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].