Core Viewpoint - The departure of Cheng Fei from Guosen Securities to join Dongfang Hong Asset Management marks a significant shift in the asset management landscape, highlighting the ongoing changes and challenges within the industry [2][10]. Group 1: Cheng Fei's Departure and Background - Cheng Fei resigned from his position as Vice President of Guosen Securities after nearly four years, with plans to join Dongfang Hong Asset Management [2][3]. - He has nearly 20 years of experience in the asset management industry, particularly in fixed income investment research, having previously worked at Guotai Junan [3][4]. - During his tenure at Guosen Securities, Cheng aimed to enhance the performance of the asset management business and establish a subsidiary, which he successfully accomplished [6][8]. Group 2: Performance and Achievements at Guosen Securities - Under Cheng's leadership, the asset management revenue at Guosen Securities increased from 2.27% of total revenue in 2021 to 4.23% in 2024, with a revenue of 850 million yuan in the last year, reflecting a year-on-year growth of 60.55% [6][7]. - The ranking of Guosen Securities' asset management business improved from 22nd in 2021 to 13th in the first half of 2024 in terms of net income from fees among 43 listed brokerages [7]. - Cheng emphasized a focus on high-net-worth clients and the development of distinctive products during his time at Guosen [8]. Group 3: Challenges Facing Dongfang Hong Asset Management - Dongfang Hong Asset Management, which has faced a decline in its asset management scale and brand reputation, reported a revenue of 1.435 billion yuan and a net profit of 333 million yuan for 2024 [11]. - The company's assets under management (AUM) have decreased from a peak of 269.72 billion yuan in 2021 to 166.17 billion yuan by the end of 2024, dropping its ranking from 24th to 41st among public fund institutions [11][12]. - The firm has experienced significant turnover in its investment research team, with 13 fund managers leaving since 2020, which poses a challenge for maintaining investment performance and client trust [12][13].