东方基金今年上半年实现净利润333.56万元，较2011年同期的809.63万元下降58.8% The east fund net profit of 3.3356 million yuan in the first half of this year，More than the same period in 2011 of 8.0963 million yuan ($) 58.8%

　　理财周报记者 李峻岭/文

Finance LiJunLing/the weekly newspaper reporters

　　在百亿基金资产规模的公司中，东方基金受到市场的关注度相对较高。

In yuan fund assets in the scale of the company，The east by the attention of fund market relatively high。

　　东北证券(000686,股吧)日前发布的2012年中报显示，截至2012年6月30日，东方基金今年上半年实现净利润为333.56万元。较2011年同期的809.63万元下降58.8%。

Northeast securities(000686,Shares it)The NianZhongBao shows released by 2012，By June 30, 2012，The east funds in the first half of this year for a net profit of 3.3356 million yuan。More than the same period in 2011 of 8.0963 million yuan ($) 58.8%。

　　东方基金今年上半年的净利润因何同比大幅下降？曾被热炒的人事变动故事，在某种程度上增加了市场各方对这个问题的想象空间。

The east funds in the first half of this year compared to the net profit of what down dramatically？Was the personnel changes of folly, story，In some extent increased market parties to the problem space for imagination。

　　东方基金：以短期阵痛换取未来发展 Oriental fund：With short-term pain for the future development

　　理财周报记者注意到，东方基金公司的运营在2011年已产生亏损。据东北证券2011年年报显示，2011年，东方基金实现营业收入1.26亿元，利润总额-1215.34万元，净利润-1184.55万元。这是东方基金近年来第一次出现亏损的情况，其中原因又是什么？

Weekly newspaper reporters noticed that financial management，The east fund company operations in 2011 already produce loss。According to the northeast securities annual report 2011 shows，2011 years，The east fund implementation business income is 126 million yuan，Profit total-12.1534 million yuan，Net profit-11.8455 million yuan。This is the east fund for the first time in the loss，One reason is??????？

　　在2011年，东方基金公司的人事变动以及内部矛盾被媒体纷纷曝光。2010年初公司副总经理付勇离职前后的事情被重新翻了出来。

In 2011，The east of fund company personnel changes and internal contradictions in the media exposure in succession。In early 2010, the vice general manager FuYong before and after leaving things turned out to be。

　　一位曾在东方基金公司工作过的人士称，高层人事频频更迭，对东方基金的运营肯定会造成不利影响。

A former fund company in the east of the person said，High-level personnel changes frequently，To the east of the fund operation will cause adverse effect。

　　在东方基金原董事长李维雄离任后，2011年3月1日，东方基金发布公告，杨树财正式就任第三届董事会的董事长。杨树财同时担任东北证券总裁，而东北证券是东方基金的大股东。

In the east, chairman of the board of the fund LiWeiXiong departure，March 1, 2011，The east fund by way of a public announcement，YangShuCai was inaugurated as the third session of the board chairman of the board。YangShuCai also served as President of the northeast securities，And the northeast is the big east securities fund shareholder。

　　杨树财履新东方基金之时，正值一份关于东方基金人事矛盾的“会议纪要”在网络流传，当时市场关于东方基金的各种传言四起，公司形象受损。

YangShuCai shoe new Oriental fund，When a fund of the contradiction of personnel in the east“Meeting minutes”In the network spread，At that time in the east of fund market rumours that everywhere，The company image damaged。

　　彼时，杨树财公开表示，要竭力打造一个值得投资者信赖的“新东方”。当时，杨树财曾提出要“明确股东会、董事会、监事会、管理层的权责分工”。

Back then，YangShuCai said publicly，Trying to make a worthy of trust investors“New Oriental”。At that time，YangShuCai had offered to“Clear the shareholders' committee、The board of directors、The board of supervisors、The management of the division of responsibilities”。

　　9个月后，2011年12月1日，杨树财离任。东方基金新董事长由证监会原协调部副主任崔伟接任。

Nine months later，December 1, 2011，YangShuCai departure。The new President by CSRC east fund the coordination, deputy director of the CuiWei take over。

　　2012年4月28日，东方基金公告：公司总经理单宇因工作调动离职，公司董事长崔伟代行总经理职务。

April 28, 2012，Oriental fund announcement：Company general manager ChanYu because of job relocation to leave，The chairman of the company CuiWei acting general manager position。

　　2012年6月16日，安信基金公司发布公告：在筹备期就加入安信基金，工作已有两年的副总经理孙晔伟离职。此时，安信基金第一只基金刚刚发行结束。

On June 16, 2012，Anxi fund company by way of a public announcement：In the preparatory period join access fund，Job for two years the vice general manager of SunYeWei left。At this time，Anxi fund first fund has just been released over。

　　市场传言，孙晔伟将回东方基金任总经理。孙晔伟曾任职东北证券投行部，曾担任东方基金督察长。但是，截至记者发稿时为止，东方基金尚未发布孙晔伟任总经理的公告。

Market rumours，SunYeWei will return to the east as general manager of the fund。SunYeWei used to work for the northeast securities investment banking department，Served as Oriental fund inspectors long。but，At press time so far，The east has not been released yet as general manager SunYeWei fund announcement。

　　8月8日，知情人士透露，近期孙晔伟曾到过公司办公地址，但还没有正式到公司上班。公司方面现在还没有正式发公告，公司一些文件的签字还不用经过孙晔伟，而是仍然经过公司董事长、代理总经理崔伟阅处。

August 8,，People familiar with the，Recent SunYeWei have been to the company office address，But has not officially to company work。The company now has not officially announced hair，The company some documents signed by the also don't have SunYeWei，But still after the chairman of the company、Acting general manager of CuiWei YueChu。

　　据接近孙晔伟的消息人士透露，孙晔伟现在基本上还在家赋闲，尚未正式就业。但是，预计在未来一个月时间，孙晔伟任职东方基金总经理的消息将公布。

According to SunYeWei close to the source said，SunYeWei now basically still sit at home，Has not yet formally employment。but，Is expected over the next time of a month，Office of the general manager SunYeWei east fund will be announced by the news。

　　东方基金公司有关负责人向理财周报记者表示，“新任总经理事宜以东方基金公告为准”。目前东方基金公司高管任职情况是：王兴宇任公司副总经理，吕日任公司督察长。

The east fund company to finance a head of the weekly newspaper reporters，“New general manager matters as the Oriental fund announcement”。At present the east fund company executive office performance is：WangXingYu as the vice general manager，LvRi as company inspectors long。

　　对于2012年上半年净利润同比下降以及2011年的运营亏损，东方基金方面有自己的解释。

Net profit for the first half of 2012 and the 2011 year-on-year drop operating loss，The east funds have their own interpretation。

　　“股东和管理层都认为，以短期的阵痛换取未来的发展是必要的，也是值得的。”东方基金公司相关负责人向理财周报记者表示。

“Shareholders and management thought，In the short term for the future development of pain is necessary，Is also worthy of。”The east fund company to the relevant person in charge of finance weekly newspaper reporters。

　　上述东方基金公司相关负责人解释说，东方基金2011年度出现亏损，除了行业的大环境外，很重要的一点是：近两年公司为了应对日益激烈的行业竞争和复杂多变的市场状况，为了能够取得长期发展，公司“苦练内功”，比如引进优秀人才，优化投研团队，提升投资业绩；增强市场营销能力，打造因地制宜的投资理财顾问团队；升级公司办公设备的软件和硬件设施，全方位提高管理运营效率；优化升级客户服务系统，增加客服人力、物力投入。

The above the east fund company responsible explained，The east fund losses in 2011 year，In addition to the environment of the industry，It is very important：In the past two years the company in order to deal with increasingly fierce competition in the industry and complicated and changeable market conditions，In order to be able to get the long-term development，The company“Practicing skills”，Such as the introduction of talents，Optimization for research team，Improve investment performance；Increase the market marketing ability，Make the investment management consultant team adjust measures to local conditions；Upgrade of office equipment company software and hardware facilities，-to improve management operation efficiency；The optimization and upgrading of customer service system，Increase customer service human、Material resources into。

　　“上述举措，为公司的长期发展夯实了基础，提升了公司综合实力的同时，也造成公司短期营运费用上升较大，造成了短期的亏损。”东方基金相关负责人说。

“The move，For the company's long-term development strengthen basis，Improved its comprehensive strength at the same time，Also caused the company to short-term operating expenses rise greatly，The short-term losses caused。”The relevant person in charge of Oriental fund said。

　　另据东方基金的某大股东公司内部人士透露，今年上半年，东方基金因升级办公设施，人力成本和业务拓展费用增加的原因，使业务及管理费用出现一定幅度的增长，超过营业收入的增长幅度，使净利润减少476万元。

According to the east of the other fund a big shareholder company source said，In the first half of this year，The east fund for upgrading office facilities，The human cost and the reasons for the growth of the business development costs，Make the business and administrative expenses appear certain scope growth，More than business income increase，To reduce net profit of 4.76 million yuan。

　　战略待清晰 下半年发多只基金 The second half to send more clear strategy fund

　　今年上半年东方基金没有发行新基金产品。

In the first half of this year the east fund did not issue the new fund products。

　　这与公司的基本判断有关：今年以来市场行情疲弱，投资者遭受了不同程度的损失，专业的理财机构投资难度也加大。

The company and the relevant basic judge：Since this year market weakness，Investors suffered different degree of loss，Professional financial institutions invested difficulty also increase。

　　“在这种行情背景下，我们分析市场行情趋势，制定了在行情底部区域发行产品的策略，力图在建仓期就赢得市场先机，保障投资者的投资利益。”上述东方基金有关负责人说。

“Under the background in this market，We analysis the market trend，Established in the bottom area of the market of product release strategy，In a warehouse period to win market opportunities，Security of the investment interests。”The above the east fund officials said。

　　理财周报记者了解到，目前东方基金正在准备新基金的发行。有东方基金内部人士透露，“最近通宵熬夜加班都成了家常便饭”。

Financial weekly the reporter understands，At present the east fund is preparing for the issuance of new fund。Have the east fund source said，“Recent staying up to work overtime has become a common occurrence”。

　　“我们在下半年将密集推出多只基金，可能涵盖指数型基金、债券型基金等产品。日前东方强化收益债券基金已经获批，相信近一个月内就会与广大投资者见面。”东方基金公司有关负责人向理财周报记者表示。

“We will be launched in the second half of dense fund，May contain index fund、A bond fund and other products。A bond fund has improved earnings east approved，Believe that nearly a month will meet with our investors。”The east fund company to finance a head of the weekly newspaper reporters。

　　客观而言，虽然东方基金的基金资产规模不大，产品数量不多，但其旗下基金的表现却有可圈点之处。如中国银河证券基金研究中心发布的《2011年基金管理公司股票投资主动管理能力综合评价报告》显示，东方基金名列60家参评基金管理公司第一名；又如：基金经理于鑫管理的东方策略成长(400007,基金吧)股票型基金在2011年的业绩排名中列股票型基金第三名。

Objective in，Although the east fund asset scale is not large，The product quantity is small，But its performance has its funds can be JuanDian place。As China galaxy securities fund research center issued《In 2011 the fund management company stock investment active management ability comprehensive evaluation report》shows，The east fund is 60 prize fund management company in the first；And as：The fund manager of the management of the Oriental strategy xin growth(400007,Fund it)Stock fund in 2011 ranking in the performance of listed stock fund third。

　　“公司投研团队的离职率远远低于行业平均水平。”东方基金相关部门负责人认为，团队稳定是近两年东方基金业绩的重要基础。

“The company turnover rate for research team is far lower than the industry average。”The east fund related department officials think，The team is stable in the past two years the important basis of the Oriental fund performance。

　　据理财周报记者了解，东方基金投研团队目前约有30余人。在东方基金高管层动荡的情况下，以庞飒为核心的投研团队保持了相对稳定。

According to financial weekly newspaper reporter understanding，The east funds for research team at present about 30 people。In the east fund executives layer under the condition of the unrest，To PangSa as the core of the research team is for relatively stable。

　　庞飒于2010年5月加盟东方基金。现任总经理助理、投资总监、投资决策委员会副主任委员、东方精选(400003,基金吧)混合型开放式证券投资基金基金经理。

PangSa in May 2010 to join the east fund。The current assistant to the general manager、Investment director、Investment decision, deputy director of the commission members、Selected east(400003,Fund it)Mixed open-ended securities investment funds fund managers。

　　另据了解，东方基金投研团队现有基金经理7人，从业年限均超过10年，个别资历深厚的基金经理从业年限近20年。

To understand the other，The east funds for research team of fund managers seven，From life have more than ten years，Individual qualifications deep fund manager from fixed number of year nearly 20 years。

　　一位基金业资深研究人士表示，从东方基金既有的产品看，还看不出东方基金公司清晰的发展战略以及产品和市场定位。

A senior fund researchers said，From the east fund already some product look，Still can't see the east fund company clear development strategy and product and market positioning。

　　东方基金一内部人士也认为，公司基本上还是沿袭基金公司传统的发展思路，什么产品好销就卖什么。

The east fund a insiders also think，The company basically or follow traditional fund company of development，What good products sell, they sell??????。

　　必须赚钱，这是东方基金自身成长的要求，也是股东的希望。东方基金内部人士透露，去年上海城投转让公司股权的事情对公司上下震动很大。

Must make money，This is the east fund their own growth requirements，Is also the hope of shareholders。The east fund source said，Shanghai city last year for the company shares transfer to the company fluctuation shakes things big。

　　2011年，在遭遇人事震荡之外，东方基金还经历了一次股权变更——坚守东方基金7年的发起人股东——上海城投控股(600649,股吧)股份有限公司挂牌转让所持18%的股权，作价为3960万元。后来，渤海国际信托有限公司以高达223%的溢价成功受让该股权。

2011 years，In the face of personnel outside shocks，The east fund also experienced a shareholding modification-stick to the east fund seven years of sponsors shareholders--Shanghai city for holding(600649,Shares it)A joint stock limited company for transfer of their 18% stake，Pricing for 39.6 million yuan。later，The bohai sea international trust Co., LTD to as high as 223% premium to purchase the success of the equity。

　　或许，上海城投转让东方基金股权有自身发展的考虑，但是，在做股东的7年中，上海城投控股没有从东方基金获得分红，却是一个不争的事实。

perhaps，Shanghai city east fund equity transfer for the development of their own a consideration，but，Doing seven years of shareholders，Shanghai city for holding no from the east funds get dividends，It is a fact of life。

　　据东方基金内部人士介绍，基于市场低迷态势和发行成本的考虑，单宇在任总经理时把老基金产品的业绩提升和持续营销放在了更为重要的地位。

According to Oriental fund internal personage introduction，Based on the market downturn situation and cost for release，ChanYu in general manager of the old fund product performance for marketing in the ascension and more important position。

　　但是，东方基金现在只有8只基金。所以，新基金总得发。今年下半年将发行多只新基金的东方基金，其市场营销策略也在做微调。比如，此前东方基金的基金产品通过邮储银行作为主渠道销售比较多。但是对于在今年下半年将发行的指数型基金等产品，东方基金将尝试开拓新的销售主渠道——与某家国有大型商业银行合作。

but，The east fund now only 8 fund。so，The new funds have to send。The second half of this year will release more new fund of funds only east，Their marketing strategy is also doing fine-tuning。For example，After the east fund products through the YouChu Banks as the main channel sales more。But in the second half of this year will be issued for the index fund and other products，The east fund will try to develop new sales channel-and a home state-owned commercial bank cooperation。