炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，一则"清晨群发打油诗"的消息在财经圈引发热议。博主@宏微观大预言家晒出，自己在早上6点 50收到了某券商首席分析师群发的短信。短信内容并非行业观点，而是一首打油诗："浮舟一叶，天覆 地载。朝沪夕苏，晴雨去来。深研求索，路漫漫哉。往日崎岖，默藏入怀。不智不惑，无拘无碍。当风 千里，行个痛快！"而博主显示的短信截图，其手机所在地为上海。 宏微观大预言家 (已关注 ( 信息 电话 6:50群发打油诗 首席逼成啥样了 早上六点五十收到分析师老师的群发短信,写一 首诗。虽然并不认识,但文笔还挺不错的。网区 突然感慨,卖方研究确实是太不容易了! 虽然股市每天成交额超过1万亿,8月以来保持在2 万亿以上的天量,大经纪业务理论上应该过得不 错,但实际上这几年各种考核压力山大。▲△ 这段文字既有文采，也显露出某种复杂心境。而诗中"朝沪夕苏"颇为耐人寻味。沪指上海，苏指江苏， 直译是"早上在上海，晚上到江苏"，映射的是研究员频繁奔波、日夜兼程的状态。正如博主感慨的那 样，"6：50群发打油诗，首席逼成啥样了"，字里行间透露出卖方研究员的辛劳与自嘲。 ...

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].

【导读】原联储资管研究总监王嵩出任方正证券（601901）地产首席 近日，记者获悉，原联储资管研究部总监王嵩已离职，履新至方正证券研究所，担任地产行业首席研究 员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，曾任民生证券地产金融行 业首席分析师、中建投信托高级信托经理、中山证券固定收益研究总监。兼任浙江大学财会系校友会秘 书长、麦肯锡和BCG咨询地产和公用事业外部专家顾问、大湾区金融家协会专家。 对于为什么现在选择做地产卖方，王嵩给出两大理由：第一，机会没消失，只是需要"找"：虽然行业整 体景气度尚待提高，但细分领域（比如优质房企、区域市场）、政策催化下的局部机会，都需要即时研 究去挖掘，这正是卖方能做的； 近年来，卖方研究领域的人事变动浪潮保持高流动态势。一方面，分析师转投上市公司、私募机构或跨 界转行的案例逐渐增多；另一方面，买方转向卖方的回流也有迹象出现。 今年以来，券商整体从业人员持续减少，但分析师数量整体仍保持着增长态势。根据中国证券业协会8 月1日发布的数据，截至2025年6月底，证券行业登记从业人员数量为36.29万人，其中证券分析师为 5829人。而在2024年底，券 ...

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]

【导读】黄燕铭正式出任东方证券（600958）研究所所长 4月29日下午，东方证券研究所举行全体员工大会，会上公司领导正式宣布黄燕铭入职东方证券，担任 研究所所长。 黄燕铭曾执掌国泰君安研究所十二年，带领国泰君安研究团队连续多年获得新财富"本土最佳研究团 队"及"最具影响力研究机构"第一名。根据国泰君安官网信息，公司研究所在黄燕铭的带领下，研究服 务量质双升，研究策划与服务模式不断创新，研究实力和影响力稳居市场前列。 不仅如此，他也曾提出证券研究行业三个尚待完成的课题：一是驱动卖方研究在IPO投价报告的定价环 节发挥应有的作用，促成金融资本和实业资本的融合。二是驱动卖方研究更好地助力国家的经济转型， 促进资本在投融资环节的流动和合理配置。三是助力财富管理市场的转型，让卖方研究在财富管理业务 当中发挥更为积极的作用。 黄燕铭曾提到，从卖方分析师队伍的内部格局来看，竞争确实变得越来越激烈，无论是从事卖方研究服 务的证券公司数量，还是卖方分析师的数量都得到了快速增长，这在促进行业繁荣的同时，也加剧了内 部的竞争。 他表示，激烈的竞争可以给市场带来更好的服务，但同时也会制造噪音。这种激烈竞争集中体现在各家 券商研究部 ...