长城证券产业金融研究院负责人“迎新”！

Core Viewpoint - The article discusses the recent career move of Xie Honghe, former deputy director of the research institute at Zhongtai Securities, who has joined Great Wall Securities as the head of its industrial finance research institute, indicating a strategic shift in the company's research capabilities and focus on the energy sector [1][3]. Group 1: Xie Honghe's Background and Move - Xie Honghe has over 10 years of experience in the non-ferrous metals industry and has worked with several prominent securities firms, including Guosen Securities and Goldman Sachs Gao Hua [3]. - His last report at Zhongtai Securities was published on July 29, after which he ceased public communications [2]. - At Great Wall Securities, he will lead the industrial finance research institute, which was transformed from the financial research institute in April 2021, and is now associated with China Huaneng [3]. Group 2: Market Context and Challenges - The article highlights the current challenges faced by securities firms, including a decline in commission income due to increased competition, with Great Wall Securities' total commission dropping by 45.9% year-on-year to 56.77 million yuan in 2024 [5]. - The firm ranked 40th in the industry for commission income, down from 31st in 2021, indicating a need for strategic improvements in research and service offerings [5]. - The article notes that many securities firms are undergoing leadership changes in their research departments amid this competitive landscape [5][6]. Group 3: Research Focus and Future Outlook - Xie Honghe's recent analysis indicated that domestic policies aimed at stabilizing growth have led to price increases in most base metals, although a seasonal decline in consumption is noted [3]. - The long-term supply-demand dynamics suggest limited downside for base metal prices, particularly for rigid supply commodities like aluminum and copper, indicating potential investment opportunities [3]. - Great Wall Securities aims to enhance its influence in the low-carbon energy sector through the development of specialized research teams [4].