Core Viewpoint - The article discusses the challenges faced by brokerage asset management plans in China, particularly regarding their survival and transformation into public funds, highlighting the factors influencing their extension or liquidation [1][2][3]. Group 1: Current Status of Asset Management Plans - A number of brokerage asset management plans are at a critical juncture, with some successfully extending their duration while others face liquidation due to failed applications for extension [1][2]. - The survival of these plans largely depends on three core factors: qualification conditions, quality of underlying assets, and the composition of clients [1][3]. Group 2: Extension and Liquidation - Many asset management plans are unable to extend their duration, leading to inevitable liquidation, as seen in the case of the "Fangzheng Securities Xinxiang" plan, which will enter liquidation on May 26, 2025 [2]. - Even when extension applications are approved, the time granted is often limited, with recent extensions typically lasting only six months or less [3]. Group 3: Transformation to Public Funds - Finding a public fund manager has become a key strategy for many institutions unable to obtain public fund licenses, as demonstrated by recent announcements from Donghai Fund and Haitong Asset Management [3][4]. - The transition to public fund status is more favorable for bond-type asset management plans, which are more likely to attract public fund managers [4]. Group 4: Challenges in the Transformation Process - The public fund transformation process is seen as a means to standardize operations and enhance market transparency, but it also presents significant challenges, including high licensing barriers and practical difficulties in the transformation process [4][5]. - The overall process reflects a trend towards the normalization of the asset management industry, with institutions actively adapting to new regulatory requirements [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 可能触发合同终止情形的第四次提示性公告 风险提示：本公司依照恪尽职守、诚实信用、勤勉尽责的原则管理和运用本计划资产，但不保证本计划 一定盈利，也不保证最低收益。本计划的过往业绩并不预示其未来表现。购买货币型集合资产管理计划 并不等于将资金作为存款存放在银行或者存款类金融机构。投资者投资于本公司产品时应认真阅读相关 资产管理合同、招募说明书、产品资料概要等信息披露文件，全面认识产品的风险收益特征和产品特 性，并充分考虑自身的风险承受能力，理性判断市场，谨慎做出投资决策，并自行承担投资风险。 特此公告 方正证券股份有限公司 2025年5月20日 关于方正证券鑫享三个月滚动持有债券型集合资产管理计划 关于方正证券现金港货币型集合资产管理计划 暂停新增签约的公告 自2025年5月21日（含）起，方正证券股份有限公司（以下简称"本公司"）暂停方正证券现金港货币型 集合资产管理计划（以下简称"本计划"）新增客户办理签约业务，已签约客户的申购、赎回业务正常办 理。 请投资者知悉并做好资金管理。 根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、《方 ...