2.其他需要提示的事项 （1）本公告所述的"基金"也包括按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管 理业务的指导意见〉操作指引》的要求完成变更后的证券公司大集合产品。 1.管理费调整方案 ■ （3）咨询方式：投资者可登录本公司网站（http://yhjh.chinastock.com.cn）或拨打客服热线（010- 89623098）咨询有关事宜。 银河金汇证券资产管理有限公司 2026年2月26日 （2）风险提示：集合计划管理人承诺以诚实信用、勤勉尽责的原则管理和运用集合计划资产，但不保 证集合计划一定盈利，也不保证最低收益。投资者投资于本集合计划前应认真阅读本集合计划的资产管 理合同、招募说明书、产品资料概要等法律文件。 ...

Core Viewpoint - The article discusses the impending expiration of the broker's large collective asset management products, which have significantly decreased in scale over the years, indicating a major shift in the asset management landscape in China [2][3][4]. Group 1: Overview of Broker's Large Collective Products - The broker's large collective asset management products, which were once a significant part of the financial landscape, are set to expire by December 31, 2025, with only 9 products remaining as of late December 2023 [2][4]. - The scale of these products has dramatically decreased from approximately 1 trillion yuan to near zero due to regulatory changes and market dynamics [2][5]. - The products were originally established under regulations that allowed for an unlimited number of investors, but changes in the law in 2013 restricted new issuances, leading to a gradual decline in their prevalence [4][5]. Group 2: Regulatory Changes and Their Impact - The China Securities Regulatory Commission (CSRC) initiated a reform process in 2018, which mandated that existing large collective products must transition to either private or public fund structures or face liquidation [6][8]. - Many products have opted to convert to public funds, with some notable examples of successful transitions, while others have been liquidated or converted to private funds [6][7]. - The regulatory framework has led to multiple extensions for certain products, indicating challenges in compliance and adaptation to the new rules [8]. Group 3: Current Status and Future Outlook - As of December 2023, the remaining products are primarily set to expire in 2025, with one product having received an extension into mid-2026 [4][8]. - The trend indicates a significant shift towards public fund structures, reflecting a broader move in the industry towards more regulated and transparent investment vehicles [6][7].

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].