Xin Lang Cai Jing·2026-01-08 00:57Group 1 - The core viewpoint of the article highlights significant personnel changes in the brokerage research sector at the beginning of 2026, indicating a trend of "research leading to promotion" and the poaching of talent by smaller brokerages [1][4] - On January 7, 2026, Wu Chaoze was appointed as the Director of the Institutional Business Committee at CITIC Securities, while Huang Wentao took on the role of acting head of the Research Development Department [2][3] - Huang Wentao outlined ten investment opportunities for 2026, including the continued strength of gold and silver, advancements in new technologies, and the internationalization of the RMB [3] Group 2 - The retirement of Xiangcai Securities' chief economist Li Kang on January 7, 2026, marks another significant personnel shift in the industry [4] - The influx of new talent is evident as 90s analyst Jiang Tao joined Guojin Securities as the deputy director and chief analyst for the public utility and environmental coal sector [4] - The article notes that the brokerage research sector has experienced high-frequency personnel changes, with at least 14 chief economist positions changing hands in 2025 [7] Group 3 - The article identifies three underlying logics driving the personnel changes in the brokerage research field: industry consolidation leading to management overlap, the impact of public fund fee reforms pushing analysts from sell-side to buy-side, and smaller brokerages actively recruiting talent from leading firms to enhance their market presence [8]