1月7日，21世纪经济报道记者从中信建投处了解到，其研究所所长武超则升任机构业务委员会主任。与此同时，中信建投证券首席经济学家黄 文涛代行研究发展部行政负责人职责。黄文涛或成为中信建投研究业务新任负责人。 实际上，首席经济学家担任行政管理职务，正在成为新趋势。在中证协最新调整的首席经济学家（发展战略）专业委员会中，已有约三分之一 的首席经济学家同时担任研究所所长、副所长等管理职务，更有部分人士晋升至副总裁等核心管理层。这一现象表明，首席经济学家的专业影 响力正更多地向内部战略与管理领域渗透。 与此同时，另一个趋势也日渐清晰：承担更多"股市叙事"功能，正在成为监管层对首席经济学家的新期待。证监会主席吴清明确要求，首席经 济学家"讲好中国股市叙事"。这意味着首席经济学家需更多发挥智库功能，客观反映经济现实、传递正能量。 然而，将"讲好股市叙事"的智库功能落到实处，仍面临现实挑战。目前，券商对首席经济学家的考核普遍仍与研究所的佣金收入紧密挂钩，这 使得其服务于市场投资决策的"业务功能"在实践中往往占据主导。如何平衡创造直接经济收益与履行公共智库角色，成为机制设计上的一个关 键点。 图片来源：本报记者 梁远浩 摄 人 ...

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, indicating a continued loose monetary stance in January 2026 [1][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan reverse repo operation with a fixed rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools such as government bond transactions and Medium-term Lending Facility (MLF) to ensure ample liquidity in the market [1][3] Group 2: Factors Affecting Liquidity - Multiple factors are expected to disturb liquidity in January, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan [2] - The liquidity gap for January 2026 is estimated to be around 1.9 trillion yuan, influenced by cash withdrawals and bank reserve requirements [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize the funding environment, with expectations of a more proactive approach [3] - The PBOC is expected to employ a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity, reflecting a continued "moderately loose" monetary policy [3][4] Group 4: Long-term Monetary Policy Signals - The PBOC's recent work meeting emphasized the importance of maintaining ample liquidity to support high-quality economic development and reasonable price recovery [4] - The overall monetary policy for 2026 is expected to exhibit characteristics of "quantity expansion and price stability," with a cautious approach towards tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4][5]

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, including reverse repos and medium-term lending facilities (MLF), amid multiple factors affecting January's liquidity [1][2][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan 7-day reverse repo operation at a rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools like government bond transactions and MLF to ensure ample liquidity, with expectations of a sustained loose monetary environment [1][3] Group 2: Factors Affecting Liquidity - January's liquidity is influenced by multiple factors, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan, potentially widening the liquidity gap [2] - Credit issuance is expected to have an above-seasonal performance in January, driven by banks' early lending strategies, which may further increase the liquidity gap [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize liquidity, with expectations of less volatility in funding rates compared to seasonal patterns [2][3] - The PBOC's monetary policy is expected to remain "moderately loose," utilizing a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity [4] Group 4: Long-term Monetary Policy Outlook - The PBOC's 2026 monetary policy is characterized by "quantity expansion and price stability," with a focus on maintaining liquidity while being cautious with tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4] - The overall liquidity environment is projected to remain ample, with low volatility in funding rates becoming the norm, supported by the PBOC's targeted operations [4]

Core Insights - The total number of employees in the securities industry is projected to decrease to 328,900 by the end of 2025, a reduction of nearly 7,800 from the end of 2024, marking a shift in talent dynamics within the industry [1][2] - The number of investment bankers, specifically sponsors, is expected to decline for the first time in eight years, contrasting with the growth of investment advisors and analysts [1][3] Industry Overview - The total number of employees in the securities industry has fluctuated between 320,000 and 360,000 since 2017, peaking at 354,500 in 2022 [1] - By the end of 2025, five major brokerages will employ over 10,000 people each, accounting for nearly 20% of the total workforce in the industry [2] - Some large and medium-sized brokerages are experiencing workforce reductions due to mergers, restructuring, and the establishment of subsidiaries [2] Talent Dynamics - Internet-based brokerages such as Dongfang Caifu, Guojin Securities, and Maikao Securities are actively hiring, with Dongfang Caifu increasing its workforce by 630 to reach 3,334 employees [2] - The number of investment bankers has decreased to 8,519 by the end of 2025, down 293 from the previous year, marking the first annual decline in eight years [3] - The decline in investment bankers is attributed to a slowdown in equity financing and stricter regulatory environments [3][4] Growth in Advisory Roles - The number of investment advisors has reached a record high of 86,100 by the end of 2025, an increase of 5,782 from 2024, reflecting a shift towards high-quality talent strategies [5][6] - The number of securities brokers has significantly decreased from 90,400 in 2017 to 22,900 in 2025, indicating a transition away from traditional brokerage roles [5] Analyst Trends - The number of analysts has surpassed 6,056 by the end of 2025, marking a growth of 338 from the previous year, with a notable increase since 2022 [6][7] - High-profile analysts are increasingly changing firms, indicating a competitive environment for talent acquisition among brokerages [7] - The demand for research and analysis is supported by the expansion of listed companies and the growth of institutional investors, despite challenges in commission income [7]

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 1月7日，21世纪经济报道记者从中信建投处了解到，其研究所所长武超则升任机构业务委员会主任。与 此同时，中信建投证券首席经济学家黄文涛代行研究发展部行政负责人职责。黄文涛或成为中信建投研 究业务新任负责人。 实际上，首席经济学家担任行政管理职务，正在成为新趋势。在中证协最新调整的首席经济学家（发展 战略）专业委员会中，已有约三分之一的首席经济学家同时担任研究所所长、副所长等管理职务，更有 部分人士晋升至副总裁等核心管理层。这一现象表明，首席经济学家的专业影响力正更多地向内部战略 与管理领域渗透。 与此同时，另一个趋势也日渐清晰：承担更多"股市叙事"功能，正在成为监管层对首席经济学家的新期 待。证监会主席吴清明确要求，首席经济学家"讲好中国股市叙事"。这意味着首席经济学家需更多发挥 智库功能，客观反映经济现实、传递正能量。 然而，将"讲好股市叙事"的智库功能落到实处，仍面临现实挑战。目前，券商对首席经济学家的考核普 遍仍与研究所的佣金收入紧密挂钩，这使得其服务于市场投资决策的"业务功能"在实践中往往占据主 导。如何平衡创造直接经济收益与履行公共智库角色， ...

Core Viewpoint - The article emphasizes the importance of macroeconomic research in optimizing portfolio structures and managing risks in a highly uncertain macro environment, highlighting the strategic value of the macro team in connecting various research outputs and providing a multi-dimensional analysis framework [1]. Group 1: Macro Research Team - The macro team is described as the "central nervous system" of the research institute, crucial for calibrating industry research's policy sensitivity and providing underlying logic for asset allocation [1]. - The new addition of Dr. Chen Xing, with over ten years of macro research experience, aims to build three major research matrices: domestic real economy, financial liquidity and asset allocation, and overseas economy [1]. Group 2: Research Philosophy - The article advocates for a research philosophy of "大道至简" (simplicity in complexity), encouraging clear and actionable conclusions rather than overly complex analyses [5][6]. - It stresses the importance of making research accessible to a broad audience, avoiding technical jargon and focusing on straightforward communication of complex ideas [5]. Group 3: Historical Context and Future Aspirations - The article reflects on the author's past experiences and the influence of mentors in shaping research approaches, emphasizing the need to learn from historical insights while looking forward [6]. - There is a commitment to delivering more insightful research outcomes in the future, with an appeal for continued support from clients and stakeholders [6].

北京商报讯（记者 刘宇阳 实习生 姚榕琰）1月6日，据"华福证券发布"微信公众号信息，当日，华福证券召开董事会会议， 决定董事长黄德良不再兼任公司总裁，聘任蒋松荣为公司总裁。 ...

Group 1 - The gaming sector experienced slight fluctuations, with the gaming ETF (159869) rising approximately 0.3% in early trading on January 6, 2023, and accumulating 1.306 billion yuan in inflows over the last 10 trading days, bringing its total scale to 13.116 billion yuan as of January 5, 2023 [1] - WeChat Mini Games announced an upgrade to its IAP incentive policy effective January 1, 2026, focusing on newly launched games, which will receive dual incentives during their initial and growth periods, with a maximum incentive cap raised to 4 million yuan per game [1] Group 2 - The China Audio-Video and Digital Publishing Association's report indicates that the domestic gaming market is projected to achieve actual sales revenue of 350.789 billion yuan in 2025, a year-on-year increase of 7.68%, with a user base of 683 million, marking a 1.35% growth [2] - The mini-games market is expected to reach 53.535 billion yuan in revenue in 2025, representing a significant year-on-year growth of 34.39%, and accounting for 15% of the overall gaming market revenue [2] - Huafu Securities notes that WeChat Mini Games currently has 500 million monthly active users and has served over 400,000 developers, with 80% being small teams of fewer than 30 people, suggesting that the upgraded incentive policy may further stimulate the development of more gaming products [2] - Dongfang Securities highlights that key projects in the Chinese market are significantly contributing to PC revenue, indicating potential growth in both product supply and traffic demand for PC channels, with an expectation of abundant new product supply in 2026 [2]

Core Viewpoint - The Hong Kong Stock Connect innovative drug sector is showing strong performance, with the Hong Kong Stock Connect Innovative Drug ETF (520880) experiencing a significant increase of 5.22% and a trading volume surge of nearly 200% compared to the previous trading day [1][7]. Group 1: ETF Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) covers 37 innovative drug research companies, with 36 stocks showing gains, including a rise of over 11% for InnoCare Pharma-B and over 8% for Kelun-B [1][7]. - Major weighted stocks such as Innovent Biologics, Rongchang Biopharmaceuticals, and BeiGene all increased by over 6% [1][7]. Group 2: Regulatory and Market Trends - According to the National Medical Products Administration, 76 innovative drugs are expected to be approved for market in China by 2025, a significant increase from 48 in 2024, marking a historical high [9][10]. - The domestic innovative drugs are particularly notable, accounting for 80.85% in chemical drugs and 91.30% in biological products [9][10]. Group 3: Market Opportunities - The total value of innovative drug licensing transactions in China is projected to exceed $130 billion in 2025, with over 150 transactions, both figures representing historical records and significant increases from 2024 [10]. - China's pipeline of new drugs currently holds a 30% share of the global total, ranking second worldwide [10]. Group 4: Investment Insights - Huafu Securities emphasizes that the long-term logic of pharmaceutical innovation remains unchanged, suggesting a positive outlook for innovative drugs in 2026 following a market adjustment in the second half of 2025 [10]. - The Hong Kong Stock Connect Innovative Drug ETF (520880) and its associated funds track the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, which has unique advantages in asset allocation [10].

Group 1 - The core point of the article is that Insilico Medicine has entered into a multi-year R&D collaboration with Sihuan Pharmaceutical, valued at $888 million, focusing on AI-driven drug development in oncology [1] - Insilico Medicine is eligible for an upfront payment of up to $32 million and milestone payments related to recent R&D achievements as part of the agreement [1] - The collaboration aims to combine Insilico's Pharma.AI platform with Sihuan's global expertise in oncology drug development, targeting challenging oncology targets to identify and develop new therapeutic drugs [1] Group 2 - Huafu Securities indicates that the AI healthcare industry has entered a critical phase of commercialization, driven by the resonance of strategy and market demand, with catalysts from policy, hospital end, and product aspects [1] - The current timing is seen as a golden opportunity for a new round of AI healthcare application deployment [1] - The Hong Kong Stock Connect Medical ETF (520510) tracks the Hong Kong Stock Connect Medical Theme Index, with over 30% weight in CXO and over 20% in AI healthcare, providing a convenient tool for market investment in CXO and AI healthcare concepts [1]