2025 Brokerage Research "Jianghu" Changes: Analysts Expand Against the Trend, "Legion Migration" Becomes a New Scene

The securities industry is undergoing a profound transformation in talent structure. Amidst a continuous decline in the total number of industry practitioners, the analyst community is expanding against the trend, with the year-end count surpassing 5,900, a 6% increase compared to the previous year. Behind this seemingly contradictory talent movement reflects the industry’s deep logic of shifting from channel services to research empowerment.

Guojin Securities became the biggest winner with an increase of 43 analysts throughout the year, raising its analyst team to 165 members, climbing from 12th to 8th place. Eastmoney Securities followed closely, doubling its analyst count to 84, a 100% increase. Leading brokerages such as CITIC and Industrial Securities strengthened systematically, adding 38 and 26 analysts respectively, consolidating their comprehensive research capabilities. In stark contrast, Debon Securities reduced its analyst team by 74% to 12 members, and ten other institutions including Zheshang and GF Securities lost more than 10 analysts each, revealing a polarized industry talent landscape.

Mergers and reorganizations have become key variables stirring the talent market. After the merger of Guotai Junan and Haitong Securities, the analyst team shrank by 27 to 287 members; during the integration of China United Securities and Minsheng Securities, 28 analysts chose to leave. These adjustments involve not only overlapping positions but also trigger cultural integration anxieties, accelerating voluntary talent mobility. While CICC continues to lead the industry with 345 analysts, it has paused expansion, with a slight reduction of 2 team members.

Team migration has become the most prominent feature of 2025. Guojin Securities emerged as the biggest beneficiary, recruiting six star teams including Minsheng Securities’ overseas team and Guotou Securities’ fixed income team. Among them, the fixed income team led by Yin Ruizhe achieved a “second wave of collective job hopping,” completing transfers from China Merchants Securities to Guotou Securities and then to Guojin Securities within a year. This “whole team” migration model allows the receiving side to quickly acquire mature research frameworks and client resources.

The chain reaction triggered by the public fund fee rate reform continues to unfold. Commission income from sub-accounts declined sharply for two consecutive years, dropping 34% year-on-year to 4.4558 billion yuan in the first half of 2025. Leading institutions such as CITIC, Guotai, and Haitong saw revenue declines exceeding 35%, but industry concentration increased, with the top 11 brokerages accounting for 51% of the market share. This “Matthew Effect” has compelled small and medium-sized firms to focus on niche development; Huatai Securities, for example, successfully broke through the red ocean by deepening regional economic research.

The logic of talent flow has fundamentally shifted. Brokerages are no longer blindly pursuing team size but are focusing on building “research core capabilities.” Versatile talents with industry background, data analysis skills, and ESG research ability have become highly sought after. One leading firm offered double the salary and dedicated research teams to attract a chief in the new energy sector. This shift has led to a clear stratification in the talent market: star analysts’ value has skyrocketed, while ordinary researchers face elimination pressures.

The return of research value to its core has prompted institutions to adjust their operational models. Many brokerages are shifting evaluation weights from research report quantity to revenue generated, requiring analysts to directly create economic value. A mid-sized brokerage established a “research-investment-wealth management” closed-loop system, enabling analysts to deeply participate in product design and client visits, effectively improving research conversion rates. This transformation is forcing analysts to evolve from “report writers” to “decision-making strategists.”