突破6000人！券商分析师，创历史新高

Core Insights - The number of securities analysts in China has reached a historical high of 6,162, marking a significant increase in the past two years [1][2] - The expansion of analyst numbers is driven by the rapid growth of institutional investors and the need for talent in the securities industry, particularly before the implementation of the public fund fee reform [2][4] - Despite the increase in analyst numbers, the revenue from commission income has declined by over 30% in the first half of 2025, prompting a need for transformation and diversification of income sources within brokerage research departments [1][7] Analyst Growth - As of September 19, 2023, the number of analysts has surpassed 6,000, with a notable increase from 3,000 in 2018 to over 5,000 in less than two years [2] - Major firms like CICC lead with 344 analysts, followed by Guotai Junan and CITIC Securities, both exceeding 300 analysts [2][3] - The growth structure shows that large firms primarily rely on internal talent development, while smaller firms are increasingly hiring externally to fill gaps [4][5] Revenue Challenges - The brokerage research departments are facing significant revenue challenges due to the impact of public fund fee reforms, with commission income dropping to 4.458 billion yuan in the first half of 2025 [7] - Firms are exploring new profit growth points, including expanding non-public client resources and enhancing international business and fintech initiatives [7] Recruitment Trends - The pace of recruitment among top brokerage firms has slowed, with CICC experiencing a decrease in analyst numbers this year [8] - Some analysts are transitioning to buy-side roles or other industries, indicating a shift in career paths within the sector [8]