Core Viewpoint - Huang Yanming has officially submitted his resignation to Guotai Haitong and will be joining Dongfang Securities, marking a significant career transition for this prominent figure in the securities research industry [1][3][9]. Group 1: Career Background - Huang Yanming began his career in 1994 at Wangguo Securities, transitioning to research at Shenwan Hongyuan Securities after its merger in 1996, where he played a key role in establishing a leading research organization [6]. - He later joined UBS in 2010 as the head of the China research department and subsequently became the director of Guotai Junan Securities Research Institute, leading it to be recognized as the top domestic research team from 2014 to 2016 [6][7]. - Huang has contributed to industry regulations, assisting in drafting foundational documents for securities research and serving as vice chairman of the Analyst and Investment Advisor Committee since 2011 [7][8]. Group 2: Contributions to Research - Huang Yanming is known for his innovative theories in securities research, including the "super expectation" theory and the "2+1" thinking model, which emphasizes the importance of trading strategies alongside traditional research [10][11]. - He has recently shifted focus towards trading research, advocating for strategies that prioritize trading over mere expectations, reflecting the evolving dynamics of the market [11]. - Huang has also proposed a comprehensive wealth management research framework, emphasizing the importance of product-focused research in addition to traditional securities research [11][12]. Group 3: Future Challenges at Dongfang Securities - Upon joining Dongfang Securities, Huang Yanming faces three main challenges: enhancing the competitiveness of the research team, innovating research service models amidst declining commission rates, and achieving success in the 2025 New Fortune rankings [13].