国盛证券研究所“奖金取消”惹争议，人员更替持续进行，多位首席新加盟

Group 1 - The core issue revolves around the internal conflict at Guosheng Securities Research Institute, where the director, Yang Tao, expressed frustration over employee responsiveness, leading to a public outcry and subsequent clarifications from involved parties [1][2] - Guosheng Securities has experienced significant turnover, with over 20 analysts leaving since September 2025, marking a turbulent period for the research institute [2][3] - The firm is actively recruiting to replenish its research team, with 14 positions open across various sectors, including pharmaceuticals, media, and banking [3][4] Group 2 - Recent changes in leadership include the hiring of Hua Xiaowei, a former research director from Shanghai Securities, to lead the small-cap sector at Guosheng Securities [3][4] - The firm has seen a decline in research commission revenue, with a reported 30% decrease year-on-year, indicating ongoing financial challenges [6] - Guosheng Securities anticipates a net profit of 210 million to 280 million yuan for 2025, reflecting a year-on-year growth of 25.44% to 67.25% [7]