记者丨 庞成 王达毓 广发证券全球首席经济学家、产业研究院院长沈明高（来源：广发证券） 沈明高出生于1965年，公开履历显示，他拥有扎实的学术积淀与丰富的业界从业经历。教育背 景方面，1985年，他获得南京农业大学农业经济学士，1988年获得中国社会科学院农村发展 研究所经济学硕士，2001年获得美国斯坦福大学经济学博士。 职业履历上，在加盟广发证券前，沈明高曾任北京大学中国经济研究中心副教授，并在花旗环 球金融亚洲有限公司担任董事总经理、中国研究主管及大中华区首席经济学家等重要职务。 2017年6月，沈明高正式加入广发证券，出任全球首席经济学家，并领导产业研究院。2019年 至2021年间，他还曾兼任广发控股（香港）有限公司总经理。 沈明高长期从事宏观经济、发展经济学及金融市场研究。近期，他在接受采访时提到，广东作 为市场化改革走在前列的省份，在产业体系、外贸结构、金融支持体系方面具备基础优 势。"十五五"时期广东可以充分利用三大优势，即区位优势、产业应用场景优势以及地方政府 负债率相对较低的优势，在"十五五"期间为实现增长动能转换、创新角色转换走在全球前列。 编辑丨蒋韵 近日，有消息称，证券从业系统已查不 ...

Group 1 - The core point of the news is that Shen Minggao, the global chief economist and head of the industry research institute at GF Securities, is reaching the legal retirement age in February 2026 and will no longer hold his positions, but he is not leaving the company as rumored [1] - GF Securities confirmed that Shen Minggao will continue to participate in internal research activities in the near future [1] - Shen Minggao has a strong academic background and extensive industry experience, having previously held significant positions at Peking University and Citigroup before joining GF Securities in June 2017 [1] Group 2 - Shen Minggao has been engaged in macroeconomic, development economics, and financial market research, highlighting Guangdong's advantages in market-oriented reforms, including location, industrial application scenarios, and relatively low local government debt [2] - During the 14th Five-Year Plan period, Guangdong is expected to leverage its three advantages to lead in the transformation of growth momentum and innovation on a global scale [2]

Group 1: Financial Performance - The company's net profit for 2025 is expected to be between 130 million and 160 million CNY, representing a year-on-year growth of 74.07% to 114.24% [2] Group 2: Product Development and Innovation - Double River Energy has established advantages in the natural ester insulating oil sector, which is characterized by high flash and fire points, biodegradability, low toxicity, strong overload capacity, and safety [2] - Natural ester insulating oil has been successfully applied in significant projects, including the world's first 110kV natural ester transformer and a 180 MW offshore photovoltaic project by the Three Gorges Group [2] - In 2024, Double River Energy will increase R&D investment and participate in a national key technology project for plant-based insulating oil for ultra-high voltage transformers [2] - The company has successfully entered the commercial aerospace sector, introducing materials, cabinets, connectors, and electromechanical products into the aerospace industry [3] - In collaboration with China Three Gorges Construction Group and China Electric Power Research Institute, the company has developed innovative 750kV cable accessories, achieving national-level product technology certification [3]

2月4日，广发证券对券商中国记者确认，沈明高博士自2026年2月起到达法定退休年龄，不再担任公司全球首 席经济学家、产业研究院院长职务。 研究领军人物退休 沈明高的退休，标志着这位知名券业首席经济学家职业生涯的阶段性收官。广发证券方面证实了这一变动，沈 明高本人亦对券商中国记者回复称："退休了，先休息一下。" 公开履历显示，沈明高拥有深厚的学术与业界背景。他于1985年获南京农业大学农业经济学士学位，1988年获 中国社会科学院农村发展研究所经济学硕士学位，2001年获美国斯坦福大学经济学博士学位。在加盟广发证券 前，他曾任北京大学中国经济研究中心副教授，并在花旗环球金融亚洲有限公司担任董事总经理、中国研究主 管及大中华区首席经济学家等重要职务。 2017年6月，沈明高正式加入广发证券，出任全球首席经济学家，并领导产业研究院。2019年至2021年间，他 还曾兼任广发控股（香港）有限公司总经理。在广发任职期间，他专注于宏观经济与产业变革研究，明确提出 中国正进入创新驱动增长阶段，需通过突破关键共性技术来催生产业爆发式增长。其研究视野聚焦于大消费、 新能源、半导体及生物医药四大赛道，致力于为政府部门与相关产业提 ...

本报讯(记者昌校宇)2月4日，恒越基金发布公告称，恒越嘉润量化选股基金于2月3日正式成立，首发募 集总规模达8.15亿元，其中A类份额4.72亿元、C类份额3.43亿元，认购总户数9830户，托管人为广发证 券。 恒越嘉润量化选股基金属于公募主动量化权益类基金。近年来，公募主动量化基金以灵活的流动性和低 门槛等特点，成为中小投资者参与量化投资的便捷工具。与被动跟踪某个特定指数不同，主动量化采取 全市场选股策略。据悉，恒越嘉润量化选股基金是业内较少叠加了两套独立量化模型的产品，一部分仓 位采用中小盘多因子量化策略，另一部分仓位进行量化择时，通过灵活调整仓位捕捉市场趋势、控制回 撤波动，以适应不同风格的市场环境。 恒越基金是较早实行券商交易结算模式的公募机构之一，旗下产品均采用券结模式，而券结基金通常能 获得券商渠道更多支持。据悉，恒越嘉润量化选股基金在本次首发中，通过广发证券、开源证券等多家 券商的广泛代销，仅用两周时间便达成8.15亿元的首募规模，受到业界关注。 上述公告显示，"本基金基金经理持有本基金份额总量的数量区间为100万份以上"，实际金额为200.06 万元，这与该基金首发期间透露的基金经理吴胤希个 ...

广发证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行面值余额不超过 300 亿元（含）的短期公司债券已获得中国证券监督管理委员 会证监许可〔2025〕818 号文同意注册。 根据《广发证券股份有限公司 2026 年面向专业投资者公开发行短期公司债 券（第二期）发行公告》，发行人及簿记管理人原定于 2026 年 2 月 4 日 15:00-18:00 以簿记建档的方式向网下专业机构投资者进行利率询价，并根据簿记建档结果确 定本期债券的最终票面利率。 考虑到簿记建档当日市场情况，经发行人、簿记管理人及其他簿记参与方协 商一致，现将簿记建档结束时间由 2026 年 2 月 4 日 18:00 延长至 2026 年 2 月 4 日 19:00。 关于延长广发证券股份有限公司 2026 年面向专业投资者公开发行短期公司债券（第二期） 簿记建档时间的公告 特此公告。 （以下无正文） （本页无正文，为《关于延长广发证券股份有限公司 2026 年面向专业投资者公 开发行短期公司债券（第二期）簿记建档时间的公告》之盖章页） 2 （本页无正文，为《关于延长广发证券股份有限公司 2026 年面向专业投资者公 开发 ...

Core Viewpoint - The coal industry experienced a significant profit decline of 42% in 2025, but there is an expectation for improvement in profitability in 2026 as supply growth slows and demand recovers [1] Coal Industry Overview - In 2025, the coal industry faced a downturn, with total profits amounting to 352 billion yuan, a 42% year-on-year decrease. However, the second half of the year saw a shift from a loose supply-demand balance to a more stable one [1] - The coal sector outperformed the market in January, with an 8.3% increase year-to-date, surpassing the CSI 300 index by 6.7 percentage points [1] - The overall valuation metrics, including price-to-earnings and price-to-book ratios, are at historically high levels, with the price-to-earnings ratio ranking 5th among all market sectors [1] Market Dynamics - In 2025, the coal market experienced a loose supply-demand balance, with December electricity consumption flat year-on-year and coal imports up by 12%. January saw stable coal prices with slight increases [2] - Domestic coal production rose by 1.2% year-on-year, while imports fell by 9.6%. Global coal shipping volumes decreased by 2.8% [2] - The first quarter of 2026 is expected to see a tightening supply, with safety regulations impacting production levels [2] Recent Market Trends - Recent trends indicate a stabilization and potential increase in coal prices, with high consumption levels and a narrowing supply leading to a stable outlook for coal prices [3] - The coking coal market is currently in a demand lull, but there are signs of increased production in the steel sector, which may support future price stability [3] Key Companies - Companies with stable profits and dividends in the thermal coal sector include China Shenhua, Yanzhou Coal, Shaanxi Coal, and others [4] - High elasticity companies benefiting from rising coal prices include Huabei Mining, Shanxi Coking Coal, and others [4] - Companies with long-term growth potential include Huayang Co., Xinjie Energy, and others [4]

Core Viewpoint - Shen Minggao, the global chief economist of GF Securities, is retiring due to reaching the legal retirement age, not due to rumors of resignation [1][5]. Group 1: Retirement Announcement - Shen Minggao will no longer serve as the global chief economist and head of the industry research institute at GF Securities as of February 2026 [1][5]. - There were rumors about his departure due to the inability to find his information in the securities industry system, which led to speculation about personnel changes at GF Securities [1][5]. Group 2: Professional Background - Shen Minggao was born in 1965 and has an extensive academic background, including a bachelor's degree in agricultural economics from Nanjing Agricultural University, a master's degree from the Chinese Academy of Social Sciences, and a Ph.D. in economics from Stanford University [1][5]. - His career includes roles in policy research at the State Council's Rural Development Research Center and the Development Research Center from 1988 to 1994, followed by academic positions at Peking University [3][7]. - He entered the financial industry in 2005, serving as chief economist at Citibank (China) and later at various prestigious financial institutions, including a return to Citigroup as managing director and chief economist for Greater China [3][7]. Group 3: Recent Contributions - Shen Minggao's last public appearance was at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference, where he delivered a speech on the theme of "Technological Financial Innovation: From 1 to N" [3][7]. - He emphasized the need for a financial ecosystem that can scale to support modern industrial systems, which is crucial for nurturing globally competitive technology enterprises [4][8]. - He noted that the "14th Five-Year Plan" has explicitly outlined a framework for building a modern industrial system, highlighting the balance between "technological industrialization" and "industrial technologicalization" [4][8].

Group 1 - Shen Minggao, the global chief economist of GF Securities, is retiring due to reaching the legal retirement age in February 2026, not due to rumors of leaving the company [1] - Shen Minggao has extensive experience in economic research, having worked in various prestigious institutions and financial organizations since 1988, including the State Council and Citibank [2] - His recent public appearance was at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference, where he discussed the challenges of scaling technological financial innovation [2] Group 2 - Shen emphasized the need for a financial ecosystem that can scale to support modern industrial systems, which is crucial for nurturing globally competitive technology enterprises [2] - He noted that the 14th Five-Year Plan explicitly outlines a framework for a modern industrial system, indicating a shift from merely emphasizing technological innovation to integrating technology with industry [3] - This integration requires balancing the service of "industrialization of technology" and "technologization of industry" [3]

Group 1: Investment Decisions - The company terminated its investment in the Colombian mining project due to significant changes in equity delivery conditions and increased geopolitical risks [4] - The total assets of the company as of September 30, 2025, were CNY 31.00 billion, with a debt ratio of 41.12% [4] - The planned investment amount for the Colombian project was approximately USD 14.589 million, accounting for 10.56% of the company's net assets [4] Group 2: Market Trends and Demand - There is a significant increase in downstream customers' willingness to increase capital expenditures, with the Zijin Mining's second-phase project expected to boost ore processing capacity from 45 million tons to over 105 million tons [5] - The annual copper concentrate output is projected to rise from 190,000 tons to between 300,000 and 350,000 tons [5] - The ongoing rise in copper and gold prices is expected to stimulate the development of idle low-grade mines, leading to increased demand for the company's machinery and spare parts [5] Group 3: Competitive Advantages - The company’s forged composite liner is a global first, with no current competitors offering similar products [6] - The production process for the forged composite liner is complex and requires high initial investment, creating a barrier to entry for domestic companies [6] - The company has applied for patents for the forged composite liner, enhancing its competitive edge and market position [7] Group 4: Global Expansion and Capacity - The company has been expanding its global footprint for five years, with a factory in Zambia expected to start production in October 2024 [7] - The Chilean factory is nearing completion, while the Peruvian factory is under construction and expected to be operational by 2027 [7] - Future global production capacity is projected to reach CNY 3 billion, effectively meeting anticipated order growth [7]