专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。我们，共同以深度研究，共赴时代之约，做价值发现者！ 本次盛会汇聚了来自研究界与投资界的顶尖力量。 中国社会科学院学部委员、国家金融与发展实验室理事长李扬，复旦大学国际问题研究院院长、美国研 究中心主任吴心伯、摩根士丹利中国首席经济学家邢自强等权威学者将以全球视角，带来宏观之道。 中欧基金董事长窦玉明、鹏华基金总经理邓召明、博道基金董事长莫泰山等多位公募基金掌舵人齐聚， 共同见证中国卖方研究领域的最高荣誉——"金麒麟最佳分析师"的加冕时刻。 私募顶流但斌、李蓓出席，将阐述其"穿越周期的伟大投资"理念。 以下为出席嘉宾： 研究所总经理 委员、副总裁兼研究所所长 国联民 半创证券执 黄仙生 中制亚游副总裁 国席经济学家 任志强 举福证券总裁助理兼研究所所长 郝 旭 派达信息查事长 郭晶晶 东吴证券研究所所长 郭鹏 广发证券发展研究中心副总经理 B 孙彬彬 财通证券首席经济学家、研究所所长 国家金融与发展实验室亚事长 美国研究中心主任 中国资本市场学会学术 ...

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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 - Wang Song, former director of asset management research at the Federal Reserve, has joined Founder Securities as the chief researcher for the real estate sector [1] - Wang has over ten years of experience in real estate and urban investment bond research, previously holding positions at Minsheng Securities, Zhongjian Investment Trust, and Zhongshan Securities [1] - He believes that opportunities in the real estate sector still exist, particularly in niche markets and under specific policy catalysts, which require immediate research to uncover [1] Group 2 - Founder Securities has been actively recruiting talent, with notable hires including Yan Xiang as chief economist and Li Qinghe as head of fixed income, along with several other experienced analysts [2] - The company expects a net profit of between 2.296 billion to 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 70% to 80%, driven by increases in wealth management and investment trading revenues [2] - The overall number of analysts in the securities industry has been increasing despite a decrease in total industry personnel, with 5,829 registered analysts as of June 2025 [2] Group 3 - The transformation of securities research institutions is urgent due to the backdrop of reduced commissions and fees, necessitating an enhancement of research capabilities to strengthen brand influence [3] - Leading brokerages are attracting top analysts to solidify their market positions, while smaller firms must continuously improve their capabilities to attract and retain talent [3]

Group 1 - Wang Song, former director of research at the Federal Reserve Asset Management, has joined Founder Securities as the chief researcher for the real estate sector [2] - Wang has over ten years of experience in real estate and urban investment bond research, previously holding positions at Minsheng Securities and Zhongjian Investment Trust [2] - He believes that opportunities in the real estate sector still exist, particularly in niche markets and under specific policy catalysts, which require immediate research to uncover [2] Group 2 - Founder Securities has been actively recruiting talent, with several key hires including Yan Xiang as chief economist and Li Qinghe as head of fixed income [3] - The company's half-year earnings forecast for 2025 predicts a net profit of between 2.296 billion and 2.432 billion yuan, representing a year-on-year growth of 70% to 80% [3] - The overall number of analysts in the securities industry has been increasing despite a decrease in total industry personnel, indicating a shift in the labor market dynamics [4] Group 3 - The securities research sector is undergoing significant personnel changes, with analysts moving to various roles, including positions in listed companies and private equity [4] - There is a pressing need for transformation within securities research institutions to enhance their research capabilities and brand influence in a competitive market [4]

Group 1 - Huang Yanming has officially taken over as the head of the research institute at Dongfang Securities, marking a significant leadership change within the company [1] - Huang Yanming has nearly 30 years of experience in the securities industry, having previously held key positions at various firms, including a long tenure at Guotai Junan [1][2] - Under Huang's leadership, Guotai Junan's research team consistently ranked as one of the best in the industry, winning multiple awards for their research capabilities [2] Group 2 - Huang has proposed several initiatives aimed at enhancing the role of sell-side research in the market, including improving the pricing process in IPO reports and supporting economic transformation [2] - The competition among sell-side analysts has intensified, particularly in the public fund research service sector, which is described as a "red ocean" market [3] - Dongfang Securities ranked 14th in the industry for public fund commission income, generating 290 million yuan, indicating a competitive landscape for Huang to navigate [3]