牟一凌加盟，国金证券引进多位新财富榜单人士

Group 1 - The core viewpoint of the news is the strategic hiring by Guojin Securities, particularly the recruitment of key personnel like Miao Yiling, who will serve as the Chief Strategist and Deputy Director, enhancing the firm's research capabilities [1][2][3] - Miao Yiling has a notable career history, having previously worked at Guotai Junan Securities, Kaiyuan Securities, and Minsheng Securities, where he developed a unique research methodology combining macro perspectives and industry depth [2][3] - Guojin Securities has been actively expanding its research team since early 2024, aiming to build a "golden triangle" of macroeconomic, strategy, and fixed income research, with several high-profile analysts joining the firm [4][5] Group 2 - The overall commission income in the securities industry has declined by 32.3%, prompting firms to focus on research as a key differentiator [4] - Guojin Securities has seen its research income grow steadily from 2021 to 2023, but it faced a significant decline in 2024 due to a reduction in public fund commissions, resulting in a drop to 211 million yuan [4] - The securities industry has experienced frequent talent movement since 2025, with several prominent analysts transitioning to different firms, reshaping the competitive landscape [5][6]