Dongxing Securities Co.,Ltd.(SH:601198) 券商中国·2025-09-16 04:05Core Viewpoint - Dongxing Securities has initiated the recruitment of a chief economist for the first time in six years, aiming to enhance its macroeconomic research capabilities and strengthen the foundation for corporate value exploration [1][2][4]. Group 1: Recruitment of Chief Economist - The recruitment of a chief economist is a significant move for Dongxing Securities, as the previous chief economist left in May 2019, and the position has remained vacant since then [3]. - The company has outlined six qualifications for the role, including a maximum age of 45, over five years of experience in reputable brokerage firms or public funds, and a preference for candidates with experience in macroeconomic policy research [3][4]. - The responsibilities of the new chief economist will include providing investment consulting services to external clients and supporting internal research efforts [3][4]. Group 2: Research Business Challenges - Dongxing Securities' research business has faced a significant decline, with commission income shrinking by approximately 90% from 2020 to 2024, and the number of research personnel decreasing from 111 to 62 [2][4]. - In the first half of 2025, the company's commission income was reported at 3.27 million yuan, a year-on-year decline of 70.59%, ranking 69th in the industry [4]. - The decline in research income is attributed to factors such as the reform of public fund commission rates, which has affected the entire brokerage industry [4]. Group 3: Business Restructuring - Dongxing Securities is undergoing structural adjustments across multiple departments, including the research department and investment banking, to enhance operational efficiency and adapt to competitive pressures [5]. - The company has shifted its investment banking management from a team-based to a project-based approach, aiming for a more streamlined and responsive management system [5]. Group 4: Financial Performance - Despite challenges in the research sector, Dongxing Securities has maintained positive growth in net profit over the past five years, with a reported revenue of 2.25 billion yuan in the first half of 2025, a year-on-year increase of 12.46% [6]. - The wealth management business has been a key driver of growth, with a 19.13% increase, contributing 38.98% to total revenue [6]. - The investment banking segment has also seen substantial growth, with a year-on-year increase of 188.20%, while asset management and trading revenues have declined [6].