Group 1 - The core point of the news is the appointment of Wu Chaoze as the head of the Institutional Business Committee and Chairman of CITIC Securities International, expanding her responsibilities to include both institutional and international business [1] - Wu Chaoze has been with CITIC Securities since July 2011, focusing on research in technology sectors such as AI, 5G, cloud computing, and semiconductors, and has rapidly advanced to become one of the youngest executives in the company [1] - The restructuring aims to enhance the internationalization of research operations and strengthen cross-border service collaboration, reflecting a strategic shift in response to changes in the global macroeconomic environment and capital markets [2] Group 2 - Huang Wentao will take over the administrative responsibilities of the CITIC Securities Research Institute, having joined the company in 2010 and specializing in macroeconomic research [2] - Huang Wentao's vision includes building a global research team by 2025 and enhancing research capabilities and service quality, emphasizing the importance of returning to the core of research [2] - The personnel changes at CITIC Securities are part of a broader trend in the industry, with many securities firms undergoing management adjustments to prioritize research functions [3]

Group 1 - The core viewpoint of the article highlights the recent personnel adjustments at CITIC Securities, particularly the appointment of Wu Chaoze as the head of the Institutional Business Committee and Chairman of CITIC International, indicating a strategic shift towards enhancing international business and institutional services [1][2] - Wu Chaoze, who has been with CITIC since July 2011, has a strong background in technology research, including AI, 5G, cloud computing, and semiconductors, and has rapidly ascended to a senior management position, reflecting the company's focus on leveraging expertise in key sectors [1] - Huang Wentao, the new head of the Research Development Department, aims to strengthen the research capabilities and service levels of CITIC, with plans to establish a global research team by 2025 as part of the company's globalization strategy [2] Group 2 - The article notes that CITIC Securities is not alone in these adjustments, as several other brokerages, including Huachuang Securities and Guotai Junan, are also undergoing management restructuring, indicating a broader trend in the industry [3] - The shift of senior analysts to management roles exemplifies the industry's emphasis on integrating research capabilities with management, reflecting the growing importance of research in driving business strategy [3]

【导读】武超则出任中信建投（601066）证券机构业务委主任，黄文涛代行研究发展部行政负责人 中信建投证券，最新人事变动来了！ 中国基金报记者获悉，中信建投证券党委委员、执行委员会委员武超则出任机构业务委员会主任，分管 机构业务部、研究发展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，负责中信建投 证券机构业务和公司国际业务，兼任中信建投国际董事长。 公开简历显示，黄文涛，经济学博士，纽约州立大学访问学者；现任中信建投证券首席经济学家、研究 发展部联席负责人、中信建投机构委员、投委会委员、董事总经理。 此外，黄文涛还担任南开大学硕士导师、中信改革发展研究基金会咨询委员、中国保险行业协会人身险 利率专家委员会特聘专家、中国首席经济学家论坛理事、中国证券业协会首席经济学家委员会委员等职 务。 据介绍，自2010年加入中信建投证券以来，黄文涛持续深耕宏观经济研究领域，将学术积淀与实践洞察 紧密结合，凭借扎实的理论功底与敏锐的市场判断力，逐步在业内崭露头角。他不仅专注于经济周期的 研判、政策效应的分析，更持续拓展研究深度与边界，逐步成长为一位具有广泛影响力的首席经济学 家。 在担任首席经济学家期间，黄文涛 ...

大家好，久违了！ 24 年 9 月的时候，我们曾经发布过视频《 你问我要去向何方？ 》，回顾了那一年的研究成果。当时就有很多朋友来问：你是不是要离 开啦？十五个月之后，停步转身，子弹正中眉心。 启新岁，发韧程，期万里 。 得益于任所的鼎力推荐，感谢黄董事长 、 蒋总等领导的认可，我已正式入职华福证券，担任所长助理 、 宏观首席分析师，继续带领团 队，在市场上提供"质优（ 定制服务保质量，但是得加钱 ）价廉（ 基础服务 ）" 、 "童叟无欺（ 不因客户经验少就随便忽悠 ）"的宏 观经济 、政策 和资产配置研究服务。 得失之间，十年一瞬 在近十年的资本市场宏观研究经历中，我自认为最近的这一年多，是到目前为止，我们做的最好的一年。 按照目前市场一致预期的风格，写到这里夸完自己，这部分应该就结束了。但如果研究口碑只是依赖于粉饰和遮掩的话，那注定是建在 沙滩上的城堡。坦率地讲，我们也并非全知全能，在全球资产研究"怎么说怎么有"的背景下，对国内经济形势的判断却闹了个"乌龙"。 对 25 年展望的年度策略报告，我们起的题目叫做《 准备迎接通胀 》，当时也得到了很高的关注。诚然，大家虽觉得我们对通胀的高度 看得有些离谱，但是 ...

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]

Core Viewpoint - The article discusses recent personnel changes at Huachuang Securities, including the appointment of Zhang Yu as the new Chief Economist and the expansion of the research team, indicating a strategic shift in the company's research capabilities and focus on macroeconomic outlooks for 2026 [2][3][4]. Group 1: Personnel Changes - Niu Bokun, the former Chief Economist, has transitioned to the role of Assistant President and Co-Director of the Research Institute, while Zhang Yu has taken over as Chief Economist [2][3]. - 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 the State Council [3][4]. - The research institute has promoted several key analysts, reflecting a commitment to building a competitive research team across various sectors [5][6]. Group 2: Macroeconomic Outlook - Zhang Yu's team recently published a report forecasting that the supply-demand imbalance in China's economy may improve in 2026, which is seen as a critical year for the awakening of value in the Chinese stock market [4]. - The report anticipates that nominal GDP growth and the deflator index will perform better than in the current year, although nominal GDP growth may not exceed real GDP growth [4]. - The team emphasizes the importance of focusing on safety margins and profit improvements in the stock market, while also noting potential volatility in short-term funding rates and a bearish trend for long-term rates [4]. Group 3: Team Expansion - Five analysts have been promoted within the research institute, with notable appointments including Wu Yifan and Zhou Guannan as Co-Directors of the Research Institute [6][7]. - The promotions reflect the analysts' contributions to their respective fields, with teams achieving recognition in the "2025 Best Analyst" awards [6][7]. - The ongoing investment in research talent is expected to enhance the institute's capabilities in macroeconomic, fixed income, financial, consumer, and pharmaceutical research [7].

从业十余年，两年第五，三年第三，今年第二，一路走来，感谢各位投资者的陪伴与支持！ 我们将继续以"经世致用"为纲，以"做对的事，把事做对"为行为原则，保持谦逊的姿态、勤奋地与现实同频、并基于此反复锤炼深 度思考。宏观长路漫漫，我们结伴而行。 ——华创宏观 张瑜 致敬 更进一步！ 感谢各位投资者支持！ 华创宏观·张瑜团队获得: 【 2 0 2 5年证券时报新财富最佳宏观分析师· 第二名 】 目前还兼任中国宏观经济学会中青年联合会会 员、中国人民大学国际货币研究所研究员，中 国金融四十人论坛（CF40）青年论坛会员， 中国保险资产管理业协会专委会特邀研究员。 2025年10月14日，应邀参加李强总理经济形 势座谈会。 曾获2024年新浪资本市场十大声量人物。 2018-2024作为首席带队包揽资本市场全部奖 项（包括新财富最佳分析师、水晶球最佳分析 师、金牛最具价值分析师等）。 陆银波 假长资深分析师 ·宏观政策、经济增长 及行业比较 ·9年宏观研究经历 文若愚 副组长资深分析师 · 金融利率、流动性分 析信用扩张等 ·7年宏观研究经验 殷雯卿 高级分析师 ·海外宏观与大类资产 ·7年宏观研究经验 高 拓 高级分析 ...

Group 1 - The core viewpoint of the article emphasizes the rapid development of the Guojin Securities Research Institute, which is focused on building a leading macroeconomic research system and is currently hiring macro analysts to enhance its capabilities [1][2]. Group 2 - The company offers a competitive salary system, a fair and transparent assessment system, a continuous fulfillment mechanism, a clear career development path, and a flexible working environment to provide ample growth opportunities for talented individuals [3]. - The job locations are in Beijing, Shanghai, and Shenzhen, indicating a focus on major financial hubs in China [4]. - Applicants are required to send their resumes and research reports to a specified email address, with clear instructions on how to format the email subject [5]. Group 3 - The qualifications for applicants include a master's degree or higher in relevant fields such as economics, finance, mathematics, physics, or statistics from well-known domestic or international institutions, along with at least two years of research experience covering various areas including domestic and global macroeconomics, asset allocation, investment strategies, fixed income, policy, and real estate [6]. - Candidates should have experience in sell-side or buy-side research, possess strong macro analysis skills, and demonstrate excellent logical thinking, market insight, written communication, and interpersonal skills [6].

Group 1 - The article emphasizes the focus of the Guojin Macro Team on macroeconomic, policy analysis, and financial market research, aiming to provide in-depth and forward-looking analysis and investment advice [1] - The Guojin Securities Research Institute is in a rapid development phase and is committed to building an industry-leading macro research system, currently seeking senior macro analysts [1] Group 2 - The company offers a competitive salary system, an objective and transparent assessment system, a clear career development path, and a flexible working environment to provide ample growth opportunities for talented individuals [3] - The job locations are in Beijing, Shanghai, and Shenzhen [4] Group 3 - The requirements for applicants include a master's degree or above in economics, finance, mathematics, physics, statistics, or related fields from well-known domestic or international institutions, with at least 2 years of research experience covering domestic and global macro, asset allocation, investment strategies, fixed income, policy, and real estate [6] - Candidates should have experience in sell-side or buy-side research, rich roadshow experience, solid macro analysis skills, a self-constructed macro research framework, strong logical thinking and market insight, as well as excellent written and communication skills [6]

Group 1 - The core viewpoint emphasizes the rapid development of the Guojin Securities Research Institute, focusing on building a leading macro research system in the industry [1] - The macro team specializes in macroeconomic, policy analysis, and financial market research, aiming to provide in-depth and forward-looking analysis and investment advice [1] - The company is currently recruiting senior macro analysts to enhance its research capabilities and market influence [1] Group 2 - The company offers a competitive salary system, an objective and transparent assessment system, a clear career development path, and a flexible working environment [3] - The work locations available are Beijing, Shanghai, and Shenzhen [4] - Applicants are required to have a master's degree or above in relevant fields such as economics, finance, mathematics, physics, or statistics from well-known domestic or international institutions [6] Group 3 - Candidates should possess at least 2 years of research experience covering domestic and global macroeconomics, asset allocation, investment strategies, fixed income, policy, and real estate [6] - Experience in sell-side or buy-side research and rich roadshow experience are preferred [6] - Strong macro analysis skills, the ability to build a self-constructed macro research framework, and excellent written and communication skills are essential [6]