券商分析师数量创历史新高 规模扩容遭遇市场“降温”冲击

Core Insights - The number of securities analysts in China has reached a historical high, surpassing 6,000, indicating significant growth in the industry [1][2] - Despite the increase in analyst numbers, the market is contracting, with commission income from public funds dropping over 30% in the first half of the year, necessitating a transformation in brokerage research departments [1][6] Analyst Growth - As of September 19, 2023, there are 6,162 analysts, with over 400 new additions this year [2] - The analyst count has rapidly expanded in the last two years, with significant growth attributed to the increasing demand from institutional investors and the recruitment of fresh graduates [2][3] - Major firms like CICC, Guotai Junan, and CITIC Securities lead in analyst numbers, with CICC having 344 analysts [2][3] Recruitment Structure - Large brokerages primarily focus on internal growth, while smaller firms often recruit externally to fill talent gaps [3][4] - Notable recruitment includes analysts moving from other firms, such as the transfer of a chief strategist from CITIC Securities to Dongfang Caifu [4][5] - Smaller firms like Guojin Securities have seen significant external recruitment, with over 30 analysts coming from other brokerages [3][4] Industry Transformation - The brokerage research environment is changing due to the impact of public fund fee reforms, leading to a decline in income [6][7] - In the first half of 2025, commission income fell to 4.458 billion yuan, with major firms experiencing significant drops in revenue [6] - Brokerages are exploring new revenue streams, including partnerships with local governments and expanding international business [6][7] Analyst Retention and Movement - The pace of recruitment among top brokerages has slowed, with some firms like CICC seeing a decrease in total analysts this year [6][7] - Experienced analysts are transitioning to other sectors, including buy-side institutions and educational roles, reflecting a talent rebalancing trend in the industry [7]