国盛证券研究所“换血”提速：上海证券研究所原所长花小伟履新，近期急补10名分析师对冲“离职潮”

Core Viewpoint - The recent personnel changes at Guosheng Securities, particularly the hiring of Hua Xiaowei, reflect the ongoing challenges and competitive pressures within the sell-side research industry in China, especially as the firm navigates a significant talent exodus and seeks to rebuild its research team [1][3][5]. Group 1: Personnel Changes - Hua Xiaowei, former director of Shanghai Securities Research Institute, has officially registered at Guosheng Securities, marking a significant leadership change [1]. - The departure of Zheng Zhenxiang, the former co-director and chief analyst for the electronics sector, occurred just before Hua's arrival, indicating a period of transition for the research institute [1][4]. - Since the fourth quarter of 2025, Guosheng Securities has experienced a net reduction of 14 analysts, highlighting a trend of talent loss within the firm [1][4]. Group 2: Performance Metrics - During Hua Xiaowei's tenure at Shanghai Securities, the firm's commission income from sub-accounts saw a year-on-year increase of 25.82% in 2023, but plummeted by 57.86% to 21.64 million yuan in 2024, with a further decline of 83.30% to 2.90 million yuan in the first half of 2025 [2]. - The significant drop in revenue at Shanghai Securities may have influenced Hua's decision to join Guosheng Securities, reflecting the pressures faced by sell-side research firms in a competitive environment [2]. Group 3: Strategic Moves - Guosheng Securities has been actively recruiting to fill the gaps left by departing analysts, having added 10 new analysts since December 2025, including notable hires from other firms [3][5]. - The firm is also promoting internal candidates to stabilize its structure, as seen with the rapid elevation of personnel within the electronics team following Zheng Zhenxiang's departure [5]. - The ongoing recruitment efforts and internal promotions suggest that Guosheng Securities is attempting to strengthen its research capabilities amidst a challenging market landscape [5].