Group 1 - The fund manager Chen Wenyang has left the Dongfang Hong Xinhe Balanced Two-Year Mixed (FOF) Fund due to work arrangements, and the fund is now managed by Deng Jiaopeng [2][3] - The Dongfang Hong Xinhe Balanced Two-Year Mixed (FOF) Fund was established in March 2021 with an initial net subscription amount of approximately 40.05 billion yuan, and as of the end of Q1 2025, its net asset value is about 17.43 billion yuan [3][4] - As of April 24, 2025, the fund's net value has decreased by 3.03% since its inception, while it has increased by 8.87% over the past year [4] Group 2 - As of the end of Q1 2025, the fund holds 9.42% of its total assets in stocks, 82.83% in other funds, and 5.61% in bonds [5] - The top ten stock holdings of the fund include companies such as Haomai Technology, Shiyuan Co., Donghua Energy, China Mobile, and others [5] - The fund's top ten holdings in other funds include Dongfang Hong JD Big Data Mixed A, Yinhua Daily Benefit, and Huatai-PB CSI 300 ETF among others [6]

Group 1 - Guanghe Tong (300638.SZ) released its 2024 annual report on April 19, 2025, with 289 institutional investors holding a total of 95.14 million A-shares, accounting for 12.43% of the total share capital [1] - The top ten institutional investors hold a combined 8.64% of shares, with a decrease of 0.51 percentage points compared to the previous quarter [1] Group 2 - Four public funds reduced their holdings compared to the previous quarter, with a total decrease of 0.40% [2] - A total of 280 new public funds were disclosed this period, including several notable funds such as Dongfanghong Rui Feng Mixed and Xin'ao New Energy Industry Stock [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.49% compared to the previous period [2]

Core Viewpoint - The article discusses the significant personnel change in the asset management sector, highlighting the upcoming transition of Cheng Fei from Guosen Securities to Dongzheng Asset Management, and the implications for both companies in terms of performance and strategy [2][3]. Group 1: Personnel Change - Cheng Fei, Vice President of Guosen Securities and Chairman of Guosen Asset Management, is set to join Dongzheng Asset Management, a well-established brokerage asset management firm [3][11]. - Cheng Fei has nearly 20 years of experience in asset management and has been a key driver of Guosen Asset Management's growth over the past four years [5][6]. Group 2: Performance of Guosen Asset Management - Under Cheng's leadership, Guosen Asset Management's net income from asset management fees increased from 203 million yuan in 2021 to 496 million yuan in 2023, with a year-on-year increase of 81.62% in the first three quarters of 2024 [5][6]. - The growth was attributed to innovative strategies, refined market management, and the use of capital market tools to provide financing services to real enterprises [6]. Group 3: Challenges Faced by Dongzheng Asset Management - Dongzheng Asset Management has faced significant challenges, with its non-monetary management scale declining by 261 million yuan in 2024, causing it to fall out of the top thirty in the industry [3][15]. - The firm has lost investor trust due to continuous losses, with several of its products reporting over 30% losses since inception [13][14]. - The market is closely watching how Dongzheng Asset Management will restructure its research and investment system to seek breakthroughs and establish a distinctive development goal [15].