Core Viewpoint - The appointment of Cheng Fei as the new general manager of Shanghai Dongfang Securities Asset Management marks a significant step in the company's strategic transformation, aiming to enhance its competitiveness in the asset management industry [6][10]. Company Overview - Shanghai Dongfang Securities Asset Management, established in 2010, is the first securities-based asset management company in China and the first to obtain public fund management qualifications [10]. - As of the end of 2024, the company managed a total of 216.57 billion yuan in assets, with public fund management accounting for 166.17 billion yuan [10]. New Management Appointment - Cheng Fei officially took over as the general manager on May 9, 2025, succeeding Yang Bin, who no longer serves in this role [1][2]. - Cheng has extensive experience in the asset management sector, having previously held senior positions at Guotai Junan Securities and Guoxin Securities, where he significantly improved asset management revenue [3][9]. Strategic Direction - The company is undergoing a "second entrepreneurship" phase, focusing on platform diversification and market-oriented development to adapt to intense market competition [10]. - Cheng's background in investment research aligns well with the company's value investment philosophy, which is expected to bring new ideas and innovative approaches to the firm [10][11]. Industry Context - The asset management industry is facing increasing competition from various financial institutions, including public funds, securities firms, and banks [11]. - Cheng emphasizes the importance of strong research capabilities, a steadfast strategy, and a stable corporate culture for long-term success in the asset management sector [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 accelerating the strategic transformation of the company, which is a wholly-owned subsidiary of Dongfang Securities and the first broker-dealer asset management company in China to obtain public fund management qualifications [1][3]. Group 1: Company Background - Dongfang Hong Asset Management is the first broker-dealer asset management company established in China and has obtained qualifications for public fund management [1]. - As of December 2024, the total entrusted asset management scale of Dongfang Hong Asset Management is 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, indicating a significant gap compared to leading asset management institutions [3]. Group 2: Leadership Experience - Cheng Fei has nearly 20 years of experience in the asset management industry, previously serving as the vice president of Guosen Securities and chairman of Guosen Asset Management [1]. - During his tenure at Guosen Asset Management, Cheng led the team to focus on active management and developed FOF and other specialized businesses, resulting in a steady increase in asset management revenue from 203 million yuan in 2021 to 820 million yuan in 2024 [2]. Group 3: Strategic Challenges and Opportunities - The asset management industry is facing intense competition from public funds, broker-dealer asset management, bank wealth management subsidiaries, and insurance asset management [2]. - Cheng Fei's leadership is expected to bring new ideas and innovative concepts to Dongfang Hong Asset Management, particularly in navigating the challenges of strategy, licensing, and branding in the evolving market [3].

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Dongfang Hong Asset Management is seen as a crucial step for the firm to strengthen its core competitiveness and accelerate strategic transformation [1][2]. Group 1: Leadership and Experience - Cheng Fei has over 19 years of experience in the asset management sector, having previously served as Vice President and General Manager of the Asset Management Headquarters at Guosen Securities [1]. - Under his leadership, Guosen Securities' asset management business grew significantly, moving from outside the top twenty in revenue rankings to eighth place by mid-2024 [1][3]. Group 2: Current Status and Challenges - Dongfang Hong Asset Management is currently in a "second entrepreneurship" phase, with total entrusted asset management scale reaching 216.568 billion yuan as of December 2024, including public fund management of 166.169 billion yuan [3]. - The firm faces significant challenges in strategy, licensing, and branding as it seeks to enhance its core competitiveness across multiple dimensions [2]. Group 3: Competitive Advantages - Dongfang Hong has developed certain competitive advantages, particularly in active equity and "fixed income plus" areas, with a diversified product strategy showing initial success [3]. - The brand has gained considerable recognition, supporting its transformation efforts, and its long-term performance in asset management ranks among the industry leaders, with a 10-year active management return rate of 165.10%, the highest in the industry [3][4]. Group 4: Future Outlook - Under Cheng Fei's leadership, there is potential for significant breakthroughs in integrated research and investment platform construction, product management systems, and stability and richness of funding sources, which could further enhance the company's core competitiveness [4].

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Shanghai Dongfang Securities Asset Management marks a significant step in strengthening the core competitiveness and accelerating the strategic transformation of the company [1][2]. Group 1: Leadership Transition - Cheng Fei, previously the vice president of Guotai Junan Securities and chairman of Guotai Asset Management, officially took over as general manager on May 9 [1]. - Cheng has over 19 years of experience in the asset management sector, having led Guotai Securities' asset management from inception to a prominent position [2]. Group 2: Strategic Importance - Cheng's leadership is seen as crucial for addressing the challenges posed by the evolving capital market and changing wealth structures, focusing on strategy, licensing, and branding [2]. - Under Cheng's guidance, the company aims to enhance its core competitiveness through integrated research and investment, market strategies, and brand development [2][3]. Group 3: Current Status of Dongfang Asset Management - As of December 31, 2024, Dongfang Asset Management managed a total of 216.568 billion yuan in assets, with public fund management accounting for 166.169 billion yuan [3]. - Despite significant growth, Dongfang Asset Management still lags behind leading asset management firms in terms of scale [3]. Group 4: Competitive Advantages - The company has developed unique advantages in active equity and "fixed income plus" sectors, with a diversified product strategy showing initial success [3]. - Dongfang's brand has gained considerable recognition, supporting its transformation efforts, and its long-term performance in asset management ranks among the industry's best, with a 165.10% return on active stock management over the past decade [3].