仅余3只 2025年末，伴随券商参公大集合产品整改期限的到来，这一已有22年历史的重要资管业务正式谢幕。 目前，券商参公大集合已基本完成变更，还存续的券商大集合产品仅3只，包括国联现金添利、银河水 星现金添利和粤开现金惠等尚未完成平移。据悉，大多数的大集合转为公募产品，有的转为私募，有的 则选择清盘。 在经历了去通道、强监管的转型期后，券商资管正回归主动管理本源，通过产品创新和服务升级提升竞 争力。 最新数据显示，证券行业资管业务总规模已超9万亿元。截至2025年11月末，券商（包含资管子公司） 私募资管规模达5.8万亿元，此外， 东证资管等4家券商资管公募管理规模也超千亿元。 对于券商资管大集合产品的公募化改造的收官，以及公募牌照申请的放缓，有业内人士表示，行业回 归"受人之托，代人理财"本源，资管行业开启新一轮竞速。 大集合谢幕 券商大集合产品是券商集合资管业务的历史遗留产物。 2003年，券商资产管理业务迎来规范化时代。2004年10月25日，光大证券率先向证监会申报集合资产计 划，成为首只申报获批的券商集合理财产品，也是券商首只大集合理财产品，该产品于2005年4月成 立。 按照集合理财的规模和认购最 ...

Group 1 - The core viewpoint of the news is that the private asset management products in China's securities and futures sector have seen significant growth in both the number of products and the total scale as of November 2025, indicating a robust market trend [1][2][3] Group 2 - As of November 2025, a total of 2,134 private asset management products were registered, representing a month-on-month increase of 44.78% and a year-on-year increase of 129.96% [1] - The total scale of these products reached 852.21 billion yuan, with a month-on-month increase of 51.00% and a year-on-year increase of 93.32% [1] - Among the registered products, securities companies and their subsidiaries accounted for the highest proportion [1] - The average establishment scale of collective products was 0.63 million yuan, reflecting a month-on-month growth of 5.73%, while the average scale of single products was 0.21 million yuan, showing a month-on-month decline of 3.72% [1] - By investment type, the number of mixed products was the highest, while fixed income products had the largest establishment scale [1] Group 3 - As of the end of November 2025, the total scale of private asset management products managed by securities and futures institutions was 12.51 trillion yuan, a decrease of 620.18 billion yuan from the previous month, representing a month-on-month decline of 0.49% [2] - The number and scale of existing collective asset management plans were significantly higher compared to other types [2] - Fixed income products dominated both in number and scale among the four product types, with mixed products following in number and equity products in scale [2] Group 4 - The average management scale of private asset management products by securities companies and their subsidiaries was 610.19 billion yuan, with a median management scale of 230.81 billion yuan [3] - The average management scale for private funds by securities company subsidiaries was 87.14 billion yuan, with a median of 21.45 billion yuan [3] - Fund management companies had an average management scale of 353.97 billion yuan, with a median of 105.04 billion yuan, while fund subsidiaries averaged 161.79 billion yuan with a median of 29.19 billion yuan [3] - Futures companies and their subsidiaries had an average management scale of 40.82 billion yuan, with a median of 4.15 billion yuan [3]

Core Viewpoint - The withdrawal of public fund license applications by brokerage asset management subsidiaries indicates a significant shift in the industry, with all applications now retracted, leading to a "clean slate" in the approval queue [2][3][7]. Group 1: License Application Trends - In 2023, a surge in applications for public fund licenses occurred, driven by regulatory changes that eased restrictions on the number of licenses [6]. - By the end of 2024, there was a complete halt in the approval of new public fund licenses, with several brokerage asset management firms withdrawing their applications in 2025 [7]. Group 2: Industry Response to Regulatory Changes - The withdrawal of applications is closely linked to the 2018 asset management regulations, which require brokerages to complete the public offering transformation of their products by the end of 2025 [9]. - As the deadline approaches, many brokerage asset management firms are transferring their public fund products to affiliated fund management companies, a common strategy observed in the industry [9]. Group 3: Differentiation in Business Strategies - The withdrawal of public fund license applications has led to a clear divergence in the development paths of brokerage asset management firms, with only 14 out of 30 firms obtaining public fund qualifications [11]. - Firms with public fund licenses are encouraged to seek differentiation in a competitive market, while those without may focus on traditional strengths in private asset management [11]. - The private asset management sector is experiencing a revival, with the scale of private asset management products reaching 5.73 trillion yuan by September 2025, an increase of approximately 270 billion yuan from the end of 2024 [11].

Core Insights - The securities industry reported strong growth in the first three quarters of 2025, with 42 listed brokerages achieving a revenue increase of over 42% year-on-year and a net profit growth of over 62% [1][2] - However, the asset management (AM) sector lagged significantly, with a mere growth rate of 2.43%, indicating deeper industry concerns and challenges [1][2] Revenue Performance - Total revenue for the 42 listed brokerages reached 419.56 billion yuan, marking a year-on-year increase of 42.55% [2] - The self-operated business accounted for 44.54% of total revenue, while brokerage services contributed 26.64%, together making up over 70% of the revenue [2] - The AM business's growth was starkly contrasted by other sectors, with brokerage services leading at a 74.64% growth rate, followed by interest and self-operated businesses at 54.52% and 43.83%, respectively [2] Institutional Performance - The top three firms in AM revenue were CITIC Securities, GF Securities, and Guotai Junan, with revenues of 8.703 billion yuan, 5.661 billion yuan, and 4.273 billion yuan, respectively [3] - Only 14 out of the 42 listed brokerages reported positive growth in their AM business, indicating a significant divide within the industry [3] Challenges in Asset Management - The AM sector faces dual pressures from scale and profitability, with existing large collective products undergoing a standardization transformation, impacting management scale and revenue [4] - Intense competition from public funds and bank wealth management subsidiaries further constrains the AM sector, which is still developing its active management capabilities [4] - The decline in interest rates and frequent credit risks have limited the supply of high-yield assets, challenging previous investment strategies reliant on high returns [4] Strategic Shifts - A notable trend has emerged where brokerages are withdrawing their applications for public fund licenses, contrasting sharply with the previous rush to apply [5][6] - This withdrawal is seen as a rational choice based on a deep assessment of resources, market conditions, and profit models, signaling a shift from a "license-driven" to a "capability-driven" model [6] - The consensus is forming that public fund licenses are not a panacea, with private fund operations emphasizing professional services and customized solutions becoming more appealing for certain brokerages [6] Recovery in Private Asset Management - Despite the withdrawal from public fund applications, the private asset management sector is experiencing a resurgence, with the scale of private fund products reaching 5.73 trillion yuan, an increase of approximately 270 billion yuan from the end of 2024 [7] - The growth in private fund product registrations indicates the necessity for differentiated strategies, focusing on multi-asset allocation and innovative strategies [7] Future Growth Drivers - Future growth in the AM sector is expected to be driven by two main factors: the completion of public fund transformations leading to secondary growth, and the stabilization and differentiation of private asset management offerings [8] - The focus will likely shift towards low-volatility, high-liquidity products, as well as alternative investments and cross-border allocations [8] Competitive Dynamics - Successful firms like Changcheng Securities and Guojin Securities have achieved over 30% growth by upgrading their "fixed income plus" strategies and integrating financial technology into their operations [9] - The emphasis is on a diversified product matrix and precise timing in investment strategies to capture macro opportunities [9][10] - The integration of AI technology into research and decision-making processes is becoming a core competitive advantage for asset management firms [10]

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]