Core Viewpoint - The article discusses the challenges faced by the traditional TA clearing model in the asset management industry and introduces the new "TA single product automated clearing function" by Shenwan Hongyuan Securities Custody Center to enhance efficiency, safety, flexibility, and risk control in clearing services [2][10]. Industry Pain Points - The traditional TA clearing model is constrained by six core issues: 1. The rapid increase in the number of private products leads to longer clearing cycles, making it difficult to meet basic timeliness requirements [4]. 2. The lack of a real-time clearing model fails to adapt to high timeliness demands, as the clearing time points are fixed [5]. 3. The entire clearing process relies heavily on manual operations, increasing operational risks due to potential human errors [6]. 4. The rigid connection to valuation market data lacks timely feedback mechanisms, causing delays in clearing for all products in a batch if one product's data is missing [7]. 5. The inefficiency of repeated clearing processes requires full batch recalculations for single product rollbacks, which is time-consuming [8]. 6. The opaque nature of the clearing process results in a lack of monitoring and structured result displays, making problem identification and data verification inefficient [9]. Solution Overview - The "TA single product automated clearing function" aims to reconstruct the entire clearing process by focusing on "single product" as the core operational unit, creating an automated, real-time, and flexible operational system through technological empowerment [11][10]. Core Value Proposition - The new system provides three operational benefits for managers: 1. Significant improvement in operational efficiency [12]. 2. Effective reduction of operational risks [13]. Conclusion - As the asset management industry trends towards specialization and refinement, the efficiency and flexibility of TA operations directly impact managers' market competitiveness. Shenwan Hongyuan Custody Center will continue to optimize functional modules based on managers' business needs, enhancing the system's intelligence and customization to support high-quality industry development [14]. Detailed Features of the New System 1. **Pre-Clearing Phase**: Automates data reception to minimize manual intervention, ensuring timely and accurate data entry [14]. 2. **Clearing Phase**: Focuses on parallel real-time clearing to enhance efficiency and flexibility, allowing for independent handling of exceptional products [14]. 3. **Post-Clearing Phase**: Implements automated data pushing to create a closed-loop data system, ensuring timely and accurate communication of clearing results [14]. Efficiency Gains - The new system reduces product clearing cycles, enhances fund efficiency, minimizes operational risks through automation, ensures compliance with traceable processes, and improves system stability by isolating single product anomalies from the overall clearing process [15]. Business Innovation Support - The system adapts to complex scenarios, supports flexible expansion for new business types, and can handle clearing needs for nearly one million products, providing robust technical support for managers' business growth [15].

从数据导入、进度监控到结果推送，全环节依赖人工操作，人力投入大且易因操 作误差引发风险。 4.估值行情对接僵化，缺乏及时反馈机制 估值行情仅支持固定时间手动导入，无实时反馈机制，个别产品的行情延迟或缺 失易导致同一批次全部产品的清算卡壳。 在大资管行业深化发展的背景下，私募产品数量持续扩容至万级规模，业务场景日益复 杂，传统TA清算模式已难以适配管理人对清算效率、资金划付效率、运营灵活性及风险控制 的核心诉求。为破解这一困局，申万宏源证券托管中心全新推出"TA单产品自动化清算功 能"，通过重构清算流程、优化技术架构，实现TA业务从"全量批量处理"向"单产品精准化、 自动化运营"的转型，为管理人提供更加高效、安全、灵活的清算服务。 一、行业痛点：传统TA清 算模式的六大核心制约 当前TA清算业务面临的挑战，源于传统运营模式与新时期业务需求的深度错配，具体表 现为以下六点： 1.产品数量激增，清算周期被动拉长 私募产品数量及规模持续增长，传统全量批次清算模式下，清算周期随产品数量 同步延长，难以满足基础时效要求。 2.缺乏实时清算模式，时效高需求难适配 传统清算模式产品清算时点固定，无法根据产品净值估出时间适时调 ...