中国经济网北京12月17日讯 深圳报业集团旗下财中社昨日报道《谁动了谁的蛋糕？东北证券两首 席群内"互撕"》显示，东北证券（000686.SZ）电子行业首席分析师李玖和计算机首席分析师赵宇阳在 TMT大群里因为海光信息的覆盖问题进行了长达34分钟的争吵。 赵宇阳于2020年9月进入证券行业，先后在西部证券、华西证券任职，今年5月13日起在东北证券 执业，担任计算机行业首席分析师。 财中社的报道还显示，Wind数据显示，2025年上半年券商分仓佣金收入为44.58亿元，行业同比 下滑中位数达25%；东北证券分仓佣金收入仅有0.51亿元，同比下滑56.12%，佣金席位占比仅 1.15%，排名行业第26位。行业整体分仓佣金本就处于下行，东北证券的下滑甚至超过了行业平均，研 究所内部就会更倾向于"把有限资源集中到更能带来回报的方向"，天然刺激"热门标的"争夺。 中国经济网记者致电东北证券了解情况，对方认为此事属于公司内部事项，研究所分析师在电子行 业和TMT行业的业务上本来就有一些交叉，也是正常的，对公司业务的正常开展没有太大影响。 天眼查工商信息显示，东北证券股份有限公司(曾用名：锦州经济技术开发区六陆实业股份有限 ...

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

Group 1 - Recent personnel changes at Caitong Securities include the departure of analysts Zhang Risheng and Zhao Jie, with the addition of Sun Qian from Tianfeng Securities as the new deputy director of the research institute and head of the consumer research team [2][3][8] - In the past month, a total of seven analysts have left Caitong Securities, including three senior chief analysts, indicating a significant turnover in the research team [3][4] - The departure of key personnel such as Zhang Yichi, who was both the chief analyst for electric power and the deputy director of the research institute, raises questions about the future direction of the research team [4][5] Group 2 - The research institute at Caitong Securities has experienced a strategic shift, with the recruitment of high-profile analysts aimed at enhancing its market influence and research capabilities [9][10] - Despite a strong performance in commission income in 2023, the revenue for 2024 has seen a significant decline of 41.76%, highlighting the challenges faced by the research institute amid industry changes [10][11] - Caitong Securities aims to strengthen its research capabilities and maintain its market position, with plans to enhance its competitive edge and attract talent in the evolving market landscape [11]

Core Viewpoint - The article discusses the significant decline in brokerage commission income from fund distribution in 2024, primarily due to the reform of public fund commission rates and a decrease in trading volume [3][4][9]. Summary by Sections Fund Distribution Commission Income - In 2024, the total commission income from fund distribution for brokerages was 10.652 billion yuan, a decrease of 35% compared to 16.466 billion yuan in 2023, marking a third consecutive year of decline [3]. - The decline in commission income is attributed to two main factors: a decrease in public fund stock trading volume, which was 20.51 trillion yuan in 2024, down approximately 8% from 22.34 trillion yuan in 2023, and a significant reduction in commission rates from 0.0737% in 2023 to approximately 0.0519% in 2024 [3][4]. Performance of Major Brokerages - Among large and medium-sized brokerages, Huatai Securities, GF Securities, and Zheshang Securities experienced smaller declines in commission income, ranging from 17% to 24%, while Everbright Securities and Galaxy Securities saw declines exceeding 50% [4]. - The ranking of the top ten brokerages by fund distribution commission income in 2024 included CITIC Securities, GF Securities, and Changjiang Securities, with some brokerages like Zheshang Securities improving their rankings [6][7]. Changes in Brokerage Rankings - CITIC Securities, GF Securities, and Xingye Securities maintained their rankings from 2023, while Zheshang Securities improved by six positions. Conversely,招商证券 and中信建投证券 dropped in rankings due to significant declines in their commission income, with decreases of 46.59% and 37.35%, respectively [8][10]. Impact of Regulatory Changes - The new regulations separating fund sales from public trading commissions have shifted the focus towards research value, leading to a more pronounced differentiation in income among brokerages [9][14]. - The concentration of commission income remains high, with the top 30 brokerages accounting for approximately 87% of total commission income, indicating challenges for smaller brokerages to capture market share [14]. Strategies for Adaptation - Brokerages are exploring diverse development paths to counteract declining commission income, including enhancing wealth management services, expanding overseas client bases, and creating integrated research systems [17][18][19]. - Specific strategies include leveraging research to support wealth management, developing international service platforms, and optimizing research resources to enhance service levels for core clients [18][19].