Core Insights - Zhang Yidong, a prominent strategist at Industrial Securities, has submitted his resignation due to personal career planning and family considerations, planning to focus on overseas business in Hong Kong and international capital markets [1][2] - Zhang has been a significant figure in sell-side research for over 20 years, achieving multiple accolades including the title of the top strategist in China’s capital market analysis and becoming the first New Fortune Diamond Analyst in the total research field in 2023 [1][2] Group 1: Career Development - Zhang Yidong began his research career in 2002 at Polaroid Securities in Taiwan, focusing on A-share and Hong Kong stock strategies [1] - He joined Industrial Securities in March 2006, where he faced challenges but successfully established the firm’s strategy research, elevating it from fourth to first place in industry rankings [2] - In 2009, Industrial Securities made a strategic investment in research, which helped both the firm and Zhang achieve mutual growth [2] Group 2: Key Contributions - Zhang introduced the concept of "core assets" in 2007, identifying leading companies with core competitiveness across various industries, which gained widespread acceptance in the capital market [2] - During the 2008 global financial crisis, he published a report titled "Fearless Hope," advocating for a bullish market outlook, which was validated by subsequent economic recovery [3] - In 2011, he warned of systemic risks in a report titled "Dunkirk Retreat," predicting a downturn in A-shares, which occurred as he anticipated [3] Group 3: Team Transition - With Zhang's departure, Industrial Securities is undergoing a new round of team iteration, having previously established a robust research team of over 200 members covering A-shares, Hong Kong stocks, and overseas Chinese concept stocks [5][6] - The firm has seen a stable core structure in its research team, despite facing talent outflow pressures, and aims to maintain its competitive advantage post-leadership transition [6]

公开信息显示，张忆东，兴证国际首席经济学家，兴证（香港）金控副行政总裁、首席经济学家，兴业 证券全球首席策略分析师，研究院联席院长、海外研究中心总经理，总量领域首位新财富钻石分析师。 （智通财经记者 孙艺真） 智通财经记者 | 孙艺真 12月31日晚间，兴业证券全球首席策略分析师、研究院联席院长、海外研究中心总经理张忆东发布声 明："已于日前正式向公司提出辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。" ...

Core Viewpoint - Renowned chief economist Zhang Yidong announced his resignation, indicating a shift towards overseas business focusing on Hong Kong and international capital markets [1][3]. Group 1: Resignation Announcement - Zhang Yidong officially announced his resignation on December 31, 2025, citing career transition planning and family considerations as reasons for his departure [3]. - The research institute of Industrial Securities expressed respect for Zhang's personal choice and gratitude for his contributions to sell-side research and overseas business development [3]. Group 2: Background and Achievements - Zhang Yidong has a significant background in strategy research, having worked at Taiwan's Bao Lai Securities from 2002 to 2006 and at Industrial Securities since 2006, where he has been recognized multiple times as a top analyst [4]. - He has been awarded the first place in the New Fortune sell-side analyst rankings eleven times and became the first New Fortune diamond analyst in the field of macroeconomic research in China in 2023 [4]. Group 3: Future Outlook on Hong Kong Market - In a recent investment strategy meeting, Zhang emphasized the need for patience and caution in Hong Kong investments for 2026, suggesting that excess returns will come from "growth momentum and value reconstruction dividends" [5][6]. - He predicts that the macroeconomic landscape will improve in 2026, with nominal GDP growth expected to recover and inflation stabilizing, highlighting structural opportunities in the stock market [6]. Group 4: Investment Opportunities - Zhang identified four key areas for investment opportunities: 1. Growth momentum driven by the AI wave, particularly in internet, edge AI, and media sectors [7]. 2. High-yield assets such as insurance, banking, and energy in a low-interest-rate environment [7]. 3. Value discovery in traditional industries, focusing on industry leaders benefiting from global supply chain restructuring [7]. 4. Strategic assets like gold and rare earths, which are crucial in the context of global order restructuring [7].

【导读】知名首席经济学家张忆东，官宣离任 中国基金报记者 含章 2025 年的最后一天，知名首席经济学家张忆东以 " 感恩过去，祝福未来！ " 为题发文，官 宣离任。 知名首席经济学家张忆东官宣离任 昨日（ 2025 年 12 月 31 日）晚间，张忆东在自己的微信号上表示： " 经过长时间的慎重 考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出 辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。 " 对于张忆东的离职，兴业证券经济与金融研究院向记者表示，研究院充分尊重其个人选择， 并对张忆东先生为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。同时指 出，张忆东先生的离职不会对相关业务开展造成影响。经过多年发展，研究院已建立起一支 规模超 200 人、兼具年轻活力与专业深度的研究团队，研究范围全面覆盖 A 股、港股及海外 中概股市场，汇聚了众多业内明星分析师。 2025 年 12 月中旬，在兴业证券召开 2026 年度投资策略会上，兴业证券全球首席策略师张 忆东对港股市场发表投资展望。 张忆东认为， 2026 年港股投资要耐心稳行、戒骄戒躁，超额收益来自 " ...

Core Viewpoint - Zhang Yidong, a prominent strategist, has announced his resignation from his position at Industrial Securities to focus on overseas business, particularly in the Hong Kong and international capital markets [1][2]. Group 1: Background and Career - Zhang Yidong holds a bachelor's and master's degree in International Finance from Fudan University and an EMBA from Shanghai Jiao Tong University [3]. - He has served in various roles at Industrial Securities, including Vice President of the Economic and Financial Research Institute and Global Chief Strategist [3][4]. - Zhang has a history of working in the securities industry since 2002, initially focusing on Hong Kong and A-share strategies [4]. Group 2: Future Outlook and Investment Strategy - Zhang maintains a strong confidence in both A-share and Hong Kong markets, emphasizing the importance of structural highlights and long-term development over short-term economic fluctuations [6][7]. - He predicts that the AI wave will significantly impact the market, comparing it to the internet boom of 1996-1998, with expectations of improved nominal GDP growth and a favorable funding environment for Hong Kong stocks in 2026 [7][8]. - Key investment opportunities for 2026 include sectors such as AI, military industry, energy technology, new consumption, and innovative pharmaceuticals, as well as traditional industries benefiting from supply chain restructuring [8]. Group 3: Company Response to Resignation - Industrial Securities has confirmed that Zhang Yidong's departure will not affect its ongoing business, as the research team has over 200 members and continues to excel in various industry rankings [10]. - The firm aims to maintain its commitment to providing forward-looking and in-depth research services, adhering to its core philosophy of discovering and creating value through research [10].

12月31日，著名策略分析师张忆东在个人公众号发布消息，"经过长时间的慎重考虑，出于对自己职业生涯 后半程的转型规划及家庭因素考量，我已于日前正式向公司提出辞职申请，即将转型海外业务，专注于香 港及海外资本市场的拓展。" 兴业证券经济与金融研究院对券商中国记者确认了张忆东离职的消息。兴业证券经济与金融研究院表示，充分 尊重其个人选择，并对张忆东为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。 张忆东离职 张忆东在公众号表示，"经过长时间的慎重考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我 已于日前正式向公司提出辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。" 驱动做战略转型，一步步把研究打造成了如今的金字招牌。 复旦大学经院全球校友会在一篇文章里提到，在这次采访中，早已光环加身的张忆东回眸当年与研究所同事共 同奋斗的岁月，几度哽咽。他对那些被质疑、被嘲讽、到处作揖"求支持"的故事如数家珍。那些在逆境中打拼 的创业日子，记忆依然闪闪发光。 在这次采访中，张忆东给未来年轻人留了四句话： "一是尽早拼命干，因为拼命干了以后，如果你觉得苦不堪言就尽早离开，如果你干得兴趣勃勃，就应该 ...

格隆汇12月31日｜兴业证券经济与金融研究院联席院长、全球首席策略分析师张忆东因个人职业规划及 家庭因素考量，已正式提出离职申请。据悉，张忆东将转型海外业务，专注于香港及海外资本市场的拓 展。 ...

Group 1 - The core viewpoint of the news is the revision of the "Securities Company Investment Banking Business Quality Evaluation Measures," which introduces new evaluation indicators to enhance the quality of investment banking services provided by securities firms [1] - The revised evaluation measures include two new specialized indicators: one focuses on encouraging securities firms to invest more in financial advisory services and promote mergers and acquisitions, while the other aims to improve the pricing ability of new stock issuances and the quality of investment value reports [1] - The evaluation results are closely watched by the industry as they are linked to the classification evaluation mechanism for securities firms, serving as an important regulatory tool to enhance the quality of practice among these firms [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) account for 79.05% of the index, with major companies including Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688) [2] - The Securities ETF Leader closely tracks the National Securities Leader Index to reflect the market performance of quality listed companies in the securities theme and provide investors with more diversified index investment tools [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为上海英方软件股份有限公司（以下简 称"英方软件"或"公司"）首次公开发行股票并在科创板上市的保荐机构，根据中国证监会《证券发行上 市保荐业务管理办法》（以下简称"《保荐办法》"）以及《上海证券交易所科创板股票上市规则》的相 关规定，担任英方软件首次公开发行股票持续督导的保荐机构，于2025年12月16日至19日对公司进行了 现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 保荐机构查阅了英方软件最新的公司章程、股东会和董事会的议事规则以及其他内部控制的相关制度 等；查阅了公司股东会、董事会的会议通知、决议和记录，核对公司相关公告，与有关高级管理人员进 行了沟通。 经现场核查，保荐机构认为：本持续督导期内，上市公司已制定了较为完善的公司治理制度，相关制度 得到有效执行，公司的董事和高级管理人员能够按照《公司法》、《上海证券交易所科创板股票上市规 则》的要求履行职责，内部控制制度得到有效执行。 （二）信息披露情 ...

Group 1 - The "Light Up Micro Wishes" project aims to support underprivileged youth in Jingyuan County, Ningxia, by providing essential items such as down jackets, sports shoes, backpacks, and stationery, with a total value of 99,000 yuan [1][3] - The initiative is a collaboration between the Youth League Committee of Jingyuan County, China National Building Material Group Corporation, and Fujian Xingye Securities Charity Foundation, highlighting the importance of public-private partnerships in rural revitalization and youth development [3] - The Youth League Committee plans to deepen the "Hope Project" brand effect in 2026, mobilizing social forces to expand support channels for disadvantaged youth and enhance collaborative efforts among various departments [3]