Core Insights - The number of securities analysts in China has reached a historical high, surpassing 6,162, with over 400 new analysts added this year [1][2] - Despite the growth in analyst numbers, the market for brokerage firms is contracting, with commission income from public funds dropping over 30% in the first half of the year [1][7] - The industry is facing pressure to diversify revenue sources and seek new business growth points due to declining commission income [7][8] Analyst Growth - The rapid increase in analysts is attributed to the expansion of institutional investors and a significant talent gap in brokerage research departments [2][4] - As of September 19, three brokerage firms have more than 300 analysts, with China International Capital Corporation (CICC) leading at 344 analysts [2][3] - The growth structure varies, with large firms focusing on internal development while smaller firms are increasingly hiring externally [4][5] Revenue Challenges - The decline in commission income is evident, with major firms like CICC and Guotai Junan experiencing drops of 53.70% and 41.94% respectively in the first half of 2025 [7][8] - Brokerage firms are exploring new profit growth areas, including partnerships with local governments and expanding international business [7][8] Talent Movement - The pace of hiring at leading brokerage firms has slowed, with CICC reporting a decrease in analyst numbers this year [8] - Experienced analysts are transitioning to other sectors, including buy-side institutions and educational roles, indicating a talent rebalancing trend in the industry [8]
券商分析师数量创历史新高规模扩容遭遇市场“降温”冲击