券商中国·2026-02-04 10:30Core Viewpoint - The retirement of Shen Minggao, a prominent figure in the securities industry, marks a significant transition in the sector, highlighting a trend of influential economists leaving their positions [2][3][4]. Group 1: Retirement Announcement - Shen Minggao's departure from his role as Global Chief Economist at GF Securities was confirmed, effective February 2026, coinciding with his reaching the legal retirement age [2][3]. - Shen has a robust academic and professional background, holding degrees from Nanjing Agricultural University, the Chinese Academy of Social Sciences, and Stanford University, and has held significant positions in both academia and major financial institutions before joining GF Securities in 2017 [3]. Group 2: Industry Trends - The retirement of Shen adds to a wave of departures among influential chief economists in the securities industry, including notable figures from Guotai Junan and Xiangcai Securities [4]. - Shen's retirement reflects broader changes in the industry, as several key personnel have recently stepped down, indicating a potential shift in the landscape of economic research within the sector [4]. Group 3: Contributions and Insights - Before his retirement, Shen actively participated in industry discussions, emphasizing the need for technology finance innovation to transition from pilot projects to scalable models, particularly during the 14th Five-Year Plan period [5]. - He proposed that technology finance should support both "technology industrialization" and "industrial technology" goals, advocating for the concept of "technology capital" that combines funding with industry insight [5]. - In his outlook on industries, Shen identified the "smart manufacturing industry chain" as a potential new pillar of the economy, suggesting it could rival real estate in significance over the next 5-10 years [6].