特此公告。 光大证券股份有限公司 为进一步优化网点布局，加强资源整合，推动分支机构高质量发展，光大证券股份有限公司（以下简 称"公司"）决定撤销山东分公司。根据《中华人民共和国证券法》（2019年修订）和《关于取消或调整 证券公司部分行政审批项目等事项的公告》（证监会公告〔2020〕18号）相关要求，现就相关事宜公告 如下： 一、山东分公司无客户，原山东分公司辖区内各营业部的正常经营不受影响，客户原有证券账户、资金 账户及相关业务资格保持不变，各项交易委托、资金存取、业务办理等服务均正常开展。 二、公司将妥善做好山东分公司撤销的各项衔接工作，有序推进工商注销等相关手续，并向中国证监会 青岛监管局备案。 2026年1月9日 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 光大证券股份有限公司 为进一步优化网点布局，加强资源整合，推动分支机构高质量发展，光大证券股份有限公司（以下简 称"公司"）决定撤销山东分公司。根据《中华人民共和国证券法》（2019年修订）和《关于取消或调整 证券公司部分行政审批项目等事项的公告》（证监会公告〔2020〕18号）相关要求，现就相关事宜公告 如下： 一、山东分公司无客户，原山东分公司辖区内各营业部的正常经营不受影响，客户原有证券账户、资金 账户及相关业务资格保持不变，各项交易委托、资金存取、业务办理等服务均正常开展。 二、公司将妥善做好山东分公司撤销的各项衔接工作，有序推进工商注销等相关手续，并向中国证监会 青岛监管局备案。 特此公告。 2026年1月9日 ...

为进一步优化网点布局，国泰海通证券股份有限公司（以下简称"公司"）决定撤销三亚月川中路证券营 业部，根据新修订的《中华人民共和国证券法》和《关于取消或调整证券公司部分行政审批项目等事项 的公告》（证监会公告（2020）018）相关要求，公司将妥善处理三亚月川中路证券营业部客户资产， 结清三亚月川中路证券营业部证券业务并终止营业活动，办理工商注销等相关手续，并向上述营业部所 在地中国证监会派出机构备案。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2026年1月8日 国泰海通证券股份有限公司 ...

Group 1 - The central bank conducted a 3-month reverse repurchase operation of 1.1 trillion yuan on January 8, marking the third consecutive month of maintaining the same amount for this operation [2] - Analysts suggest that the stable interest rate environment is expected to continue into 2026, with a low volatility state likely becoming the norm [3] - The central bank's approach is characterized by "small steps and quick runs" in open market operations, indicating a shift from large-scale liquidity injections to more measured actions [2][3] Group 2 - The current monetary policy remains "moderately loose," with a combination of "broad money and broad credit" expected to support financial conditions [3] - Data shows that the standard deviation of the DR001 interest rate has decreased from over 4% in the first quarter to around 0.5% in the fourth quarter, indicating enhanced market stability [3] - The central bank is expected to continue ensuring ample liquidity, with a focus on short-term reverse repos as a flexible tool for managing market liquidity needs [2][3]

作者 丨孙永乐 编辑丨巫燕玲 近期，已担任浙商证券固收首席的覃汉的"故意不翻空"言论出圈，引发监管关注并介入调查。 去年12月17日，2025年新财富最佳分析师评选结果出炉，覃汉带领的团队斩获固收研究第五 名，创下其个人职业生涯最佳成绩。但他本人却在朋友圈表达不满，"原以为能进前三，结果 只拿到第五，我今天真的哭了。" 更具争议的是，覃汉直言，"早知道是这个结果，我三季度就该翻空，当初是为了拉票才故意 没这么做。 "所谓"翻空"，是指分析师将对债市的观点由看多转向看空，做出债券价格大概率 下跌、收益率或将上行的研究判断。 一石激起千层浪，覃汉此番表态很快在业内掀起轩然大波。 公开信息显示，覃汉拥有13年固收卖方研究经验，擅长利率波段和资产配置研究。其证券职业 生涯始于申万宏源，后在国泰君安开启长达9年的分析师生涯，曾长期担任固收首席分析师， 并于2023年8月加盟浙商证券。 梳理来看，覃汉的朋友圈言论主要有两大观点：一是不满分析师评选结果，认为团队理应跻身 行业前三；二是承认违规操作，曾为拉票刻意扭曲研究观点。 作为一名资深卖方固收分析师，覃汉缘何在朋友圈抛出争议言论？ 多名熟悉覃汉的人士接受记者采访表示，覃 ...

近期，四年前因"狼性"发言刷屏的浙商证券固收首席覃汉，因为评选拉票"故意不翻空"相关言论再度出 圈，已引发监管关注并介入调查。浙江证监局目前正就此事开展调查，浙江省金融监管部门亦对该事件 高度关注。同时，监管部门也在就此事向买方机构展开调研。浙商证券研究所也已启动内部核查程序， 并已暂停覃汉对外展业1个月，责令其进行深刻内部检查，并依据内部规章制度对其处以相应经济处 罚。目前，覃汉已经暂停路演，不再发表署名研报。（21世纪经济报道） ...

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 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， ...

Group 1 - The core viewpoint of the news indicates a decline in major financial indices, with the China Securities Bank Index down by 0.9%, the China Securities Company Index down by 2.7%, the CSI 300 Non-Bank Financial Index down by 3.1%, and the Hong Kong Securities Index down by 3.2% [1] - The securities insurance ETF managed by E Fund (512070) and the securities ETF (512570) saw net inflows of 560 million yuan and 8 million yuan respectively [1] - According to Founder Securities, the brokerage sector's fundamentals are expected to improve continuously by 2025, with a projected 62% year-on-year increase in net profit and a 44% growth in main business revenue for the first three quarters [1] Group 2 - The brokerage sector is currently undervalued, and it is anticipated that the return on equity (ROE) will return to an upward trend by 2026 [1] - The two financing balances and derivative business are expected to be the main directions for brokerages to leverage, with an acceleration in mergers and acquisitions among leading brokerages, leading to an increase in industry concentration [1]

The International Financial Reporting Standards (IFRS) Foundation's Capital Markets Advisory Committee (CMAC) has appointed three new members. The new appointees are Deborah Taylor, Jungyeon (Jay) Seo and Xiaolu Wang. CMAC operates independently and provides the International Accounting Standards Board with continuing perspectives from users of financial statements across different markets. Taylor has been working as a professional trainer at Financial Edge for the past seven years. She teaches account ...

Core Insights - Wealth management capability is becoming a key factor for high-quality development in investment banking [1][2] - The transition from traditional debt and equity business to trading and ultimately to the integration of wealth management and financial technology is emphasized [1] - Current issues in China's securities industry include a lack of wealth management services, insufficient depth in buy-side advisory, and low client trust [1] Industry Analysis - The evolution of international investment banks, exemplified by Goldman Sachs, highlights the importance of wealth management for long-term competitiveness [1] - There is a need for diversified products and multi-strategy trading tools to meet the growing asset allocation and stable appreciation demands of residents [1] - The industry faces challenges such as single trading strategies and severe product homogeneity [1] Strategic Recommendations - The transformation towards buy-side advisory is seen as an inevitable direction for the industry [1][2] - In a low-interest-rate environment, asset allocation should leverage diversified products and strategies to enhance risk resistance and yield stability [1] - The positive impact of quantitative trading and algorithmic technology on market liquidity and efficiency should be recognized, promoting a "finance for good" development philosophy [1]