Core Viewpoint - The team-based management model for fund managers is recognized as a key approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][2]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission has released an action plan that emphasizes the team-based management model as a crucial part of strengthening the core research and investment capabilities of public funds [2]. - Some fund companies have already begun exploring integrated research practices, with notable examples including the industrialized and intelligent research platform of China Europe Fund and the technology research team integration of Nuoan Fund [2]. - The emergence of a four-person co-management fund, the ICBC Leading Navigator Three-Year Holding Mixed Fund, marks a significant innovation in the fund industry to address the limitations of single-manager strategies [3]. Group 2: Challenges and Coordination - Despite the benefits of co-management, there are significant challenges that need to be addressed, such as unclear role definitions, high coordination costs, and potential decision-making conflicts among fund managers [4]. - Current co-managed funds have not yet demonstrated the "1+1 greater than 2" effect, indicating that the integration of multiple managers may not always lead to improved performance [4][5]. Group 3: Market Dynamics and Competition - Fund managers face significant challenges in a competitive market characterized by a large number of companies and products, which complicates the investment decision-making process [7]. - The rise of passive and quantitative funds has intensified competition for actively managed funds, making it increasingly difficult to generate excess returns [7]. Group 4: Future Development and Mechanism Innovation - The development of the team-based management model requires a higher-level mechanism transformation, which is gradually being implemented [8]. - Effective team-based investment emphasizes risk-return matching and requires fund managers to possess complementary skills, such as macro analysis, industry trends, and risk control [8].

Core Viewpoint - The team-based management model for fund managers is recognized as a crucial approach to enhance the research and investment capabilities of public funds in the context of high-quality development [1][6]. Group 1: Implementation and Exploration - The China Securities Regulatory Commission (CSRC) has proposed an action plan to support the establishment of a team-based management model for fund managers, emphasizing the need for a comprehensive research and investment system [2][6]. - Some fund companies have already begun to explore integrated research practices and the co-management model among fund managers to address the limitations of single-strategy funds [2][5]. - The trend of co-management is increasing, with examples of funds being managed by two or three managers, indicating a shift towards collaborative management [2][5]. Group 2: Advantages of Team-Based Management - Team-based management can enhance the stability of fund performance by leveraging the complementary strengths of different fund managers, thus improving compatibility with various investment styles [3][6]. - The collaborative approach aims to mitigate risks associated with individual fund managers, such as personal biases and the impact of manager turnover on performance [3][6]. Group 3: Challenges and Limitations - Despite the potential benefits, the current co-management model has not yet demonstrated significant advantages, with concerns about decision-making conflicts and unclear responsibilities among managers [4][5]. - The effectiveness of co-management is hindered by the reluctance of established fund managers to share control and the potential for coordination challenges [4][5]. Group 4: Future Directions - The development of a team-based management model requires a fundamental change in the investment research mechanism, emphasizing the need for a structured approach to integrate various analytical strengths [6][7]. - The future of team-based management in public funds will depend on the establishment of a supportive culture and governance framework that encourages collaboration and effective resource allocation [7].

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 - Huashang Fund, established in 2005, has become a benchmark institution in the active management field of public funds, emphasizing deep research-driven investment and maintaining a commitment to prioritizing the interests of investors [2][7]. Group 1: Company Development - Huashang Fund was officially established on December 20, 2005, as the 50th public fund management company in the industry, supported by its major shareholder, Huashang Securities [3]. - The company has consistently adhered to the development philosophy of "integrity as the foundation, wisdom creates wealth," focusing on building a trustworthy fund brand [4]. - Since its inception, Huashang Fund has emphasized active management as its core competitive advantage, leading to a distinctive development path in the competitive asset management industry [4]. Group 2: Performance and Achievements - Under the leadership of General Manager Wang Xiaogang since July 2018, the fund's non-monetary management scale has grown from 17.7 billion yuan at the end of 2018 to over 100 billion yuan by 2023 [5]. - As of the first quarter of 2025, Huashang Fund's active equity funds ranked 8th and 3rd in absolute returns over the past 5 and 7 years, respectively, among 135 and 111 companies in the same business [5]. - The fund's active fixed-income funds achieved the top ranking in both 5-year and 7-year performance among 126 and 101 companies, respectively [5]. Group 3: Investment Strategy and Research - Huashang Fund's integrated research and investment system is the engine driving its long-term excess returns, with a focus on deep research to solidify its investment foundation [8][9]. - The company has established six research groups covering all industries and five cross-group research topics to enhance research professionalism and break traditional barriers [8]. - The fund emphasizes a culture of deep research and integrated investment, fostering collaboration between fund managers and researchers to optimize investment strategies [9]. Group 4: Talent and Innovation - As of the end of 2024, Huashang Fund's research team consists of 65 members with an average experience of nearly 8 years, including 17 senior fund managers with over 10 years of experience [10]. - The company employs a dual-track mechanism of "internal cultivation + external introduction" to build a well-ordered talent system for long-term development [10]. - Huashang Fund is exploring the application of AI in research and investment to enhance data processing and industry trend analysis efficiency [10]. Group 5: Commitment to Investors - Huashang Fund actively optimizes its service ecosystem, especially during market downturns, emphasizing investor companionship and rational investment guidance [11]. - The company has invested its own funds in equity and mixed funds during market lows, demonstrating a commitment to sharing risks and rewards with investors [11]. - The launch of the Huashang CSI A500 Index Enhanced Fund, which raised 20 million yuan in just four trading days, reflects the company's confidence in its products and the long-term stability of the Chinese capital market [11].