编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第十四篇，敬请垂注！ (本专栏已刊 发完毕，感谢读者持续关注。) 在全球金融格局重构与中国资本市场深化开放的背景下，中资券商进一步以专业研究能力为支点，撬动国际化 业务的新增量。 在对外输出层面，长江证券推出全英文系列专访《投资中国》，聚焦能源金属、高端制造等与新质生产力紧密 关联的领域，由资深分析师向国际投资者深度解读中国产业政策与市场机遇。该系列内容因高度专业性与前瞻 性获得了海外知名财经媒体的关注和转载，成为传递中国经济发展动力的重要窗口。 与此同时，为将中国优质产业、企业的价值进一步延伸至国际舞台，长江证券积极依托境外子公司长证国际， 将其作为国际化战略布 ...

Group 1: Macro and Metal Insights - The article discusses how precious metals will respond to the "order reconstruction" under macro changes, focusing on the cyclical and structural resonance [2] - It highlights the evolving supply-demand dynamics in the steel, construction materials, and raw materials industries, emphasizing the transition from capacity clearance to policy breakthroughs [2] - The analysis aims to identify opportunities for bottom reversal in the black metal cycle, providing a comprehensive outlook for investment strategies in the upcoming year [2] Group 2: Financial Strategies for 2026 - The article outlines three key strategies for 2026 investment, including leveraging "cyclical power" in stock indices, adapting to a new normal in interest rates for government bonds, and understanding the driving logic behind the upward shift in precious metal prices [4] - It emphasizes the collaboration of macro financial assets to help investors grasp trends and rhythms in the market [4] Group 3: Economic Predictions - The article presents predictions for 2026, indicating that the Federal Reserve's interest rate cuts will shift global liquidity, leading to a depreciation of the dollar and a revaluation of RMB assets [6] - It notes that domestic growth stabilization policies are effective, contributing to economic recovery and a favorable environment for equity markets, including A-shares and Hong Kong stocks [6] - The article suggests a comprehensive asset revaluation driven by cycles, policies, and confidence, with technology sectors leading the market [6] Group 4: Gold Investment Strategy - The article discusses the importance of recognizing both the monetary and commodity aspects of gold, emphasizing the need to consider purchasing power in different market narratives [8] - It explores the long-term supply-demand dynamics that will influence gold prices, advocating for a focus on physical asset revaluation beyond monetary factors [8]

Group 1: Core Insights - The securities industry experienced a significant leadership turnover in 2025, with over 50 changes in chairpersons and general managers, marking a three-year high and indicating a governance transformation driven by mergers, equity changes, and generational shifts [1] - Mergers and acquisitions have become a key theme, with notable cases such as the merger of Guotai Junan and Haitong Securities, and the acquisition of Guorong Securities by Western Securities, which accelerated management restructuring [1] - The governance structure of newly merged entities is being redefined, exemplified by the leadership appointments in Guotai Haitong and Guolian Minsheng, which reflect a dual-track structure combining state-owned and professional management [1] Group 2: Talent Evolution - The turnover of executives is largely driven by retirement, with the "70s generation" becoming the backbone of management and the "80s generation" emerging in leadership roles [2] - Notable appointments include Qian Wenhai as chairman of Zhejiang Securities and the arrival of several "80s generation" chairpersons, indicating a shift towards younger leadership [2] - Companies are actively optimizing their business structures and recruiting new talent, as seen with Guosheng Securities hiring Zhao Jingliang as general manager [2] Group 3: Strategic Upgrades - New leaders are outlining strategic plans aimed at achieving international competitiveness, with a goal to develop 2 to 3 investment banks with global influence by 2035 [4] - Liu Cheng, chairman of CITIC Securities, aims to elevate the firm to a leading position within five years and achieve international competitiveness in the following five years [4] - The construction of a first-class investment bank is expected to be a core strategic focus during the 14th Five-Year Plan, with mergers and international expansion identified as key pathways [5]

Group 1 - The fund is named "Guotai Shanghai Stock Exchange Sci-Tech Innovation Board 200 Exchange-Traded Open-Ended Index Securities Investment Fund" and has been approved for registration by the China Securities Regulatory Commission [15][16] - The fund is classified as an equity fund and operates as an exchange-traded fund [16][17] - The fund's initial fundraising cap is set at 2 billion RMB, excluding interest and subscription fees [6][26] Group 2 - The fundraising period is from January 5, 2026, to January 13, 2026, with options for online and offline cash subscriptions [2][25] - Investors can subscribe multiple times during the fundraising period, with no limit on the total subscription amount for individual investors [5][29] - The fund will be managed by Guotai Fund Management Co., Ltd., with China Bank as the custodian [1][58] Group 3 - The fund aims to closely track its benchmark index, minimizing tracking deviation and error [20] - The fund's shares will be sold at a face value of 1.00 RMB each [19] - Investors must have a Shanghai Stock Exchange A-share account or a securities investment fund account to subscribe [40][41] Group 4 - The fund's subscription process includes specific procedures for both online and offline subscriptions, with detailed requirements for investors [45][48] - The fund's assets will be held in a dedicated account during the fundraising period, and any interest generated will be allocated according to specific rules [54][56] - The fund's contract will become effective upon meeting certain conditions, including a minimum of 200 investors and a total subscription of at least 200 million RMB [26][56]

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！ 证券时报记者 胡飞军 与此同时，为将中国优质产业、企业的价值进一步延伸至国际舞台，长江证券积极依托境外子公司长证国际，将 其作为国际化战略布局的"出海"主通道，大力开拓跨境金融业务。该公司主动"走出去"与"引进来"，积极邀请海外 知名机构客户参与各类线上线下的投资策略会、主题沙龙活动，并举办中英文双语电话会议，有效打破沟通壁 垒，不断培育起多元化、国际化的机构服务综合能力。 这一系列举措，正共同构筑并持续提升着长江证券研究业务在全球市场的品牌影响力。 业务协同化： 靠研究构建跨境服务生态 研究业务的国际化并非孤立发展，而是与长江证券整体的跨境服务生态深度融合。 在全球金融格局重构与中国资本市场深化开放的背景下，中资券商进一步以专业研究能力为支点，撬动国际化业 务的新增量。 作为湖北省属券商的长江证券，正凭借其深耕本土的投研优势，通过研究业务国际化、跨境服务协同化、品牌传 播创新化三大路径，构建起连接中国与全球资本的特色桥梁，在赋能中国企业出海与引导外资配置中国资产的双 向循环中，逐步走出一条以"研究出海"为核心的差异化发展道路。 研究国 ...

Core Insights - The report highlights that the barbell strategy is superior, with a significant excess return from the selected electronic sector combination [1][5] - The A-share market experienced fluctuations, with micro-cap stocks leading gains and the CSI Dividend Index performing strongly, while the ChiNext index showed a notable decline [1][6] Strategy Tracking Dividend Strategy - The A-share market showed volatility, with micro-cap stocks leading the gains and the CSI Dividend Index performing well, while the ChiNext index faced a significant pullback [6][13] - Within the dividend sub-sectors, the dividend value category outperformed pure dividend assets [6][13] - The Central State-Owned Enterprises High Dividend 30 combination and the Balanced Dividend 50 combination slightly underperformed against the CSI Dividend Total Return Index this week [6][19] Electronic Sector - The A-share market displayed clear differentiation in returns among sectors, with essential consumer and financial sectors rebounding significantly, achieving over 2% excess returns relative to the entire A-share market [6][22] - The electronic sector's internal performance showed that display panels outperformed other sub-sectors [6][22] - The selected electronic sector enhancement combination outperformed the electronic total return index, with a weekly excess return of approximately 1.57%, placing it in the top 33% of active technology products [6][29]

Core Insights - The article discusses the phenomenon of top analysts in the brokerage research sector changing jobs at the end of the year, coinciding with the announcement of the 23rd New Fortune Best Analyst Awards [1][6] - The trend raises questions about the motivations behind these moves, particularly the balance between potential new opportunities and the loss of year-end bonuses [3][4] Group 1: Analyst Movements - Several prominent analysts have recently switched firms, including key figures from Guosheng Securities and Guotai Junan, indicating a trend of collective departures within research teams [2][5] - The departure of analysts often leads to a domino effect, where core team members follow suit, highlighting the collaborative nature of research work [5] Group 2: Year-End Bonuses and Negotiation Power - Analysts typically face the dilemma of forfeiting year-end bonuses when switching jobs, as most brokerages do not pay these bonuses until the following year [3][4] - However, analysts with strong reputations can negotiate compensation packages that may offset the loss of bonuses, making the transition more appealing [4][6] Group 3: Timing and Strategic Considerations - The timing of these job changes is strategically aligned with the New Fortune Best Analyst evaluation period, which incentivizes analysts to switch firms to enhance their career prospects [6][7] - The industry’s focus on the New Fortune awards creates a competitive environment where analysts seek to align with firms that can bolster their visibility and career advancement [6][8] Group 4: Market Dynamics and Revenue Pressures - The brokerage industry is experiencing revenue pressures, particularly in commission income, prompting firms to enhance talent acquisition efforts to drive business growth [8][9] - Smaller brokerages face significant challenges in retaining talent and maintaining client relationships, especially when key analysts leave, which can directly impact their revenue streams [9][10]

Group 1 - The fund "Yangtze Zhongzheng All Index Enhanced Initiating Securities Investment Fund" has been approved for fundraising by the China Securities Regulatory Commission on November 17, 2025, and will start fundraising on December 8, 2025, with an initial deadline of December 31, 2025 [1] - The fundraising deadline has been advanced to December 25, 2025, to protect the interests of fund shareholders, with effective subscription applications on that date being confirmed [1] - From December 26, 2025, the fund will no longer accept subscription applications from investors [1] Group 2 - Investors can visit the fund manager's website or call the customer service hotline for more information regarding the fund [1]

Core Viewpoint - The launch of "Chang Xiao Niu" AI App by Changjiang Securities marks the third independent AI application in the securities industry, enhancing wealth management transformation and providing a practical example for the industry [1][11]. Group 1: AI Application Features - The "Chang Xiao Niu" AI App shifts from passive response to proactive demand prediction, strengthening user information protection [2]. - Natural language interaction is a fundamental feature, allowing users to engage through voice and text, thus lowering operational barriers [2]. - The app targets younger users with a youthful design and an IP-based image, introducing the innovative "AI Podcast" feature for more relatable content delivery [2][5]. Group 2: User-Centric Design - The app acts as a personalized investment companion, predicting user needs based on browsing behavior and investment profiles, thus simplifying the user experience [3]. - It employs local data storage for user behavior, ensuring privacy while providing personalized services [3]. Group 3: Information Processing - The app addresses the challenge of information overload by offering a streamlined, personalized information service throughout the trading day [4]. - It provides a three-minute morning briefing, real-time market updates, and a concise end-of-day review, creating a complete investment information loop [4]. Group 4: Innovation and Engagement - The "AI Podcast" feature innovatively presents market insights in a conversational format, catering to the fragmented information consumption habits of younger users [5]. - The established "Chang Xiao Niu" IP enhances brand recognition and user acceptance, facilitating the app's introduction [6][10]. Group 5: Industry Implications - The introduction of AI applications in the securities industry is seen as a significant breakthrough in wealth management transformation, aligning with industry consensus on enhancing service efficiency and customer relationships [11]. - The competition among securities firms in AI application development is expected to lead to improved functionalities and user experiences, benefiting investors directly [11].

Core Viewpoint - Changjiang Securities has launched the "Chang Xiao Niu" AI App, becoming the third brokerage in the industry to introduce an independent AI application, enhancing the wealth management transformation and providing a more personalized investment experience for users [2][16]. Group 1: AI Application Features - The "Chang Xiao Niu" AI App is designed as an "AI investment partner," focusing on proactive demand prediction, a complete information loop, and innovative features like AI podcasts, breaking away from traditional tool attributes [6][16]. - The app shifts from a passive response model to an active service model, enhancing user experience by predicting needs based on user behavior and market dynamics [4][7]. - It incorporates natural language interaction as a fundamental feature, allowing users to receive tailored investment information seamlessly throughout the trading day [5][9]. Group 2: User Engagement and Personalization - The app aims to create a more engaging experience for younger users by utilizing a youthful visual design and a recognizable IP image, making financial products feel more accessible [6][12]. - "Chang Xiao Niu" employs a local data storage model for user behavior data, ensuring privacy while providing personalized services [8]. - The app features a complete investment information loop, offering concise summaries and real-time updates to help users make informed decisions [9][10]. Group 3: Innovation and Market Position - The introduction of the "AI podcast" feature represents a significant innovation, catering to the information consumption habits of younger users by transforming complex market insights into easy-to-understand dialogues [11][16]. - Changjiang Securities has leveraged its established "Chang Xiao Niu" brand to enhance user acceptance and recognition of the new AI App, creating a strong connection with its audience [12][16]. - The launch of the app signifies a broader industry trend towards integrating AI technology into wealth management, aiming to improve service efficiency and redefine customer relationships [16].