又一券商首席经济学家，告别券业

Core Viewpoint - The retirement of Li Kang, the chief economist of Xiangcai Securities, marks a significant transition in the Chinese securities industry, reflecting broader changes in the sector's leadership and strategic direction [2][5]. Group 1: Li Kang's Career and Retirement - Li Kang, born in 1965, has had a long career in the securities industry, witnessing the evolution of China's capital markets since the 1990s [2][4]. - He served in various roles, including assistant editor at Shenzhen's "Investor" magazine and director of research at multiple securities firms, before joining Xiangcai Securities in 2009 as chief economist [4]. - His retirement was anticipated, as he had already stepped down from the role of research director in March 2025, transitioning to focus solely on his role as chief economist [2][6]. Group 2: Changes in the Securities Industry - The chief economist positions in Chinese securities firms have seen significant turnover, with 14 firms experiencing changes in their chief economists since 2025, indicating a restructuring of intellectual resources within the industry [5]. - Notable departures include prominent figures such as Gao Shanwen from Guotou Securities and Fu Peng from Dongbei Securities, driven by factors like retirement, personal reasons, and institutional mergers [5]. - This trend reflects a broader context of industry consolidation and a reevaluation of research value amid evolving competitive dynamics [5]. Group 3: Xiangcai Securities' Future - Following Li Kang's retirement, Xiangcai Securities has appointed Cao Xu, former head of Shengan Securities Research Institute, as the new head of its research department, indicating proactive succession planning [6]. - The research institute at Xiangcai Securities is relatively small, facing challenges in enhancing its market position, as evidenced by a 23.42% year-on-year decline in commission income in the first half of 2025, totaling 3.4828 million yuan [6]. - The firm aims to build a team of expert analysts focused on in-depth and forward-looking industry research, emphasizing the creation of value through quality research and service [7].