12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券， 履新国金证券计算机首席分析师、研究所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助 理兼医药首席分析师张金洋带队加盟国联民生证券。 记者丨李域 编辑丨巫燕玲 国盛证券研究所人事震荡还在持续。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主 要是国盛证券研究所联席所长郑震湘、刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋 等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高 畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透 露，针对当前的人才缺口，公司已同步启动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业 中排名第21位。 分析师集体出走 拥有10年医药投资研究经验、3 年产业背景的张金洋，2019年1月 ...

21世纪经济报道记者 李域 国盛证券研究所人事震荡还在持续。 12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券，履新国金证券计算机首席分析师、研究 所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助理兼医药首席分析师张金洋带队加盟国联民生证券。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主要是国盛证券研究所联席所长郑震湘、 刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透露，针对当前的人才缺口，公司已同步启 动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业中排名第21位。 分析师集体出走 公开信息显示，刘高畅于2018年加入国盛证券，曾是最年轻的计算机行业首席 ...

Core Insights - The report from the China Securities Association indicates that the competition in the securities research business is intensifying, with a notable increase in analyst turnover and a shift towards larger firms [2][5]. Group 1: Analyst Workforce - As of the end of 2024, there are 5,628 analysts across 102 securities firms, representing a 20.69% increase from the previous year [4]. - The analyst turnover remains high, with 988 analysts leaving their positions in 2024, a 29.66% increase compared to 2023 [5]. - The distribution of analysts by tenure shows that 39.50% have over three years of experience, while 38.17% have between one to three years, and 22.33% have less than one year [4]. Group 2: Research Report Production - In 2024, 83 firms published a total of 96,156 research reports on domestic listed companies, a decrease of 5% from 2023 [7]. - Conversely, the number of reports on Hong Kong and other overseas listed companies increased, with 60 firms publishing 14,732 reports, a growth of 5.37% [7]. - The integration of research across A-shares, Hong Kong, and U.S. markets is accelerating, driven by the need for a global perspective in research [7]. Group 3: Commission Revenue and Fee Structure - The total commission income from institutional clients was 19.865 billion yuan, down 22.48% from 24.868 billion yuan in 2023 [9]. - The average commission rate for public funds dropped from 7.37 basis points in 2023 to 5.19 basis points in 2024, reflecting the impact of fee reforms [10]. - The trading volume of stocks by funds decreased by nearly 10% in 2024, further contributing to the decline in commission income [11].

Core Insights - The competition in the securities research business is intensifying, with an increase in analyst turnover and a shift towards larger firms [1][2] Group 1: Analyst Workforce - As of the end of 2024, there are 5,628 analysts across 102 securities firms, representing a 20.69% increase [2] - The turnover rate remains high, with 988 analysts leaving their positions, a 29.66% increase from 2023 [2] - The number of new hires in research departments decreased by 29.01% to 1,786 [2] Group 2: Research Report Production - In 2024, 83 firms published 96,156 reports on domestic listed companies, a 5% decrease from 2023 [3] - The number of reports on Hong Kong and other overseas listed companies increased, with 60 firms publishing 14,732 reports, a 5.37% increase [3] - A total of 29,441 macro and strategy research reports were published by 93 firms, with four firms publishing over 1,000 reports [3] Group 3: Commission Revenue Trends - Institutional client commission income fell to 19.865 billion yuan, a 22.48% decrease from 24.868 billion yuan in 2023 [4] - The average commission rate for public funds dropped from 7.37% in 2023 to 5.19% in 2024 [4] - The trading volume of stocks by funds decreased by nearly 10% compared to 2023, contributing to the decline in commission income [5]