券业“金领”，首次“退潮”！年内减少超300人......

Core Viewpoint - The article discusses the decline in the number of securities representatives in the investment banking sector, particularly among large brokerages, reflecting the changing policy environment and the challenges faced by the industry. Group 1: Industry Trends - The number of securities representatives has decreased for the first time in five years, with a reduction of over 300 individuals in the first half of the year, primarily among large brokerages [2][5]. - The decline in representatives is indicative of the industry's transition into a "winter" phase, with significant pressure on performance due to tightened IPO policies and reduced project approvals [3][6]. - Despite a new policy cycle in the primary market and a notable increase in IPO applications, many brokerages are still downsizing and cutting costs in their investment banking divisions [4][16]. Group 2: Historical Context - As of June 30, the total number of securities representatives fell to 8,470, down from 8,812 at the end of 2024, marking the first decrease since the implementation of the revised "Securities Issuance and Listing Sponsorship Business Management Measures" in June 2020 [5][6]. - The rapid growth of representatives from 2020 to 2022 was closely tied to the implementation of the registration system, which saw annual listings of 400 to 550 companies [6]. - The tightening of IPO policies in 2023 led to a significant reduction in the number of companies going public, with only 100 listings in 2024, the lowest since 2014, adversely affecting investment banking revenues [6][7]. Group 3: Impact on Workforce - Large brokerages have been the primary contributors to the reduction in representatives, with some firms previously expanding their teams significantly during the early registration system phase [8][11]. - As of June 30, 50.32% of representatives had successfully sponsored projects, indicating that over 4,000 representatives had not yet completed any projects [9][10]. - The trend of downsizing is expected to continue, with some firms reporting reductions of nearly 30% in their investment banking teams [7][14]. Group 4: Future Outlook - The investment banking sector is experiencing a significant shift, with some professionals transitioning to roles in the real economy or pursuing public sector jobs, reflecting a broader search for stability amid industry challenges [16][18]. - The ongoing "capacity reduction" trend suggests that even with potential improvements in IPO policies, firms may still face challenges in staffing adequately for future opportunities [16].