Group 1 - Zhang Yidong, a prominent strategist, has joined Guotai Junan after leaving his previous position at Industrial Securities, where he served as the co-director of the Economic and Financial Research Institute and Global Chief Strategist [1][2] - His new role at Guotai Junan includes being a member of the Executive Committee of Haitong International Securities and overseeing the stock research and sales trading departments, focusing on cross-border integration of research operations [1] - Zhang has over 20 years of experience in sell-side research, covering A-shares, Hong Kong stocks, and U.S. markets, and has received numerous accolades, including being the first New Fortune Platinum and Diamond Analyst in the total research field [2] Group 2 - Zhang expressed his desire to focus on overseas business and contribute to telling China's financial story to global investors, emphasizing the importance of seizing China's asset pricing power [3] - He believes that the Chinese stock market is entering a historic opportunity comparable to the real estate boom after 1998, driven by the need for high-quality economic development [3][4] - The revitalization of the asset side of the balance sheet is seen as crucial for unlocking economic potential and achieving high-quality development goals by 2035 and 2049 [4] Group 3 - The stock market is viewed as a key engine for economic growth, similar to the role of real estate post-1998, with state-owned enterprises and asset revaluation leading the way [4] - The consensus among local governments is shifting towards asset securitization and leveraging state-owned resources, with the stock market serving as a pivotal mechanism for this transformation [4] - Zhang's recent insights suggest that the Hong Kong stock market is expected to continue its bull run into 2026, driven by improving profitability and liquidity [5]

记者丨 孙永乐 编辑丨巫燕玲 2月5日，21世纪经济报道记者获悉，原兴业证券全球首席策略分析师、研究院联席院长、海外 研究中心总经理，知名海外策略分析师张忆东，已正式加盟国泰海通，拟出任海通国际证券执 委会委员，股票研究部主管及首席经济学家。 目前，这一任命尚未公开披露，截至2月5日，在证券业协会官网仍无法查询到张忆东的个人从 业登记信息。 正式转型海外业务 去年12月31日，张忆东在个人公众号"张忆东策略世界"发布声明称："经过长时间的慎重考 虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我已于日前正式向公司提出辞职 申请，即将转型海外业务，专注于香港及海外资本市场的拓展。" 当时，兴业证券经济与金融研究院对此回复21世纪经济报道记者："研究院充分尊重其个人选 择，并对张忆东为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。" 公开资料显示，张忆东，复旦大学国际金融系学士、硕士，上海交通大学上海高级金融学院 EMBA，是卖方研究领域最具影响力的策略分析师之一，2001年至今已深耕行业24年，先后 十余次获得海外相关奖项评选第一名，是总量领域首位钻石分析师。 在兴业证券，张忆东工作了将近20年 ...

Group 1 - Zhang Yidong, a prominent strategist and chief economist, has officially joined Guotai Junan and will serve as a member of the executive committee of Haitong International Securities and head of the equity research department [1][2][3] - Zhang has over 24 years of experience in the industry and has been recognized multiple times as a leading analyst in overseas awards, making significant contributions to the development of sell-side research and overseas research business [3] - His recent research outlook for 2026 indicates strong confidence in China's macro economy, A-shares, and Hong Kong stocks, emphasizing the importance of structural opportunities and long-term development over short-term economic perceptions [4][6] Group 2 - Zhang's investment strategy for 2026 includes focusing on four key areas: AI investments, low-interest-rate opportunities in traditional sectors, value discovery in traditional industries, and strategic assets like gold and rare earths [5] - He highlights the importance of structural opportunities in China's economy, particularly in high-level technological self-reliance, domestic consumption, and the transformation of traditional industries [6] - Zhang notes a shift in capital flows, with passive ETF funds returning to China and an increase in foreign investment allocation, particularly in the context of the renminbi's appreciation [6]

股 票 研 究 市场化改革及财富管理引领，ROE 向上拐点 兴业证券(601377) 兴业证券更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： 公司当前推进市场化改革，有望进一步发挥财富管理优势，ROE迎来向上拐点，维 持"增持"评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 10,627 | 12,354 | 12,207 | 13,994 | 15,255 | | (+/-)% | -0.3% | 16.2% | -1.2% | 14.6% | ...

Group 1 - Zhang Yidong has officially joined Haitong International Securities as a committee member, head of the equity research department, and chief economist, focusing on cross-border integration of research business [1][2] - Zhang has over 20 years of experience in sell-side research, covering A-shares, Hong Kong stocks, and US stocks, and has received multiple awards for his strategic research [2] - The Hong Kong market is seen as a key platform for Chinese companies to expand internationally, with a focus on cross-border financing, wealth management, and asset management [3] Group 2 - Zhang Yidong is optimistic about Chinese equity assets, predicting a "super long bull market" for A-shares and Hong Kong stocks over the next two decades due to China's shift to high-quality economic development [4] - Investment opportunities for 2026 include technology sectors like aerospace and artificial intelligence, domestic consumption, and the transformation of traditional industries [5] - There is a notable trend of foreign capital returning to China, particularly in passive ETFs and active management, with an increase in foreign investment allocation as the RMB appreciates [5]

市场化改革及财富管理引领，ROE 向上拐点 兴业证券(601377) 兴业证券更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： 公司当前推进市场化改革，有望进一步发挥财富管理优势，ROE迎来向上拐点，维 持"增持"评级。 投资要点： 股 票 研 究 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 10,627 | 12,354 | 12,207 | 13,994 | 15,255 | | (+/-)% | -0.3% | 16.2% | -1.2% | 14.6% | ...

新京报贝壳财经讯 2月5日，证券板块短线拉升，华林证券盘中涨超8%，华鑫股份、国盛证券、中信建 投、兴业证券、首创证券跟涨。 ...

Core 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].

Group 1 - Zhang Yidong has officially joined Guotai Junan as a member of the Executive Committee of Haitong International Securities, responsible for the stock research and sales trading departments, focusing on cross-border integration of research business and investment in the era of "Investing in China" and "Chinese Investment" [1] - Zhang Yidong has 15 years of experience in the securities industry, with notable achievements including being the first analyst to win five major awards in the industry, showcasing his expertise in strategy research [3] - Zhang Yidong's core viewpoint emphasizes a long-term bullish market outlook, suggesting that investors should overcome short-term volatility fears and focus on medium to long-term strategies, predicting a sustained upward trend in the capital market [4] Group 2 - The Hong Kong stock market is expected to benefit from central policy support, with regulatory encouragement for listings and reforms enhancing market capacity, attracting global funds to quality assets [4] - Zhang Yidong identifies "patient capital" as a market leader, including pension funds and insurance, which will likely expand through ETFs, allowing ordinary investors to participate in the capital market [5] - The consensus among local governments is moving towards asset securitization and leveraging state-owned resources, with the stock market being a key mechanism for revitalizing assets [5] Group 3 - Zhang Yidong outlines two main directions and three lines of investment focus: growth sectors like AI and technology, and value sectors including high-dividend stocks and strategic assets benefiting from geopolitical dynamics [6][7] - The anticipated weakening of the US dollar and continued liquidity easing by the Federal Reserve are seen as significant factors for the Chinese stock market in the coming year [8] - There are indications of global capital returning, particularly from regions connected to China, with expectations of a more favorable environment for foreign investment in technology and consumption sectors [9]

以下文章来源于创业板观察 ，作者王玉玲 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 财联社记者获悉， 原兴业证券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正式加盟国泰海通， 拟 担任海通国际证券执委会委员，股 票研究部主管及首席经济学家， 负责分管股票研究部与股票销售交易部，未来协调研究业务跨境一体化，投身于"投资中国"和"中国投资"的时代潮 流。也就是，推动A股研究出海，取得中国资产定价权；加强海外市场研究，助力中国资本进行海外投资。 对于这一职业转变，张忆东对财联社记者表示，他的新角色将聚焦于海外业务，相比过去，会适当减少参与境内的卖方业务。"在国内干卖 方已是红海，多一个我，少一个我，不重要。但在海外每赚取一块钱，都是为中国金融出海做贡献，都是为金融强国做增量。"张忆东说。 瞄准海外增量市场，夺取中国资产定价权 张忆东已经在中国卖方研究领域深耕20余载，全面覆盖A股、港股与美股市场，是国内最具影响力的策略分析师之一。加盟国泰海通后，他 将转身更多面向海外投资者。 "过去我主要面对国内投资者，我带的策略团队与海 ...