Sou Hu Cai Jing·2025-12-25 16:11Group 1 - The core point of the article highlights a significant talent exodus at Guosheng Securities Research Institute, particularly in the fields of pharmaceuticals, computers, and media, as multiple analysts have recently left the firm, indicating a potential "brain drain" crisis [2][3][4] - The trend of analyst departures has been ongoing since September, with key figures such as the co-director and chief analysts from various sectors submitting their resignations, suggesting a deeper issue within the firm [4][5] - Guosheng Securities has experienced a notable decline in commission income, with a reported 28.35% year-on-year drop in the first half of the year, reflecting broader challenges faced by sell-side research amid increasing competition and changing market dynamics [6][8] Group 2 - The sell-side research industry is undergoing profound changes due to multiple pressures, including commission rate reforms and the rise of buy-side research capabilities, leading to a shrinking "cake" of commission income that previously supported rapid expansion [5][6] - The year-end talent migration is exacerbated by the "New Fortune Best Analyst Awards," which incentivizes analysts to switch firms for better career prospects and higher salaries, creating a competitive environment for talent acquisition [8][9] - Analysts are increasingly prioritizing personal brand and research quality over the brokerage platform itself, as buy-side institutions focus their budgets on analysts who can deliver tangible value, further complicating the talent retention landscape for smaller brokerages [6][7]