Core Viewpoint - The rapid expansion era of securities analysts in China has come to an end, with a significant slowdown in the growth of analyst numbers, indicating a shift towards quality and differentiated competitiveness in the industry [4][6]. Analyst Team Size - As of June 19, the total number of securities analysts reached 5,787, with a net increase of only 41 since the beginning of the year, a stark contrast to previous years [2][4]. - Currently, 20 securities firms have analyst teams of over 100, and 44 firms have teams of over 50. The top three firms by analyst count are CICC with 341, Guotai Junan Securities with 287, and CITIC Securities with 267 [5]. Industry Restructuring - The merger of Guotai Junan and Haitong Securities led to a significant increase in analysts from 174 to 287, while the merger of Guolian and Minsheng Securities saw a slight decrease in their analyst numbers [8]. - Oriental Fortune Securities has increased its analyst count by 24, focusing on recruitment to adapt to the pressures of public fund commission reforms [8]. Focus on Insurance Asset Management - Following the public fund commission reform, many research institutions are prioritizing services for insurance asset management, which has become a key revenue source [11][12]. - Insurance asset management has seen a rise in commission scale, and with the recent reforms, the fee rates for insurance funds have become more competitive compared to public funds [12].