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]