牟一凌告别国联民生：一位周期信徒的十年轮回

Group 1 - The article highlights the career trajectory of a prominent analyst,牟一凌, who transitioned from an intern to a chief strategist and has recently left his position at Minsheng Securities amid a wave of mergers in the Chinese securities industry [1][4] - In 2021,牟一凌 returned to Minsheng Securities as the chief strategist after a decade of experience, having previously worked at various firms including Guotai Junan and Kaiyuan Securities, where he gained recognition for his market insights [2][4] - His notable predictions included a bullish stance on cyclical stocks during market fluctuations, which later proved accurate as these stocks outperformed others in 2021 [2][3] Group 2 - The merger between Guolian Securities and Minsheng Securities marks a significant event in the industry, with Guolian acquiring a 30.30% stake in Minsheng for 9.1 billion yuan, leading to a complete takeover by the end of 2024 [4][5] - Following the merger, the new entity, Guolian Minsheng Securities, is undergoing integration challenges, with a reported 40.80% decline in net profit for the year 2024, indicating difficulties in recovering from the impacts of the merger [1][4] - The restructuring of research operations within the merged entity poses challenges, as both firms have distinct strengths, with Minsheng excelling in investment banking and Guolian in wealth management and fund advisory [5]