券商资管研究总监，重回卖方

Group 1 - Wang Song, former director of asset management research at the Federal Reserve, has joined Founder Securities as the chief researcher for the real estate sector [1] - Wang has over ten years of experience in real estate and urban investment bond research, previously holding positions at Minsheng Securities, Zhongjian Investment Trust, and Zhongshan Securities [1] - He believes that opportunities in the real estate sector still exist, particularly in niche markets and under specific policy catalysts, which require immediate research to uncover [1] Group 2 - Founder Securities has been actively recruiting talent, with notable hires including Yan Xiang as chief economist and Li Qinghe as head of fixed income, along with several other experienced analysts [2] - The company expects a net profit of between 2.296 billion to 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 70% to 80%, driven by increases in wealth management and investment trading revenues [2] - The overall number of analysts in the securities industry has been increasing despite a decrease in total industry personnel, with 5,829 registered analysts as of June 2025 [2] Group 3 - The transformation of securities research institutions is urgent due to the backdrop of reduced commissions and fees, necessitating an enhancement of research capabilities to strengthen brand influence [3] - Leading brokerages are attracting top analysts to solidify their market positions, while smaller firms must continuously improve their capabilities to attract and retain talent [3]