Group 1 - The departure of Zou Runfang, the director of the research institute at AVIC Securities, marks a significant personnel change within the company [1][2] - Zou Runfang has over 16 years of experience in the securities industry, having worked at various firms including Everbright Securities and Tianfeng Securities, with a focus on the machinery and military industries [2] - AVIC Securities, established in October 2002, is the only securities company under a Chinese military central enterprise, with a registered capital of 7.328 billion yuan [2] Group 2 - The trend of analyst mobility has increased this year, with several prominent analysts switching firms or moving to buy-side roles, indicating a diversification in career paths within the securities research industry [3] - The decline in commission rates due to public fund fee reforms has significantly impacted the revenue of research departments, leading to reduced salaries and accelerated talent turnover [3]