新规落地后，研究成为基金公司佣金分配的唯一出口，从行业整体来看，头部券商排名基本保持稳定。 2025 年上半年，中信证券以3.46亿元的分仓佣金收入，稳居第一；合并后的国泰海通紧随其后，上半年分仓佣金收入达到2.83亿 元；广发证券、长江证券和华泰证券上半年总佣金分别为2.51亿元、2.30亿元和2.22亿元，排名第三、第四和第五名。国联民生、 浙商证券、中信建投、兴业证券和申万宏源排名第六至第十。 前十家券商合计占据 48.11% 的市场份额，马太效应依然明显。 减费让利大潮之下，2025年上半年，券商的基金分仓佣金收入显著缩水。 Wind数据显示，今年上半年，全行业分仓佣金收入为44.6 亿元，同比下降34%，其中上市券商分仓佣金收入为40亿元，同比大降 35%。与佣金收入下降形成鲜明对比的是，上半年整个市场基金股票交易额升至 11.62 万亿元，比去年同期大涨 22.84%，佣金主 要因新规的实施大幅下滑。 "在公募基金分仓佣金费率持续下调、被动指数基金规模超越主动管理基金的大背景下，传统卖方研究业务收入预计持续下 降。"国元证券分析师程舟航分析认为，区域头部券商及中小特色券商研究业务收入压力更为明显。 ...

中泰证券去年佣金下滑明显 【导读】中泰证券研究所原副所长、有色金属行业首席分析师谢鸿鹤将出任长城证券研究所所长 中国基金报记者 赵心怡 券商研究所高管持续洗牌！ 近日，记者从业内获悉，中泰证券研究所原副所长、有色金属行业首席分析师谢鸿鹤将出任长城证券研究所所长。 公开资料显示，谢鸿鹤为西安交通大学经济学学士、香港城市大学金融学硕士，曾任国信证券、高盛高华证券、招商证券、中信建投证券 等研究所有色金属行业分析师，有超十年有色金属行业研究经验。 谢鸿鹤曾在与李迅雷的对话中表示，周期研究需要坚持传统而又不断创新，用放大镜看五年 趋势 ，用显微镜寻找一年的投资刻度。 目前，谢鸿鹤的个人公众号更新仍停留在6月11日，暂无公开信息表明该账号是否会随其加盟长城证券而恢复更新。 从业绩数据可以看出，中泰证券研究所目前面临的压力不小。据Wind数据，2024年中泰证券分仓佣金收入缩水至2.71亿元，同比降幅达 44.30%，行业排名从第13位下滑到第18位，跌幅超过行业均值。 中泰证券对此解释称："公募降费改革新规实施，对券商分仓佣金收入与机构业务收入结构造成一定影响，但从长期来看将推动券商研究业 务转型，促进业务回归本源。" ...

Core Viewpoint - The article highlights the ongoing talent flow within the brokerage research sector, particularly focusing on the departure of key analysts and the challenges faced by firms like Zhongtai Securities due to declining research revenue and increased competition in the industry [1][3][9]. Group 1: Talent Movement - Zhongtai Securities' research department has experienced significant personnel changes, including the departure of chief analyst Xie Honghe, reflecting a broader trend of talent mobility in the brokerage industry [1][6]. - Over 220 analysts have switched firms in the first half of the year, involving 52 brokerages, with a net outflow of 184 analysts from 33 firms [8]. - The increase in talent movement is attributed to various factors, including competitive compensation packages, regulatory changes, and internal restructuring within firms [8][9]. Group 2: Financial Performance - Zhongtai Securities reported a 44.30% decline in commission income from split accounts, amounting to 271 million yuan, ranking 18th in the industry, a drop of five positions from the previous year [3]. - The firm anticipates a transformation in its research business due to new public fund fee reduction regulations, aiming to refocus on core competencies and diversify its research offerings [3][5]. - The company expects a net profit of 723 million yuan for the first half of 2025, representing an 80.09% year-on-year increase, driven by growth in wealth management, investment, and asset management revenues [5]. Group 3: Industry Trends - The overall number of analysts in the brokerage sector has shown a slight increase, with 5,829 analysts registered as of June 2025, despite a decrease in total industry personnel [7]. - The growth rate of analysts has slowed significantly, with only 53 new analysts added in the first half of 2025 compared to over 700 in previous years [7][8]. - The article suggests that smaller brokerages like Zhongtai Securities need to enhance their competitive advantages to attract and retain talent amidst the ongoing industry challenges [9].

本报记者 周尚伃 见习记者 于宏 从抢占分仓到生态重塑，券商研究业务正经历战略转型期。在行业竞争格局深度重构的当下，人才作为企业发展的核心驱 动要素，已成为券商研究业务突破发展困局的关键变量。 近一年来，券商分析师人数同比增长超15%，众多券商研究所积极采取外引内培的综合策略，不断优化研究团队结构，提 升研究实力，致力于构建研究业务护城河。同时，各大券商也纷纷推出多样化举措，探索研究业务的转型路径，最新战略打法 逐渐浮出水面。 除了邀请外部人才加盟，内部自主培养也是券商研究所选拔领军人物的重要途径。在内培方面，近日，《证券日报》记者 从知情人士处获悉，现任申万宏源研究所党委委员、副总经理、策略首席分析师的王胜将升任申万宏源研究所所长。去年12月 份，天风证券研究所原副总经理唐海清升任天风证券研究所所长。 对于内培的优势，上述知情人士向记者表示，申万宏源研究所本次内部提拔精兵强将，是结合市场环境和业务需求做出的 选择。近年来，该所不断加强后备干部选拔力度，动态管理后备干部库，各层级干部队伍进一步年轻化，后备干部队伍平均年 龄也逐年下降，不仅显示出其在培养年轻干部方面的成效，也为控股公司和自身的发展储备了强大的人 ...

Group 1 - Huang Yanming has officially left Guotai Junan and will join Dongfang Securities to oversee research operations [2][4][6] - Huang Yanming has nearly 30 years of experience in the brokerage research field, having held significant positions at various firms including UBS and Guotai Junan [4][5] - His leadership at Guotai Junan included a successful transition from sell-side to buy-side research, and he was instrumental in developing foundational regulatory documents for the industry [5][8] Group 2 - Dongfang Securities currently has 72 licensed analysts, placing it in the middle tier among domestic brokerages, and it ranked 14th in public fund commission income for 2024 [3][7] - The addition of Huang Yanming is expected to enhance the overall competitiveness of Dongfang Securities' research business, although significant staff expansion may not occur immediately due to ongoing changes in commission structures [8][7] - The previous head of Dongfang Securities' research department, Chen Gang, has transitioned to a new role, creating an opportunity for Huang Yanming to lead the research team [8][10]