Core Viewpoint - The asset management business of securities firms in China is steadily developing towards specialization and differentiation, with a significant increase in private asset management product scale as of June 2023 [1][2]. Group 1: Product Scale and Growth - As of June 2023, the total scale of private asset management products by securities firms reached 5.52 trillion yuan, marking the highest level since October of the previous year, with an increase of 551.32 billion yuan compared to the end of last year [1]. - The scale of actively managed collective asset management plans was 3.09 trillion yuan, reflecting a growth of 6.61% from the end of last year, while single asset management plans decreased by 5.30% to 2.43 trillion yuan [1]. - The proportion of collective asset management plans increased from 52.97% at the end of last year to 55.91% as of June 2023, indicating a shift towards enhanced active management capabilities [1]. Group 2: Product Structure - Fixed-income products remain the dominant category within private asset management products, with a scale of 4.55 trillion yuan, accounting for 82.50% of the total [2]. - Mixed-asset products and equity products accounted for 10.42% and 6.47% of the total scale, respectively, while futures and derivatives products made up 0.61% [2]. - In June 2023, newly established fixed-income products totaled 308.16 billion yuan, representing 56.29% of all new private asset management products for that month [2]. Group 3: Industry Trends and Competition - There is a noticeable disparity in the management scale of private asset management products among securities firms, with an average scale of 581.14 billion yuan and a median of 216.21 billion yuan as of June 2023 [3]. - The industry is witnessing increased competition, prompting firms to enhance their asset management capabilities and apply for public fund management qualifications to broaden their business scope [3]. - Companies like Shenwan Hongyuan and Nanjing Securities are focusing on accelerating transformation and innovation, enhancing active management, and optimizing product design to strengthen their competitive edge in the asset management sector [3].

Core Viewpoint - The brokerage asset management business is accelerating its return to active management, with a continuous clearing process of channel business and a significant recovery in the scale of private asset management products. Group 1: Market Trends - As of the end of April, the scale of brokerage private asset management products reached 5.43 trillion yuan, reversing the decline trend since February, with an increase of over 100 billion yuan in April alone [1] - The proportion of actively managed collective asset management plans has risen to 54.07%, indicating ongoing structural optimization and transformation towards active management in the brokerage asset management business [2][3] Group 2: Product Structure - The scale of actively managed collective asset management plans increased to 2.93 trillion yuan, with a growth of 1,127.94 billion yuan, representing a 4% increase [2] - Fixed income products remain the mainstay of growth, with a scale of 44,770.01 billion yuan, accounting for 82.49% of the total, and an increase of 1,195.9 billion yuan, or 2.74% [2] Group 3: New Product Launches - In the first four months of this year, the total establishment scale of brokerage private asset management products was 1,341.75 billion yuan, with collective asset management plans accounting for 61.08% [3] Group 4: Revenue and Fee Trends - Analysts expect that the brokerage private asset management business will continue to grow in the second half of the year, despite a slight decline in revenue in the first quarter [4] - The adjustment of fees for collective asset management products is expected to stabilize, leading to steady growth in fees and revenue for brokerage asset management [4] Group 5: Strategic Focus - Brokerage firms are exploring various asset strategies, including quantitative, derivatives, and overseas investments, to meet diverse investor needs [5] - Recent regulatory changes are expected to promote the development of asset management businesses among small and medium-sized brokerages, encouraging them to explore differentiated development paths [5] Group 6: Future Outlook - Analysts predict a downward trend in asset management fees due to policy encouragement for public funds to reduce fees and the ongoing popularity of passive investment strategies [6]