Core Insights - The domestic securities industry is undergoing significant restructuring in human resources due to business transformation, with a total workforce of 325,000 as of mid-2025, reflecting a reduction of 7,330 employees or 2.2% from the previous year [2][3][4]. Workforce Reduction - 80% of the 120 securities firms reported a decrease in staff, with major firms like Guotai Haitong and Guoxin Securities leading in layoffs [2][3]. - Guotai Haitong experienced the largest reduction, losing 698 employees (3.6%), while Guoxin Securities saw a decrease of 424 employees (4.2%) [4][5]. - The investment banking division of Founder Securities had the highest percentage reduction at 15.9% [5]. Business Line Trends - Traditional securities brokers are declining, with a reduction of 2,640 brokers (9.1%) in the first half of 2025, while investment advisors increased by 2,037 (2.6%) [6][8]. - The shift towards wealth management services is evident, as firms adapt to lower trading commissions and seek new revenue sources [6]. Investment Advisor Growth - As of mid-2025, the number of investment advisors reached 81,000, with Guotai Haitong leading at 5,823 advisors, significantly outnumbering its brokers [6][8]. - The trend indicates a clear transition from brokerage services to advisory roles, with major firms having a substantial number of advisors compared to brokers [6][7]. Underperformance in Underwriting - The number of sponsoring representatives has decreased to 8,526, down 3.5% from the previous year, with Guotai Haitong again leading in numbers but also experiencing a decline [11][12]. - The tightening regulatory environment and reduced IPO activity have pressured underwriting businesses, leading to a reevaluation of the roles of sponsoring representatives [14]. Analyst Movement - The total number of analysts increased by 94 to 5,588, but significant turnover was noted, particularly among smaller firms [15][17]. - Notably, analysts at firms like First Capital Securities saw a nearly 50% reduction, indicating instability in the analyst workforce [15][17].

Core Viewpoint - The brokerage industry is experiencing significant performance growth alongside notable operational differentiation, with a 83% year-on-year increase in profits for Q1, while proprietary trading and asset management businesses have seen declines of 38% and 55% respectively, indicating a critical period of transformation and differentiation within the sector [1]. Group 1: Institutional Business - The era of simple expansion in fixed income proprietary trading is over, and the current focus is on transformation, with three key directions: enhancing strategic trading capabilities, increasing client demand business investment, and exploring cross-border asset allocation [1]. - In equity business, the gradual increase in high-dividend OCI has become a consensus within the industry, suggesting a shift in investment strategies [1]. - Leading brokerages with comprehensive advantages and stronger cross-border asset allocation capabilities are expected to outperform [1]. Group 2: Wealth Management & Asset Management - The asset management sector is undergoing accelerated transformation, with public funds entering a new phase of development driven by continuous policy guidance since 2023 [1]. - The "Action Plan for High-Quality Development of Public Funds" aims to promote high-quality expansion of the industry and encourage differentiated development among fund companies, which will benefit leading brokerages with controlling stakes in public funds [1]. Group 3: Investment Recommendations - The brokerage industry is currently in a critical period of transformation and change, with recommendations to continue favoring leading comprehensive brokerages that possess balanced business structures and stronger professional capabilities [1].

2023年以来政策端持续引导公募基金改革，《公募基金高质量发展行动方案》一方面推动行业高质量扩 容，另一方面推动基金公司差异化发展，未来发展格局将持续演化，更利好参控股头部公募的券商。 投资建议 转型期、变革期，继续推荐头部综合券商。无论是机构业务，还是资产管理&财富管理业务，当前证券 行业均处于关键的转型和变革期，该行推荐业务结构更为均衡、专业能力更强的头部综合券商，推荐华 泰证券、中国银河、中信证券。 一方面，Q1券商板块利润同比+83%，投资及经纪业务增长提振业绩，另一方面，业务层面分化显著， 38%和55%的券商自营及资管业务同比下滑，分化与转型已然是券商行业重要命题。 机构业务：自营转型开启，资产配置新命题 智通财经APP获悉，国泰海通发布研报称，2025年一季度券商板块利润同比大增83%，但业务分化显 著，38%券商自营业务及55%券商资管业务同比下滑。当前证券行业处于机构业务转型与资管变革的关 键期，推荐业务结构均衡、专业能力更强的头部综合券商，包括华泰证券(601688.SH)、中国银河 (601881.SH)、中信证券(600030.SH)。 行业依托固收自营简单扩表的时代已经过去，自营转型 ...