Group 1 - The core point of the article is the retirement of Li Kang, the chief economist of Xiangcai Securities, due to reaching retirement age, marking the end of a significant career in the Chinese securities industry [1][2] - Li Kang, born in 1965, has been a prominent figure in the securities field since the 1990s, transitioning from a well-known stock commentator to a senior executive and researcher in various securities firms [3][4] - His retirement is part of a broader trend in the Chinese securities industry, where 14 chief economists have changed roles in 2025, reflecting a significant reshaping of intellectual resources within the sector [4] Group 2 - Xiangcai Securities has proactively managed its personnel changes, appointing Cao Xute as the new head of the research institute in March 2025, allowing Li Kang to focus solely on his role as chief economist [5] - The research institute at Xiangcai Securities is relatively small, facing challenges as it aims to enhance its research capabilities and service quality amidst a competitive landscape [5] - In the first half of 2025, Xiangcai Securities reported a commission income of 3.4828 million yuan, a year-on-year decrease of 23.42%, ranking 55th in the industry [5]

Core Insights - In 2025, a significant reshuffling occurred among chief economists in Chinese brokerage firms, indicating a strategic restructuring of intellectual resources within the industry [1] Group 1: Personnel Changes - Niu Bokun, the former chief economist of Huachuang Securities, has transitioned to the role of assistant president and co-director of the research institute [1] - Zhang Yu, the former deputy director of the research institute and chief macro analyst, has been promoted to chief economist of the company [1] - Long Hongliang, the newly appointed chief economist of Wanlian Securities, has publicly introduced himself [1] Group 2: Industry Trends - At least 14 chief economist positions in brokerage firms have changed hands in 2025 due to reasons such as personal departures and the impact of institutional mergers [1] - The talent flow reflects a backdrop of industry consolidation, re-evaluation of research value, and evolving competitive dynamics [1]