领奖日即跳槽日！国投证券再失“明星”团队，今年已净流失16名分析师

Core Insights - The recent departure of Xu Huixiong, the chief analyst for the automotive sector at Guotou Securities, along with his entire team to Guojin Securities, marks a significant talent loss for Guotou Securities, following a similar incident earlier in the year with another chief analyst [1][3] - The overall number of analysts at Guotou Securities has decreased to 61 as of December 4, 2025, a net reduction of 16 compared to the end of the previous year, indicating a high turnover rate within the research team [1][4] - The management changes and high analyst turnover reflect broader issues within Guotou Securities, including a decline in net profit ranking from 12th in 2020 to 26th in 2023, which has led to significant management restructuring [7][8] Group 1: Talent Departures - Xu Huixiong officially left Guotou Securities on November 26, 2025, and joined Guojin Securities two days later, with his team members following suit shortly after [2] - This event coincided with an awards ceremony where Xu's team was recognized as the third-best in the new energy vehicle and parts sector, highlighting the dramatic timing of the departure [2] - The earlier departure of Yin Ruizhe, the former chief analyst for fixed income, also involved a complete team transition to Guojin Securities, further emphasizing the trend of talent migration [3] Group 2: Analyst Turnover and Financial Performance - As of December 4, 2025, 23 out of the 61 analysts at Guotou Securities are new hires, accounting for nearly 40% of the team, indicating a significant influx of new talent amidst the loss of experienced personnel [4] - Guotou Securities' commission income from brokerage services fell to 41.88 million yuan in the first half of 2025, a year-on-year decline of 68.63%, reflecting the challenges faced by the firm [4] - Despite the turmoil, Guotou Securities reported a total revenue of 5.672 billion yuan and a net profit of 1.71 billion yuan in the first half of 2025, showing a year-on-year increase of 28.31% and 44.83% respectively, suggesting potential recovery [8] Group 3: Management Restructuring - The research management structure at Guotou Securities has undergone significant changes, with key personnel shifts including the reassignment of Shao Linlin and the appointment of Han Hui to oversee the research division [5] - The frequency of management changes has increased, with multiple high-level executives resigning or being reassigned throughout 2025, contributing to instability within the organization [6][8] - The ongoing adjustments in management and personnel are seen as a response to the company's declining performance and aim to stabilize operations while rebuilding the talent pool [7][8]