多家券商，调整组织架构！成立业务分公司、裁撤网点……是何趋势？

Core Viewpoint - The recent adjustments in the organizational structure of major securities firms reflect strategic shifts in business development, emphasizing both centralized operations and regional deepening trends in the industry [1]. Group 1: Organizational Changes - Zhongtai Securities announced the establishment of three specialized subsidiaries for underwriting, proprietary trading, and research consulting, while planning to dissolve its existing investment banking committee and related departments [2]. - The creation of independent subsidiaries allows for more flexible mechanisms, compensation, and incentives, enhancing the vitality of business units to adapt to rapidly changing market demands [3]. - Guolian Minsheng Securities is integrating its subsidiaries to focus on specialized functions, with plans to rename its subsidiary Huaying Securities to Guolian Minsheng Underwriting and Sponsorship, while also establishing a wealth management subsidiary [3][4]. Group 2: Wealth Management and Branch Adjustments - The wealth management sector is experiencing significant restructuring, with a trend of reducing physical branch locations while reshaping headquarters' functions [5]. - As of 2025, 42 listed securities firms have collectively closed nearly 300 branches, with firms like Changcheng Securities and Zhongyou Securities announcing branch closures [6]. - The shift towards online services is driving the reduction of physical branches, as most transactions can now be conducted online, particularly affecting older clients who prefer in-person services [6]. Group 3: Trends in Operations - The wealth management headquarters are undergoing a transformation, with a focus on refined customer segmentation and optimized regional market layouts [7]. - CITIC Securities has restructured its brokerage management committee into a wealth management committee to enhance service delivery and customer focus [7]. - Digital transformation is a key driver of operational innovation in wealth management, addressing the challenges of servicing a large number of long-tail clients while reducing costs [8].