中证协发布2024年券商研究业务经营情况 去年券商分析师人数同比增超20%

Core Insights - The China Securities Association conducted a statistical analysis of the securities research report business for 2024, highlighting structural changes and development directions in the industry during its transformation [1] Personnel Structure Optimization - By the end of 2024, 102 securities firms established independent research departments or subsidiaries, employing a total of 9,619 people, a decrease of 1.05% from the end of 2023 [2] - The number of analysts in these departments reached 5,628, representing a 20.69% increase despite an overall decline in securities personnel, with analysts making up 58.51% of the total research department staff [2] - The number of chief economists hired by firms reached 42, with most managed by the research departments [2] Personnel Flow Data - In 2024, 988 analysts left their positions, a 29.66% increase from 2023, while new hires dropped by 29.01% to 1,786 [3] - There is a trend of analysts moving from smaller to larger firms, leading to a high turnover rate and a rapid decline in new hires [3] Institutional Client Service Landscape - By the end of 2024, 92 firms provided research reports to public fund companies, an increase of 2 from 2023, while the number of firms serving insurance companies remained stable at 59 [3] Revenue Structure Changes - Commission income from public fund clients decreased by 31.67% in 2024, with the top 10 firms accounting for 47.38% of total industry commission income, indicating a rise in industry concentration [4] - Non-public fund commission income saw a slight increase of 6% due to growing investments from non-public institutional investors [4] Research Output Trends - A total of 83 firms published 96,156 research reports on domestic listed companies in 2024, a 5% decrease from 2023, indicating a shift towards quality over quantity in research output [4] Globalization Efforts - The competition in the securities research business intensified, with a significant decline in commission income, leading firms to seek differentiation and a more competitive market structure [5] - By the end of 2024, institutional client commission income was 19.865 billion yuan, down 22.48% from 24.868 billion yuan in 2023 [5] - Firms are increasingly focusing on global markets, with a rise in the number of reports on overseas listed companies, particularly in the Hong Kong and U.S. markets [6] Development Recommendations - The China Securities Association proposed three key recommendations for enhancing the quality of securities research: improving independence and professionalism, clarifying research positioning, and adapting to cross-border business needs [6]