Xin Lang Cai Jing·2026-01-09 01:21Group 1 - The article discusses significant personnel changes in the investment banking sector, particularly at CITIC Securities, highlighting the retirement of notable figures and the hiring of younger analysts [1][15] - Li Kang, the chief economist at Xiangcai Securities, has retired at the age of 61, having had a long career in various leadership roles within the industry [1][15] - The article notes that CITIC Securities has seen a decline in its research department's performance, with mid-2025 revenue reported at only 348 million, down from previous years where it was in the tens of millions [1][15] Group 2 - Wu Chaoze has been appointed as the head of the Institutional Business Committee at CITIC Securities, expanding her responsibilities from research to include institutional and international business [3][17] - Wu has been with CITIC Securities since 2012 and has recently transitioned from a chief analyst role to a senior executive position, indicating a shift from operational to strategic responsibilities [3][17] - The article highlights Wu's accolades, including being named the top analyst in the telecommunications sector for seven consecutive years and becoming one of the youngest research directors in the industry at the age of 32 [6][20] Group 3 - The article mentions that CITIC Securities has experienced a significant drop in revenue over the past five years, with total revenue decreasing from approximately 30 billion to 21.1 billion in 2024 [10][25] - The firm has also seen a notable increase in profit for mid-2025, with a reported growth of 57.7% compared to previous periods [10][25] - The decline in revenue is attributed to a reduction in commission income, which has halved from 1 billion in 2021 to only 508 million in 2024, indicating a severe downturn in the firm's research income [12][27]