% being money market products [8].

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening approval process in the public fund industry amid a focus on high-quality development [2][3]. Group 1: Regulatory Changes and Industry Context - The China Securities Regulatory Commission (CSRC) issued new regulations in May 2022, allowing securities firms to achieve "one participation, one control, one license" for public fund licenses, leading to multiple applications from securities firms [5]. - As of August 1, 2023, only Everbright Asset Management, Anxin Asset Management (now Guozhen Asset Management), and Guojin Asset Management are still in the queue for public fund licenses, while Guangfa Asset Management has exited the approval list [6]. Group 2: Guangfa Asset Management's Actions - Guangfa Asset Management submitted its application for public fund management qualifications in January 2023, which was accepted, but later withdrew its application [5][6]. - The company has been transitioning its public collective investment products to its controlling fund company, Guangfa Fund, in preparation for the deadline of December 2025 for the transformation of public collective investment products [9]. Group 3: Product Management and Changes - As of the second quarter of 2025, Guangfa Asset Management's public collective investment products had a total scale of 32.539 billion yuan, with over 90% being money market products [10]. - The company has submitted multiple product change applications, with several products expected to be renamed upon approval [10].

Group 1 - Guangfa Securities Asset Management has withdrawn from the public fund management qualification approval list [1] - In 2023, six securities asset management companies applied for public fund licenses, with only China Merchants Asset Management and Xingsheng Asset Management receiving approval [1] - Guangfa Asset Management had planned to expand its business through public fund licenses but has currently suspended its application [1] Group 2 - The transformation of public collective products is urgent within the industry, leading many securities firms to transfer products to their controlling or affiliated public fund companies [1] - Guangfa Asset Management has transferred some of its products to Guangfa Fund Management [1]

Core Viewpoint - Guangfa Asset Management has withdrawn from the public fund management qualification application list, indicating a pause in its pursuit of public fund licenses amid a challenging regulatory environment for brokerages [2][3]. Group 1: Application Status - In 2023, six brokerage asset management firms submitted applications for public fund licenses, but only two, China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained licenses [2][5]. - As of 2024, only three firms, including Guangfa Asset Management, are in the queue for public fund license applications, with Guangfa's withdrawal marking a significant development in the industry [3][5]. Group 2: Industry Context - The regulatory environment has become increasingly stringent, with no new public fund licenses granted since November 2023, leading to a stagnation in applications from brokerage asset management firms [5][6]. - The 2022 regulatory changes that relaxed the limits on the number of public fund licenses held by the same entity initially spurred a surge in applications, but the subsequent approval process has been slow [5][6]. Group 3: Strategic Adjustments - In light of the challenges in obtaining public fund licenses, many brokerage asset management firms are transitioning their collective asset management products to public fund management companies they control or hold stakes in [2][6]. - Guangfa Asset Management has begun transferring some of its products to Guangfa Fund Management, reflecting a broader trend among brokerages to adapt to regulatory requirements [2][7].

Core Viewpoint - The recent withdrawal of Guangfa Asset Management from the public fund management qualification application list indicates a slowdown in the approval process for public fund licenses among securities firms, with only two firms successfully obtaining licenses in 2023 [1][4][5]. Group 1: Guangfa Asset Management's License Application - Guangfa Asset Management has exited the public fund management qualification application list, which signifies a halt in its pursuit of a public fund license [3][4]. - In January 2023, Guangfa Asset Management submitted its application to the CSRC, becoming the second securities firm to do so that year, following招商资管 [3]. - Currently, only three institutions, including 光证资管 and 国证资管, are still in line for public fund license applications, while Guangfa has withdrawn [3][6]. Group 2: Industry Trends and Regulatory Environment - The approval process for public fund licenses has slowed down significantly, with only two out of six securities firms that applied in 2023 receiving approval [5][6]. - The CSRC's regulatory changes in May 2022, which relaxed the restrictions on the number of public fund licenses held by the same entity, initially encouraged many securities firms to apply for public fund licenses [5]. - As of now, only 14 securities firms and their subsidiaries have been approved to conduct public fund management business [6]. Group 3: Urgency for Transformation of Collective Investment Products - The delay in obtaining public fund licenses has made the transformation of collective investment products more urgent for securities firms, with a deadline set for the end of this year [7]. - There are several compliance options for transforming collective investment products, including obtaining a public fund license or changing the management to a public fund [7]. - As of the second quarter of 2025, Guangfa Asset Management's collective investment products totaled 32.539 billion yuan, with over 90% being money market products [7][8].

Core Viewpoint - The withdrawal of GF Asset Management from the public fund management qualification approval list signifies the end of its nearly two-and-a-half-year application process, adding uncertainty to the competitive landscape of public fund transformation among brokerage asset management firms [1][2]. Group 1: Regulatory Changes and Market Context - In May 2022, the China Securities Regulatory Commission (CSRC) issued new regulations that relaxed the restrictions on the number of public fund licenses held by the same entity, creating new opportunities for brokerage asset management firms [1][2]. - 2023 has been characterized as a "breakout year" for brokerage asset management firms applying for public fund licenses, with six firms submitting applications, although only two, China Merchants Asset Management and Everbright Securities Asset Management, successfully obtained approval [1][3]. Group 2: Challenges Faced by GF Asset Management - GF Asset Management submitted its application for public fund management qualifications on January 19, 2023, but its progress has been slow, remaining in the acceptance stage until its recent removal from the approval list [2][3]. - The reasons for GF Asset Management's withdrawal from the public fund management qualification list remain unclear, but industry insiders speculate it may relate to market conditions, review pace, or strategic adjustments within the company [2][3]. Group 3: Industry Trends and Transformations - The pursuit of public fund licenses is driven by the need for brokerage asset management firms to expand their asset management capabilities and enhance their market influence, especially as the deadline for transforming public collective products approaches at the end of 2025 [3][4]. - As of mid-2025, only 14 brokerage firms and their subsidiaries have obtained public fund licenses, highlighting the scarcity of such licenses in the industry [3][4]. Group 4: Product Management Adjustments - For brokerage asset management firms that have not obtained public fund licenses, transitioning public collective products has become increasingly challenging, with options including liquidation, conversion to private products, or transferring management to affiliated fund companies [4][5]. - GF Asset Management has begun transferring its products to its affiliated fund company, with plans to change the management of ten products, reflecting a broader trend among firms in the industry [5].