证券从业人员总量缩减背后：人才流动出现新格局

Core Insights - The total number of employees in the securities industry is projected to decrease to 328,900 by the end of 2025, a reduction of nearly 7,800 from the end of 2024, marking a shift in talent dynamics within the industry [1][2] - The number of investment bankers, specifically sponsors, is expected to decline for the first time in eight years, contrasting with the growth of investment advisors and analysts [1][3] Industry Overview - The total number of employees in the securities industry has fluctuated between 320,000 and 360,000 since 2017, peaking at 354,500 in 2022 [1] - By the end of 2025, five major brokerages will employ over 10,000 people each, accounting for nearly 20% of the total workforce in the industry [2] - Some large and medium-sized brokerages are experiencing workforce reductions due to mergers, restructuring, and the establishment of subsidiaries [2] Talent Dynamics - Internet-based brokerages such as Dongfang Caifu, Guojin Securities, and Maikao Securities are actively hiring, with Dongfang Caifu increasing its workforce by 630 to reach 3,334 employees [2] - The number of investment bankers has decreased to 8,519 by the end of 2025, down 293 from the previous year, marking the first annual decline in eight years [3] - The decline in investment bankers is attributed to a slowdown in equity financing and stricter regulatory environments [3][4] Growth in Advisory Roles - The number of investment advisors has reached a record high of 86,100 by the end of 2025, an increase of 5,782 from 2024, reflecting a shift towards high-quality talent strategies [5][6] - The number of securities brokers has significantly decreased from 90,400 in 2017 to 22,900 in 2025, indicating a transition away from traditional brokerage roles [5] Analyst Trends - The number of analysts has surpassed 6,056 by the end of 2025, marking a growth of 338 from the previous year, with a notable increase since 2022 [6][7] - High-profile analysts are increasingly changing firms, indicating a competitive environment for talent acquisition among brokerages [7] - The demand for research and analysis is supported by the expansion of listed companies and the growth of institutional investors, despite challenges in commission income [7]