知名首席经济学家，离任！

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].