目前，全国性商业银行及少数证券公司托管了约80-90%公募、私募证券投资基金。基金托管一直是券 商重要的中间业务，不过近年来成功申领该项业务资格的券商越来越少。 年内，证监会曾发布《证券投资基金托管业务管理办法（修订草案征求意见稿）》公开征求意见的通 知，拟进一步提升相关机构的申请门槛。 日前，证监会公布的数据显示，还在排队申请基金托管资格的券商仅剩东吴证券一家，这一数量较2024 年锐减6家。 多家券商撤销基金托管资格申请 日前，证监会发布了最新一期的《证券、基金经营机构行政许可申请受理及审核情况公示》，表格显 示，当下仍在排队申请基金托管资格的机构仅剩三家，而聚焦到券商机构，则仅仅剩下东吴证券一家。 | | B | C | D | E | | class Front 6 H | | | - 31 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 表11:证券投资基金托管资格 | | | | | | | | | | | | | | | | | | 审核期限:20个工作日 | ...

监管审批或稳步推进 据证监会官网披露的信息梳理，目前共有48家证券公司、银行和金融公司获得证券投资基金托管资 格，其中银行有21家，包含渣打银行（中国）、花旗银行（中国）和德意志银行（中国）3家外资银 行。 继2014年江苏银行获批后，苏州银行日前发布公告称已获得证券投资基金托管资格，这是又一中资 银行拿到托管"资格证"。 "托管人是资管行业的'守门人'，掌握或参与各类资管业务的资金流动和证券交割，位置至关重 要，因此监管层对银行资质要求极其严格。"中信证券首席经济学家明明在接受记者采访时表示，对于 金融机构而言，获得证券投资基金托管资质意味着其自身实力受到监管和市场认可，有利于通过发展托 管业务拓宽其他各类业务，壮大自身体量。 中国银行研究院研究员原晓惠对记者表示，在利率市场化改革银行净利息收入承压的背景下，获得 基金托管资质利于银行拓展中间收入业务、提升业务多样性。特别是在公募基金方面，银行相比于券商 等金融机构，有较坚实的客户基础和渠道优势，有利于培养较强的竞争力。 托管业务正被越来越多的银行所看重。数据显示，2021年以来，截至3月23日，银行间基金托管总 规模近26.24万亿元，不过，规模排名前十均 ...

Group 1 - Chongqing Rural Commercial Bank has been approved by the China Securities Regulatory Commission (CSRC) to conduct securities investment fund custody business, making it the first commercial bank to receive this qualification in 2023 [1][2] - The CSRC emphasizes that Chongqing Rural Commercial Bank must strictly adhere to regulations and fulfill its responsibilities as a fund custodian, ensuring the integrity and independence of fund assets [2] - As of now, there are 37 banks with fund custody qualifications, including 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [2] Group 2 - The total assets of public fund custody have exceeded 33 trillion yuan, with Industrial and Commercial Bank of China leading at 4.48 trillion yuan, accounting for 13.78% of the market [3] - Chongqing Rural Commercial Bank's total assets reached 1.51 trillion yuan by the end of 2024, reflecting a year-on-year growth of 5.13%, positioning it among the top listed rural commercial banks [3] - The bank's revenue turned positive in 2024, with operating income of 28.261 billion yuan, a year-on-year increase of 1.09%, and a net profit attributable to shareholders of 11.513 billion yuan, up 5.6% [3] Group 3 - The CSRC has released a draft for the revision of the "Regulations on the Management of Securities Investment Fund Custody Business," focusing on prominent industry issues [4] - The revision aims to address the concentration of the fund custody industry, where a few national commercial banks and securities companies hold 80%-90% of public and private fund assets [4] - The draft proposes to clarify business boundaries and enhance the responsibilities of custodians, addressing issues such as "custody without management" and the need for a market exit mechanism [4][5] Group 4 - Key measures in the revised regulations include improving entry thresholds, strengthening risk isolation, and solidifying custodian responsibilities [5][6] - The regulations require custodians to verify information provided by fund managers and to avoid "sick custody" situations, ensuring that custodians fully disclose risks [6] - The draft allows high-quality custodians to establish wholly-owned subsidiaries dedicated to custody business, subject to relevant financial regulatory requirements [6]

Core Viewpoint - Chongqing Rural Commercial Bank has been approved for securities investment fund custody qualifications, making it the first commercial bank to receive this approval in the current year [1][2]. Group 1: Fund Custody Qualification - The China Securities Regulatory Commission (CSRC) has granted Chongqing Rural Commercial Bank the qualification to conduct securities investment fund custody business, emphasizing the need to adhere to regulations and protect the rights of fund shareholders [3]. - Fund custody involves banks or financial institutions safeguarding fund assets, handling settlement, reviewing net asset values, supervising investments, and convening shareholder meetings [3]. - A total of 37 banks have obtained fund custody qualifications, including 6 state-owned banks, 12 joint-stock banks, 11 city commercial banks, 3 rural commercial banks, and 5 foreign banks [3]. Group 2: Market Dynamics - Fund custody business is a significant source of intermediary income for commercial banks, characterized by low capital requirements, making it a vital revenue stream [3]. - Many regional banks are entering the fund custody market, with several others, including Chengdu Rural Commercial Bank and Inner Mongolia Merchants Bank, in the queue for custody qualifications [3]. - As of now, the total assets under public fund custody exceed 33 trillion yuan, with Industrial and Commercial Bank of China leading at 4.48 trillion yuan, holding a market share of 13.78% [3]. Group 3: Regulatory Changes - The CSRC has proposed revisions to the "Securities Investment Fund Custody Business Management Measures," focusing on industry issues such as the concentration of custody services among a few banks and the need for clearer business boundaries [5][6]. - The revisions aim to enhance entry requirements, strengthen risk isolation, and clarify the responsibilities of custodians, ensuring that they focus on their core duties [6][7]. - New mechanisms for market exit are being established, including conditions for license cancellation and the establishment of specialized subsidiaries for custody services by high-quality institutions [7].

Core Viewpoint - The recent draft of the "Regulations on the Management of Securities Investment Fund Custody Business" marks the beginning of a "capability competition" era in the custody industry, raising application thresholds, improving exit mechanisms, and solidifying custodian responsibilities [1][6]. Group 1: Increased Application Thresholds - The net asset threshold for commercial banks applying for fund custody qualifications has been raised from 20 billion RMB to 50 billion RMB, while for securities companies and other financial institutions, it has increased from 20 billion RMB to 30 billion RMB [3]. - As of the end of 2021, only 22 securities firms had net assets exceeding 30 billion RMB, indicating that the new requirements will likely eliminate many small institutions and increase industry concentration [3][6]. - A new regulatory rating requirement mandates that applicants must have a continuous rating of 2 or above for three years, which will disqualify a significant portion of firms [4]. Group 2: Enhanced Exit Mechanisms - The draft introduces clearer criteria for canceling custody qualifications, allowing for disqualification if a firm has not conducted substantial custody business for two years and has an average fund custody asset scale below 5 billion RMB [11]. - This change aims to eliminate "license hoarding" institutions and push resources towards leading firms, emphasizing the need for existing institutions to rectify their operations within a three-year transition period [12]. Group 3: Strengthened Custodian Responsibilities - The draft emphasizes the need for custodians to securely manage fund assets and introduces independent third-party data verification requirements [15]. - New rules prevent custodians from lowering standards to meet fund managers' demands and require them to disclose risks associated with assets that cannot be effectively supervised [16]. - Custodians are now required to report significant anomalies to the regulatory body on the same day they are discovered, enhancing accountability [16]. Group 4: Industry Performance Insights - Recent reports from major securities firms indicate a focus on expanding custody services, with CITIC Securities reporting a total of 13,890 asset custody products and a steady increase in service quality [18]. - China International Capital Corporation noted a total asset custody and operation service scale of 968.384 billion RMB, reflecting a year-on-year growth of 15.04% [18]. -招商证券 reported a market share of 21.72% in private fund custody products, maintaining the industry lead for eleven consecutive years [18].