Renowned analyst in the sell-side research field, Zhang Yidong, officially embarks on a new chapter in his career.
According to reports, Zhang Yidong, former co-director of the Economic and Financial Research Institute at Industrial Securities and global chief strategy analyst, has joined Guotai Junan and will serve as a member of the executive committee at Haitong International Securities, head of the equity research department, and chief economist, overseeing the equity research department and equity sales trading department, and will coordinate the cross-border integration of research operations in the future.
<h2>Zhang Yidong officially joins Haitong International, transitioning to overseas business</h2>
Recently, the Hong Kong financial licensing system indicated that Zhang Yidong has officially joined Haitong International Securities.
Public information shows that Zhang Yidong holds a bachelor's and master's degree in International Finance from Fudan University and an EMBA from Shanghai Jiao Tong University’s Shanghai Advanced Institute of Finance. He previously served as the global chief strategy analyst at Industrial Securities, deputy CEO of Industrial Securities (Hong Kong) Financial Holdings, and vice president of Industrial Securities International, while also serving as an external part-time mentor for professional degrees at the School of Economics at Fudan University.
As a highly influential strategy analyst in the sell-side research field, Zhang Yidong has been deeply involved in the sell-side research industry for over twenty years, with research covering A-shares, Hong Kong stocks, and U.S. stocks. He has repeatedly won first place in strategy research in domestic capital market analyst selections and became the first New Fortune Diamond Analyst in the field of total research in China in 2023.
On December 31 last year, Zhang Yidong announced his resignation on his personal public account. He stated that after careful consideration over a long period, due to his career transition planning for the second half of his career and family considerations, he has formally submitted his resignation application to the company and will soon transition to overseas business, focusing on the expansion of the Hong Kong and overseas capital markets.
Internationalization is an essential path for securities firms to expand their development space and move towards becoming top-tier investment banks. According to relevant personnel from Guotai Junan, Chinese securities firms are focusing on overseas business, with cross-border financing, wealth management, and asset management becoming key areas of effort. The Hong Kong market, with its unique advantage of &#34;backing the mainland and connecting globally,&#34; has become the preferred place for leading A-share companies to build international capital platforms and for Chinese concept stocks to return, driving a continuous rise in cross-border fundraising.
<h2>In 2026, investment should be steady and cautious, avoiding arrogance and impatience</h2>
Zhang Yidong is firmly optimistic about Chinese equity assets. He previously proposed that A-shares and Hong Kong stocks will usher in a &#34;super long bull market&#34; lasting over twenty years. The core logic lies in the fact that the Chinese economy is entering a stage of high-quality development, urgently needing to activate the asset side; the capital market is gradually replacing real estate as the core hub for resource allocation, taking on the key function of enhancing the efficiency of social wealth. This clear and long-term judgment has attracted widespread attention and in-depth discussion in the market.
Zhang Yidong shared his latest views at the 2026 Macroeconomic Outlook and Annual Investment Forum hosted by Shanghai Advanced Institute of Finance on January 24 this year.
He believes that this year investment opportunities can be found according to the &#34;14th Five-Year Plan.&#34; The first hotspot is technological highlights, such as aerospace, embodied intelligence, quantum technology, controllable nuclear fusion, brain-computer interfaces, and artificial intelligence empowering various industries; the second hotspot is domestic demand, especially service consumption. For example, the popularity of Su Chao, Cun Chao, and Pop Mart last year essentially reflects service consumption and emotional value, which has huge development space in China; the third hotspot is the transformation and upgrading of traditional industries, which requires finding alpha opportunities
In addition, we are now in an era of great power competition, a time when the industrial chain and supply chain are being restructured. Some less prominent fields, such as steel and chemicals, have more opportunities.
Furthermore, Zhang Yidong specifically discussed the flow of funds. Currently, foreign capital in the form of passive ETFs has started to flow back, while the return of actively managed foreign capital is mainly driven by subjective long positions in the Asia-Pacific region combined with hedge funds, and European funds have begun to flow back to participate in IPOs. With the appreciation of the RMB, the allocation weight of foreign capital in China will increase.
Finally, Zhang Yidong emphasized that when investing in 2026, one should proceed with caution and avoid arrogance and impatience. &#34;The market rhythm in 2026 will be like a climbing torch, flickering and fluctuating. The key is not to play with fire and burn oneself; be vigilant when the market is too hot, and do not wait until everyone is ready to withdraw before reacting.&#34;
He stated that when old consensus is rampant, and certain opportunities are known even to the neighbor's grandmother, one must exercise restraint. Even if the opportunity aligns with the grand logic and has a grand narrative, one should control oneself and not chase high prices. Focus on the long term, believe in China, and do one's part; we are buying companies, not speculative chips.
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The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at one's own risk

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Renowned analyst Zhang Yidong has officially joined Haitong International as the head of the equity research department and chief economist, responsible for coordinating the cross-border integration of research operations. He previously served as the global chief strategy analyst at Industrial Securities and has extensive research experience covering the A-share, Hong Kong stock, and U.S. stock markets. Zhang Yidong is optimistic about Chinese equity assets, believing that the A-share and Hong Kong stock markets will usher in a "super long bull market" lasting over twenty years

- Zhang Yidong, a prominent analyst in sell-side research, has officially joined Haitong International Securities as a committee member and chief economist.  
- He aims to focus on overseas operations, particularly in Hong Kong and international capital markets, after a long and successful career at Industrial Securities.  
- Zhang emphasizes the importance of cautious investment in 2026, urging investors to be disciplined and avoid chasing after trends.

Next stop confirmed! Zhang Yidong joins Haitong International as the head of the equity research department and chief economist