华创证券研究所，人事大变动！张瑜接棒首席经济学家，多名骨干晋升

Core Viewpoint - The article discusses recent personnel changes at Huachuang Securities, including the appointment of Zhang Yu as the new Chief Economist and the expansion of the research team, indicating a strategic shift in the company's research capabilities and focus on macroeconomic outlooks for 2026 [2][3][4]. Group 1: Personnel Changes - Niu Bokun, the former Chief Economist, has transitioned to the role of Assistant President and Co-Director of the Research Institute, while Zhang Yu has taken over as Chief Economist [2][3]. - Zhang Yu has extensive experience in macroeconomic research and has been recognized in the industry, including participation in a meeting hosted by the Premier of the State Council [3][4]. - The research institute has promoted several key analysts, reflecting a commitment to building a competitive research team across various sectors [5][6]. Group 2: Macroeconomic Outlook - Zhang Yu's team recently published a report forecasting that the supply-demand imbalance in China's economy may improve in 2026, which is seen as a critical year for the awakening of value in the Chinese stock market [4]. - The report anticipates that nominal GDP growth and the deflator index will perform better than in the current year, although nominal GDP growth may not exceed real GDP growth [4]. - The team emphasizes the importance of focusing on safety margins and profit improvements in the stock market, while also noting potential volatility in short-term funding rates and a bearish trend for long-term rates [4]. Group 3: Team Expansion - Five analysts have been promoted within the research institute, with notable appointments including Wu Yifan and Zhou Guannan as Co-Directors of the Research Institute [6][7]. - The promotions reflect the analysts' contributions to their respective fields, with teams achieving recognition in the "2025 Best Analyst" awards [6][7]. - The ongoing investment in research talent is expected to enhance the institute's capabilities in macroeconomic, fixed income, financial, consumer, and pharmaceutical research [7].