Core Insights - The latest data from the Asset Management Association of China indicates that as of the end of September, the scale of private asset management products from securities firms and their subsidiaries reached 5.73 trillion yuan, accounting for nearly half of the entire market [1][2] Group 1: Market Overview - The total scale of private asset management products from securities and futures institutions reached 12.46 trillion yuan as of the end of September, with a month-on-month increase of 1210.08 billion yuan, although it showed a slight decrease of 0.96% compared to the previous month [2] - Securities firms and their subsidiaries maintained a leading position, with their private asset management products accounting for 46.02% of the total market scale [2][3] Group 2: Product Types - Fixed income products remain the mainstay, with a scale of 4.68 trillion yuan, representing 82% of the total scale of securities firms' asset management products [4] - Equity and mixed products have also seen month-on-month growth, indicating a trend towards diversified market allocation [4][5] Group 3: Business Transformation - The industry is accelerating its transition towards active management, with the scale of actively managed collective asset management plans reaching 55.73% as of the end of September [5] - Despite a clear recovery trend, the industry faces challenges in public offering transformation and finding breakthrough points for scale expansion and business transformation [6]