新浪财经12月24日讯（赵般娇）华创证券首席经济学家一职完成新老交替。据悉，公司研究所副所长张 瑜已正式出任首席经济学家，成为这家近年来卖方研究领域"黑马"券商宏观研究的新领军人物。 此次任命是华创证券近期一系列人才提拔中的关键一环。原首席经济学家牛播坤转任公司总裁助理兼研 究所联席所长。张瑜的接棒，标志着华创宏观研究的指挥棒传递至新一代核心研究员手中。 聚焦张瑜：从宏观首席到受邀建言 张瑜的晋升堪称"研而优则仕"的典型路径。她于2018年加入华创证券研究所，长期深耕国内外宏观经 济、人民币汇率及财政政策等领域，逐步成长为首席宏观分析师及研究所副所长。 职责与期待 其专业影响力已超越卖方研究范畴。2025年10月，张瑜曾受邀参加国务院总理主持的经济形势专家和企 业家座谈会，并就宏观政策实施等重大议题提出建议。这一经历，凸显了其研究工作的实践价值与政策 视野，也为她执掌首席经济学家一职提供了重要背书。 张瑜的晋升堪称"研而优则仕"的典型路径。她于2018年加入华创证券研究所，长期深耕国内外宏观经 济、人民币汇率及财政政策等领域，逐步成长为首席宏观分析师及研究所副所长。 其专业影响力已超越卖方研究范畴。2025年 ...

Core Viewpoint - The brokerage industry's fund commission income has significantly decreased in the first half of 2025, with a 34% year-on-year decline, despite a 22.84% increase in the total market fund stock trading volume [1][4][5]. Group 1: Commission Income Trends - The total commission income for the brokerage industry in the first half of 2025 was 4.46 billion yuan, down 34% year-on-year, with listed brokerages earning 4 billion yuan, a decrease of 35% [1][5]. - The commission rate for fund distribution dropped to 0.3688%, a 47% decline from 0.6998% in the first half of 2024 [4][6]. - Major brokerages like CITIC Securities, Guotai Junan, and GF Securities experienced significant declines in commission income, with CITIC Securities earning 346 million yuan, down 34.56% [3][5][6]. Group 2: Performance of Small and Medium-sized Brokerages - Some small and medium-sized brokerages, such as Huafu Securities and Huayuan Securities, achieved remarkable growth, with Huafu Securities' commission income increasing by 321.34% [2][7][8]. - Huayuan Securities reported a more than 20-fold increase in commission income, attributed to a strong focus on research and talent acquisition [7][8]. Group 3: Strategic Shifts in Research - Brokerages are shifting their research focus towards industry research and asset allocation to adapt to declining commission incomes [9]. - CITIC Securities plans to enhance its research capabilities and integrate domestic and international research business models [9]. - The research business is evolving from traditional sell-side operations to a model that emphasizes policy think tanks and in-depth industry research [9].