Xin Lang Cai Jing·2026-02-05 06:58Core Viewpoint - Zhang Yidong has officially joined Guotai Junan, taking on the roles of Executive Committee Member, Head of Equity Research, and Chief Economist, focusing on overseas business while reducing domestic sell-side operations [1][6]. Group 1: Career Transition - Zhang Yidong announced his departure from his previous position on December 31, 2022, citing career transformation and family considerations as reasons for his shift towards overseas business, particularly in Hong Kong and international capital markets [1][7]. - He has over 20 years of experience at Industrial Securities, consistently ranking first in overseas strategy analysis [5][11]. Group 2: Educational Background - Zhang holds a Bachelor's and Master's degree in International Finance from Fudan University and an EMBA from Shanghai Jiao Tong University [4][10]. Group 3: Rankings and Achievements - Zhang has received numerous accolades, including being ranked first in overseas market research by New Fortune in 2023 and 2024, and first in strategy research by Crystal Ball in 2025 [5][11]. Group 4: Market Outlook for 2026 - Zhang predicts that the Chinese bull market will continue, with the US dollar depreciating further but at a reduced rate, and the RMB potentially returning to the 6 range, possibly appreciating to 6.8 in the second half of the year [6][12]. - He emphasizes that the market conditions in 2026 will be complex, not a straightforward bull market, and will be characterized by volatility [6][12]. - Key growth areas include technology, particularly AI applications, semiconductor, military technology, and energy technology [6][12]. - Zhang identifies dividend assets as strategically high-probability investments in a high-debt, low-interest environment, suggesting a focus on gold and other strategic asset allocations [6][12]. - He anticipates that the Hong Kong bull market will continue, driven by profitability and liquidity [6][12].