知名券商分析师团队，集体跳槽

Core Viewpoint - The research team of Guotou Securities, led by Xu Huixiong, has collectively moved to Guojin Securities, marking the second such departure this year, amidst significant personnel changes and declining revenue in the firm [1][5]. Analyst Team Departure - The automotive analyst team, including Xu Huixiong, Xia Xinyi, He Guannan, Zhe Siqi, and Yang Ying, joined Guojin Securities between November 27 and December 2 [1][6]. - Xu Huixiong was the chief analyst for the automotive sector at Guotou Securities and holds a master's degree in economics from Nanjing University [7]. Personnel Changes - As of December 3, the number of analysts at Guotou Securities has decreased to 61, down by 16 from the end of 2024, representing a decline of over 20% [1][5]. - Earlier in the year, the fixed income team also left, with notable figures such as former chief analyst Yin Ruizhe moving to Guojin Securities [3][9]. Management Adjustments - In July, significant management changes occurred at Guotou Securities, with Shao Linlin stepping down as head of the research institute and Han Hui taking over [4][10]. - The firm has faced a continuous decline in commission income from split accounts, dropping from a peak of 448 million yuan in 2021 to just 42 million yuan in the first half of 2025, a year-on-year decrease of 68.63% [4][10].