Core Insights - The recent personnel changes at Huachuang Securities include the appointment of Zhang Yu as the new Chief Economist, succeeding Niu Bokun, who has transitioned to the role of Assistant President and Co-Director of the Research Institute [1][2] - Zhang Yu's team has published a macroeconomic outlook report for 2026, indicating an improvement in supply-demand dynamics compared to 2025 and highlighting the year as crucial for the awakening of value in the Chinese stock market [3] Group 1: Personnel Changes - Niu Bokun has been appointed as Assistant President and Co-Director of the Research Institute, while Zhang Yu takes over as Chief Economist [1][2] - Zhang Yu has extensive experience in macroeconomic research and has been recognized in the industry, including participation in a meeting hosted by the Premier of China [2][3] Group 2: Research Team Expansion - Huachuang Securities has promoted multiple research analysts, enhancing its management team across various sectors including transportation, fixed income, non-bank financials, consumer goods, and pharmaceuticals [1][4] - Notable promotions include Wu Yifan and Zhou Guannan as Co-Directors of the Research Institute, both of whom have received accolades for their research teams [4][5] Group 3: Economic Outlook - The macroeconomic outlook for 2026 suggests that nominal GDP and the deflator index will perform better than in 2025, although nominal GDP growth may not exceed real GDP growth [3] - The report emphasizes the importance of safety margins and profit improvement in the stock market, while also noting challenges in maintaining trading volume and managing interest rate fluctuations in the bond market [3]