Core Viewpoint - The article emphasizes the importance of protecting investor interests during the transition of brokerage public collective investment products, highlighting a successful case by Dongcai Fund as a model for the industry [1][2]. Group 1: Regulatory Context - The regulatory initiative aims to integrate public collective investment products into a unified, transparent framework to provide standardized financial services to a broader range of investors, with a core focus on "protection" [2]. - The transition should not be a passive compliance action but an active exploration to achieve smooth product transitions with minimal social costs and optimal customer experiences [2]. Group 2: Dongcai Fund's Case - Dongcai Fund's successful acquisition of two products exemplifies proactive engagement, aiming to safeguard ordinary investors' wealth and investment continuity during the transformation of the wealth management industry [2]. - The operational strategy involved a "smooth transition" by automatically converting existing shares, maintaining continuous holding periods, and preserving trading habits to avoid operational errors and additional costs [2]. - The product design retained performance benchmarks, fee structures, and rolling holding operations, ensuring continuity in risk-return characteristics and alleviating investor concerns about strategy changes [2]. Group 3: Industry Insights - Dongcai Fund's practice provides valuable insights for the ongoing transformation of public collective investment products and the broader asset management industry, demonstrating that a smooth transition is technically feasible if management is willing to invest resources and take responsibility [3]. - The case expands the definition of "professional capability" in asset management, emphasizing the importance of operational and service excellence in fulfilling investor trust, especially as the industry shifts from rapid growth to high-quality development [3]. - The article illustrates that adhering to regulatory spirit is not merely about compliance but represents a strategic opportunity for mutual benefit among investors and the industry [3][4].

Core Viewpoint - The transition of management for Wanlian Securities' public collective fund to Ping An Fund marks a significant move in the industry, showcasing a new path for the transformation of broker-dealer asset management products into public offerings [1][3]. Group 1: Management Transition - On November 28, Wanlian Securities announced that its Wanlian Tiantianli Money Management Plan would be managed by Ping An Fund, rebranded as "Ping An Tiantianli Money Market Fund" [1]. - This transition is one of the few instances of management changes between non-shareholder institutions in the broker-dealer asset management sector [1]. Group 2: Redemption Periods - Following the decision, a redemption period from November 28 to December 5 was established for holders of the collective plan shares, allowing them to choose to redeem their shares [3]. - Shares not redeemed during this period will automatically convert to shares of the Ping An Tiantianli Money Market Fund [3]. Group 3: Industry Trends - Other broker-dealers, such as Northeast Securities and Caida Securities, have also announced similar transitions to public fund management, indicating a broader trend in the industry [3][4]. - As of November 30, nearly 100 large collective products have yet to complete their transformation to public offerings, highlighting the urgency as the 2025 deadline approaches [6].