岁末年初历来是券商研究领域的人事变动高峰期，2026年同样如此。开年以来，有中型券商集中"换 血"，也有头部机构进行布局调整，从各家分析师的流动看，呈现"离职集中、高端集聚、赛道分化"的 特点。据中证协执业信息及公开资料，开年仅一个多月，已有十余名券商分析师发生离职、跳槽或履 新。其中，浙商证券成为人员调整最为集中的机构之一。与此同时，部分头部券商在宏观策略、海外研 究等方向持续加码。业内人士认为，2026年开年的人事变动潮，本质是卖方研究从"规模扩张"向"质量 竞争"转型的阵痛。 对于本轮人事变动，某券业知名分析人士向北京商报记者透露，从过往经验看，分析师在一家券商的任 职时间大多在3—4年，此次开年密集出现人事调整也属正常情况，相关分析师也可能都在探索新的发展 方向。据其分析，本轮调整应属于各家券商研究所正常的更新换代，并非被动调整或其他因素，而时间 上的集中也可能是一种巧合。 两位领军人物现调整 2026年初，券商研究领域人事变动越发频繁。头部券商研究所在跨境研究、宏观策略等关键方向出现人 事调整。北京商报记者注意到，兴业证券原经济与金融研究院联席院长、全球首席策略分析师张忆东已 于今年2月正式加盟国泰 ...

Group 1 - The core viewpoint of the article highlights a significant personnel turnover in the brokerage research sector at the beginning of 2026, characterized by a trend of "concentrated departures, high-end aggregation, and track differentiation" [1][3][6] - Major brokerage firms are adjusting their personnel in key areas such as cross-border research and macro strategy, indicating a shift from "scale expansion" to "quality competition" in sell-side research [3][6][8] - The personnel changes are not isolated incidents but reflect broader pressures within the industry, including the impact of public fund fee reforms and mismatches in incentive mechanisms [6][8] Group 2 - Mid-sized brokerages are experiencing rapid and widespread personnel changes, with over 10 analysts leaving or joining new positions at Zhejiang Securities alone since the beginning of 2026 [4][5] - Notable departures from Zhejiang Securities include top analysts in various sectors, indicating a significant reshuffling of talent within the firm [4][5] - The turnover of core research personnel raises concerns about the stability and adjustment paths of mid-sized brokerages, with analysts typically staying at a firm for 3-4 years [5][6] Group 3 - Zhejiang Securities is simultaneously undergoing talent replenishment and team restructuring, bringing in experienced researchers from other firms to strengthen its capabilities [7][8] - The introduction of analysts with backgrounds in policy research and macro analysis suggests a strategic shift towards a more streamlined and efficient operational model [8][9] - The industry is expected to see a trend towards specialization and structural talent flow, with a growing demand for high-end talent across different sectors [8][9]