Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step in strengthening the company's core competitiveness and accelerating its strategic transformation [2][3]. Group 1: Management Changes - Cheng Fei, former vice president of Guotai Junan Securities, has officially taken over as the general manager of Dongfang Hong Asset Management as of May 9 [3][4]. - The previous chairman, Yang Bin, will no longer act as the general manager, marking a significant leadership transition [2][3]. Group 2: Industry Impact - Cheng Fei's extensive experience in asset management is expected to bring new ideas and innovative concepts to Dongfang Hong Asset Management, enhancing its competitiveness in a challenging market [7]. - His leadership is anticipated to focus on integrating investment research and product management, as well as improving the stability and diversity of funding sources [7]. Group 3: Company Background - Dongfang Hong Asset Management, established in 2010, is the first securities company asset management firm in China and has developed a strong reputation for value investing [9]. - As of December 2024, the total assets under management reached 216.57 billion yuan, with public fund management accounting for 166.17 billion yuan [9]. Group 4: Performance Metrics - Over the past decade, the company's active management return on stock investments has reached 165.10%, ranking first in the industry [10]. - Fixed income funds have achieved an absolute return rate of 36.32% over the past seven years, placing them in the top 30% of the industry [11].

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step in strengthening the company's core competitiveness and accelerating its strategic transformation [5][11]. Group 1: Management Changes - Cheng Fei has been appointed as the new general manager of Dongfang Hong Asset Management, effective May 9, 2025 [2][5]. - Cheng Fei has extensive experience in asset management, having previously held senior positions at Guotai Junan Securities and Guoxin Securities [2][9]. - The former general manager, Zhang Feng, left the position for personal reasons, and the chairman Yang Bin temporarily took over the role [7][11]. Group 2: Strategic Direction - The company aims to enhance its asset management business by focusing on five key areas: improving the integrated research and investment platform, refining a customer-centric product management system, increasing the stability and diversity of funding sources, enhancing compliance and risk management, and developing data-driven service capabilities [7][8][15]. - Cheng Fei's appointment is expected to inject strong momentum into the company's transformation blueprint, which aligns with the broader strategy of integrating into the parent company's "big wealth" business system [5][11]. Group 3: Industry Context - The asset management industry is facing intense competition from various institutions, including public funds and bank wealth management subsidiaries, necessitating a differentiated approach for securities asset management [10]. - Cheng Fei emphasizes the importance of strong research capabilities, a steadfast strategy, and a culture of "no unnecessary changes" for long-term development in the asset management sector [10][11]. Group 4: Historical Performance - Dongfang Hong Asset Management has a rich history, having been established in 1998 and becoming the first securities asset management company in China to obtain public fund management qualifications [14][15]. - The company experienced significant growth from 2016 to 2021, with assets under management increasing from 24.94 billion RMB to 269.7 billion RMB, marking a more than tenfold increase [14][15]. - However, the company has faced challenges in recent years, including missed structural opportunities and a decline in asset management scale, which is now being addressed through a strategic focus on platformization, diversification, and market orientation [15].

Core Viewpoint - The case highlights the legal implications of companies using "hidden commitments" to counter the lifting of lock-up restrictions on shares, which can lead to information disclosure violations and doubts about the authenticity of such commitments [1][2]. Group 1: Case Background - The dispute involves Dongfang Securities and Huangshi Group, stemming from a 10-year-old acquisition transaction related to a share pledge repurchase business default [2]. - Huangshi Group issued shares to Li in 2014 for acquiring 100% of Yujia Film and Television Group, with performance commitments tied to the lifting of share restrictions [2]. - Li pledged the shares to Dongfang Securities for a repurchase transaction, but due to default, the shares were transferred to Dongfang Securities [2]. Group 2: Legal Proceedings - Dongfang Securities sued Huangshi Group for infringing shareholder rights, while Huangshi Group claimed it was not at fault and that Dongfang Securities should adhere to Li's commitments [3]. - Huangshi Group provided a "Commitment Letter" during the litigation, asserting that the conditions for lifting the restrictions were not met [3]. - The court found that Huangshi Group had previously confirmed the completion of performance commitments exceeding 100% from 2014 to 2017 [3]. Group 3: Judicial Challenges - The case raises questions about the effectiveness of lock-up commitments in relation to transferees and whether judicial execution can nullify such commitments [4]. - There are numerous cases where public commitments have been used to counter requests for lifting restrictions, with companies generally prevailing [4]. - The focus of the dispute includes the authenticity of the "Commitment Letter," the validity of shareholder resolutions, and the determination of damages for non-compliance [5][6]. Group 4: Court's Ruling - The Shanghai Financial Court ruled that companies must cooperate in lifting restrictions when the relevant commitments have been fulfilled, and cannot use undisclosed hidden commitments as a defense [6]. - The court emphasized the importance of preventing shareholders from exploiting information asymmetry to gain short-term benefits, which could harm the company and other shareholders [6].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已 ...

智通财经记者 | 陈靖 科创债发行主体范围扩大后，券商等积极响应。 5月8日，沪深交易所公告显示，中信证券（600030.SH）、国泰海通证券（601211.SH）、中信建投证 券（601066.SH）等12家证券公司拟发行总额超177亿元的科创债。 12家券商募集资金的主要用途为，将不低于70%资金专项用于支持科技创新领域，通过股权、债券、基 金等多元化投资形式实施。 以招商证券（600999.SH）为例，其计划募集资金50亿元，其中10亿元用于符合资本市场要求的投资； 25亿元投入科技创新类债券、ETF及公募基金的做市与风险对冲服务；剩余资金将用于科技创新类证券 承销业务。 截至发稿，沪深两市交易所拟发行科创债总额为330.65亿元，其中上交所规模为309.65亿元，深交所规 模为21亿元。多家头部券商发行量较大，其中招商证券（600999.SH）（50亿元）、中信建投（25亿 元）、国泰海通证券（20亿元）、中信证券（20亿元）、中国银河（601881.SH）（20亿元）、平安证 券（601318.SH）（10亿元）、申万宏源（000166.SZ）（10亿元）、东方证券（600958.SH）（10亿 元 ...

Group 1 - The issuance of technology innovation bonds (科创债) by 12 securities firms has reached a total scale of 17.7 billion yuan, aimed at funding strategic emerging industries such as integrated circuits, artificial intelligence, and renewable energy [1] - The expansion of the bond issuance is expected to enhance the confidence in the technology innovation sector and attract capital inflows into related industries [1] - Overall, the issuance of technology innovation bonds is beneficial for optimizing the capital market structure and injecting new vitality into the stock market [1] Group 2 - The scale of newly issued public funds has surpassed 340 billion yuan this year, with equity funds accounting for over 50% of the total, indicating a growing demand for equity assets [2] - Leading institutions such as Fortune Fund, Huaxia Fund, and E Fund have shown significant issuance scales, reflecting investor trust in top-tier fund managers [2] - This trend is likely to promote the development of equity funds and enhance market activity [2] Group 3 - In April 2025, the number of new A-share accounts reached 1.92 million, showing a significant year-on-year increase of 30.6% compared to April 2024 [3] - Despite a slight decline from the previous month, the new account openings indicate a high level of market participation and a recovery in investor confidence [3] - The increase in new accounts may positively impact the brokerage sector and enhance stock market liquidity [3] Group 4 - In the past six months, four vice presidents have left Cinda Australia Fund, including a prominent fund manager, reflecting intensified competition and performance pressure in the public fund industry [4][5] - Over 60% of the active equity products from Cinda Australia Fund have reported negative returns over the past three years, suggesting a need for strategy adjustments [5] - The personnel changes may temporarily affect investor confidence, but the ongoing industry reshuffling is expected to promote healthier development and improve overall management standards [5]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank plan to issue up to 200 billion yuan in technology innovation bonds, while Industrial and Commercial Bank of China aims for a base issuance of 100 billion yuan, with a potential excess of 100 billion yuan [2] - Securities firms have also announced plans, with a total proposed issuance of up to 177 billion yuan, including firms like CITIC Securities and Huatai Securities [2] - A total of 36 companies have announced plans to issue technology innovation bonds, with a combined issuance scale of 21 billion yuan as of May 8 [1] Group 2: Funding Utilization - The funds raised from technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [4] - Some securities firms plan to allocate a portion of the raised funds for market-making and underwriting services related to technology innovation [4] Group 3: Market Impact - The inclusion of financial institutions as issuers of technology innovation bonds is expected to expand the market and enhance the synergy between debt, equity, and loan funding for technology innovation [3][6] - The issuance of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [5] - The average issuance rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for technology companies [5]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | 事件 ...

1 证券代码：600958 证券简称：东方证券 公告编号：2025-028 东方证券股份有限公司 关于回购股份事项前十大股东及前十大无限售条件 股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025年5月6日，东方证券股份有限公司（以下简称"公司"）召 开第六届董事会第六次会议，审议通过了《关于以集中竞价交易方式 回购公司A股股份方案的议案》。公司本次回购股份事项的具体方案 详见公司于2025年5月7日披露的《公司关于以集中竞价交易方式回购 公司A股股份方案的公告》（公告编号：2025-024）。 根据《上市公司股份回购规则》《上海证券交易所股票上市规则》 及《上海证券交易所上市公司自律监管指引第7号——回购股份》等 法律、法规及规范性文件的相关要求，现将公司董事会公告回购股份 决议的前一个交易日（即2025年5月6日）登记在册的A股前十大股东 和前十大无限售条件股东的名称及持股数量、比例情况公告如下： | 序 | 股东名称 | A 股持股数量 | 占公司 | A 股 | 占公司总股 | | --- | ...

Group 1 - The company experienced a visitor increase of approximately 10% and a revenue growth of about 13% during the holiday period from May 1 to 4, attributed to proactive measures in production, tourism safety, and service quality [1] - Various innovative activities were launched across different scenic spots, such as the "Light Boat Tour" and "National Trend Music Festival," which contributed to attracting a large number of tourists [1] - The company opened a new cultural and creative project in collaboration with the "Shangxinle·Forbidden City" team, marking a new model for local cultural tourism development [1] Group 2 - The company initiated a brand declaration action in collaboration with various tourism associations, focusing on quality service as a product and building a quality service matrix [2] - The company aims to leverage the opportunity of building a world-class city in Guilin to establish a new development framework, proposing a strategy of "one core, one optimization, two wings, and three expansions" [2] - The company plans to enhance its marketing efforts in new media and develop a full industry chain in cultural tourism [2] Group 3 - By 2025, the company intends to drive high-quality development through innovation, focusing on preserving existing resources, expanding new ones, and optimizing underperforming assets [3] - The company will utilize AI technology to create new tourism experiences and develop a product matrix centered around leisure and deep experiences [3] - Plans include exploring new tourism consumption avenues and integrating various resources to create a comprehensive poetic living complex [3] Group 4 - On May 7, the company held a conference call with seven institutions to discuss its operational achievements during the holiday and future development strategies, reinforcing confidence in its high-quality growth [5]