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]

Core Viewpoint - The IFRS Foundation's Capital Markets Advisory Committee (CMAC) has appointed three new members to enhance its independent operations and provide ongoing perspectives from financial statement users across various markets [1]. Group 1: New Appointees - Deborah Taylor has been a professional trainer at Financial Edge for seven years, teaching accounting and financial modeling, and previously worked at Barclays Equity Research for seven years [2]. - Jungyeon (Jay) Seo is the chief analyst at Shinyoung Securities, specializing in consumer and internet sectors, with over 2,000 published analyses since joining in 2006 [3]. - Xiaolu Wang leads Due Diligence and Portfolio Management at Efund PE in China, with prior experience in Transaction Services at PricewaterhouseCoopers Hong Kong [4]. Group 2: Appointment Details - Each of the three new appointments is for a three-year term, with the possibility of one renewal [4]. - The new members replace Anthony Scilipoti, Joao Toniato, and Koei Otaki, who stepped down at the end of 2025 [4].

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]

Core Viewpoint - Western Securities Co., Ltd. is undergoing a transformation in its wealth management business and has decided to close its Weinan Dongfeng Street Second Securities Business Department to enhance operational efficiency [1] Group 1: Business Transformation - The company aims to promote the rapid development of its wealth management business through this strategic decision [1] - The closure is part of a broader initiative to improve the efficiency of branch operations [1] Group 2: Compliance and Procedures - The company will handle customer assets, settle securities business, and terminate operations in accordance with the Securities Law of the People's Republic of China and relevant regulatory announcements [1] - Necessary procedures for business deregistration will be carried out, including filing with the local branch of the China Securities Regulatory Commission [1]

Group 1 - CITIC Securities has undergone significant personnel changes, with Wu Chaoze appointed as the head of the Institutional Business Committee, overseeing various departments including Institutional Business, Research Development, Custody, and International Business [2] - Wu Chaoze has a notable career trajectory, having been promoted multiple times since 2025, enhancing his influence within CITIC Securities [2] - Wu Chaoze is recognized as the youngest senior executive at CITIC Securities, with a strong background in technology research, particularly in 5G, cloud computing, and the Internet of Things, earning multiple accolades as a top analyst in the telecommunications sector [2] Group 2 - Huang Wentao, who has been with CITIC Securities since 2010, is now acting as the head of the Research Development Department following Wu Chaoze's promotion [2] - Huang Wentao has proposed ten major global macro investment opportunities for 2026, emphasizing the concept of "New Four Bulls" in the A-share and Hong Kong stock markets, which include "Capital Inflow Bull," "Technology Innovation Bull," "Institutional Reform Bull," and "Consumption Upgrade Bull" [3] - Huang Wentao predicts that precious metals, particularly gold, will maintain a strong market position in 2026, despite potential price fluctuations, with an overall trend of accumulation and price increase until a new global trade and international monetary system stabilizes [3]

Core Viewpoint - Japan's government bond market is facing significant challenges due to the largest net increase in supply in over a decade, with an 8% rise in net supply expected to reach approximately ¥65 trillion ($415 billion) in the upcoming fiscal year [1]. Group 1: Market Conditions - The deterioration in supply-demand conditions may necessitate the government to adjust bond issuance quarterly [3]. - The benchmark 10-year bond yield has risen to 2.13%, the highest level since 1999, with expectations that it could reach a fair value of around 2.2–2.3% [7]. Group 2: Central Bank Actions - A major factor contributing to the increase in net supply is the Bank of Japan's (BOJ) decision to reduce monthly gross purchases by over a quarter to approximately ¥2.1 trillion [5]. - The BOJ's holdings are projected to decrease by ¥46.5 trillion in the next fiscal year, compared to ¥41.1 trillion in the current period [5]. Group 3: Investor Behavior - Banks and pension funds have been the primary buyers since the BOJ began loosening its control on bond yields, with net purchases exceeding ¥30 trillion since April 2023 [6]. - However, concerns are rising that these purchases may not be sufficient to absorb the increasing net supply [6]. Group 4: Performance Comparison - Japanese bonds experienced a loss of over 6% last year, marking the worst performance among more than 40 sovereign markets, while U.S. Treasuries gained 6.3% and German securities fell by 1.6% [4].

Group 1 - The core point of the announcement is that the company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 5 billion yuan [1][3] - The issuance of the perpetual subordinated bonds must strictly follow the prospectus submitted to the Shanghai Stock Exchange [2] - The approval is valid for 24 months from the date of consent, allowing the company to issue the bonds in tranches within this period [3] Group 2 - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [3] - The company will handle the issuance of the bonds in accordance with relevant laws and regulations, and will fulfill its information disclosure obligations [3][4]