Core Viewpoint - The rectification of broker asset management large collective products is accelerating, with significant changes expected by the end of this year [1][10]. Group 1: Current Status of Broker Asset Management Products - The total scale of existing broker large collective products is 310.4 billion, with the top ten products accounting for 224.9 billion, representing 72.45% of the total [5][4]. - The largest existing large collective product is from Ping An Securities, which has announced a clear plan for liquidation after its extension [7]. Group 2: Product Extensions and Changes - The Galaxy Mercury Cash Added Benefit product, with a scale of 306.7 billion, has extended its duration to December 31, 2025, making it the latest among the top ten products [2][6]. - The extension of the Galaxy product was made to protect the interests of existing investors and will involve changing the management to Galaxy Fund after obtaining regulatory approval [3][8]. Group 3: Regulatory Background and Future Expectations - The rectification process has been ongoing for nearly seven years, with the original deadline set for December 31, 2020, for the public offering transformation [11][10]. - The current expectation is that the end of this year may serve as a final deadline for the rectification of these products [10].

Core Viewpoint - The restructuring of broker asset management large collective products is accelerating, with significant changes expected by the end of this year [1][11]. Group 1: Product Delays and Changes - A large collective product under Galaxy Jin Hui Asset Management, with a scale exceeding 30 billion, has announced an extension until the end of this year, after which it will transition to a public fund managed by Galaxy Fund [1][3]. - The largest existing large collective product, managed by Ping An Securities, has confirmed it will be liquidated after its extension to November 30, 2025 [8]. - The current total scale of existing broker large collective products is 310.4 billion, with the top ten products accounting for 72.45% of this total [6][5]. Group 2: Specific Product Details - The top ten large collective products have the following details regarding their scales and future actions: - Ping An Securities Cash Treasure: 30.9 billion, to be liquidated [7]. - Galaxy Mercury Cash Benefit: 30.7 billion, extended to December 31, 2025, to be managed by Galaxy Fund [7]. - Other products like Guangfa Asset Management Cash Increase and Everbright Sunshine Cash Treasure will also transition to public fund management upon expiration [8][9]. Group 3: Regulatory Context and Implications - The restructuring process has been ongoing for nearly seven years, with a deadline set for the end of this year for compliance with the regulatory framework established by the China Securities Regulatory Commission [11]. - The core regulation mandates that existing large collective products must complete their transition to public funds by December 31, 2020, with many products experiencing multiple delays [11][12]. - Only 13 brokerages currently hold public fund licenses, making it a scarce resource, and many are opting to change the management of their large collective products to affiliated fund companies [12].