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].