Core Viewpoint - The transition of management for the Wanlian Securities' public collective fund to Ping An Fund marks a significant step in the ongoing transformation of broker asset management products in China, as firms seek to comply with regulatory requirements by the end of 2025 [1][2]. Group 1: Management Transition - Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan will be managed by Ping An Fund, which will be renamed as "Ping An Tiantianli Money Market Fund" [1]. - The redemption period for existing holders of the collective plan shares is set from November 28 to December 5, allowing them to choose whether to redeem their shares [2]. Group 2: Industry Trends - Other securities firms, such as Northeast Securities and Caida Securities, have also begun similar transitions, indicating a broader trend in the industry towards public fund management [3]. - Northeast Securities' asset management plans, with a combined management scale of 9.244 billion, will be transferred to Dongcai Fund, which will exceed 40 billion in management scale post-transition [3]. Group 3: Regulatory Context - According to the 2018 asset management regulations, broker public collective funds must complete their transformation to public offerings by the end of 2025, leading to an accelerated pace of changes in the industry [3]. - As of November 30, nearly 100 large collective products have yet to complete their transformation, highlighting the urgency for compliance [4].

Core Points - The board of directors and the company guarantee that the information contained in the Q3 2025 report of the collective asset management plan does not contain false records, misleading statements, or significant omissions, and they bear individual and joint responsibility for the authenticity, accuracy, and completeness of its content [1] Group 1 - The company has completed the contract changes for the following collective asset management plans: 1. Financial Securities Stable Medium and Short-term Bond Collective Asset Management Plan 2. Financial Securities Stable Three-Month Rolling Holding Bond Collective Asset Management Plan [1] - The full text of the Q3 2025 report for the above two collective asset management plans was disclosed on October 27, 2025, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website for investors to review [1] - The management of the collective plans commits to managing and utilizing the assets of the collective plans with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1]

Group 1 - The board of directors of Caida Securities held its 12th meeting of the 4th session on October 24, 2025, via communication, with all 10 directors participating in the voting [2] - The meeting approved the proposal regarding the 3rd quarter report of the public asset management plan for 2025, with a unanimous vote of 10 in favor and no votes against or abstentions [2] - The proposal for the reports of the "Caida Securities Stable Three-Month Rolling Bond Type Collective Asset Management Plan" and the "Caida Securities Stable Short-Duration Bond Type Collective Asset Management Plan" for the 3rd quarter of 2025 was also approved [2][3] Group 2 - The announcement confirms that the content is accurate and complete, with the board taking legal responsibility for its authenticity [1][4] - The meeting and voting procedures complied with the relevant regulations of the Company Law and the articles of association of Caida Securities [2]