Zheng Quan Ri Bao Zhi Sheng·2025-09-23 16:36Core Insights - The brokerage industry is experiencing a transformation as commission income from split accounts declines, yet the number of analysts continues to grow, indicating a strategic shift towards research value [1][2] Group 1: Analyst Workforce Expansion - The total number of analysts in the securities industry reached a record high of 6,130 as of September 23, 2023, an increase of 409 from the beginning of the year [1] - 56 brokerages have increased their analyst headcount this year, with leading firms like CITIC Securities adding 42 analysts [1][2] - Major brokerages are showing a scale advantage, with three top firms having over 300 analysts: CICC with 344, Guotai Junan with 303, and CITIC Securities with 301 [1] Group 2: Strategic Adjustments and Differentiation - Brokerages are implementing differentiated development strategies to drive performance growth amid intense market competition [2] - Guosen Securities is focusing on strategic research in key national development areas like intelligent manufacturing, while招商证券 is enhancing its research capabilities through AI technology [2] - The expansion of analyst teams reflects a long-term optimism about the strategic value of research in the brokerage sector [2] Group 3: Future Service Models - The brokerage research business is transitioning from traditional models to diversified value-creating service models [3] - Future exploration may include think tank and corporate strategic consulting services, with a focus on specific industries and regions to build differentiated advantages [3] - The integration of digital tools and a combination of external recruitment and internal training will enhance talent reserves and overall market competitiveness [3]