研报10万篇、分析师5628人、佣金率5.19‰……中证协最新发布！

Core Viewpoint - The report highlights the challenges and transformations in the securities research industry, emphasizing the need for diversification in revenue sources and the impact of regulatory changes on commission income [2][8][10]. Group 1: Analyst Workforce - As of the end of 2024, there are 5,628 analysts in the industry, marking a 20.69% increase despite an overall decline in securities personnel [3][4]. - The number of analysts in research departments has decreased slightly to 9,619, with a median of 51 analysts per department [3]. - The turnover rate for analysts has increased, with 988 departures in 2024, a rise of 29.66% from 2023, while new hires decreased by 29.01% [4]. Group 2: Commission Income - Institutional client commission income reached 19.865 billion yuan in 2024, down 22.48% year-on-year, primarily due to a significant drop in public fund commissions [2][8]. - The average commission rate for public funds fell from 7.37‰ in 2023 to 5.19‰ in 2024, contributing to a 20.12% decline in public fund commissions [8]. Group 3: Research Reports - A total of 96,156 research reports were published in 2024, a decrease of 5% from the previous year, with 83 securities firms participating [6]. - The number of reports on Hong Kong and other overseas listed companies increased by 5.37% to 14,732, indicating a growing focus on international markets [7]. Group 4: Industry Trends and Recommendations - The report suggests that securities firms should enhance the independence and professionalism of their research, focusing on sectors like technology and innovation [11]. - Firms are encouraged to diversify revenue sources beyond commissions, exploring consulting and data product fees [11][12]. - There is a call for a more integrated approach to research across A-shares, Hong Kong, and U.S. markets to better serve international investment needs [10][12].