Core Insights - As of June 30, the total scale of private asset management products by securities and futures institutions reached 12.09 trillion yuan, a decrease of 189.17 billion yuan from the previous month [1][4][3] - The number of newly registered private asset management products in June was 1,399, with a total establishment scale of 547.44 billion yuan, reflecting a month-on-month increase of 5.35% in quantity but a decrease of 32.76% in scale [1][9][11] Summary by Category Overall Scale - The total scale of existing private asset management products decreased by 0.16% month-on-month and declined by 4.95% year-on-year [4] - The scale distribution among different types of institutions shows that securities companies and their asset management subsidiaries account for 45.67% of the total, while fund management companies hold 38.02% [4] Product Types - The scale of fixed income products remains the largest, accounting for 73.50% of the total, followed by equity products at 14.23% and mixed products at 11.11% [7][8] - In June, the scale of fixed income products decreased by 902.14 billion yuan, while equity and mixed products saw increases of 197.05 billion yuan and 416.57 billion yuan, respectively [7] New Registrations - In June, the number of newly registered private asset management products was 1,399, with a total establishment scale of 547.44 billion yuan, marking a year-on-year increase of 33.40% [9][11] - Among the newly registered products, 60.56% were from securities companies and their subsidiaries, while 25.93% were from fund companies [11] Institutional Management Scale - The average management scale for securities companies and their asset management subsidiaries is 581.14 billion yuan, with a median of 216.21 billion yuan [14] - Fund management companies have an average management scale of 343.03 billion yuan, with a median of 95.25 billion yuan [15]

Core Viewpoint - As of June 30, the total scale of private asset management products by securities and futures institutions in China reached 12.09 trillion yuan, reflecting a decrease of 189.17 billion yuan from the previous month, marking a 0.16% month-on-month decline and a 4.95% year-on-year drop [6][4][12]. Summary by Sections Overall Scale and Changes - The total scale of existing private asset management products decreased to 12.09 trillion yuan, down 189.17 billion yuan from the previous month [4][6]. - The number of private asset management products registered in June was 1,399, with a total establishment scale of 547.44 billion yuan, showing a month-on-month decrease of 32.76% but a year-on-year increase of 33.40% [12][11]. Product Type Analysis - Among the existing products, fixed income products accounted for the largest scale at 8.89 trillion yuan, representing 73.50% of the total, while equity products totaled 1.72 trillion yuan, making up 14.23% [8][10]. - The number of single asset management plans was lower than that of collective asset management plans, with single plans at 5.98 trillion yuan (49.46%) and collective plans at 6.11 trillion yuan (50.54%) [7]. Institutional Breakdown - By institution type, securities companies and their subsidiaries managed 5.52 trillion yuan (45.67%), while fund management companies managed 4.60 trillion yuan (38.02%) [6]. - In June, 60.56% of the newly registered products were from securities companies and their subsidiaries, while 25.93% were from fund companies and their subsidiaries [13]. Recent Trends - Fixed income product scale decreased by 902.14 billion yuan, while equity, mixed, and futures/derivatives products saw increases of 197.05 billion yuan, 416.57 billion yuan, and 99.37 billion yuan, respectively [10]. - The average management scale for securities companies was 581.14 billion yuan, with a median of 216.21 billion yuan [18].

智通财经7月1日电，中国基金业协会发布数据，2025年5月，证券期货经营机构共备案私募资管产品 1,328只，环比减少14.05%，同比增加93.59%；设立规模562.95亿元，环比减少17.90%，同比增加 7.80%。截至2025年5月底，证券期货经营机构私募资管产品规模合计12.11万亿元（不含社保基金、企 业年金），较上月底增加987.57亿元，环比上升0.82%。 中基协：5月私募资管产品设立规模562.95亿元 同比增加7.80% ...

Core Viewpoint - The report indicates a significant increase in the number of private asset management products registered by securities and futures institutions in April 2025, reflecting a growing trend in the private asset management sector in China [1][2]. Group 1: Product Registration Data - In April 2025, a total of 1,545 private asset management products were registered, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1]. - The total establishment scale of these products was 68.57 billion yuan, showing a slight month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1]. - The average establishment scale for collective products was 7.2 million yuan, down 4.58% month-on-month, while for single products, it was 2.1 million yuan, down 11.32% [3]. Group 2: Product Type Analysis - Among the registered products, mixed-type products had the highest number, while fixed-income products had the largest establishment scale [4]. - The breakdown of registered products by investment type shows that equity products accounted for 66 products with a scale of 2.53 billion yuan (3.69%), fixed-income products accounted for 539 products with a scale of 34.50 billion yuan (50.32%), futures and derivatives accounted for 168 products with a scale of 14.83 billion yuan (21.63%), and mixed products accounted for 772 products with a scale of 16.71 billion yuan (24.37%) [5]. Group 3: Total Asset Management Scale - As of the end of April 2025, the total scale of private asset management products managed by securities and futures institutions reached 12.01 trillion yuan, an increase of approximately 163.73 billion yuan from the previous month, representing a month-on-month growth of 1.38% [7]. - The proportion of existing collective asset management plans was 51.9%, while single asset management plans accounted for 48.1% [8]. Group 4: Institutional Management Scale - The average management scale of private asset management products by securities companies and their subsidiaries was 56.54 billion yuan, with a median of 19.26 billion yuan [14]. - Fund companies had an average management scale of 34.84 billion yuan, with a median of 9.07 billion yuan [17]. - Futures companies and their subsidiaries had an average management scale of 3.37 billion yuan, with a median of 0.29 billion yuan [21].

Core Insights - The total scale of private asset management products in China increased by approximately 163.7 billion yuan in April 2025, reaching 12.01 trillion yuan [6] - The number of private asset management products registered in April 2025 was 1,545, representing a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [6][3] - The average establishment scale of collective products was 0.72 billion yuan, while single products averaged 0.21 billion yuan, showing a month-on-month decrease of 4.58% and 11.32% respectively [4] Product Type Analysis - In April 2025, collective asset management plans accounted for 75.18% of the total establishment scale, with 719 products and a scale of 515.48 billion yuan [5] - Single asset management plans made up 24.82% of the total, with 826 products and a scale of 170.22 billion yuan [5] - Mixed-type products had the highest number of registrations, while fixed-income products had the largest establishment scale [5] Institutional Insights - As of the end of April 2025, the average management scale of private asset management products by securities companies and their subsidiaries was 565.35 billion yuan, with a median of 192.60 billion yuan [10] - Among securities companies, 7 firms managed over 200 billion yuan, while 25 firms managed between 50 billion and 200 billion yuan [10] - Fund management companies had an average management scale of 348.43 billion yuan, with 14 companies managing over 1 trillion yuan [14]

【 导读】 私募资管产品规模 4月增加 1637 亿元至 12.01万亿元 见习记者 庄佳 6月25日，中国证券投资基金业协会发布4月证券期货经营机构私募资管产品备案月报。 数据显示， 2025年4月，证券期货经营机构共备案私募资管产品1545只，环比增加5.60%，同比增加103.56%；设立规模 为 685.70亿元，环比减少0.36%，同比增加32.19%。 从机构类型看，4月备案的私募资管产品中，证券公司及其子公司产品占比 较 高。 | 机构类型 | 备案数量(只) | | 设立规模(亿元)规模占比(%) | | --- | --- | --- | --- | | 证券公司及其资管子公司 | 973 | 386. 85 | 56. 42 | | 证券公司私募子公司 | 18 | 13. 83 | 2.02 | | 基金管理公司 | 251 | 71. 44 | 10. 42 | | 基金子公司 | 1 69 | 185.51 | 27. 05 | | 基金管理公司私募子公司 | 2 | 1.13 | 0. 16 | | 期货公司及其资管子公司 | 132 | 26. 95 | 3.93 | | 计 台 ...

Core Insights - In April 2025, securities and futures institutions registered a total of 1,545 private asset management products, marking a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1] - The total establishment scale of these products reached 68.57 billion yuan, reflecting a month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1] Summary by Categories - **Product Registration** - A total of 1,545 private asset management products were registered in April 2025 [1] - This represents a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1] - **Establishment Scale** - The establishment scale of the registered products was 68.57 billion yuan [1] - This shows a month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1]

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

Group 1 - The core point of the article highlights that in March 2025, the number of private asset management products registered by securities and futures institutions reached 1,463, representing a year-on-year increase of 94.03% and a month-on-month increase of 76.69% [1] - The total establishment scale of these products was 68.82 billion yuan, which is a month-on-month increase of 50.51% and a year-on-year increase of 28.82% [1] - As of the end of March 2025, the total scale of private asset management products by securities and futures institutions amounted to 11.84 trillion yuan, showing a decrease of 338.15 billion yuan from the previous month, which is a month-on-month decline of 2.77% [1]

Core Viewpoint - Guosen Securities Asset Management Co., Ltd. officially commenced operations on March 21, 2024, marking a significant development in the company's asset management business [2][3]. Group 1: Company Establishment and Operations - Guosen Securities Asset Management Co., Ltd. was established after nearly three years of preparation, with the board approving the establishment in April 2022 and receiving regulatory approval in November 2023 [3]. - The registered capital of Guosen Asset Management is 1 billion yuan, headquartered in Shenzhen, and it is authorized to manage securities asset management and overseas securities investment [3]. - The company has a management team of five, with Cheng Fei as the chairman and Fang Qiang as the general manager [3]. Group 2: Business Strategy and Future Plans - Guosen Asset Management aims to differentiate itself in the market, focusing on customer satisfaction rather than merely maximizing returns or scale [8]. - The company plans to develop a product strategy system comprising 12 major strategies, covering fixed income, equity investment, fund of funds (FOF), and derivatives [8]. - The asset management business had a net asset value of 152.746 billion yuan as of June 30, 2024, with growth attributed to innovative strategies and targeted market management [9]. Group 3: Changes in Management and Operations - The asset management business will transition from Guosen Securities to Guosen Asset Management, with changes in management entities and operational accounts effective from the opening date [5][6]. - The company has established an internal control mechanism for related party transactions to ensure compliance and fairness in its operations [7].