当前，首席经济学家的职责正悄然变化。 然而，这一新使命的发挥面临现实考核压力。目前，首席经济学家核心绩效仍与服务于机构客户、赚取佣金紧密挂钩。这使得其服务于市场投资决策的"业 务功能"在实践中往往占据主导。 21世纪经济报道 记者 崔文静 如何平衡创造直接经济收益与履行公共智库角色，成为机制设计上的一个关键点。 一方面，内部职权明显提升。在中证协最新调整的首席经济学家（发展战略）专业委员会中，已有约三分之一的首席经济学家同时担任研究所所长、副所长 等管理职务，更有部分人士晋升至副总裁等核心管理层。这一现象表明，首席经济学家的专业影响力正更多地向内部战略与管理领域渗透。 另一方面，监管层赋予其明确的"股市叙事"使命。证监会主席吴清明确要求，首席经济学家"讲好中国股市叙事"。这意味着首席经济学家需更多发挥智库功 能，客观反映经济现实、传递正能量。 ...

1月7日，21世纪经济报道记者从中信建投处了解到，其研究所所长武超则升任机构业务委员会主任。与此同时，中信建投证券首席经济学家黄 文涛代行研究发展部行政负责人职责。黄文涛或成为中信建投研究业务新任负责人。 实际上，首席经济学家担任行政管理职务，正在成为新趋势。在中证协最新调整的首席经济学家（发展战略）专业委员会中，已有约三分之一 的首席经济学家同时担任研究所所长、副所长等管理职务，更有部分人士晋升至副总裁等核心管理层。这一现象表明，首席经济学家的专业影 响力正更多地向内部战略与管理领域渗透。 与此同时，另一个趋势也日渐清晰：承担更多"股市叙事"功能，正在成为监管层对首席经济学家的新期待。证监会主席吴清明确要求，首席经 济学家"讲好中国股市叙事"。这意味着首席经济学家需更多发挥智库功能，客观反映经济现实、传递正能量。 然而，将"讲好股市叙事"的智库功能落到实处，仍面临现实挑战。目前，券商对首席经济学家的考核普遍仍与研究所的佣金收入紧密挂钩，这 使得其服务于市场投资决策的"业务功能"在实践中往往占据主导。如何平衡创造直接经济收益与履行公共智库角色，成为机制设计上的一个关 键点。 图片来源：本报记者 梁远浩 摄 人 ...

Core Viewpoint - The capital market in 2025 has achieved significant breakthroughs, with the Shanghai Composite Index surpassing 4000 points and A-share total market value exceeding 100 trillion yuan, indicating a "slow bull" market characterized by steady growth and improved market quality [3][4]. Group 1: Market Performance - The A-share market has experienced a "slow bull" trend, with the total market value reaching 100 trillion yuan and trading volume exceeding 400 trillion yuan for the first time in a year [3][4]. - Multiple institutions are optimistic about the future market, with Goldman Sachs predicting a 38% increase in the Chinese stock market by the end of 2027, driven by earnings growth and valuation recovery [4]. Group 2: Regulatory Environment - Regulatory authorities have maintained a high-pressure stance against financial fraud, emphasizing a "zero tolerance" policy towards financial misconduct and enhancing the enforcement of regulations [5][6]. - The China Securities Regulatory Commission (CSRC) has taken strict actions against several companies involved in financial fraud, reinforcing a comprehensive accountability system [6]. Group 3: Market Innovations - The "Two Innovation Boards" reform has deepened, with over 50 unprofitable companies successfully listing on the Sci-Tech Innovation Board, indicating a strong capital influx into technology innovation [7]. - The "A+H" listing trend has surged, with 19 A-share companies listed in Hong Kong, raising significant capital and attracting international long-term investors [8]. Group 4: Long-term Capital Inflow - There has been an acceleration in the entry of long-term capital into the market, with public fund holdings reaching a historical high of 3.58 trillion yuan [9]. - Insurance capital has also increased its presence in the top ten shareholders of 633 listed companies, with a total holding value of 651 billion yuan [9]. Group 5: Asset Allocation Trends - A significant shift in asset allocation has been observed, with a seasonal increase of 1.46 trillion yuan in deposits and a rapid growth in ETF scale, which reached over 6 trillion yuan within four months [10]. - The trend of "deposit migration" is particularly evident among high-net-worth individuals, indicating a shift towards equity markets [10]. Group 6: Fund Management Regulations - New regulations aimed at promoting high-quality development in the public fund industry have been introduced, focusing on long-term performance and transparency [11]. - The guidelines emphasize the importance of aligning the interests of fund managers with those of investors, fostering a more professional and transparent industry [11]. Group 7: Debt Market Developments - The resumption of government bond trading has been announced, which is expected to enhance the pricing capabilities of financial institutions and serve as a substitute for interest rate cuts [12]. - This move is part of a broader strategy to improve the bond market and ensure smooth monetary policy transmission [12]. Group 8: Mergers and Acquisitions - The A-share market has seen a continuous wave of mergers and acquisitions, with 4,671 events disclosed by the end of December 2025, supported by favorable policies [13][14]. - The government is expected to further enhance support for mergers and acquisitions in 2026, addressing challenges in valuation and approval processes [14]. Group 9: Market Communication - The concept of "market narrative" has gained prominence, with regulatory bodies emphasizing the importance of clear communication and reputation management in the market [15]. - Efforts to combat misinformation and enhance the overall market environment are underway, aiming to build investor confidence and promote a positive market culture [15].

Group 1 - The core viewpoint of the news is the establishment of a newly adjusted Chief Economist Committee by the China Securities Association, which aims to contribute professional insights for the "14th Five-Year Plan" of the capital market [1][2][3] - The committee consists of over 40 top experts from the securities and fund industry, indicating a significant integration of industry intellectual resources and a commitment to enhancing the professionalism and diversity of the committee [1][3][4] - The new structure includes a Secretary-General and advisory roles, with notable appointments such as Guan Tao as the Chief Economist and Dai Yan as the Deputy Chief Economist, highlighting the committee's upgraded framework [1][4][5] Group 2 - The committee's two main missions focus on providing recommendations for the "14th Five-Year Plan" and enhancing the narrative around the Chinese stock market, emphasizing the importance of rational market communication [2][8][9] - The committee aims to serve as both a policy think tank and a voice for market rationality, contributing to the stability of expectations and supporting high-quality development in the capital market [2][10] - The first meeting of the new committee discussed key macroeconomic concerns and the long-term development of the capital market, with a consensus on the importance of the upcoming "15th Five-Year Plan" for improving market functions [8][10] Group 3 - The restructuring of the Chief Economist Committee reflects a trend where chief economists are increasingly taking on administrative roles, with nearly one-third of the members also holding leadership positions in their respective organizations [6][7] - The committee's focus on "telling the story of the Chinese stock market" elevates its role from traditional economic forecasting to shaping public perception and guiding market narratives [9][10] - The new committee is positioned to provide robust intellectual support and effective public discourse for the high-quality development of China's capital market [10]

Group 1: Policy Implementation - Various departments are refining their implementation of the Central Economic Work Conference's spirit, focusing on "stability while seeking progress" and "quality improvement" as the main themes[3] - Emphasis on accelerating the disbursement of funds and implementing major projects ahead of schedule to ensure a strong start in 2026[2] - The central government plans to maintain a necessary fiscal deficit and debt scale, with the overall fiscal deficit expected to be similar to that of 2025[4] Group 2: Economic Growth Strategies - Aiming to cultivate new consumption growth points worth trillions, with increased investment in consumer infrastructure and social welfare projects[6] - The government is focusing on expanding domestic demand, supporting "two new" and "two heavy" projects, and implementing the "15th Five-Year Plan" major projects[6] - The central bank may consider lowering reserve requirements and interest rates in the first quarter of 2026 to stimulate economic activity[2] Group 3: Risk Management and Market Stability - A commitment to prevent financial risks, ensuring that no major defaults occur, particularly in the real estate sector[10] - The government is taking measures to stabilize the real estate market while balancing the needs of residents and property companies[10] - Continuous efforts to promote the stock market narrative and attract long-term investments, including reforms in the Sci-Tech Innovation Board and commercial real estate REITs pilot programs[10]

Group 1 - The core viewpoint of the news is the establishment of a newly adjusted Chief Economist Committee by the China Securities Association, aimed at contributing professional insights for the "14th Five-Year Plan" of the capital market [1][2][11] - The committee consists of over 40 top experts from the securities and fund industry, indicating a significant integration of industry intellectual resources [1][2] - The committee's structure has been upgraded, with the addition of positions such as Secretary-General and Advisors, reflecting a shift towards a more professional and diverse team [1][5][8] Group 2 - The committee's first meeting focused on two main missions: providing recommendations for the "14th Five-Year Plan" and enhancing the narrative around the Chinese stock market [2][12][13] - Key topics discussed included "RMB internationalization" and "increasing household consumption rates," which are crucial for the planning process [2][12] - The committee aims to serve as both a policy think tank and a voice for rational market expectations, contributing to the high-quality development of the capital market [2][12][13] Group 3 - The new committee features a diverse membership, including individuals holding significant administrative roles, which indicates a growing emphasis on the role of chief economists in leadership positions [9][10] - The committee's leadership includes prominent figures such as Guan Tao from Bank of China International as the Chairman and Dai Yan from Dongfang Caifu as the Vice Chairman [8][9] - The restructuring of the committee is seen as a response to the evolving complexities of the capital market, aiming to stabilize expectations and guide public discourse [13]

Group 1 - The China Securities Association held a meeting for the new Chief Economist (Development Strategy) Professional Committee, focusing on macroeconomic and capital market issues to contribute expert insights for reform and stability [1] - The meeting included discussions on the 2026 macroeconomic outlook and the preparation of the "14th Five-Year Plan" for the capital market and securities industry [1] - Over 50 participants from the China Securities Regulatory Commission and relevant government departments attended the meeting, highlighting the collaborative effort in the industry [1] Group 2 - The meeting featured a presentation by the Chief Economist of Everbright Pramerica Fund, who released the results of a survey predicting the first quarter of 2026 [2] - Various chief economists from different firms provided analyses on topics such as "RMB internationalization," "gaining dividends from reform," and "how to enhance consumer spending" [2] - The China Securities Association announced the appointment of new members to the Chief Economist (Development Strategy) Professional Committee and emphasized the importance of aligning with the spirit of the 20th Central Committee's Fourth Plenary Session [2]

Core Viewpoint - The meeting organized by the China Securities Association emphasizes the importance of chief economists in the securities industry to enhance research on macroeconomic and capital market issues, contributing to the narrative of China's stock market and supporting economic reform and stability [1] Group 1 - The China Securities Association held a meeting for the new chief economist (development strategy) committee on December 19, 2025 [1] - Wu Yunhao, the secretary of the party committee and executive vice president of the association, highlighted the role of chief economists in analyzing and researching significant macroeconomic and capital market issues [1] - The focus is on effectively communicating the narrative of China's stock market and leveraging expert insights for the development and stability of the macro economy and capital markets [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of "market narrative" in shaping investor confidence and market ecology, highlighting the need for collaboration among regulatory bodies, listed companies, intermediaries, and investors to create a healthy capital market environment [1][5]. Group 1: Regulatory Narrative - Regulatory bodies must focus on "regulatory narrative" by combating financial fraud, insider trading, and market manipulation to maintain the authenticity of market narratives and uphold market order [1][5]. Group 2: Company Narrative - Listed companies should establish a "company fundamentals narrative" rooted in solid operational performance, clear development strategies, and ethical governance, ensuring that their narratives are supported by sustainable returns and visible growth prospects [2][6]. - The true value of a company must be demonstrated through actions rather than mere words, as narratives lacking real value will ultimately be discarded by the market [2][6]. Group 3: Intermediary Narrative - Intermediary institutions, such as securities firms and accounting firms, play a crucial role in connecting companies with the market and must maintain high professional standards and ethical practices to ensure the quality of narratives [2][6]. - Underwriters must diligently ensure the authenticity of submitted materials, while auditing firms must uphold independence to provide reliable backing for financial statements [2][6]. Group 4: Investor Narrative - Investors need to enhance their ability to discern various narratives, as they are both recipients of market narratives and influencers of narrative direction through collective behavior [2][6]. - Improving financial literacy and understanding market risks are essential for investors to identify the authenticity of narratives and resist misleading stories [2][6]. Group 5: Media Role - Media serves as a "communication hub" for various narratives, and the dissemination of authoritative, accurate, and objective market narratives can significantly reduce the prevalence of false information in the market [3][7]. - A healthy and clear market narrative ecosystem is vital for enhancing the inherent stability and attractiveness of the capital market, requiring all parties to work together rather than focusing solely on individual interests [3][7].

Core Viewpoint - The article emphasizes the importance of effective "market narrative" in shaping investor confidence and market ecology, highlighting the roles of various stakeholders in maintaining a healthy capital market environment [1][2][3] Group 1: Regulatory Role - Regulatory agencies must establish a strong "regulatory narrative" by combating financial fraud, insider trading, and market manipulation to protect the integrity of the market narrative [1] - Clear rules and strict enforcement are essential to uphold the authenticity of the market narrative and maintain market order [1] Group 2: Company Role - Listed companies should focus on "company fundamentals narrative," which is rooted in solid operational performance, clear development strategies, and honest governance practices [2] - Sustainable capital attraction relies on narratives built on strong fundamentals, where successful companies demonstrate their stories through actions rather than mere words [2] Group 3: Intermediary Role - Intermediary institutions, such as securities firms and accounting firms, play a crucial role as "quality inspectors" in the narrative process, ensuring the accuracy and reliability of information shared with the market [2] - These institutions must adhere to professional ethics and maintain independence to contribute effectively to the quality of the market narrative [2] Group 4: Investor Role - Investors need to enhance their "appreciation skills" for various narratives, acting as both recipients and influencers of market narratives through their collective behavior [2] - Improving financial literacy and understanding market risks are essential for investors to discern the authenticity of narratives and resist misleading stories [2] Group 5: Media Role - Media serves as a "communication hub" for various narratives, where authoritative and accurate market narratives can reduce the prevalence of false information [3] - A healthy and clear market narrative ecosystem is vital for enhancing the inherent stability and attractiveness of the capital market [3]