券商分析师队伍告别高速扩张重点服务保险资管

Core Insights - The rapid expansion phase of brokerage analysts has ended, with only 41 new analysts added this year, indicating a shift towards quality and differentiated competitiveness in the industry [2][4]. Analyst Workforce Changes - As of June 19, the total number of brokerage analysts is 5,787, a net increase of 41 from the beginning of the year, significantly lower than previous years [2][3]. - The average annual increase in analyst numbers from 2021 to 2024 was several hundred, but this year marks a notable slowdown [2]. - Major firms like CITIC Securities, Guotai Junan, and Huatai Securities have large analyst teams, with CITIC Securities leading with 341 analysts [3]. Mergers and Acquisitions Impact - Guotai Haitong Securities saw a significant increase in analysts from 174 to 287 due to the merger, adding 113 analysts [4]. - The merger of Guolian and Minsheng Securities resulted in a slight decrease in analyst numbers, with ongoing integration efforts [4]. New Focus Areas - Following the public fund commission reform, brokerage firms are increasingly focusing on serving insurance asset management clients, which has become a key revenue source [7][8]. - Insurance asset management commissions have been rising, and these clients now represent about one-quarter of some research departments' income [7]. Analyst Movement Trends - Some firms, such as Guotou Securities and Debang Securities, have experienced a net decrease in analysts, indicating a mixed trend in the industry [6]. - In contrast, firms like Dongfang Fortune Securities have seen a net increase of 24 analysts, reflecting a strategic hiring approach to adapt to market changes [4][5].