Core Insights - The securities industry is undergoing a significant transformation in human resources, shifting from a "massive workforce" strategy to a focus on "high quality and efficiency" [1] - By the end of 2024, the total number of securities industry employees is projected to reach 335,700, a decrease of 7,003 from the end of 2021, representing a decline of 2.04% [1] Personnel Structure Adjustment - The number of securities brokers has decreased by 27,000, a decline of 48.85% since the end of 2021, while the number of investment advisors has increased by 12,000, a rise of 17.46% [3] - The number of securities analysts and sponsoring representatives has increased by 2,140 and 1,406, with growth rates of 62.46% and 19.02% respectively, indicating a structural shift towards wealth management [3] - By 2024, over 50% of industry employees will be over 36 years old, an increase of 10.05 percentage points since 2021, with the 36-45 age group making up 35.26% of the workforce [3] - Leading securities firms are expanding their workforce, with the largest firm increasing its employee count to 14,216, a growth of 11.45%, and now accounting for 17.56% of the total industry workforce [3] Business Line Personnel Reconfiguration - The total number of brokerage business personnel has decreased from 178,500 in 2021 to 146,100 in 2024, a decline of 18.13%, leading to a recovery in per capita operating income to 875,500, surpassing 2021 levels [4] - In investment banking, personnel increased from 27,300 in 2021 to 30,200 in 2024, a growth of 10.6%, but per capita revenue fell from 2,580,600 to 1,167,900, a decline of 54.74% [4] - Asset management personnel grew from 6,126 in 2021 to 7,073 in 2024, with per capita revenue recovering after two years of decline, indicating a return on human capital investment [4] Research Field Expansion - From 2021 to 2024, the number of research and institutional sales personnel increased by 47.29%, from 5,813 to 8,562, with research personnel growing by 36.82% to 6,968 [5] - The institutional sales team surged by 121.39% to 1,594, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4 [5] - Due to factors like fee rate reforms, net income from trading unit seat leasing decreased by 42.7% to 14.434 billion, while per capita revenue from research reports fell by 30.1% to 123,300 [5]