智通财经APP获悉，中信建投证券(06066)迎来重要人事调整。1月7日，中信建投证券党委委员、执行委 员会委员武超则出任机构业务委员会主任，分管机构业务部、研究发展部、托管部、国际业务部、中信 建投(国际)金融控股有限公司，负责中信建投证券机构业务和公司国际业务。武超则还将兼任中信建投 国际董事长。 履历显示，武超则是新财富白金分析师，2013年至2020年连续八届新财富最佳分析师通信行业第一 名;2014年至2020年连续七届水晶球最佳分析师通信行业第一名，2022、2023、2024年水晶球最佳领 队。武超则专注于人工智能、5G、云计算、半导体等科技领域研究她同时为中证协投资顾问与首席经 济学家委员会委员。 2025年6月，武超则升任执行委员会委员，成为中信建投最年轻的高管。此次调整，使其管理职责从之 前分管的具体部门，拓宽至机构业务与国际业务两大板块。 回溯履历，武超则在中信建投已积累深厚的从业经验与扎实的业务沉淀。公开信息显示，武超则出生于 1986年，自2011年7月加入中信建投，专注于人工智能、5G、云计算、半导体等科技领域研究，曾斩获 诸多殊荣，并从分析师一路成长为研究发展部、国际业务部行政负 ...

｜2026年1月8日星期四｜ NO.1开年即见卖方研究人事变化，武超则掌舵中信建投机构委 NO.3股基提前结募，债基屡现赎回 点评：2026年开年券商研究人事密集变动，武超则执掌中信建投机构委强化投研协同，利好公司业务整 合。卖方人才流动加速，年轻分析师上位与资深经济学家退休并行，促进行业研究梯队更新与专业化转 型。头部券商战略调整或引发行业效仿，提升整体研究服务价值与市场竞争力。 一场股债之间的资金流动已悄然开始。开年以来，债券基金屡现赎回，债券ETF两日净赎回额超450亿 元，还有10只场外债基出现大额赎回。与此同时，权益类ETF获净申购，新基金发行升温，80多只权益 类基金正在或即将发行。此外，近期不少权益基金出现提前结募的情况。 NO.2湘财证券首席经济学家李康到龄卸任 点评：开年以来股债"跷跷板"效应显著，资金加速由债市向股市转移。债券基金面临大额赎回压力，促 使资金流入权益类ETF及新发基金，显示市场风险偏好回升。随着股基发行升温及提前结募，投资者信 心逐步修复，有望推动股市活跃度提升，市场情绪正转向积极态势。 公开信息显示，湘财证券首席经济学家李康到龄退休，中国证券业协会官网关于他的个人从业信息 ...

公开信息显示，湘财证券首席经济学家李康到龄退休，中国证券业协会官网关于他的个人从业信息已注 销。此前，李康还曾担任湘财证券副总裁、研究所所长等职务。出生于1965年的李康，是证券行业的老 将——从上世纪90年代的"股评名家"，到后来担任券商研究所负责人与公司高管，他亲历并见证了中国 资本市场从初创到壮大的发展全程。李康的退休已有前兆。2025年3月，湘财证券已进行人事调整，邀 请原申港证券研究所所长曹旭特加盟并出任湘财证券研究所所长，李康则卸任所长职务，专职担任首席 经济学家。 ｜2026年1月8日 星期四｜ NO.1 开年即见卖方研究人事变化，武超则掌舵中信建投机构委 2026年开年，券商研究领域迎来密集人事调整。1月7日单日便涌现多起重要变动，一是中信建投证券党 委委员、执委委员武超则出任中信建投机构委主任，同时兼任中信建投国际董事长，首席经济学家黄文 涛代行研究发展部行政负责人；二是湘财证券首席经济学家李康到龄退休；三是90后分析师姜涛加盟国 金证券，担任副所长、公用环保煤炭行业首席分析师、红利牵头人。 点评：2026年开年券商研究人事密集变动，武超则执掌中信建投机构委强化投研协同，利好公司业务整 合。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：五道口江湖 原标题：中信建投新所长！ 智通财经1月7日消息：中信建投证券首席经济学家黄文涛已出任研究所所长。黄文涛此前任中信建投证 券首席经济学家、研究发展部联席负责人，宏观经济与固收团队首席分析师。之前研究发展部负责人、 研究所所长是武超则 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：五道口江湖 原标题：中信建投新所长！ 智通财经1月7日消息：中信建投证券首席经济学家黄文涛已出任研究所所长。黄文涛此前任中信建投证 券首席经济学家、研究发展部联席负责人，宏观经济与固收团队首席分析师。之前研究发展部负责人、 研究所所长是武超则 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 责任编辑： ...

Group 1 - The core viewpoint of the article highlights significant personnel changes in the brokerage research sector at the beginning of 2026, indicating a trend of "research leading to promotion" and the poaching of talent by smaller brokerages [1][4] - On January 7, 2026, Wu Chaoze was appointed as the Director of the Institutional Business Committee at CITIC Securities, while Huang Wentao took on the role of acting head of the Research Development Department [2][3] - Huang Wentao outlined ten investment opportunities for 2026, including the continued strength of gold and silver, advancements in new technologies, and the internationalization of the RMB [3] Group 2 - The retirement of Xiangcai Securities' chief economist Li Kang on January 7, 2026, marks another significant personnel shift in the industry [4] - The influx of new talent is evident as 90s analyst Jiang Tao joined Guojin Securities as the deputy director and chief analyst for the public utility and environmental coal sector [4] - The article notes that the brokerage research sector has experienced high-frequency personnel changes, with at least 14 chief economist positions changing hands in 2025 [7] Group 3 - The article identifies three underlying logics driving the personnel changes in the brokerage research field: industry consolidation leading to management overlap, the impact of public fund fee reforms pushing analysts from sell-side to buy-side, and smaller brokerages actively recruiting talent from leading firms to enhance their market presence [8]

Core Viewpoint - The global oil market is expected to enter a supply surplus cycle by 2026, with the IEA predicting a surplus of 3.84 million barrels per day, leading to a systematic decline in oil price levels [1] Group 1: Oil Market Outlook - By 2026, the global oil market will officially transition into a supply surplus phase [1] - The anticipated surplus is projected to reach 3.84 million barrels per day according to IEA estimates [1] - A systematic downward adjustment in oil price levels is expected to be the main trend [1] Group 2: Sector Opportunities - Geopolitical conflicts, sanctions, and inventory fluctuations will still create short-term trading opportunities [1] - Structural opportunities are shifting focus from "oil prices" to "companies" [1] - High refining margins are expected to persist, benefiting the refining sector [1] Group 3: Specific Industry Insights - U.S. shale oil production is showing resilience around the $60 per barrel mark [1] - The expansion of LNG and rising electricity demand are driving increased mergers and acquisitions in the natural gas sector [1] - These factors represent key beneficiary directions in a low oil price environment [1]

中信建投证券分析师任宏道表示，当前我国大运力可回收火箭已迈入集中"突破期"，全链条政策支持体 系亦同步成型，2026年企业完成IPO、火箭密集首飞、星座组网提速等催化因素将接踵而至。从估值逻 辑来看，行业发展初期的估值与营收水平偏离具备合理性，资本市场的前瞻性定价机制正持续推动资源 向这一战略性新兴产业集聚。展望未来，商业航天将逐步从概念炒作转向业绩兑现，围绕火箭制造、卫 星组网、下游应用三大核心主线，全产业链有望迎来高质量发展的黄金窗口期。（中证报） ...

Core Insights - The commercial aerospace sector is a strong focus for investment, with the Wind commercial aerospace theme index showing a cumulative increase of over 60% from November 21, 2025, to January 7, 2026 [1] - Analysts believe that China's large-capacity reusable rockets are entering a critical breakthrough period, supported by a comprehensive policy framework, with significant events such as IPOs and rocket launches expected in 2026 [1][4] - The transition from speculative investment to performance realization in commercial aerospace is anticipated, with a focus on three core areas: rocket manufacturing, satellite networking, and downstream applications [1][8] Market Dynamics - The commercial aerospace sector is seen as a representation of structural market trends during a phase of high-quality economic development, with differentiated growth across various industries [2] - The sector's growth is driven by technological breakthroughs and supportive policies, including the establishment of the National Space Administration's commercial aerospace division and the launch of development funds [3][4] Technological and Policy Support - The sector is experiencing a multi-dimensional driving logic, with technological advancements since 2015, particularly in reusable rocket technology, providing solid support for market performance [3] - A series of policy measures have been implemented to support the industry, including the adjustment of listing standards for the Sci-Tech Innovation Board and the promotion of private investment [4][5] Upcoming Catalysts - Key events in 2026 include the anticipated IPO of Blue Arrow Aerospace, which is expected to set a benchmark for private rocket companies, and multiple rocket launches to validate technological advancements [6][8] - The domestic aerospace industry is rapidly closing the gap with international counterparts, particularly in areas such as rocket recovery and satellite production [6][8] Investment Opportunities - The commercial aerospace industry is transitioning from technology validation to commercial application, presenting investment opportunities across the entire value chain [7] - Key focus areas for investment include rocket manufacturing and operation, satellite production, and ground terminal applications, with an emphasis on companies that possess reusable technology and large-capacity launch capabilities [8][9] Strategic Recommendations - Investors are advised to consider companies' core positions within the industry, competitive stability, and financial health when selecting investment targets [9] - The commercial aerospace sector is expected to shift from speculative hype to tangible performance, with companies demonstrating substantial technological capabilities and order support likely to emerge as leaders [9]

Group 1 - The core point of the news is the appointment of Wu Chaoze as the head of the Institutional Business Committee and Chairman of CITIC Securities International, expanding her responsibilities to include both institutional and international business [1] - Wu Chaoze has been with CITIC Securities since July 2011, focusing on research in technology sectors such as AI, 5G, cloud computing, and semiconductors, and has rapidly advanced to become one of the youngest executives in the company [1] - The restructuring aims to enhance the internationalization of research operations and strengthen cross-border service collaboration, reflecting a strategic shift in response to changes in the global macroeconomic environment and capital markets [2] Group 2 - Huang Wentao will take over the administrative responsibilities of the CITIC Securities Research Institute, having joined the company in 2010 and specializing in macroeconomic research [2] - Huang Wentao's vision includes building a global research team by 2025 and enhancing research capabilities and service quality, emphasizing the importance of returning to the core of research [2] - The personnel changes at CITIC Securities are part of a broader trend in the industry, with many securities firms undergoing management adjustments to prioritize research functions [3]

Core Viewpoint - CITIC Securities has made significant personnel appointments, indicating a strategic focus on institutional and international business expansion [1][2]. Group 1: Personnel Appointments - Wu Chaoze has been appointed as the Director of the Institutional Business Committee, overseeing key departments including Institutional Business, Research and Development, Custody, and International Business [1][2]. - Wu Chaoze also assumes the role of Chairman of CITIC International, reflecting the company's recognition of his capabilities in international business development [2]. - Huang Wentao, the Chief Economist, has been appointed to act as the administrative head of the Research and Development Department, ensuring continuity and stability within the department [3]. Group 2: Wu Chaoze's Background - Wu Chaoze, born in 1986, has over a decade of experience at CITIC Securities, having joined in July 2011 [2]. - He became the youngest senior management member when appointed to the Executive Committee in June 2025, showcasing his rapid career progression [2]. - His previous roles included significant responsibilities in the Research and Development and International Business departments, highlighting his management skills and business acumen [2]. Group 3: Huang Wentao's Expertise - Huang Wentao has 16 years of experience in macroeconomic research and holds a PhD in economics [3][4]. - He has held various prestigious positions, including visiting scholar at the State University of New York and multiple advisory roles in academic and industry organizations [3]. - Huang aims to build a top-tier research team focusing on macroeconomic analysis, fixed income, and asset allocation, with a commitment to enhancing research quality and service levels [4]. Group 4: Future Development Plans - The Research and Development Department has a clear five-year development plan to enhance its think tank capabilities and better serve national and corporate objectives [4]. - The department will implement a "Research+" initiative to support business development and improve research service quality [4]. - Huang Wentao has identified ten global macro investment opportunities for 2026, including trends in precious metals, energy, and international trade [5].