中国经济网北京11月25日讯 新浪财经昨日发布消息《申万宏源收警示函：私募资管业务存在未及 时披露重大事项等两项违规》，10月22日，中国证券监督管理委员会上海监管局（以下简称"上海证监 局"）发布行政监管措施公告，申万宏源证券有限公司（以下简称"申万宏源"）因在私募资产管理业务中 存在两项违规行为，被出具警示函。公告显示，上述违规行为涉及未及时披露重大事项及投后检查不到 位等问题。 中国证券监督管理委员会上海监管局8月11日发布关于对申万宏源证券资产管理有限公司采取出具 警示函措施的决定。经查，申万宏源证券资产管理有限公司在开展业务过程中存在以下行为： 私募资产管理业务投资管理不规范，个别私募资产管理计划主动管理不足，违反了《证券期货经营 机构私募资产管理业务管理办法》（证监会令第203号，以下简称《私募资管业务办法》）第四十七条 第三项的规定。 根据《私募资管业务办法》第七十八条的规定，上海监管局决定对申万宏源证券资产管理有限公司 采取出具警示函的行政监管措施。 申万宏源(000166.SZ)年报显示，2015年1月16日 ，中国证监会印发《关于核准设立申万宏源证券 有限公司及其2家子公司的批复》（证监许 ...

Core Insights - The private asset management products of securities companies and their subsidiaries reached a total scale of 5.73 trillion yuan by the end of September, accounting for nearly half of the entire market [1][4] - Fixed income products remain the mainstay, while equity and mixed products show a trend of growth, indicating a diversification in market allocation [5][6] - The industry is accelerating its transition to active management, but faces challenges such as public offering transformation and seeking differentiated layouts [6][7] Group 1: Product Scale and Market Position - As of the end of September, the total scale of private asset management products from securities and futures institutions was 12.46 trillion yuan, with a month-on-month increase of 1210.08 billion yuan, but a slight decrease of 0.96% compared to the previous month [3] - Securities companies and their subsidiaries maintained a leading position, with a total of 5.73 trillion yuan in private asset management products, representing 46.02% of the entire market [4][6] - The average management scale of private asset management products by securities companies and their subsidiaries was 597.34 billion yuan, with a median of 209.67 billion yuan [4] Group 2: Product Types and Trends - Fixed income products accounted for 82% of the total scale of securities private asset management products, solidifying their position as the industry's "pillar" [5] - In September, newly registered private asset management products included 4.4% equity products and 34.86% mixed products, showing an increase from August's 3.1% and 30.82%, respectively [5] - The overall trend indicates a recovery in the private asset management sector after years of scale reduction due to regulatory impacts, with a total increase of 2687.33 billion yuan since the beginning of 2025 [6] Group 3: Industry Challenges and Future Outlook - The transition to active management is ongoing, with the proportion of collective asset management plans reaching 55.73% by the end of September [7] - Despite the growth in product registration, the revenue performance of the asset management business among listed securities firms shows significant divergence, with only one-third achieving positive growth [7] - The industry faces challenges in public offering licensing and the slow pace of transformation, with firms needing to find breakthroughs for scale expansion and business transformation in 2024 [7]

Core Insights - The scale of private asset management products established by securities and futures operating institutions in China increased by over 69% year-on-year as of September 2025 [1] Group 1: Industry Performance - The total scale of established private asset management products reached 821.47 billion yuan, reflecting a year-on-year growth of 69.2% [1] - As of the end of September 2025, the total assets under management (excluding wealth management products and corporate annuities) amounted to 12.48 trillion yuan, up from 12.10 trillion yuan at the end of the previous month [1]

Core Insights - The establishment scale of private asset management products by securities and futures institutions in China increased by over 69% year-on-year in September 2025, reaching 83.147 billion yuan [1][2] - A total of 2,305 private asset management products were filed in September 2025, representing a year-on-year increase of 230.23% [1] Group 1: Product Establishment - In September 2025, the average establishment scale of collective products was 0.63 million yuan, while single products averaged 0.19 million yuan [1] - The number of mixed-type products was the highest among the filed products, while fixed-income products had the largest establishment scale [1] Group 2: Product Continuation - As of the end of September 2025, the total scale of private asset management products reached 12.46 trillion yuan, an increase of 121.008 billion yuan from the previous month [1] - The number and scale of existing collective asset management plans accounted for a significant proportion of the total [1] Group 3: Institutional Management - As of the end of September 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 59.734 billion yuan [2] - Fund management companies managed an average of 35.205 billion yuan in private asset management products [2]

Core Insights - The China Securities Investment Fund Industry Association reported an increase in the number of private asset management products registered by securities and futures institutions in September 2025, with a total of 2,305 products, reflecting a month-on-month increase of 14.62% and a year-on-year increase of 230.23% [1] - The total scale of these products reached 831.47 billion yuan, showing a month-on-month decrease of 2.09% but a year-on-year increase of 69.20% [1] Group 1: Product Registration and Scale - In September 2025, the average establishment scale of collective products was 0.63 billion yuan, down 13.30% month-on-month, while the average scale for single products was 0.19 billion yuan, down 7.61% month-on-month [1] - By the end of September 2025, the total scale of private asset management products reached 12.46 trillion yuan, an increase of 1210.08 billion yuan from the end of August, but a month-on-month decrease of 0.96% [1] Group 2: Product Types and Investment Categories - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale [1] - The number and scale of existing collective asset management plans were notably high, with fixed-income products dominating both in number and scale, followed by mixed products in terms of quantity and equity products in terms of scale [1] Group 3: Management Scale by Institution Type - As of September 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 597.34 billion yuan, with a median of 209.67 billion yuan [2] - Fund management companies had an average management scale of 352.05 billion yuan, with a median of 102.81 billion yuan, while futures companies and their subsidiaries managed an average of 40.62 billion yuan, with a median of 3.36 billion yuan [2]

Core Insights - The total scale of private asset management products by securities and futures operating institutions in China reached 12.46 trillion yuan as of the end of September, marking an increase of 1210.08 billion yuan from the previous month, but a decrease of 0.96% month-on-month [1] Product Type Summary - The number and scale of existing collective asset management plans account for a high proportion of the total [1] Investment Type Summary - Fixed income products dominate both in number and scale among the four types of products - Mixed products rank second in number, while equity products rank second in scale - Futures and derivatives products have a relatively small number and scale [1]

Core Insights - The private asset management products registered by securities and futures institutions in September 2025 reached a total of 2,305, marking a month-on-month increase of 14.62% and a year-on-year increase of 230.23% with a total establishment scale of 83.147 billion yuan, which is a month-on-month decrease of 2.09% but a year-on-year increase of 69.20% [1][6]. Product Type Summary - In September, the average establishment scale of collective products was 0.63 billion yuan, down 13.30% month-on-month, while the average establishment scale of single products was 0.19 billion yuan, down 7.61% month-on-month [2]. - The mixed-type products accounted for the highest number of registrations, while fixed-income products had the largest establishment scale [3]. Investment Type Summary - The breakdown of registered products by investment type in September is as follows: - Mixed products: 1,290 with a scale of 263.82 billion yuan (31.73%) - Fixed income products: 691 with a scale of 423.62 billion yuan (50.95%) - Futures and derivatives: 154 with a scale of 101.02 billion yuan (12.15%) - Equity products: 170 with a scale of 43.01 billion yuan (5.17%) [5]. Institutional Type Summary - Among the registered private asset management products in September, securities companies and their subsidiaries accounted for the highest proportion [4]. Product Continuity Summary - As of the end of September 2025, the total scale of private asset management products managed by securities and futures institutions reached 12.46 trillion yuan, an increase of 1,210.08 billion yuan from the previous month, but a month-on-month decrease of 0.96% [6]. Product Type Continuity Summary - The number and scale of collective asset management plans accounted for a significant proportion of the total [8]. - The total number of private asset management products was 40,163, with a total scale of 124.62 trillion yuan, where collective plans accounted for 50.84% in number and 50.34% in scale [9]. Scale Distribution Summary - The average management scale of private asset management products by securities companies and their subsidiaries was 59.734 billion yuan, with a median of 20.967 billion yuan [10].

Group 1 - The core viewpoint of the news is the significant growth in private asset management products in July, with a total of 1,874 products registered, marking a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [1] - The total establishment scale reached 105.97 billion yuan, reflecting a month-on-month growth of 93.58% compared to June's 54.74 billion yuan [1] - Securities companies and their asset management subsidiaries accounted for the highest proportion of registered products and establishment scale, with 1,209 products registered and a scale of 53.87 billion yuan, representing over 50% of the total [3] Group 2 - In terms of product types, collective asset management plans accounted for over 70% of the establishment scale, with 859 collective plans and 1,015 single plans registered, with establishment scales of 78.53 billion yuan and 27.45 billion yuan respectively [3] - The mixed product category had the highest number of registrations at 892, while fixed income products had the largest establishment scale at 68.93 billion yuan, and equity products had the lowest registration and scale [3] - As of the end of July, the total scale of private asset management products reached 12.48 trillion yuan, an increase of 385.38 billion yuan from the previous month, reflecting a month-on-month growth of 3.19% [4] Group 3 - The number of existing collective and single asset management plans was 19,661 and 18,145 respectively, with collective plans accounting for 52% of the total number and 50.75% of the total scale [4] - The average management scale for various types of institutions was as follows: securities companies and their asset management subsidiaries at 60.79 billion yuan, private subsidiaries at 8.49 billion yuan, and fund management companies at 35.12 billion yuan [4]

Core Insights - The total scale of private asset management products by securities and futures institutions reached 12.48 trillion yuan as of the end of July 2025, reflecting a month-on-month increase of 385.84 billion yuan, or 3.19% [1] Group 1: Product Registration and Scale - In July 2025, a total of 1,874 private asset management products were registered, representing a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [2] - The established scale of these products was 105.97 billion yuan, with a month-on-month increase of 93.58% and a year-on-year increase of 95.02% [2] Group 2: Product Types and Investment Categories - The number and scale of existing collective asset management plans were significantly higher compared to other types [3] - Fixed income products accounted for the largest proportion in both number and scale among the four product categories, followed by mixed products in terms of quantity and equity products in terms of scale [4][6] - In July, the average establishment scale of registered collective products was 9.1 million yuan, up 37.83% month-on-month, while single products averaged 2.7 million yuan, up 52.45% month-on-month [5] Group 3: Institutional Types - Securities companies and their subsidiaries had the highest proportion of registered private asset management products in July [7] - The average management scale of private asset management products for securities companies and their subsidiaries was 60.79 billion yuan, with a median of 22.83 billion yuan [8]

Core Insights - The China Securities Investment Fund Association reported a significant increase in private asset management products, with a total of 1,874 products registered as of July 2025, marking a month-on-month increase of 33.95% and a year-on-year increase of 113.44% [1] - The total established scale of these products reached 105.97 billion yuan, reflecting a month-on-month increase of 93.58% and a year-on-year increase of 95.02% [1] - As of the end of July 2025, the total scale of private asset management products by securities and futures institutions amounted to 12.48 trillion yuan, excluding social security funds and corporate annuities, which is an increase of 385.38 billion yuan from the previous month, representing a month-on-month growth of 3.19% [1]