Core Viewpoint - The retirement of Li Kang, a prominent figure in the Chinese capital market, marks the end of an era as he has played a significant role in the development of the A-share market over the past 35 years [1][2]. Group 1: Li Kang's Career and Contributions - Li Kang, born in 1965, has had a diverse career spanning financial consulting, investment, sell-side research, and senior management roles [1][2]. - He gained recognition in the 1990s as a "stock commentator" for his in-depth analysis and exposure of financial issues in listed companies [2]. - Li joined Xiangcai Securities in 2009, where he served as Chief Economist and Director of the Research Institute, promoting a "research first" strategy to support the company's business development [3][6]. Group 2: Transition and Future Role - Li Kang's transition from his roles at Xiangcai Securities has been smooth, with his responsibilities being handed over to Cao Xute, who took over as the head of the research institute in March 2025 [3][6]. - Despite retiring, Li will continue to serve as an advisor to the Chief Economist Professional Committee of the China Securities Association, contributing to research and policy support for the industry [4][5]. Group 3: Xiangcai Securities Research Institute - The Xiangcai Securities Research Institute, established in 2009, aims to build a team of expert analysts and has a development goal of "Xiangcai Rising, Research First" [6][7]. - The institute primarily serves local governments and large enterprises, focusing on total research as a guiding principle [6]. - In the first half of 2025, Xiangcai Securities reported a commission income of 3.4828 million yuan, a year-on-year decrease of 23.42%, ranking 58th in the industry, which is an improvement of 14 places compared to the same period in 2024 [6].

Core Viewpoint - The article discusses the retirement of Li Kang, the chief economist of Xiangcai Securities, who has played a significant role in the development of China's capital market over the past 35 years, marking the end of an era for the industry [1][4]. Group 1: Li Kang's Career and Contributions - Li Kang, born in 1965, has a diverse career spanning financial consulting, investment, sell-side research, and senior management roles in securities firms [1][5]. - He gained recognition in the 1990s as a prominent stock commentator and financial journalist, known for his in-depth analysis of financial issues in listed companies [5][6]. - After joining Xiangcai Securities in 2009, he implemented a "research first" strategy that significantly contributed to the company's business development [6][10]. Group 2: Transition and Future Role - Li Kang's retirement was officially announced on January 7, 2026, after a smooth transition of responsibilities to his successor, Cao Xute, who took over as the head of the research institute [1][10]. - Despite retiring, Li Kang will continue to serve as an advisor to the Chief Economist Professional Committee of the China Securities Association, emphasizing his ongoing influence in the industry [7][9]. Group 3: Xiangcai Securities' Research Institute - Under Li Kang's leadership, Xiangcai Securities' research institute aimed to create value through research and enhance the company's brand influence [10][12]. - The research institute primarily serves local governments and large enterprises, focusing on total research as a guiding principle [10][12]. - In the first half of 2025, Xiangcai Securities reported a commission income of 3.4828 million yuan, a year-on-year decrease of 23.42%, ranking 58th in the industry, but improving by 14 positions compared to the previous year [10].

Core Viewpoint - The retirement of Li Kang, a prominent figure in the Chinese capital market, marks the end of an era as he has significantly contributed to the development and maturity of the A-share market over the past 35 years [2][4]. Group 1: Li Kang's Career and Contributions - Li Kang, born in 1965, has had a diverse career spanning financial consulting, investment, sell-side research, and senior management roles [2][5]. - He gained recognition in the 1990s as a "stock commentator" and was known for his in-depth analysis and exposure of financial issues in listed companies [5]. - Li joined Xiangcai Securities in 2009, where he served as Vice President and Chief Economist, promoting a "research first" strategy that contributed to the company's growth [5][9]. Group 2: Transition and Future Role - Li Kang's retirement was preceded by a smooth transition of responsibilities, with Cao Xute taking over as the head of Xiangcai Securities Research Institute in March 2025 [6][9]. - Despite retiring, Li will continue to serve as an advisor to the Chief Economist Committee of the China Securities Association, emphasizing the importance of research in macroeconomic and capital market issues [7][8]. - In a recent forum, Li suggested implementing "active stock market policies" to stabilize and grow the market, indicating his ongoing influence in the industry [8]. Group 3: Xiangcai Securities Research Institute - The Xiangcai Securities Research Institute, established in 2009, aims to create value through research and enhance its brand influence in the industry [10]. - As of January 2026, the institute has 16 registered analysts, reflecting its position within the mid-sized sell-side research segment [10]. - The institute's strategic focus includes providing support to local governments and large enterprises, aiming to build a team of expert analysts [10].