Core Viewpoint - The appointment of Cheng Yuan as the Vice President of Xinda Securities marks a generational shift in the leadership of listed brokerage firms, as he is a post-85s executive with extensive experience in both sell-side and buy-side operations [1][2]. Group 1: Appointment Details - Xinda Securities' board unanimously approved the appointment of Cheng Yuan as Vice President, effective from the date of the board meeting until the end of the current board's term [1]. - Cheng Yuan, born in July 1985, holds a Master's degree in Business Administration from Peking University and has 17 years of experience in the securities industry [1]. Group 2: Professional Background - Cheng Yuan's career spans both sell-side and buy-side roles, having worked at multiple brokerage firms [2]. - He began his career in 2008 at Dongxing Securities in the investment banking headquarters, later moving to Huatai Securities to conduct sell-side research, focusing on the textile and apparel, light industry, and social services sectors, where he served as a chief analyst [2]. - After leaving Huatai Securities in 2015, Cheng returned to Dongxing Securities to engage in buy-side activities, eventually becoming the Research Director and a member of the Investment Decision Committee, later promoted to Investment Director managing several public funds [3]. - Cheng joined Xinda Securities in 2019 as the Deputy General Manager of the Research and Development Center and has served as the General Manager since June 2021 [3].