【导读】原联储资管研究总监王嵩出任方正证券（601901）地产首席 近日，记者获悉，原联储资管研究部总监王嵩已离职，履新至方正证券研究所，担任地产行业首席研究 员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，曾任民生证券地产金融行 业首席分析师、中建投信托高级信托经理、中山证券固定收益研究总监。兼任浙江大学财会系校友会秘 书长、麦肯锡和BCG咨询地产和公用事业外部专家顾问、大湾区金融家协会专家。 对于为什么现在选择做地产卖方，王嵩给出两大理由：第一，机会没消失，只是需要"找"：虽然行业整 体景气度尚待提高，但细分领域（比如优质房企、区域市场）、政策催化下的局部机会，都需要即时研 究去挖掘，这正是卖方能做的； 近年来，卖方研究领域的人事变动浪潮保持高流动态势。一方面，分析师转投上市公司、私募机构或跨 界转行的案例逐渐增多；另一方面，买方转向卖方的回流也有迹象出现。 今年以来，券商整体从业人员持续减少，但分析师数量整体仍保持着增长态势。根据中国证券业协会8 月1日发布的数据，截至2025年6月底，证券行业登记从业人员数量为36.29万人，其中证券分析师为 5829人。而在2024年底，券 ...

中国基金报记者 孙越 【导读】原联储资管研究总监王嵩出任方正证券地产首席 近日，记者获悉，原 联储资管研究部总监王嵩 已离职，履新至方正证券研究所，担任地产行 业首席研究员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，曾任民生证券 地产金融行业首席分析师、中建投信托高级信托经理、中山证券固定收益研究总监。兼任浙 江大学财会系校友会秘书长、麦肯锡和BCG咨询地产和公用事业外部专家顾问、大湾区金融 家协会专家。 对于为什么现在选择做地产卖方，王嵩给出两大理由：第一，机会没消失，只是需要"找"： 虽然行业整体景气度尚待提高，但细分领域（比如优质房企、区域市场）、政策催化下的局 部机会，都需要即时研究去挖掘，这正是卖方能做的； 第二，地产是"跨领域钥匙"：不只想聊地产股——从地产切入，能更清晰地看懂期货（如建 材品种）、利率（地产对宏观流动性的影响）、整体股票策略（产业链上下游联动），这 种"链接价值"能帮大家更全面地做决策。 今年以来，方正证券研究所人才引进动作频繁。3月初，燕翔入职方正证券，担任方正证券公 司首席经济学家、研究所副所长，一起加盟方正证券的还有与他之前在华福证券一起的多名 ...

Core Viewpoint - The article discusses the significant changes in commission rates for public funds following the implementation of new regulations, highlighting a notable decrease in trading commission fees and the introduction of standardized procedures for selecting brokerage firms [1][2][3]. Group 1: Commission Rate Changes - The new commission regulations, effective from July 1, 2024, set maximum commission rates for passive equity funds at 0.0262% and for other types at 0.0524% [2]. - Institutions have reported that their commission rates for the second half of 2024 are all below the regulatory caps, with specific rates such as Huatai Asset Management at 0.02% and Mingya Fund at 0.019% for passive equity funds [2]. Group 2: Disclosure of Brokerage Selection Standards - For the first time, institutions have publicly disclosed their criteria for selecting brokerage firms, which include factors such as financial stability, compliance capabilities, and strong research capabilities [4][5]. - Research capability has been emphasized as a key criterion, with firms like Zhongtai Asset Management and Yimi Fund prioritizing brokers with strong research support [4]. Group 3: Impact of Commission Reform - The commission reform has led to a significant restructuring of the brokerage landscape, with ineffective channels and brokerage seats being eliminated, allowing for a focus on brokers that meet institutional needs [7]. - The long-standing model of "fund sales in exchange for trading commissions" has been disrupted, leading to a new emphasis on research capabilities in the selection of brokers [7].