Cinda Securities(SH:601059) Mei Ri Jing Ji Xin Wen·2026-02-11 11:04Group 1 - The core issue in the securities industry is a wave of analyst departures, particularly at Xinda Securities, which has seen a reduction of 17 analysts, a 23% decline since the fourth quarter of last year [1][3] - The overall number of analysts in the securities industry has decreased by nearly 100 since mid-December last year, indicating a potential end to the previous growth trend in analyst numbers [2][9] - The decline in commission income from brokerage services, which dropped over 30% year-on-year to 4.458 billion yuan in the first half of 2025, is a significant factor contributing to the increased competition and analyst turnover [4][5] Group 2 - The merger and acquisition activities, particularly the announcement by CICC to absorb Xinda Securities and Dongxing Securities, have coincided with the departure of several key analysts, suggesting that such corporate actions may influence analyst retention [3][4] - Some mid-sized brokerages are actively expanding their analyst teams despite the overall industry downturn, with firms like Huayuan Securities and Dongfang Fortune Securities increasing their analyst counts significantly [10] - The trend of analyst departures is not limited to Xinda Securities; other small and medium-sized brokerages are also experiencing similar issues, with many analysts leaving due to the impact of commission fee reforms set to take effect in July 2024 [4][9]