Core Viewpoint - The transition of large collective products to public fund management has reached a critical phase, with many asset management companies facing significant challenges due to regulatory changes and market dynamics [1][2][4]. Group 1: Industry Changes - The number of fund managers in the public fund department of companies has decreased from a peak of twenty to around seven or eight, indicating a contraction in the workforce [1]. - The final name of a broker's asset management company, "Guojin Asset Management," has been removed from the list of applicants for public fund management qualifications, signaling the end of the "public fund rush" among broker asset management firms [1]. - The deadline for transforming large collective products into public funds is approaching, with many firms either transferring products to affiliated public funds or opting for liquidation [1][2]. Group 2: Product Transition - Several asset management companies have successfully transferred their large collective products to public fund institutions with "blood relationship," such as Everbright Fund taking over products from Everbright Securities Asset Management [2]. - Some firms have also transferred products to public institutions without direct ownership ties, as seen with Wanlian Securities transferring its money market fund to Ping An Fund [2]. - Many broker asset management firms are choosing to convert non-compliant or smaller products into private asset management plans or liquidate them, with liquidation becoming a common outcome [2][3]. Group 3: Profitability and Future Strategies - The loss of large collective products represents a significant profit loss for broker asset management firms, which need to explore new profit growth points [3]. - Broker asset management firms are focusing on developing multi-strategy investments and creating quantitative products to provide a more stable investment experience [3]. - The competitive landscape is shifting, with licensed institutions leveraging their comprehensive resources to create differentiated offerings, while unlicensed firms may focus on private and customized solutions to build niche brands [4].

Group 1 - The core viewpoint of the article highlights the ongoing competition and collaboration among asset management institutions, with a shift from traditional "fixed income" strategies to "fixed income + multi-asset multi-strategy" approaches [4][5][17] - The scale of bank wealth management products reached 32.13 trillion yuan by the end of September, marking a 4.76% increase from the second quarter [6] - The structural changes in the bank wealth management market are evident, with a significant shift towards multi-asset allocation as investors seek stable returns in a low-interest-rate environment [5][6] Group 2 - The implementation of new asset management regulations is reshaping the valuation practices of wealth management products, moving towards a more transparent net asset value system [7][9] - The demand for diversified wealth management solutions is increasing among residents, with 18.5% of individuals preferring to invest more, particularly in non-guaranteed bank wealth management products [9][10] - The collaboration between various financial institutions and insurance companies is intensifying, driven by the need for stable investment channels and the regulatory environment that encourages such partnerships [11][12][13] Group 3 - The public offering transformation of large collective products in the securities asset management industry is nearing completion, leading to a potential reshaping of the industry landscape [18][24] - The recent trend of "non-affiliated transfers" in public offering transformations indicates a shift from traditional internal transfers to collaborations with external public funds [20][21] - The competition for public fund licenses has become increasingly challenging, with many institutions withdrawing their applications, reflecting a saturated market [23][24]

【导读】券商资管公募化改造冲刺，以投研与协同能力突围 中国基金报记者 孙越 赵心怡 临近年底，券商资管大集合产品的公募化改造进入最后的密集操作期。根据2018年资管新规配套法规要求，券商参公大集合应在2025年年底前完成公募化 改造。目前各券商正加速推进产品处置，行业迎来历史性时刻。 移交"兄弟"公募、清盘或转型私募是目前产品处置的三大主流路径，与此同时，"跨集团迁移"等新兴案例也为行业提供了新思路。此外，在公募牌照申请 热潮退去后，券商资管的发展逻辑正从追逐牌照转向深耕能力，以投研实力和业务协同为核心的差异化竞争新阶段已然开启。 大集合产品改造进入冲刺阶段 将大集合产品移交至同一股东旗下的公募基金公司，成为当前最主流的改造方式。这一路径能最大程度保持产品存续，避免清盘带来的规模流失，同时实 现券商与基金公司之间的资源整合。例如，中信证券资管于今年将旗下共计19只大集合产品移交给华夏基金进行管理，广发资管也陆续把旗下产品转至广 发基金管理，中金公司则将旗下大集合产品的管理人变更为其全资控股的中金基金。 对于不符合公募化改造条件或规模较小的产品，只能选择转为私募资管计划或清盘。今年6月，国投证券资管宣布将"安信 ...

Core Viewpoint - The article discusses the recent changes in management for several large collective investment products under Guangzheng Asset Management, indicating a trend of transitioning these products to public fund management companies as the deadline for compliance with new regulations approaches [5][6]. Group 1: Management Changes - On November 27, Guangzheng Asset Management transferred eight large collective investment products to Everbright Pramerica Fund Management, which is 55% owned by Everbright Securities [5]. - This transfer is part of a broader trend where many securities firms are moving their collective investment products to affiliated public fund companies due to the expiration of the transitional period for compliance with new asset management regulations [5][6]. Group 2: Industry Trends - The transition to public fund management is becoming the mainstream approach for securities firms that do not hold public fund licenses, as they face three options: liquidation, extension, or changing the management [5][6]. - The pace of management changes has accelerated, with multiple firms, including GF Asset Management and Huafu Fund, also announcing similar transitions in November [6][7]. - As of now, only Guojin Asset Management remains in the queue for public fund license applications, while several firms, including Guangzheng Asset Management, have withdrawn their applications [8][9]. Group 3: Market Competition - The asset management industry is experiencing intense competition, particularly in fixed income and cash management products, from public funds and bank wealth management subsidiaries [9]. - Analysts suggest that the public fund path is more suitable for leading institutions with comprehensive financial ecosystems and retail channels, while specialized securities firms may find private fund paths more advantageous [9].

Core Viewpoint - The article discusses the recent management changes of large collective investment products under Guangzheng Asset Management, indicating a trend of transitioning these products to public fund management companies as the deadline for regulatory compliance approaches [2][5]. Group 1: Management Changes - On November 27, Guangzheng Asset Management transferred 8 large collective products to Everbright Pramerica Fund Management, which is 55% owned by Everbright Securities [5]. - This transfer is part of a broader trend where many securities firms are moving their collective investment products to affiliated public fund companies to comply with new regulations [5][7]. Group 2: Industry Trends - The transition period for securities firms' collective investment products is nearing its end, with many firms opting to change management to avoid issues related to liquidation or investor concerns [5][7]. - In 2024, Guangzheng Asset Management reported revenues of 675 million yuan and a net profit of 219 million yuan, with assets under management reaching 3,114 billion yuan, reflecting a growth of 3.71% from the beginning of the year [5]. Group 3: Regulatory Compliance - According to the 2018 asset management regulations, securities firms must complete the public offering transformation of their collective products by the end of the transition period, with options including liquidation, extension, or management change [5][8]. - The article notes that many firms have chosen to change management to public fund companies, which has become a mainstream approach in the industry [5][8]. Group 4: Competitive Landscape - The article highlights that securities firms face intense competition from public funds and bank wealth management subsidiaries, particularly in fixed income and cash management products [8]. - Analysts suggest that the public fund path is more suitable for leading institutions with comprehensive financial ecosystems, while specialized securities firms may find private paths more advantageous [8].

Group 1 - The company plans to distribute a cash dividend of 0.061 yuan per share (including tax) to all shareholders, totaling 502,158,185.10 yuan (including tax), which accounts for 21.07% of the net profit attributable to shareholders for the first half of 2025 [27][29][28] - The total share capital as of June 30, 2025, is 8,232,101,395 shares, and the profit distribution will be based on this figure [29][28] - The board of directors and the supervisory board have unanimously approved the 2025 semi-annual profit distribution plan [30][31][6] Group 2 - The company held its fifth board meeting on August 29, 2025, to discuss and approve the semi-annual report and profit distribution plan [3][21][22] - The semi-annual report and profit distribution plan were published simultaneously in various financial newspapers and on the Shanghai Stock Exchange website [4][7][3] - The company assures that the content of the announcements is true, accurate, and complete, with no false records or misleading statements [21][27][22]

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

Core Viewpoint - Guosen Securities Asset Management Co., Ltd. officially commenced operations on March 21, 2024, marking a significant development in the company's asset management business [2][3]. Group 1: Company Establishment and Operations - Guosen Securities Asset Management Co., Ltd. was established after nearly three years of preparation, with the board approving the establishment in April 2022 and receiving regulatory approval in November 2023 [3]. - The registered capital of Guosen Asset Management is 1 billion yuan, headquartered in Shenzhen, and it is authorized to manage securities asset management and overseas securities investment [3]. - The company has a management team of five, with Cheng Fei as the chairman and Fang Qiang as the general manager [3]. Group 2: Business Strategy and Future Plans - Guosen Asset Management aims to differentiate itself in the market, focusing on customer satisfaction rather than merely maximizing returns or scale [8]. - The company plans to develop a product strategy system comprising 12 major strategies, covering fixed income, equity investment, fund of funds (FOF), and derivatives [8]. - The asset management business had a net asset value of 152.746 billion yuan as of June 30, 2024, with growth attributed to innovative strategies and targeted market management [9]. Group 3: Changes in Management and Operations - The asset management business will transition from Guosen Securities to Guosen Asset Management, with changes in management entities and operational accounts effective from the opening date [5][6]. - The company has established an internal control mechanism for related party transactions to ensure compliance and fairness in its operations [7].