“团队式”离职，国投证券研究所人事震荡加剧

Group 1 - The core issue is the significant turnover of analysts at Guotou Securities, with a reduction from 78 to 61 analysts, representing a nearly 22% decrease year-over-year, while the overall industry analyst count has increased to 5,902 [1][5][7] - The recent collective departure of the automotive analyst team led by Xu Huixiong to Guojin Securities marks the second such incident this year, indicating a trend of "team-style" resignations within the industry [2][3] - Analysts attribute the trend of collective resignations to internal consolidation within brokerages and a recovering market that has increased demand for research talent, leading to high compensation offers that disrupt the analyst pool [3][4] Group 2 - Despite the increase in the number of analysts across the industry, Guotou Securities has seen a decline in its analyst count, while Guojin Securities has expanded its team by 45 analysts over the past year [5][7] - The overall commission income from fund distribution has been declining, with Guotou Securities experiencing a drop from 97.37 million yuan in the previous year to 44.74 million yuan in the first half of 2025, which may have contributed to the recent analyst departures [6][7] - The competitive landscape is pushing brokerages to expand their analyst teams despite declining commissions, as research services are becoming essential for securing income and enhancing investment banking and asset management capabilities [6][7]