马云不回归是明智选择。 作者：今纶 刘强东前段时间"送外卖"，营销很成功，董明珠、雷军也在努力打拼。 年富力强的马云呢？会不会有惊喜？他还不到61岁。 阿里巴巴创办人马云近日罕见现身集团年度"阿里日"活动，并出席纪念音乐会，期间还参观了集团总部 内复刻的"湖畔小屋"，重温创业初期的回忆。 此举随即引发"马云将回归阿里"的广泛猜测。然而，阿里巴巴集团及马云本人已公开否认这一传闻。 马云不回归是明智选择，与年龄无关，我们来梳理一下相关逻辑。 马云是什么时候退休的？ 很多人以为是2020年的外滩发言之后，其实不是，外滩发言是在2020年的秋天。 那天我正好在上海候机，准备飞广州，手机刷到马老师的这一则新闻，大吃一惊。几年之后，我在上海 问相关工作人员："你们知道马老师会说那番话吗？"工作人员面面相觑，说"不知道，我们都做好准备 要庆祝××××"。 后面的事情，大家都知道了，就不说了。 ▲2019年9月10日，在阿里巴巴20周年年会上，马云宣布卸任阿里巴巴董事局主席。 然后，他逐渐从阿里巴巴的日常运营中淡出，转而专注于其他领域和个人生活。马云也积极参与公益事 业，通过马云公益基金会等平台，关注教育、环保、医疗等领域的 ...

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][5]. Group 1: Leadership Change - Cheng Fei, former vice president of Guosen Securities and chairman of Guosen Asset Management, officially took over as general manager of Dongfang Hong Asset Management on May 9 [1][2]. - The previous general manager, Zhang Feng, resigned for personal reasons, leading to a temporary leadership by chairman Yang Bin [2]. Group 2: Company Background - Dongfang Hong Asset Management is recognized as a leading firm in the securities asset management sector, being the first licensed securities asset management company in China and the first to obtain public fund management qualifications [3]. - The company has consistently aimed to benchmark against top public funds and has developed a unique business model and brand effect since its establishment [3]. Group 3: Cheng Fei's Experience - Cheng Fei has over 19 years of experience in asset management, having previously led Guosen Securities Asset Management to significant growth, with net income from asset management rising from 203 million yuan in 2021 to an expected 820 million yuan in 2024 [4]. - Under his leadership, Guosen Asset Management's ranking improved from outside the top twenty to eighth in the industry by mid-2024 [4]. Group 4: Strategic Vision - Cheng Fei emphasizes the importance of strong research capabilities, a steadfast strategy, and a stable culture for the long-term development of securities asset management firms [4]. - He believes that the key to success in the competitive asset management landscape lies in creating differentiated and specialized paths [4][8]. Group 5: Current Challenges and Future Directions - Dongfang Hong Asset Management is undergoing a "second entrepreneurship" phase, aiming to solidify its core competitiveness and diversify its offerings after facing challenges in recent years, including a decline in asset management scale [6]. - As of the end of 2024, the total entrusted asset management scale was 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, reflecting a significant decrease from its peak in 2021 [6]. - The company is focusing on enhancing its product offerings, particularly in active equity and "fixed income plus" areas, as well as developing FOF products and low-volatility index funds [6].

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 recent executive changes at Guosen Securities and Dongfang Hong Asset Management reflect ongoing transformations within the asset management industry, with expectations for new leadership to drive growth and innovation [1][3]. Group 1: Executive Changes - Guosen Securities announced the resignation of Cheng Fei as Vice President and his departure from the board of Guosen Securities Asset Management Co., Ltd. [1] - Cheng Fei is expected to join Dongfang Hong Asset Management as General Manager following the departure of Zhang Feng, who left for personal reasons [1][3]. - Dongfang Hong Asset Management reassured that Zhang Feng's departure would not impact the company's operations and expressed gratitude for his contributions [1]. Group 2: Company Background and Performance - Dongfang Hong Asset Management, a wholly-owned subsidiary of Dongfang Securities, is the first broker-dealer asset management company in China and has a strong focus on public fund management [3]. - During Cheng Fei's tenure at Guosen Securities, the asset management business saw steady revenue growth, with net income from asset management fees reaching 321 million yuan in 2022, 496 million yuan in 2023, and projected at 820 million yuan in 2024 [3]. Group 3: Strategic Insights - Cheng Fei emphasized the need for broker-dealer asset management firms to prioritize client investment returns over blind pursuit of scale, suggesting a more refined service approach for high-net-worth clients [4]. - He identified three major transitions for broker-dealer asset management: strategy transition, license transition, and brand transition, advocating for a shift from single to multi-strategy approaches [4]. Group 4: Industry Trends - The asset management sector is experiencing a wave of executive changes, with over 40 fund companies, including prominent names like E Fund and BlackRock, undergoing leadership transitions [5]. - Dongfang Hong Asset Management is undergoing a "second entrepreneurship" transformation, focusing on platform, diversification, and market-oriented development [7][8]. Group 5: Financial Metrics - As of December 2024, Dongfang Hong Asset Management's total entrusted asset management scale was approximately 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, a decrease of over 17 billion yuan from the end of 2023 [9][10]. - Despite a significant reduction in non-monetary fund management scale, the company maintained a strong long-term investment performance, ranking first in the industry with a 165.10% return on actively managed stock investments over the past decade [10]. Group 6: Future Outlook - The company aims to enhance its integrated research and investment platform, improve its product management system centered on client needs, and strengthen its core competitiveness while leveraging the support of Dongfang Securities [11].

一边用10亿元接连完成三笔收购，继续扩大业务版图。1月，以8亿元价格收购生长激素领域头部企业 中山济海；2月，以7650万元拿下红岸基元54%的股权，成为红岸基元最大股东；3月，以自有资金向 真迈生物追加投资1.3亿元，持股比例由11.9%增加至15.55%。 一边招贤纳新，强势引入一名特别的董事，前阿里CEO、嘉御基金合伙人卫哲。卫哲的辉煌履历无需 多言。2011年从阿里巴巴辞职转战私募创投后，卫哲已经投出30多个独角兽乃至超级独角兽，其中不 乏安可创新、泡泡玛特、公牛电器等明星企业。 作者丨刘杨楠 编辑丨海腰 图源丨圣湘生物官网 此次上任圣湘生物董事，卫哲不占股、不投资，双方都在强调——这并非一次简单的走马上任，而是 一场长期战略合作的起点。 2025开年，正在"二次创业"的圣湘生物依旧攻势凶猛。 事实上，从2023年起，卫哲就陆续在公开场合表达自己对医疗的兴趣。此次合作后，圣湘生物无疑会 成为卫哲最好的"练兵场"。而对于圣湘生物而言，近两年来业务版图迅速扩张，但从实际的商业回报 上看，如今庞大的业务版图尚未落实在白纸黑字的财报上，难免显得有些"头重脚轻"。 卫哲的加入，或许能与圣湘生物"技术派"的掌舵人 ...

成立 20 年的广汽丰田，正向新能源转型背水一战。 中国汽车业中，新势力销量占整体市场不到 5%，却几乎集中了所有注意力。大多时候，人们不谈论合资 车企，认为他们动作缓慢，也忽略他们相当于新势力四倍的销量。 合资车企的变革实际比多数人预想中更早、更迅速也更猛烈。2022 年 8 月底，在广汽丰田，技术总监柳文 斌接到通知，他来总管一款新车型纯电 SUV 铂智 3X 的开发，担任首席项目负责人。 广汽丰田成立 20 年，他是第一个首席项目负责人。过去，这一职位上只有日本丰田的工程师。和过去直 接从丰田导入车型不同，铂智 3X 是广汽丰田第一款联合开发车型。广汽丰田负责产品定义和开发，从车 身到三电 "自己从头做规划"。 所有合资品牌中，这也是第一个由中国团队主导研发的新能源车型。合资车企少有中方团队主导开发，但 广丰打破了惯例。 广汽丰田执行副总经理文大力很坚决。2024 年是他担任广丰执行副总经理的第五年，他说自己感受到空前 危机，"如果还不快速变革，这间公司也会陷入困境"。在联合开发车型上，广汽丰田要 "集整个公司所有 力量"。 丰田文化向来讲究继承、改善，少提变革。但文大力 2024 年提出，整个广丰都要 ...