Core Viewpoint - The recent collective departure of the automotive analyst team from Guotou Securities has highlighted ongoing personnel instability within the firm, with a significant reduction in the number of analysts compared to the previous year [1][3]. Analyst Team Changes - Guotou Securities has seen a reduction in its analyst team from 78 to 61, a decrease of nearly 22% year-on-year as of December 4 [1][4]. - The automotive analyst team led by Xu Huixiong has collectively moved to Guojin Securities, marking the second such instance this year [3][4]. - The fixed income team also experienced a collective departure earlier in the year, indicating a trend of team-based resignations within the firm [3]. Industry Trends - The overall analyst workforce in the industry has expanded to 5,902, up from 5,489 the previous year, despite Guotou Securities' decline [1][7]. - The trend of "team-based" resignations is attributed to internal consolidation within brokerages and increased demand for research talent due to market recovery [4][5]. - Analysts often follow their lead analysts to new firms, which helps maintain client relationships and business value [4][5]. Financial Performance and Competition - Despite the increase in the number of analysts, Guotou Securities has faced declining commission revenues, with total commissions dropping from 97.37 million to 44.74 million over three years [7][8]. - The competitive landscape has intensified, with larger firms leveraging their analyst teams to secure market positions while smaller firms seek to differentiate themselves [8]. - The pressure on commission revenues has led to a strategic focus on building research capabilities as a means to enhance competitive advantage [7][8].