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 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 浙商证券研报指出，吉利诉讼和解落地，欣旺达阴霾尽扫前路坦荡。吉利威睿的电芯纠纷，自2021 年以来一直是压在欣旺达成长预期上的一块大石，而在去年底转为诉讼后，更是对公司短期带来了非常 大的负面影响。此次和解协议的签署，对于双方而言是化干戈为玉帛，而对欣旺达而言更是阴霾尽扫的 前路坦荡。看好公司的持续成长空间，当下市值对应的PE分别为21.17、13.89和10.36倍，维持"买入"评 级。 （责任编辑：刘畅 ） ...

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 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 1、覃隶属于李超所管理的总量大组。 来源：五道口江湖 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 2、基本上联席所长，副所长，副院长职务都免了，成了新设岗位的首席领导，马莉保持了原有的联席 所长、副所长职级 责任编辑：郭栩彤 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！ 1、覃隶 ...

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The key factors affecting the inter - bank capital situation during the Spring Festival holiday are the change in M0. The 9 - day Spring Festival in 2026 may lead to greater cash leakage and slower cash return to banks, resulting in a lower excess reserve level in the commercial banking system [2][12]. - The cash leakage (M0 month - on - month increase) caused by residents' cash withdrawals during the Spring Festival may exceed 1.7 trillion yuan, and with the 500 - billion - yuan 6M term repurchase "maturity - placement" misalignment, the pre - Spring Festival capital gap may exceed 2.2 trillion yuan [3][13]. - The central bank started to issue 14 - day reverse repurchase on February 5, and the start date and amount of the reverse repurchase across the Spring Festival holiday met expectations. The current low certificate of deposit spread and credit spread fully reflect the market expectation of stable and loose funds and remaining carry trade space [1][4]. - During the Spring Festival holiday, more attention should be paid to the speed of cash return to banks and the appreciation of the RMB. The 9 - day holiday may cause residents to return to work later, and RMB appreciation may consume commercial bank excess reserves [4][15]. 3. Summary by Directory 3.1 The Focus on the Capital Situation around the Spring Festival Holiday - The main factor affecting the inter - bank capital situation during the Spring Festival is the change in M0. The 9 - day Spring Festival in 2026 will lead to greater cash leakage and slower cash return to banks, resulting in lower excess reserves in the commercial banking system [2][12]. - The cash leakage (M0 month - on - month increase) during the Spring Festival may exceed 1.7 trillion yuan, and combined with the 500 - billion - yuan 6M term repurchase "maturity - placement" misalignment, the pre - Spring Festival capital gap may exceed 2.2 trillion yuan [3][13]. - The central bank issued 14 - day reverse repurchase on February 5, and the start date and amount of the reverse repurchase across the Spring Festival holiday met expectations. The current low spreads reflect the market expectation of stable and loose funds [1][4]. - Attention should be paid to the speed of cash return to banks and RMB appreciation during the holiday [4][15]. 3.2 Narrow - sense Liquidity 3.2.1 Central Bank Operations - Short - term liquidity: The central bank conducted peak - shaving and valley - filling operations. From February 2 to February 6, the net issuance of pledged reverse repurchase was - 756 billion yuan. Medium - and long - term liquidity: The 3M term repurchase was renewed with an excess of 100 billion yuan [16]. 3.2.2 Institution's Lending and Borrowing Situations - Capital supply (lenders): The net lending of large - scale banks reached a record high. Capital demand (borrowers): The absolute financing balance was high, and the relative leverage ratio increased [22][34]. 3.2.3 Repurchase Market Transaction Situation - Capital volume and price: The volume was abundant, and the price was stable. The capital sentiment index showed a gradual easing trend [42][45]. 3.2.4 Interest Rate Swaps - The cost of interest rate swaps decreased slightly, and the spread between CDs and IRS remained at a low level [49]. 3.3 Government Bonds 3.3.1 Next Week's Net Payment of Government Bonds - The net payment of government bonds next week will increase significantly. The net payment in the past week was 460.4 billion yuan, and it is expected to be 643.7 billion yuan next week [52]. 3.3.2 Government Bond Maturity Structure - The report presents the issuance and proportion of government bonds with different maturities in 2024, 2025, and 2026, including treasury bonds and local government bonds [57][58]. 3.4 Certificates of Deposit 3.4.1 Absolute Yield - The report shows the SHIBOR yield curve and the AAA - rated certificate of deposit yield curve and their changes compared with the previous week [62]. 3.4.2 Issuance and Stock Situations - As of February 6, the issuance and stock structures of certificates of deposit of different types of banks are presented, including the issuance and stock amounts and proportions of different maturities [66][67]. 3.4.3 Relative Valuation - The report analyzes the spreads of certificates of deposit, including the spreads between the 1 - year AAA - rated certificate of deposit yield and R007, DR007, and the 10 - year treasury bond yield, and their quantiles since 2020 [69].

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]