又一券商研究所，将迎新所长！

Group 1 - The core viewpoint of the article highlights the ongoing reshuffling of management in securities research institutions, with notable appointments such as Xie Honghe, former deputy director of Zhongtai Securities Research Institute, becoming the director of Changcheng Securities Research Institute [2][7]. - Xie Honghe has over ten years of experience in the non-ferrous metals industry and has previously worked with several prominent securities firms, indicating a strong background in industry research [2][5]. - Zhongtai Securities has faced significant pressure, with commission income for 2024 expected to drop to 271 million yuan, a year-on-year decline of 44.30%, leading to a drop in industry ranking from 13th to 18th [5][6]. Group 2 - In response to the declining commission income, Zhongtai Securities plans to adapt to new public fund regulations by enhancing industry research and developing a diversified business model [5]. - The first quarter of 2025 saw Zhongtai Securities report a net commission income of 1.71 billion yuan, a substantial increase of 19.53% year-on-year, indicating some recovery in performance [6]. - Other securities firms, including Guotou Securities and Haitong Securities, have also experienced management changes, reflecting a broader trend of restructuring within the industry [8][9].