SWSC(SH:600369) 中国基金报·2025-11-18 13:22Group 1 - Key Point 1: Three key analysts from Guosheng Securities Research Institute, including co-director Zheng Zhenxiang, assistant director and pharmaceutical chief Zhang Jinyang, and computer chief Liu Gaochang, have submitted their resignation applications and are set to leave for new opportunities [2][3][4][5]. - Key Point 2: Zheng Zhenxiang, who returned to Guosheng Securities in January 2023, is expected to transition from sell-side to buy-side roles, having over 15 years of experience in the industry and recognized as a top analyst in the electronics sector [3]. - Key Point 3: Zhang Jinyang, with a decade of experience in pharmaceutical investment research, is reportedly moving to become the deputy director at Guolian Minsheng Securities Research Institute [4]. Group 2 - Key Point 1: Liu Gaochang, the youngest chief analyst in the computer industry, is set to join Dongfang Caifu Securities Research Institute, having achieved significant recognition in the field of artificial intelligence and data research [5]. - Key Point 2: Guosheng Securities Research Institute, under the leadership of Yang Tao, became a leading force in the sell-side research market, achieving comprehensive coverage of institutional seats within a year [6]. - Key Point 3: The upcoming public fund fee rate reform in July 2024 is expected to significantly reduce the total pool of commissions available for research payments, adversely affecting smaller brokerage firms, including Guosheng Securities [6].