近期，国投证券汽车分析师团队集体跳槽，再次将其人事频繁变动推向风口浪尖。 截至12月4日，国投证券分析师人数仅剩61人，较去年同期的78人减少了17人，一年缩水近22%。而全 行业分析师队伍却持续扩容，已增至5902人。 针对研究所人员流失情况，《国际金融报》记者向国投证券方面发送了采访函，但截至发稿，暂未有回 应。 分析人士对记者表示，出于客户黏性与商业效率的考虑，研究所里"整队跳槽"已不鲜见。短期内，转出 方在相关领域的研究实力会被削弱，转入方则能迅速补齐短板、提升市场影响力。研究所分仓佣金承 压，分析师却仍在扩招，这是行业竞争加剧与业务转型背景下的必然选择。 "团队式"离职 国投证券研究所人事震荡加剧。 中国证券业协会系统显示，近期，徐慧雄带领的国投证券汽车分析师团队已集体跳槽至国金证券。这已 是该研究所年内第二次分析师团队集体跳槽。 据系统信息，徐慧雄于11月26日正式从国投证券离职，仅仅两天后的11月28日，其执业机构已变更为国 金证券。与其步伐一致，其团队成员夏心怡、何冠男、者斯琪、杨颖于11月27日至12月2日期间先后完 成入职。 而就在今年3月，国投证券固收团队也上演了集体出走。原固定收益首席 ...

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].