Nan Fang Du Shi Bao·2025-06-25 06:26Core Viewpoint - The resignation of Xu Yugen, the chief economist of Guotai Haitong Securities, has attracted significant market attention, reflecting a broader trend of talent mobility among chief economists in the securities industry this year [2][3]. Group 1: Xu Yugen's Background and Departure - Xu Yugen, an influential figure in the securities research field, holds a PhD in economics and has previously worked at Zhongshan Securities and Huatai United Securities [3]. - He joined Haitong Securities in 2011 and held various positions, including deputy director of the research institute and chief strategist [3]. - After the merger of Guotai Junan and Haitong Securities in April 2023, Xu was appointed as the chief economist of Guotai Haitong [3]. - His recent publication, which emphasizes a long-term investment philosophy, is viewed as a summary of his thoughts before leaving the industry, leading to speculation about his future career path [3]. Group 2: Industry Trends and Talent Mobility - The departure of Xu Yugen is part of a larger trend, with several prominent chief economists leaving their positions in 2023, indicating an escalating talent competition between leading and smaller securities firms [5]. - Notable departures include Yan Xiang from Huafu Securities to Founder Securities and Sun Binbin from Tianfeng Securities to Caitong Securities [5][6]. - The trend of chief economist resignations reflects intensified competition in the industry and a necessary return to rationality in research value [6].