Guosen Securities(SZ:002736) Xin Lang Cai Jing·2025-09-05 02:20Core Viewpoint - The recruitment of prominent analyst Xun Yugen by Guosen Securities is aimed at enhancing research capabilities and diversifying income sources for the firm, which has seen a recovery in its operating performance over the past two years [1][3]. Company Overview - Guosen Securities has appointed Xun Yugen as Chief Economist, Director of the Economic Research Institute, and Head of the Postdoctoral Office, marking a significant career move for the well-regarded analyst [2]. - Xun Yugen has a long history in securities research, having previously held key positions at various firms, including being named the best analyst in strategy research multiple times [2]. Performance Metrics - Guosen Securities has experienced a decline in its research revenue, with total commission income of 253 million yuan in 2024, down 16.82% year-on-year, placing it 19th in industry rankings [7][8]. - In the first half of the year, the firm ranked 15th in the industry with total commissions of 124 million yuan, reflecting a 16.68% year-on-year decline [8]. Historical Context - The research division of Guosen Securities has seen a significant decline from its peak performance between 2004 and 2016, when it was consistently ranked among the top firms in the industry [7][10]. - The firm’s research revenue and industry ranking have deteriorated over the years, with a notable drop in commissions starting in 2017 due to the loss of key analysts and a decline in overall platform competitiveness [12][13]. Strategic Initiatives - Guosen Securities is actively working to strengthen its research capabilities by attracting top talent, with a focus on enhancing its influence in the market and improving collaboration across various business lines [6][14]. - The company aims to explore specialized, high-quality, and international research paths, particularly in strategic emerging industries such as new energy and high-end manufacturing [14].