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]

公募基金费率改革影响下，券商2 0 2 4年的基金分仓佣金收入首份榜单出炉。 天相投顾统计数据显示，2 0 2 4年，券商分仓佣金收入为1 0 6 . 5 2亿元，较2 0 2 3年的1 6 4 . 6 6亿元 下 降 了 3 5% ， 呈 现 " 三 连 降 " 态 势 。 2 0 2 2 年 、 2 0 2 3 年 ， 券 商 分 仓 佣 金 收 入 的 同 比 降 幅 分 别 为 1 5%、11%。 分仓佣金规模下滑主要有两方面原因，一是公募基金股票交易量在下降 ，据天相投顾统计， 2 0 2 4年公募基金的股票交易量为2 0 . 5 1万亿元，较2 0 2 3年的2 2 . 3 4万亿元减少了约8%； 二是 公募基金证券交易佣金率降幅明显 ，2 0 2 3年的佣金率为万分之7 . 3 7，而2 0 2 4年佣金率约为万 分之5 . 1 9。 2 1 世 纪 经 济 报 道 记 者 注 意 到 ， 分 仓 佣 金 " 蛋 糕 " 缩 小 的 过 程 中 ， 各 家 券 商 的 收 入 表 现 呈 现 分 化。 以大中型券商为例，同比口径下，2 0 2 4年，华泰证券、广发证券、浙商证券的分仓佣金收入 降 ...