4 1 11 100 6395 r 626- (Cir (56- (0 ed 陈亮 : . , . 111- ( = ) Ma 刘健 t the O T . 4. Jh 顾伟 0 l P t . t . 范力 钱文海 黄德良 王海河 陈戈 张东 钟文岳 刘宗治 高云程 王庆 中金公司党委书记、董事长陈亮： 坚守初心 奋力谱写一流投行建设新篇章 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为今年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行 ...

2025年收官之日，华福证券迎来核心管理层的重大调整：公司党委书记、董事长黄德良将兼任股东单位 福建金投的党委委员，同时拟任福建金投副总经理；公司党委委员、副总裁蒋松荣拟提名为华福证券总 裁候选人。 2025年6月，华福证券党委书记、董事长苏军良转任兴业证券党委书记、董事长，而后华福证券总裁黄 德良升任党委书记、董事长，并继续兼任总裁。如今，副总裁蒋松荣拟升任总裁，公司新任总裁人选正 式落定，黄德良得以专注战略决策。 华福证券2024年底完成47.57亿元增资扩股，2025年12月又完成股份制改造，成为股份有限公司。 业内人士分析，黄德良、蒋松荣履新，实现了华福证券核心管理层的平稳交接，也为公司在陆续完成增 资扩股和股改后的新一轮战略发展奠定基础。 黄德良提任福建金投重要职务 根据华福证券官微发布，2025年12月31日，华福证券召开集团干部大会，宣布福建省委关于华福证券主 要领导任职的决定。经省委研究决定，黄德良同志任中共福建省金融投资有限责任公司委员会委员，蒋 松荣同志任中共华福证券股份有限公司委员会副书记。 另据了解，按照国有企业惯例，黄德良还拟兼任福建金投副总经理，蒋松荣也拟提名为华福证券总裁候 选人 ...

21世纪经济报道记者 孙永乐 2025年收官之日，华福证券迎来核心管理层的重大调整：公司党委书记、董事长黄德良将兼任股东单位福建金投的党委委员， 同时拟任福建金投副总经理；公司党委委员、副总裁蒋松荣拟提名为华福证券总裁候选人。 2025年6月，华福证券党委书记、董事长苏军良转任兴业证券党委书记、董事长，而后华福证券总裁黄德良升任党委书记、董事 长，并继续兼任总裁。如今，副总裁蒋松荣拟升任总裁，公司新任总裁人选正式落定，黄德良得以专注战略决策。 华福证券2024年底完成47.57亿元增资扩股，2025年12月又完成股份制改造，成为股份有限公司。 业内人士分析，黄德良、蒋松荣履新，实现了华福证券核心管理层的平稳交接，也为公司在陆续完成增资扩股和股改后的新一 轮战略发展奠定基础。 公开信息显示，2025年6月，华福证券原党委书记、董事长苏军良转任兴业证券党委书记、董事长。同年7月，华福证券宣布公 司原党委副书记、总裁黄德良升任党委书记、董事长，并继续兼任总裁。 据了解，黄德良出生于1973年，在银行、信托及证券等多元金融领域深耕近30年。其1996年加盟兴业银行，职业生涯起步于福 州分行、总行财务会计部；2000年 ...

2025年最后一天，华福证券核心管理层重大调整，新总裁人选落定！华福证券党委书记、董事长黄德良将兼任股东单位福建金投的党委委员，同 时拟兼任福建金投副总经理；公司党委委员、副总裁蒋松荣拟提名为华福证券总裁候选人。 【导读】华福证券新总裁定了，董事长黄德良拟兼任股东单位福建金投副总，副总裁蒋松荣拟提名为总裁候选人 中国基金报记者刘明 据了解，按照惯例，黄德良还将拟兼任福建金投副总经理，蒋松荣也拟提名为华福证券总裁候选人，相关事项预计将在履行公司治理程序后正式 发布。 公开信息显示，黄德良，1973年出生，在银行、信托、证券等多元金融领域深耕近30年。历任兴业银行股份有限公司重庆分行行长助理、重庆分 行党委委员，兴业国际信托有限公司党委委员、副总裁，华福证券有限责任公司党委副书记、董事、总裁等职。黄德良自2014年起任职华福证券 总裁，2025年7月起任华福证券党委书记、董事长兼总裁。 新总裁蒋松荣同样是一位深耕金融市场的"老将"，其在银行、信托、期货、资管、证券等多个领域任职长达23年。蒋松荣2015年8月调任华福证 券，在华福证券任职也已超10年。 2025年6月，华福证券党委书记、董事长苏军良转任兴业证券党 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公开资料显示，黄德良出生于1973年，1996年加入兴业银行，先后在福州分行、总行财务会计部任职， 后参与筹建重庆分行并担任多个部门负责人，至升任分行行长助理、党委委员。2012年转任兴业国际信 托党委委员、副总裁，2014年起担任华福证券党委副书记、总裁，深度参与了华福证券跨越式发展的重 要阶段。2025年7月，黄德良升任华福证券党委书记、董事长，并继续兼任总裁。 蒋松荣同样是一位深耕金融市场的"老将"，其深耕银行、信托、期货、资管、证券等领域长达23年，从 基层、中层到高级管理层，具备全面的行业经验与企业管理能力。 蒋松荣，曾在兴业银行历练多年，先后在总行办公室、风险管理部、资金营运中心等诸多核心岗位任 职。2012年调任兴业国际信托公司投资总部总经理，之后筹建了兴业国信资产管理公司并出任首任总经 理。2014年牵头负责并购民营公司宁波杉立期货并作为首任总经理，后期更名为兴业期货公司纳入兴业 银行集团版图，展现其资源整合与创新开拓能力。 2015年8月，蒋松荣加入华福证券，先后分管过投资银行、债券承销、自营投资、股权投资，研究业 务 ...

Group 1 - The core viewpoint of the article highlights the frequent talent movement within the brokerage research industry in 2025, with significant changes in personnel across various firms [1][5] - Yu Mingming, the former deputy director of the research institute at Xinda Securities, has joined Dongwu Securities as the head of quantitative investment, indicating a trend of high-profile analysts changing firms [1][5] - By the end of 2025, over 300 analysts changed their professional institutions, involving more than 60 brokerages, with 220 analysts transferring in the first half of the year alone [4][8] Group 2 - The total number of registered analysts in the industry surpassed 6,162 by September 2025, marking a historical high, which contrasts with the ongoing talent flow [4][8] - Notable changes in core talent include at least 14 chief economists from various brokerages, such as the transfer of Xun Yugen from Guotai Junan to Guoxin Securities, reflecting significant shifts in leadership roles [4][9] - The movement of analysts is driven by factors such as brokerage mergers leading to job overlaps, adjustments in business positioning, differences in compensation mechanisms, and career development opportunities [3][4] Group 3 - The phenomenon of "team migration" is prevalent, with over 25 top analysts from popular sectors like consumption, new energy, and TMT changing platforms, indicating a trend of collective movement within teams [9] - The overall analysis of 2025 suggests that the talent flow is a manifestation of the "Matthew effect" due to declining commission rates, as well as a necessary transition from traditional sell-side services to integrated research and comprehensive financial services [4][9] - Xinda Securities has established a three-tier research system covering 25 core industries, focusing on key sectors aligned with national industrial upgrading trends, and is advancing the integration of research and investment [3][7]

Core Viewpoint - The ChiNext AI Index has shown significant growth, with a year-to-date increase of 107.21%, outperforming other AI-related indices [3][9]. Group 1: Market Performance - On December 30, the ChiNext AI Index rebounded by 1%, with many constituent stocks showing positive performance, particularly in AI applications and computing power sectors [1][7]. - The leading stock, BlueFocus, surged by 7%, while other notable gainers included Yidian Tianxia and Hand Information, both rising over 3% [1][7]. - The ChiNext AI ETF (159363) closed up 1.12% at a record high of 0.993 yuan, with a daily trading volume exceeding 500 million yuan and a net subscription of 36 million units [1][7]. Group 2: Industry Insights - The acquisition of AI application developer Manus by Meta for several billion dollars is expected to catalyze growth in the AI application sector, marking Meta's third-largest acquisition [4][11]. - Analysts predict a high degree of certainty in the large model's market in 2026, with competition for consumer traffic being a key focus for AI applications next year [4][11]. - The computing power sector is anticipated to enter a new growth phase, with leading optical module manufacturers accelerating production in mainland China and Thailand [4][11][5]. Group 3: Investment Recommendations - Companies are advised to focus on the first ChiNext AI ETF (159363) and its related funds, which have a significant allocation towards computing power and AI applications [5][12]. - The ETF's portfolio is heavily weighted towards computing power, with over 70% allocated to this sector and more than 20% to AI applications, allowing for effective capture of AI market trends [5][12].

01哪些行业受益人民币升值 近期离岸人民币对美元盘中升破7.0关口，为2024年9月以来首次。年末的人民币快速升 值，年末结汇是重要因素，也是针对全球新老秩序交替过程中，中国优势的再评估。 财通证券策略梳理人民币升值受益行业： 从成本端， 进口贸易以及原料进口依赖两类行业有望受益，最终体现为毛利率提升； 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前瞻布局未来产 业，推动脑机接口等成为新的经济增长点。 这些产业蓄势发力，未来1 0年将再造一个中 国高技术产业。 风险提示：以上内容仅为个人观点，供交流参考使用，所有内容不做买卖操作依据，据此 介入，风险自担，投资有风险，入市需谨慎。 合 作 联 系 02 太空脑机接口首试成功 近日，西北工业大学牵头开发的两套太空专用小鼠无线植入式脑机接口微系统，搭载"迪 迩五号・中国科技城号"空间试验器成功升空并进入预定轨道，目前运行稳定、数据正常 回传。 此次任务是国际首次在太空环境下开展该类设备长期在轨离体验证，核心包含自研多通道 柔性微电极、神经信号采集芯片等关键部件，创新采用"动物舱"与"独立舱"双室协同验证 模式，攻克了太空复杂环境下信号采集、长期 ...

Core Viewpoint - The restructuring of chief economists in Chinese securities firms in 2025 reflects a significant talent shift driven by industry consolidation, re-evaluation of research value, and evolving competitive dynamics [1]. Group 1: Industry Consolidation - The primary driver of the recent changes in chief economists is the merger and restructuring within the industry, leading to a reshuffling of key research leadership positions [2]. - The merger of Guotai Junan and Haitong Securities has drawn attention to the personnel arrangements of their former chief economists, with notable departures and transitions impacting the new entity [3]. Group 2: Talent Acquisition by Smaller Firms - As major firms focus on consolidation, many smaller securities firms are actively recruiting top research talent to enhance their market influence and achieve competitive advantages [4]. - Notable movements include the return of Yan Xiang to Founder Securities and the recruitment of Sun Binbin and Song Xuetao from Tianfeng Securities to other firms, indicating a strategy to build strong research brands [4]. Group 3: Internal Promotions - Some firms are focusing on internal talent development, as seen with Yuan Chuang and Long Hongliang being promoted within their respective companies, reflecting a commitment to maintaining research continuity and culture [5]. Group 4: Departure of Iconic Figures - The departure of prominent figures like Gao Shanwen and Fu Peng from the securities industry highlights a trend of established economists exploring new career paths, prompting discussions on the value of traditional research models [6][7]. - Gao Rui Dong's transition from a chief economist role to managing a fund exemplifies the shift from sell-side research to buy-side management [7]. Group 5: Impact on Market Competitiveness - The role of chief economists is crucial for securities firms, serving as leaders in research and key figures in building research brands, which can significantly influence market competitiveness [9].

Core Insights - The recent wealth management forum hosted by Huafu Securities focused on investment research capabilities, product ecosystem co-creation, and shared insights on the core investment themes for 2026 from global macroeconomic, multi-asset allocation, and structural opportunities in the A-share market [1][2] Group 1: Company Developments - Huafu Securities has completed its shareholding reform, marking a significant strategic shift towards wealth management, with total assets exceeding 110 billion and wealth management clients surpassing 5 million [4] - The "Cai Fu Ren Sheng" brand has evolved from a single product system to a collaborative ecosystem with four sub-brands, enhancing its wealth management solutions [4] - The company reported a significant increase in key financial metrics, including a year-to-date sales volume of wealth management products reaching 125.6 billion and a nearly 38% growth in ETF holdings [4] Group 2: Industry Trends - The wealth management industry is undergoing a fundamental transformation from "sell-side sales" to "buy-side advisory," creating a golden opportunity for financial institutions amid ongoing macro policy support and capital market optimization [3] - The "14th Five-Year Plan" emphasizes the construction of a financial powerhouse, which aligns with the industry's shift towards buy-side advisory services [3] - Experts at the forum highlighted the importance of AI in investment decision-making, predicting that AI will accelerate from infrastructure development to end-user applications, creating investment opportunities in sectors like smart driving and robotics [7] Group 3: Investment Outlook for 2026 - Industry leaders discussed the economic outlook for 2026, with predictions of a stable recovery in the Chinese economy and a transition of the U.S. economy from stagflation to recession [5][6] - The A-share market is expected to exhibit a "slow bull continuation and style rebalancing," with value stocks and quality assets likely to see valuation recovery [6] - The forum emphasized the potential of AI technologies to reshape investment strategies, with a growing application of AI methodologies in quantitative strategies to enhance investment efficiency [7]