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].

券商中国记者注意到，中信建投研究所往年由武超则发表的新年寄语，今年已由黄文涛撰写。他在其中 提到，中信建投研究所于2025年组建了全球研究团队，践行全球化战略。 据了解，武超则出任中信建投机构业务委员会主任后，将分管机构业务部、研究发展部、托管部及国际 业务部，并兼任中信建投国际董事长，全面负责中信建投证券机构业务和公司国际业务。 与此同时，中信建投研究所的行政职责将由黄文涛接过。黄文涛于2010年加入中信建投，始终深耕宏观 经济研究领域，多次获得分析师有关评选荣誉。在担任首席经济学家期间，他致力于打造一流的总量研 究团队，涵盖宏观、固收、大类资产配置等领域。 随着全球宏观经济、资本市场、券商功能性定位等变化，卖方研究商业模式正在迎来新的变化。其中， 研究出海是多家券商研究所当前探索的重要方向。在此背景下，中信建投研究所此番人事调整，亦可窥 见其加码研究业务国际化、强化跨境服务协同的战略意图。 中信建投研究所再现人事调整！ 1月7日，券商中国记者获悉，中信建投（601066）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，兼任中信建投(国际)金融控股有限公司（以下简称中信建投国际）董事长，负责中信 ...

Group 1 - The core viewpoint of the article highlights the recent personnel adjustments at CITIC Securities, particularly the appointment of Wu Chaoze as the head of the Institutional Business Committee and Chairman of CITIC International, indicating a strategic shift towards enhancing international business and institutional services [1][2] - Wu Chaoze, who has been with CITIC since July 2011, has a strong background in technology research, including AI, 5G, cloud computing, and semiconductors, and has rapidly ascended to a senior management position, reflecting the company's focus on leveraging expertise in key sectors [1] - Huang Wentao, the new head of the Research Development Department, aims to strengthen the research capabilities and service levels of CITIC, with plans to establish a global research team by 2025 as part of the company's globalization strategy [2] Group 2 - The article notes that CITIC Securities is not alone in these adjustments, as several other brokerages, including Huachuang Securities and Guotai Junan, are also undergoing management restructuring, indicating a broader trend in the industry [3] - The shift of senior analysts to management roles exemplifies the industry's emphasis on integrating research capabilities with management, reflecting the growing importance of research in driving business strategy [3]

Group 1 - Wu Chao has been appointed as the Director of the Institutional Business Committee at CITIC Securities, overseeing various departments including Institutional Business, Research and Development, Custody, and International Business [1] - Huang Wentao, the Chief Economist and Co-Head of the Research and Development Department, will act as the administrative head of the Research and Development Department [1] - Huang Wentao has been with CITIC Securities since 2010, focusing on macroeconomic research and has developed a strong reputation in the industry [2] Group 2 - The Research and Development Department aims to enhance its research capabilities and service levels over the next five years, leveraging its think tank function to better serve national objectives [3] - Huang Wentao has identified ten major global macro investment opportunities for 2026, including trends in gold and silver, energy infrastructure, new technologies, and the internationalization of the RMB [3]

中国基金报记者获悉，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，兼任中信建投国际董事长。 公开信息显示，武超则出生于1986年，2011年7月加入中信建投证券，2025年6月被聘任为公司执行委员会委员。彼时，武超则成为中信 建投证券最年轻的高级管理人员，担任职务包括公司党委委员、执行委员会委员、机构业务委员会委员，研究发展部、国际业务部行政负 责人。 【导读】武超则出任中信建投证券机构业务委主任，黄文涛代行研究发展部行政负责人 中国基金报记者 晨曦 中信建投证券，最新人事变动来了！ 据中信建投证券方面介绍，黄文涛将带领研究发展部在巩固现有优势的基础上，进一步提升研究实力和服务水平。未来五年，中信建投证 券研究发展部将充分发挥智库功能，更好地服务党和国家工作大局；深入实施"研究+"行动，更好地服务集团和公司业务发展；坚持回归研 究本源，更好提升投研服务质量；加快打造一流数智投研平台，更好实现内外双向赋能。 近期，黄文涛以中信建投首席经济学家的身份提出2026年全球宏观 ...

Core Insights - The article highlights the emergence of inter-institutional REITs in China, particularly focusing on the first industrial factory inter-institutional REIT launched by Waigaoqiao Group, which signifies a new financing model and a multi-layered REITs market structure [1][3][6] Group 1: Inter-Institutional REITs Overview - Inter-institutional REITs, also known as holding-type real estate ABS, are a crucial part of the multi-layered REITs market, emphasizing asset authenticity, expected stability, and effective mechanisms [1][2] - These REITs serve as a bridge between Pre-REITs and public REITs, designed with flexible systems to meet the core needs of both financiers and investors, offering advantages such as relaxed asset entry requirements and efficient issuance processes [2][3] Group 2: Market Growth and Statistics - By the end of 2025, the cumulative issuance scale of inter-institutional REITs reached 47.5 billion, with the number of products increasing to 22, marking a significant growth from 5 products in 2024 [3][6] - The year 2025 is noted as a pivotal year for the rapid growth of inter-institutional REITs, with a doubling of new issuances compared to the previous year, indicating a robust expansion in this segment of the market [3][6] Group 3: Policy and Regulatory Environment - The Chinese government continues to release policy incentives, including the inclusion of super-class A commercial office buildings in 22 mega cities in the 2025 REITs project industry scope [8] - Regulatory bodies have streamlined the approval process for commercial real estate REITs, significantly enhancing the efficiency of the review process, which supports the development of inter-institutional REITs [8] Group 4: Future Outlook - The inter-institutional REITs are expected to play a crucial role in the reform of state-owned enterprises and the preservation and appreciation of state assets, with Waigaoqiao Group's initiatives serving as a model for others [8][9] - Looking ahead to 2026, the REITs market in China is anticipated to undergo further expansion, with the inclusion of high-quality commercial properties into the REITs framework, aligning more closely with international capital markets [9]

一级市场发行统计 根据Wind数据统计，截止2025年末，中国内地债券市场总存量达196.18万亿，较年初增加20.30万亿。其中利率债123.61万亿、信用债52.88万亿 和同业存单19.69万亿。 Wind统计各类债券发行数据显示，2025年度中国内地债券发行增势不减，全年各类债券发行合计89.0万亿，同比增长11%。利率债发行达到33.0 万亿，较去年增长18%，其中国债同比增长28%、地方政府债同比增长5%、政策性金融债同比增长17%。信用债发行22.2万亿，较去年增长8%。 同业存单累计发行33.8万亿，同比增长7%。 | 债券类别 | 只数 | 发行额(亿元) 同比增长率 | | | --- | --- | --- | --- | | 利率债 | 3534 | 329.829.6 | 18% | | 園侍 | 206 | 160,140.2 | 28% | | 地方政府债 | 2449 | 102,901.0 | 5% | | 政策银行债 | 879 | 66.788.4 | 17% | | 信用债 | 24003 | 222,246.7 | 8% | | 金融债 | 1499 | 56.780 ...

记者获悉，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)，负责中信建投证券机构业务和公司国际业 务。中信建投证券首席经济学家、研究发展部联席负责人黄文涛代行研究发展部行政负责人职责。 ...

Core Insights - The A-share market in 2025 saw a general upward trend, with active equity funds experiencing a net value recovery, although some products continued to perform poorly over the past three years [1][11] - Among the 3,792 active equity funds with performance data over the last three years, 924 funds reported negative returns, accounting for nearly one-quarter of the total [1][11] Fund Performance Overview - The top ten funds with the largest declines over the past three years included four from CITIC Securities, with the worst performer being CITIC Securities Low Carbon Growth A, which recorded a return of -51.87%, lagging its benchmark by over 72 percentage points [3][13] - Other notable underperformers included CITIC Securities Smart IoT A at -51.65%, CITIC Securities Technology Theme 6-Month Holding A at -47.45%, and CITIC Securities Smart Living A at -46.73% [3][13] 2025 Annual Returns - In 2025, CITIC Securities Smart Living A also recorded a return of -16.33%, placing it among the top ten worst-performing active equity funds for the year [3][13] - The top ten funds with the worst returns in 2025 included several from various fund management companies, with CITIC Securities Smart Living A being one of them [4][15] Fund Manager Profile - Zhou Ziguang, a fund manager at CITIC Securities, has extensive experience in the securities industry and manages several funds focused on themes such as low carbon, technology, and IoT [5][16] - The funds managed by Zhou Ziguang have shown a consistent trend of underperformance over the past three years, despite some achieving positive returns since inception [5][16] Sector Allocation and Performance - The funds from CITIC Securities are heavily concentrated in sectors like renewable energy and power equipment, which have faced significant declines in stock prices recently, negatively impacting fund net values [7][17] - For instance, CITIC Securities Low Carbon Growth A's top three holdings have seen declines between 17% and 28% over the past three months, contributing to the fund's poor performance [7][17] Strategic Challenges - The performance of CITIC Securities' funds highlights potential strategic and risk management challenges within certain thematic investment areas [10][20] - The ability to enhance flexibility in sector allocation and improve stock selection accuracy will be crucial for these funds to recover from their current low performance [10][20]