Di Yi Cai Jing·2025-07-16 11:41Core Insights - The number of securities practitioners continues to decline despite the industry's overall profitability and growth, with a net decrease of 7,268 personnel in the first half of the year [1][2] - The total number of securities practitioners reached a peak of 354,200 in 2022, but has since dropped to 329,100 by mid-2025, reflecting a reduction of 25,000 over two and a half years [2][4] Group 1: Industry Performance - As of July 16, 2023, 31 out of 49 listed brokerages reported positive half-year performance forecasts, with over 10 firms experiencing a year-on-year net profit growth exceeding 100% [1] - The decline in the number of practitioners is attributed to multiple factors, including brokerage mergers, salary reductions, a decrease in IPO numbers, and adjustments in talent structure based on business changes [1][2] Group 2: Workforce Composition - By June 30, 2025, the breakdown of registered securities personnel includes 206,700 in general securities business, 81,500 investment advisors, 25,900 brokers, 8,470 sponsors, and 5,625 analysts [2] - The largest brokerage by personnel is the merged Guotai Junan Securities, followed by CITIC Securities and CICC [2] Group 3: Trends in Employment - The reduction in workforce is primarily seen in general securities personnel and brokers, with a decrease of 5,527 and 2,541 respectively in the first half of the year [2] - Conversely, the number of analysts and investment advisors has increased, with net gains of 62 and 1,181 respectively [2][4] Group 4: Future Outlook - The industry is expected to face challenges as many labor contracts are set to expire, particularly for employees hired during the 2020-2022 expansion period [5] - The number of sponsor representatives peaked at 8,812 in 2024 but has since decreased to 8,470 by mid-2025, indicating a trend of oversupply in this area [6][8] Group 5: Talent Migration - Some former securities personnel have transitioned to roles in listed companies or the technology sector, reflecting a shift in talent demand [9][10] - A portion of the workforce has also moved into public service roles, as evidenced by recent civil service recruitment announcements [10]