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！ 中国证券业协会数据显示，证券业从业人数连续3年下滑，从2022年末35.61万人，减少至2025年末32.78 万人，近3万人离场。从结构来看，"一般证券业务"人员连续两年减少超过2万人。证券经纪人数量更是 每年下滑，8年间（2018年至2025年）累计减少逾6万人。 数据显示，2025年浙商证券在整体从业人员保持增长的同时，内部业务线条的人员结构出现明显调整。 截至2025年末，公司从业人员总数达4386人，较上年增加82人。其中，一般证券业务与证券经纪人分别 减少36人和22人；分析师人数由165人下降至152人；与之形成对比的是，投资顾问团队大幅扩张151 人，达到489人；保荐代表人则微增3人至139人。 | 浙商证券人数变化 | | | | | --- | --- | --- | --- | | 分类 | 2024/12/31 | 2025/12/31 人数变化 | | | 从业人员数 | 4304 | 4386 | 82 | | 一般证券业务 | 3350 | 3314 | -36 | | 证券经纪人 | 310 | 288 ...

Core Insights - Google's Q4 performance significantly exceeded expectations, with revenue growth of 18% year-over-year to $113.8 billion, marking the first time annual revenue surpassed $400 billion, and net profit increased by 30%, confirming that AI investments have entered a harvest phase [2] - The management has revised the 2026 capital expenditure guidance to $175-185 billion to alleviate ongoing pressure on computing power supply, reflecting strong internal and external AI demand [2] Group 1: Financial Performance - Google's Q4 revenue reached $113.8 billion, a year-over-year increase of 18%, with net profit rising by 30% [2] - Core businesses showed robust growth: Google Search and other revenues increased by 17%, YouTube's annual revenue exceeded $60 billion, and Google Cloud's revenue surged by 48% to $17.7 billion, with operating profit margin rising by 12.6 percentage points to 30.1% [2] - Backlog orders for Google Cloud increased by 55% quarter-over-quarter to $240 billion, indicating strong enterprise AI demand [2] Group 2: AI and Technology Developments - The Gemini ecosystem is progressing rapidly, with version 3.0 becoming the fastest adopted model in the company's history, achieving over 750 million monthly active users and more than 8 million enterprise paid seats, while unit service costs decreased by 78% [2] - Google has formed a significant partnership with Apple to develop the next generation of foundational models, and Waymo has completed new financing to accelerate global expansion [2] Group 3: ASIC Chip Developments - Google's TPU, representing certain ASIC chips, has optimized original computing performance and system efficiency, allowing it to compete with NVIDIA on cost [3] - The cost of inference per unit token has decreased by approximately 70% from TPUv6 to TPUv7, making it competitive with NVIDIA's GB200NVL72 [3] Group 4: PCB Market Implications - The upgrade of ASIC chip architecture is expected to drive demand for high-value PCBs, similar to the impact of NVIDIA's GPU architecture upgrades [4] - The introduction of advanced PCB technologies, such as HDI processes in future TPU models, is anticipated to enhance the value of PCB manufacturing [4] - Companies with comprehensive process capabilities and core customers in the PCB sector are likely to benefit from the growth driven by AI [5]

智通财经APP获悉，浙商证券发布研报称，马斯克旗下Neuralink首款产品Telepathy预计在今年量产，目 前超10000人申请体验。Neuralink现估值超90亿美金，公司愿景是增加沟通带宽，提高交流效率，联接 人脑与AI。在未来，假设交流带宽将成为生物与技术之间的瓶颈，普通人将通过脑机接口实现与AI的 交流和复杂机械的操控。政策端，我国脑计划十年规划(2021-2030)进入下半场关键落地期，脑机接口成 为新质生产力未来产业之一，迎政策东风。建议关注脑机接口与大模型、具身智能技术深入融合。 浙商证券主要观点如下： Neuralink的首款产品Telepathy(心灵感应)预计在今年量产，目前超10000人申请体验 Telepathy聚焦"大脑功能正常，但运动/交流通路断裂"的重症群体，例如脊髓损伤、渐冻症患者。量产 的三个重要条件——N1性能提升、手术安全性提升、成本降低：1)预计2026年N1设备电极数量从1000 个增加到3000个，提升神经信号的接收量。2)针对手术流程，未来将直接穿过包裹大脑的硬脑膜植入电 极线的技术，可降低手术的侵入性，减少风险，降低感染隐患。3)第二代设备将电极植入速度 ...

Group 1 - The financial data for January is expected to show a significant increase in new RMB loans and social financing compared to December, with estimates suggesting new loans could reach 5 trillion yuan, an increase of approximately 4 trillion yuan month-on-month, but a decrease of about 100 billion yuan year-on-year [1] - Analysts predict that the new social financing in January will be around 7 trillion yuan, with bond financing expected to be a major support factor, indicating a stable overall performance in credit and social financing [2] - The growth rates of various loan balances, social financing, and M2 (broad money) are anticipated to slightly decline, yet remain significantly above the nominal GDP growth rate, reflecting a continued supportive monetary policy stance [2] Group 2 - The chief economist at Zheshang Securities forecasts a potential reduction in reserve requirement ratios by 25 to 50 basis points and a 10 basis point interest rate cut in 2026, alongside ongoing structural monetary policy tools aimed at supporting sectors like technology innovation and small to medium enterprises [2]

岁末年初历来是券商研究领域的人事变动高峰期，2026年同样如此。开年以来，有中型券商集中"换 血"，也有头部机构进行布局调整，从各家分析师的流动看，呈现"离职集中、高端集聚、赛道分化"的 特点。据中证协执业信息及公开资料，开年仅一个多月，已有十余名券商分析师发生离职、跳槽或履 新。其中，浙商证券成为人员调整最为集中的机构之一。与此同时，部分头部券商在宏观策略、海外研 究等方向持续加码。业内人士认为，2026年开年的人事变动潮，本质是卖方研究从"规模扩张"向"质量 竞争"转型的阵痛。 对于本轮人事变动，某券业知名分析人士向北京商报记者透露，从过往经验看，分析师在一家券商的任 职时间大多在3—4年，此次开年密集出现人事调整也属正常情况，相关分析师也可能都在探索新的发展 方向。据其分析，本轮调整应属于各家券商研究所正常的更新换代，并非被动调整或其他因素，而时间 上的集中也可能是一种巧合。 两位领军人物现调整 2026年初，券商研究领域人事变动越发频繁。头部券商研究所在跨境研究、宏观策略等关键方向出现人 事调整。北京商报记者注意到，兴业证券原经济与金融研究院联席院长、全球首席策略分析师张忆东已 于今年2月正式加盟国泰 ...

Group 1 - The core viewpoint of the article highlights a significant personnel turnover in the brokerage research sector at the beginning of 2026, characterized by a trend of "concentrated departures, high-end aggregation, and track differentiation" [1][3][6] - Major brokerage firms are adjusting their personnel in key areas such as cross-border research and macro strategy, indicating a shift from "scale expansion" to "quality competition" in sell-side research [3][6][8] - The personnel changes are not isolated incidents but reflect broader pressures within the industry, including the impact of public fund fee reforms and mismatches in incentive mechanisms [6][8] Group 2 - Mid-sized brokerages are experiencing rapid and widespread personnel changes, with over 10 analysts leaving or joining new positions at Zhejiang Securities alone since the beginning of 2026 [4][5] - Notable departures from Zhejiang Securities include top analysts in various sectors, indicating a significant reshuffling of talent within the firm [4][5] - The turnover of core research personnel raises concerns about the stability and adjustment paths of mid-sized brokerages, with analysts typically staying at a firm for 3-4 years [5][6] Group 3 - Zhejiang Securities is simultaneously undergoing talent replenishment and team restructuring, bringing in experienced researchers from other firms to strengthen its capabilities [7][8] - The introduction of analysts with backgrounds in policy research and macro analysis suggests a strategic shift towards a more streamlined and efficient operational model [8][9] - The industry is expected to see a trend towards specialization and structural talent flow, with a growing demand for high-end talent across different sectors [8][9]

中国经济网北京2月9日讯 近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有混合 发起式FOF、浙商汇金卓越配置一年持有混合FOF。 宋青涛先后任浙商证券研究所电子行业研究员、浙商证券自营业务股票和债券投资经理、基金经理。 浙商汇金卓越稳健3个月持有混合发起式(FOF)A/C成立于2023年07月31日，截至2026年02月05日，其今 年来收益率为1.17%、1.10%，成立来收益率为10.76%、8.10%，累计净值为1.1076元、1.0810元。 浙商汇金卓越配置一年持有混合(FOF)A/B成立于2021年11月08日，截至2026年02月05日，其今年来收 益率为1.45%、1.47%，成立来收益率为-21.34%、-20.63%，累计净值为2.3827元、2.1131元。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开 ...

Core Viewpoint - The report from Zheshang Securities indicates that Zhao Chi Co., Ltd. is expanding its guarantees by 20 times to support the growth of optical communication, with the third round of vertical integration about to be realized [1] Group 1: Company Developments - Since its listing, Zhao Chi has achieved two rounds of vertical integration in the TV ODM manufacturing and LED full-ecosystem product systems [1] - The rapid progress over the past year suggests that optical communication will become an important track for the company's third integrated consolidation [1] - This vertical layout strategy distinguishes Zhao Chi from other manufacturing companies, indicating a unique operational approach [1] Group 2: Market Valuation - The current market valuation corresponds to price-to-earnings (PE) ratios of 31.55, 23.31, and 16.83 times [1] - The company maintains a "buy" rating based on its future potential for sustained development and expansion [1]

浙商汇金卓越稳健3个月持有混合发起式(FOF)A/C成立于2023年07月31日，截至2026年02月05日，其今 年来收益率为1.17%、1.10%，成立来收益率为10.76%、8.10%，累计净值为1.1076元、1.0810元。 浙商汇金卓越配置一年持有混合(FOF)A/B成立于2021年11月08日，截至2026年02月05日，其今年来收 益率为1.45%、1.47%，成立来收益率为-21.34%、-20.63%，累计净值为2.3827元、2.1131元。 中国经济网北京2月9日讯近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有混合 发起式FOF、浙商汇金卓越配置一年持有混合FOF。 宋青涛先后任浙商证券研究所电子行业研究员、浙商证券自营业务股票和债券投资经理、基金经理。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开募 ...

中国经济网北京2月9日讯 近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有 混合发起式FOF、浙商汇金卓越配置一年持有混合FOF。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 陈正声 | | 金经理姓名 | | | 离任基金经理姓名 | 宋青涛 | | 基金名称 | 浙商汇金卓越配置一年持有期混合型基金中基 | | --- | --- | | | 金(FOF) | | 基金简称 | 浙商汇金卓越配置一年持有混合(FOF) | | 基金主代码 | 013781 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘 ...