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“2+1”思维在大类资产中的应用初探:大类资产风险可控,短期关注交易特征
Orient Securities· 2025-09-29 11:00
资产配置 | 动态跟踪 大类资产风险可控,短期关注交易特征 ——"2+1"思维在大类资产中的应用初探 股债跷跷板的成因、影响和策略应对 2025-09-17 基于风险因子择时的动态全天候思路 2025-08-18 全天候策略需要择时吗:——风险均衡策 略新思路 2025-07-09 风险提示 有关分析师的申明,见本报告最后部分。其他重要信息披露见分析师申明之后部分,或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 021-63326320 研究结论 报告发布日期 2025 年 09 月 29 日 | 王晶 | 执业证书编号:S0860510120030 | | --- | --- | | | wangjing@orientsec.com.cn | | | 021-63325888*6072 | | 周仕盈 | 执业证书编号:S0860125060012 zhoushiying@orientsec.com.cn | ⚫ 证券研究"2+1"思维在大类资产投资过程中同样有效。"2+1"思维也即预期思 维、交易思维与边际思维。在资产配置中,我们通常以战略配置定中期仓位中枢, 以战术配置做短期仓位调整 ...
传黄燕铭告别国泰海通,或赴东方证券重掌卖方研究大旗
Nan Fang Du Shi Bao· 2025-04-22 15:12
Core Viewpoint - Huang Yanming, a prominent figure in China's securities research field, has been removed from his position at Guotai Haitong Securities and is expected to join Dongfang Securities, potentially as the head of its research institute [2][4][8]. Group 1: Career Background - Huang Yanming has nearly 30 years of experience in sell-side research, starting his career in 1994 at WanGuo Securities and later becoming a key figure at Shenwan Hongyuan Securities [5]. - He has held significant positions, including the head of Guotai Junan Research Institute, where he led the team to be recognized as the "Best Local Research Team" for three consecutive years from 2014 to 2016 [5][6]. - Huang has contributed to the development of a comprehensive securities research system and has been influential in training many analysts, earning the nickname "A股总教习" (A-share total instructor) [5]. Group 2: Recent Developments - Huang's recent removal from Guotai Haitong marks the end of his 13-year tenure there, indicating a return to sell-side research [4][7]. - His potential role at Dongfang Securities aligns with the firm's strategic need for talent and innovation, especially as it faces challenges in commission income and competition [8]. - The shift reflects broader changes in the securities research industry, where firms are transitioning from traditional research to supporting multiple business lines, including investment banking and wealth management [8].
独家|黄燕铭,告别国泰海通,下一站定了!
券商中国· 2025-04-21 13:33
券商中国记者独家获悉,国泰海通近日发布内部公告,免去黄燕铭财富管理委员会委员职务。这一职务变 动意味着黄燕铭已正式向国泰海通递交辞职申请,其职业生涯的下一站将锚定东方证券。 明星所长"转会"传言尘埃落定 自2024年3月初不再担任研究所所长职务以来,黄燕铭的去向便成为行业持续关注的焦点。 期间虽屡有"加盟某头部券商""转战公募基金"等传闻流出,但均被黄燕铭本人通过微信朋友圈等渠道公开 辟谣。 不过,券商中国记者就此次职务变动致电黄燕铭时,这位素来快人快语的卖方研究领袖级所长却并未如往 常般直接否认,只回答一句"请以官宣为准"。 公开资料显示,黄燕铭1994年便进入万国证券,从事经纪业务。1996年,申银证券与万国证券合并成立 申银万国证券,黄燕铭随即转入申银万国证券研究所,正式开启卖方研究生涯。 在申银万国研究所期间,黄燕铭从普通分析师起步,逐步晋升至副所长,亲历了该所从初创到国内证券研 究行业标杆的辉煌时期。彼时,申银万国证券研究所不仅构建了完整的证券研究组织体系和方法论,还培 养了大批优秀分析师,在新财富最佳分析师评选中长期稳居团队前三,成为业内公认的"黄埔军校"。 黄燕铭在研究生涯中,对于研究本身和研究 ...