【导读】光证资管旗下大集合产品密集变更管理人 11月27日，光证资管旗下8只大集合产品正式变更管理人，这些产品后续将由光大保德信基金管理。临近年底，券商"参公大集合"资 管产品公募化改造过渡期进入尾声，没有公募牌照的券商资管，大多选择将旗下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。 密集变更管理人 11月27日，光证资管将旗下8只大集合产品转移给光大保德信基金管理，后者由光大证券持有55%股份。此前2月份，光证资管旗下 多只参公大集合产品也变更了管理人。 公开资料显示，光证资管于2012年5月9日成立，其前身为光大证券资产管理总部，是国内上市券商旗下首家资产管理公司。光大证 券2024年年报显示，光证资管2024年营收为6.75亿元，净利润为2.19亿元；截至2024年末，光证资管受托资产管理规模为3114亿 元，较该年年初增长3.71%。 根据2018年资管新规配套《操作指引》要求，券商"参公大集合"需在过渡期后完成公募化改造，未取得公募牌照的券商及资管子公 司，旗下相关产品到期后可选择清盘、延期或变更管理人三条路径。其中，将管理人变更为公募基金公司，并将产品注册为公募基 金，已成为行业主流处置 ...

【导读】光证资管旗下大集合产品密集变更管理人 中国基金报记者 舍梨 11 月 27 日，光证资管旗下 8 只大集合产品正式变更管理人，这些产品后续将由光大保德信 基金管理。临近年底，券商 " 参公大集合 " 资管产品公募化改造过渡期进入尾声，没有公募 牌照的券商资管，大多选择将旗下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。 密集变更管理人 11 月 27 日，光证资管将旗下 8 只大集合产品转移给光大保德信基金管理，后者由光大证券 持有 55% 股份。此前 2 月份，光证资管旗下多只参公大集合产品也变更了管理人。 公开资料显示，光证资管于 2012 年 5 月 9 日成立，其前身为光大证券资产管理总部，是国 内上市券商旗下首家资产管理公司。光大证券 2024 年年报显示，光证资管 2024 年营收为 6.75 亿元，净利润为 2.19 亿元；截至 2024 年末，光证资管受托资产管理规模为 3114 亿 元，较该年年初增长 3.71% 。 根据 2018 年资管新规配套《操作指引》要求，券商 " 参公大集合 " 需在过渡期后完成公募 化改造，未取得公募牌照的券商及资管子公司，旗下相关产品到期后可选 ...

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].