国盛证券研究所人事震荡还在持续。 12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国 金证券，履新国金证券计算机首席分析师、研究所常务副所长及科技领域牵头人。在此之前， 原国盛证券所长助理兼医药首席分析师张金洋带队加盟国联民生证券。 与此同时， 国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域 ，这些离任 的分析师主要是国盛证券研究所联席所长郑震湘、刘高畅等团队成员。据市场此前消息，郑震 湘、刘高畅、张金洋等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证 券，而刘高畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情 人士透露，针对当前的人才缺口，公司已同步启动新研究团队引进工作，相关流程正在推进 中。 数 据 显 示 ， 2025 年 上 半 年 ， 国 盛 证 券 研 究 所 的 分 仓 佣 金 收 入 为 9456.42 万 元 ， 同 比 下 降 28.35%，在行业中排名第21位。 分析师集体出走 公开信息显示，刘高畅 ...

【 导读 】刘高畅官宣离职国盛证券， 加盟国金证券 中国基金报记者 孙越 12月26日，刘高畅在朋友圈官宣将离职国盛证券，加入国金证券，并表示是因为个人原因离开工作了8年的地方。 刘高畅表示："2018年我加入国盛做首席的时候还没满28岁，研究所不到30人，一步一步地成长为能给客户与产业贡献力量的分析师，也 是在国盛获得了5年新财富第一及其他诸多奖项，度过了一段美好的时光。相信国盛研究仍然会贡献优质的研究服务，继续更大的辉煌。" 12月26日，知名计算机行业首席刘高畅在朋友圈宣布，将正式离开任职多年的国盛证券，加盟国金证券， 将出任国金证券计算机首席、常务 副所长、科技牵头人。这一人事变动再度引发市场对卖方人才流动的关注。 刘高畅官宣加入国金证券 刘高畅出生于1990年，于2018年加入国盛证券，并在五年内迅速晋升为首席分析师，曾是业内最年轻的计算机行业首席。其在研究领域表 现突出，专注于人工智能（AI）、信息技术创新（信创）及数据领域研究，曾连续多年在新财富最佳分析师评选中获得计算机行业第一名， 在业内具有较高的知名度与影响力。 业内人士认为，其背后是公募费率改革、行业并购、政策引导等多重行业变革交织下的必 ...

温锐松表示，5年来，我国网信产业生态加快建设，我国数字经济核心产业增加值占GDP比重从 7.8%增至10.4%，数字经济规模稳居世界第二。 温锐松：2024年规模以上电子信息制造业营业收入达16.19万亿元，软件业务收入达13.73万亿元， 分别较"十三五"末提升33.8%和68.2%。全国网上零售额从11.76万亿元提升至15.23万亿元，稳居全球最 大网络零售市场。 央广网北京12月26日消息（记者韩萌）据中央广播电视总台中国之声《新闻和报纸摘要》报道，中 央网信办12月25日发布，"十四五"时期，我国5G用户普及率从15%增至83.9%，已建成全球规模最大， 技术领先的光纤宽带和移动通信网络。 中央网信办信息化发展局局长温锐松表示，"十四五"时期，我国信息技术创新能力显著增强，形成 了一批标志性、原创性、颠覆性创新成果，关键核心技术加速突破，集成电路、人工智能基础软件等领 域取得新成果。 温锐松：搭载开源鸿蒙操作系统的产品总量超11.9亿台，超700款生成式人工智能、大模型产品完 成备案。6G技术研发和标准研制扎实推进，已完成第一阶段技术试验，形成超过300项关键技术储备， 量子科技、脑机接口等前沿技术 ...

央视网消息：12月25日，中央网信办、工业和信息化部、国家市场监督管理总局、国家数据局等部门联合召开发布会。中央网信办相关负责人 介绍，"十四五"期间，我国网络信息技术创新取得新突破，信息基础设施实现新跨越，信息化应用水平实现新提升，加快从重点领域突破迈向 全面赋能发展。 据中央网信办相关负责人介绍，"十四五"期间，我国信息技术创新能力显著增强，高水平自立自强步伐更加坚实。5年来，我国坚持把创新作 为信息化发展的第一动力，形成一批标志性、原创性、颠覆性科技创新成果。 中央网信办信息化发展局局长温锐松表示，集成电路、人工智能、基础软件等领域取得新成果，搭载开源鸿蒙操作系统的产品总量超11.9亿 台。通义千问、DeepSeek等多款产品性能位于全球前列。超700款生成式人工智能大模型产品完成备案，具身智能逐步走向产业应用，智能体 加速创新发展。 温锐松介绍，"十四五"期间，我国信息化领域除了关键核心技术加速突破，前沿信息技术也在加快布局。6G技术研发和标准研制扎实推进， 已完成第一阶段技术试验，形成超过300项关键技术储备。 我国数字经济规模稳居世界第二 5年来，我国信息化发展坚持补短板、拉长板、锻新板，构建网信 ...

中原证券指出，半导体材料行业在AI算力、智能驾驶、数据中心等终端需求的推动下，全球半导体行 业市场规模继续增长。2025年9月全球半导体销售额达694.7亿美元，同比增长25.1%，环比增长7%，连 续第23个月同比增长；中国半导体销售额为186.9亿美元，同比增长15%。受益于算力需求增加，晶圆 产能建设加速，特别是先进制程扩张趋势明显。同时半导体产业链卡脖子核心环节自主可控需求迫切， 国产替代有望持续推进。超硬材料方面，10月工业金刚石出口量同比上涨314.81%，出口额同比上涨 106%，但传统超硬材料和制品需求承压，出口呈现量增价减。随着技术演进，功能性金刚石在半导 体、军工等领域的应用逐步显现。 （文章来源：每日经济新闻） 信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深北交易所中选取业务涉及半导 体、软件开发等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新主题相关上市公司证 券的整体表现。成分股偏向大盘风格，主要覆盖半导体、软件开发、计算机设备及IT服务等行业，市值 规模较大且流动性较好。 12月1日，信创ETF（159537）涨超1.4%。 ...

Core Viewpoint - The semiconductor industry is experiencing a recovery, with companies like SMIC showing high capacity utilization and growth in average selling prices, while AI and technology sectors are accelerating innovation and demand [1] Group 1: Semiconductor Industry - SMIC's capacity utilization reached 95.8% in Q3, with an average selling price (ASP) increase of 3.8%, driven by product structure optimization and increased shipments of complex process products [1] - Despite Q4 being a traditional off-season, production lines are expected to remain fully loaded, indicating ongoing recovery in the semiconductor sector [1] - The price increase of memory chips has exceeded expectations, and the domestic production process is accelerating [1] Group 2: AI and Technology Innovation - Baidu has released its Wenxin large model 5.0 and Kunlun chips M100/M300, along with a "Five Years, Five Chips" strategic roadmap, signaling an acceleration in the AI field [1] - The current recovery in the electronics industry is supported by effective supply-side adjustments, highlighting structural opportunities in AI computing power, semiconductor equipment, key components, and rising storage prices [1] Group 3: Investment Opportunities - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index (CN5075), which selects listed companies involved in foundational hardware and software in the information technology innovation sector [1] - The index's constituent stocks have a large average market capitalization and focus on sectors such as semiconductors, software development, and computer equipment, covering core aspects of information technology innovation [1]

Group 1 - Key Point 1: Three key analysts from Guosheng Securities Research Institute are set to leave, including co-director Zheng Zhenxiang, assistant director and pharmaceutical chief Zhang Jinyang, and computer chief Liu Gaochang [1][2] - Key Point 2: Zheng Zhenxiang, who returned to Guosheng Securities in January 2023, is expected to transition from sell-side to buy-side roles, having over 15 years of experience in sectors like consumer electronics and semiconductors [1] - Key Point 3: Zhang Jinyang, with a decade of experience in pharmaceutical investment research, is moving to become the deputy director at Guolian Minsheng Securities Research Institute [1][2] Group 2 - Key Point 1: Liu Gaochang, the youngest chief analyst in the computer industry, is leaving to join Dongfang Caifu Securities Research Institute, having been recognized as the top analyst in the computer sector for three consecutive years [2] - Key Point 2: The research institute has faced a significant decline in commission income, with a 28.35% year-on-year drop in the first half of 2025, totaling 0.95 billion yuan, compared to nearly 2.2 billion yuan in the first half of 2021 [3]

Group 1 - Key Point 1: Three key analysts from Guosheng Securities Research Institute, including co-director Zheng Zhenxiang, assistant director and pharmaceutical chief Zhang Jinyang, and computer chief Liu Gaochang, have submitted their resignation applications and are set to leave for new opportunities [2][3][4][5]. - Key Point 2: Zheng Zhenxiang, who returned to Guosheng Securities in January 2023, is expected to transition from sell-side to buy-side roles, having over 15 years of experience in the industry and recognized as a top analyst in the electronics sector [3]. - Key Point 3: Zhang Jinyang, with a decade of experience in pharmaceutical investment research, is reportedly moving to become the deputy director at Guolian Minsheng Securities Research Institute [4]. Group 2 - Key Point 1: Liu Gaochang, the youngest chief analyst in the computer industry, is set to join Dongfang Caifu Securities Research Institute, having achieved significant recognition in the field of artificial intelligence and data research [5]. - Key Point 2: Guosheng Securities Research Institute, under the leadership of Yang Tao, became a leading force in the sell-side research market, achieving comprehensive coverage of institutional seats within a year [6]. - Key Point 3: The upcoming public fund fee rate reform in July 2024 is expected to significantly reduce the total pool of commissions available for research payments, adversely affecting smaller brokerage firms, including Guosheng Securities [6].

Group 1 - Key Point 1: Three key analysts from Guosheng Securities are leaving the firm, including Zheng Zhenxiang, Zhang Jinyang, and Liu Gaochang, who have submitted their resignation applications [1][2] - Key Point 2: Zheng Zhenxiang, who has over 15 years of experience and has been recognized as a top analyst in the electronics sector, is expected to transition from sell-side to buy-side [1][2] - Key Point 3: Zhang Jinyang, the current assistant director and head of pharmaceutical research, is set to become the deputy director at Guolian Minsheng Securities [1][2] Group 2 - Key Point 1: Liu Gaochang, the youngest chief analyst in the computer industry, is moving to Dongfang Caifu Securities and has been recognized as the top analyst in the computer sector for three consecutive years [2] - Key Point 2: The research department of Guosheng Securities has faced a significant decline in commission income, with a 28.35% year-on-year drop in the first half of 2025, amounting to 0.95 billion yuan [3] - Key Point 3: The total pool of commissions available for research payments is expected to shrink significantly due to the upcoming public fund fee reform in July 2024, impacting smaller brokerage firms [3]

Core Insights - Qualcomm announced the launch of two AI acceleration chips, AI200 and AI250, entering the high-end AI data center chip market, introducing new competition and changes to the market landscape dominated by Nvidia [1] Industry Summary - The electronic industry is experiencing a sustained recovery in demand, effective supply clearance, and rising prices for storage chips, with domestic production efforts exceeding expectations [1] - Structural opportunities exist in areas such as AI computing power, AIOT, semiconductor equipment, key components, and rising prices of storage [1] Company Summary - The Xinchang ETF (159537) tracks the Guozhen Xinchang Index, which selects 50 listed companies involved in the information technology innovation sector from the Shanghai and Shenzhen stock exchanges, covering semiconductor and software development businesses [1] - This index has a large-cap focus and emphasizes the theme of information technology innovation, exhibiting high growth potential and volatility [1]