Page 3 - CCFA Journal - Sixth Issue

加中金融

编辑寄语 Editor’s Message

经过去年的强劲反弹，中国经济正进入充满挑战的 2022 年。疫情的再次爆发也许会使国内采取更广泛和持久的限
制措施，从而导致经济活动遭到更大程度的破坏，房地产行业严重且长期的低迷也可能会对整体经济产生重大影
响。新年里世界第二大经济体又将何去何从？加拿大驻华大使馆经济与金融参赞 Daniel Koldyk 博士在《中国经济
观察》中分享了他的观点。投资和消费增长疲软预计将会对中国 2022 年的经济前景造成压力。在经历 2021 年强势
的 8%的周期性反弹之后，许多经济学家预计增长将在 2022 年放缓至 5%。野村证券中国首席经济学家陆挺博士在
《中国经济增长的挑战与制约》一文中阐述了他的观点。事实上，可持续性和再平衡一直是疫情后复苏的热点话
题。2011 中加金融论坛会议内容涵盖了在动荡的全球市场下的散户投资、股票市场、ESG 投资和职业发展。我们
总结了圆桌会议上五位嘉宾就“疫情带给北美和中国经济的机遇与挑战”给出的见解。

公开市场是筹集资金的关键场所，它在过去几十年里逐渐发生了演变。Randee Pavalow 是多伦多期权期货掉期交易
所首席法律顾问也曾是安省证监会的资深官员。她在《公募一级市场的现状》一文中归纳了上市公司的新趋势。
加拿大期权市场比美国期权市场小得多。因而加拿大投资者也会采用与美国不同的交易策略。盈透证券首席策略
师 Steve Sosnick 将这种策略差异归因于加拿大与美国市场结构的不同。在“加拿大与美国市场偏态的差异”一文中，
Steve 用从市场中观察到的偏态形状阐述了他的观点。

经济有望在 2022 年持续复苏，哪些领域将存在风险和机遇？在接受 CCFA 金融期刊的采访时，高级投资组合经理
兼理财顾问 Jim Sheridan 分享了他对 2021 年投资表现的思考和对新年市场的展望。除了财富管理之外，年轻的专业
读者同样对新年的就业市场、疫情后的调整趋势以及如何抓住机遇感兴趣。CIBC 资本市场副总裁 Victoria Nguyen
就业市场的发展趋势和机遇分享了她的视角。最后，我们以吴平博士《如何能够捕捉波动率微笑：使用 SVI 模型
构建波动率曲面》来结束本期的精彩内容。

After a strong rebound last year, the Chinese economy is entering a challenging 2022. Renewed domestic COVID-19
outbreaks, could require more broad-based and longer-lasting restrictions, leading to larger disruptions in economic activity.
A severe and prolonged downturn in the real estate sector could have significant economy-wide reverberations. Where
does the world second largest economy head in the new year? Dr. Daniel Koldyk, Economics and Finance Counsellor at the
Embassy of Canada to China, shared his view in 'Observations in Chinese Economy'. The weakening growth drivers in
investment and consumption are expected to weigh on China’s outlook in 2022. Following a strong 8% cyclical rebound in
2021, many economists expect growth to slow to 5% in 2022. Dr. Lu Ting, MD and Chief Economist of Nomura China,
provided his take in 'The Challenges and constraints of Chinese Economic Growth'. Indeed, sustainability and rebalancing
has been the key theme for the post-pandemic recovery. The 2021 Canada-China Finance Forum covered retail investing,
the stock market, ESG investing and career development. We summarized the round table discussion，featured five
distinguished guests who shared their insights on the economic opportunities and challenges brought by the pandemic in
North American and China.

Public markets, being the key venue to raise capital for business growth, has evolved for the past couple of decades. In the
article 'State of Public Markets', Randee Pavalow, a former regulator and Chief Legal Counsel of Toronto Options Futures
Swaps Exchange, highlighted the emerging trends in listings. Canadian Options markets is much smaller than its US
counterparts and Canadian investors also employ different trading strategies. Steve Sosnick, Chief Strategist of Interactive
Brokers, attributed the strategy difference to market structures difference between Canada and US. In the article 'Difference
in Skew Between Canadian and US Markets', Steve illustrated his view using shapes of skew observed in the markets.

With the recovery expected to continue in 2022, what are the areas of risks and opportunities? Jim Sheridan, Senior Portfolio
Manager & Wealth Advisor, shared his reflection of 2021 performance and market outlook for the new year. In addition to
wealth management, young professional readers are equally interested in job market prospects, evolving trend, and the
opportunities post pandemic. Victoria Nguyen, Vice-President of CIBC Capital Markets, provided her insights on the job
market. We complete this issue with 'Construct Volatility Surface Using SVI Model' where Dr. Wu Ping illustrated the model
performances, which shows that SVI model can capture volatility smiles.

Happy Reading!

Daju Gu

CCFA JOURNAL OF FINANCE February 2022
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