Group 1 - The approval pace for public fund licenses is slowing, with some securities asset management firms "withdrawing" from the application queue [1] - Currently, only three firms remain in the public fund management qualification approval list: Shanghai Everbright Securities Asset Management, Anxin Securities Asset Management, and Guojin Securities Asset Management [1] - Guangfa Securities Asset Management, which submitted its application earlier, has "disappeared" from the approval list, raising questions about whether it voluntarily withdrew its application [2] Group 2 - Guangfa Asset Management's application for public fund management was received on January 19, 2023, and was supplemented on January 30, 2023, but has seen no substantial progress for over two years [2] - In contrast, other firms like CMB Asset Management and Xingsheng Asset Management have successfully obtained public fund licenses in 2023 [3] - The public fund license is considered crucial for the transformation of securities asset management businesses and is a hard requirement for maintaining certain collective asset management products [3] Group 3 - The transition of certain collective asset management products to public fund products is necessary due to regulatory requirements, with two main pathways: obtaining a public fund license or transferring management to a subsidiary fund company [3] - As the transition period nears its end, many securities asset management firms are opting to change the management of their collective products to their affiliated fund companies [3][4] - Guangfa Asset Management has submitted multiple applications to change the management of its asset management plans to Guangfa Fund, with several applications already accepted by regulators [4] Group 4 - The majority of the collective products seeking management changes are mixed and bond-type products, with most having scales below 500 million yuan [4] - For instance, Guangfa Asset Management's products, such as Guangfa Asset Management Shengshi Selected and Guangfa Asset Management Qianli One-Year Holding, have management scales of 0.88 million yuan, 2.57 million yuan, 1.34 million yuan, and 1.95 million yuan respectively [4] - The Guangfa Asset Management Shengshi Selected product has performed well, with a return rate of 25.99% since the beginning of the year, outperforming its benchmark return rate of 9.07% [4]