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]

Core Viewpoint - Guangfa Asset Management has withdrawn its application for public fund management qualifications, indicating a tightening trend in public fund license approvals amid the industry's push for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 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].

近日，证监会公布的《证券、基金经营机构行政许可申请受理及审核情况公示》显示，广发资管已不 在"资产管理机构开展公募基金管理业务资格审批公示"名单中。 这一变化，也标志着广发资管历时近两年半的公募牌照申请进程告一段落，也为当前券商资管竞争激烈 的公募化转型之路增添了变数。 《每日经济新闻》记者注意到，2022年5月，证监会颁布《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，适度放宽同一主体持有公募牌照数量限制。这一政策调整为渴望在公募基金领域分 得一杯羹的券商资管带来了新机遇。在此背景下，2023年成为券商资管申请公募牌照的"爆发年"，6家 券商资管先后递交了公募牌照申请，广发资管亦在其中。不过这6家中，仅有招商资管和兴证资管顺利 获批。 广发资管退出公示名单 公开资料显示，2023年1月19日，广发资管向证监会递交了公募基金管理人资格申请材料，并被正式接 收，是当年继招商资管后，第二家递交申请材料的券商资管。在广发资管之后，当年还有兴证资管、光 证资管、安信资管（现国证资管）和国金资管陆续递交申请材料。 彼时，市场对广发资管的申请寄予厚望。若申请获批，广发证券将凭借控股广发基金和参股易方达基 金，再 ...

Core Viewpoint - The transformation of broker-dealer public collective investment products is entering its final phase, with many firms accelerating their disposal plans and shifting management to public fund companies [2][4][5]. Group 1: Current Status of Broker-Dealer Public Collective Products - As of the end of Q1 this year, there are 37 broker-dealer institutions with over 150 public collective investment products, totaling a scale of 354.9 billion yuan, with 11 products exceeding 10 billion yuan in size, all of which are money market funds [3][12]. - Many broker-dealers are transferring their public collective products to affiliated public fund companies, especially when they lack public fund licenses [5][11]. Group 2: Recent Developments - On June 28, Guotai Junan Asset Management announced plans to transfer three public collective products to Anxin Fund Management, while CICC extended the expiration date of two of its products to November 30, 2025, and is working to change the management to CICC Fund [2][6]. - CICC's previous products received approval from the CSRC to change their registration to CICC Fund, indicating a trend towards compliance with regulatory requirements [7]. Group 3: Regulatory Environment and Future Outlook - The regulatory framework established in 2018 requires broker-dealer public collective products to transition to public fund management, with a focus on compliance and quality development in the public fund industry [8][10]. - The pace of obtaining public fund licenses has slowed, with only a few broker-dealers successfully acquiring such licenses, leading others to explore alternative routes for compliance or liquidation of their products [11][15]. - The recent trend shows that regulatory bodies are less inclined to grant extensive extensions for product deadlines, indicating a push for completion of the transformation process [15].

Core Viewpoint - The pace of disposal for brokerages' public-like collective products has accelerated, with many firms opting to transfer management to public fund companies and register these products as public funds [1][2][4] Group 1: Current Trends - Brokerages are increasingly transferring their public-like collective products to affiliated public fund companies as a mainstream disposal method [2][6] - On June 28, Guotai Junan Asset Management announced plans to transfer three of its public-like collective products to Anxin Fund Management [1][3] - CICC extended the expiration date of its collective products from June 30, 2025, to November 30, 2025, and plans to change the management to CICC Fund [3][7] Group 2: Regulatory Context - The 2018 regulatory guidelines require brokerages to convert public-like collective products to comply with public fund standards, with various pathways for compliance [4][5] - As of now, only about ten brokerages have obtained public fund licenses, making it easier for them to transition their public-like collective products to public funds [4][6] Group 3: Market Dynamics - As of the first quarter of this year, there are 150+ public-like collective products from 37 brokerages, with a total scale of 354.9 billion [7] - Many brokerages have not disclosed specific plans for the conversion of their public-like collective products, merely extending their expiration dates [7][8] - If these products are not converted by the end of this year, they may face liquidation, as regulatory bodies have not granted widespread extensions [8]

Core Viewpoint - The transition of public collective investment products from large brokerage firms to their affiliated fund companies is nearing completion, aligning with regulatory guidance and enhancing resource sharing and collaboration within the industry [1][8]. Group 1: Transfer of Products - Recently, Guangfa Securities applied to transfer seven public collective investment products to Guangfa Fund Management, while Huazhong Securities transferred two products to its subsidiary Huafu Fund Management [1]. - Earlier, CITIC Securities transferred all 19 of its public collective investment plans to Huaxia Fund Management, with some applications already approved by the CSRC [1][5]. - Other firms like Founder Securities, Guoyuan Securities, Donghai Securities, and Everbright Securities are also transferring their public collective investment plans to affiliated fund companies [1]. Group 2: Industry Trends - The public collective investment product transformation is expected to conclude by June 30, indicating a significant shift towards compliance and standardization in the industry [8]. - Currently, less than 20% of brokerage asset management companies hold public fund licenses, necessitating the transfer of products to licensed fund companies for continued operation [8]. - The transition is anticipated to enhance the operational efficiency of asset management firms, allowing them to focus on high-value private equity sectors while public fund operations are managed by specialized fund companies [8]. Group 3: Market Impact - As of the end of Q1 2025, there are 303 public collective investment products with a total asset size of approximately 3,565.42 billion yuan, indicating a significant scale increase for the involved fund companies [9]. - The publicization of these products is expected to improve compliance and market acceptance, pushing brokerage asset management towards a more transparent and standardized operational model [8].