Group 1 - Wang Song, former director of asset management research at the Federal Reserve, has joined Founder Securities as the chief researcher for the real estate sector [1] - Wang has over ten years of experience in real estate and urban investment bond research, previously holding positions at Minsheng Securities, Zhongjian Investment Trust, and Zhongshan Securities [1] - He believes that opportunities in the real estate sector still exist, particularly in niche markets and under specific policy catalysts, which require immediate research to uncover [1] Group 2 - Founder Securities has been actively recruiting talent, with notable hires including Yan Xiang as chief economist and Li Qinghe as head of fixed income, along with several other experienced analysts [2] - The company expects a net profit of between 2.296 billion to 2.432 billion yuan for the first half of 2025, representing a year-on-year growth of 70% to 80%, driven by increases in wealth management and investment trading revenues [2] - The overall number of analysts in the securities industry has been increasing despite a decrease in total industry personnel, with 5,829 registered analysts as of June 2025 [2] Group 3 - The transformation of securities research institutions is urgent due to the backdrop of reduced commissions and fees, necessitating an enhancement of research capabilities to strengthen brand influence [3] - Leading brokerages are attracting top analysts to solidify their market positions, while smaller firms must continuously improve their capabilities to attract and retain talent [3]

Group 1 - Wang Song, former director of research at the Federal Reserve Asset Management, has joined Founder Securities as the chief researcher for the real estate sector [2] - Wang has over ten years of experience in real estate and urban investment bond research, previously holding positions at Minsheng Securities and Zhongjian Investment Trust [2] - He believes that opportunities in the real estate sector still exist, particularly in niche markets and under specific policy catalysts, which require immediate research to uncover [2] Group 2 - Founder Securities has been actively recruiting talent, with several key hires including Yan Xiang as chief economist and Li Qinghe as head of fixed income [3] - The company's half-year earnings forecast for 2025 predicts a net profit of between 2.296 billion and 2.432 billion yuan, representing a year-on-year growth of 70% to 80% [3] - The overall number of analysts in the securities industry has been increasing despite a decrease in total industry personnel, indicating a shift in the labor market dynamics [4] Group 3 - The securities research sector is undergoing significant personnel changes, with analysts moving to various roles, including positions in listed companies and private equity [4] - There is a pressing need for transformation within securities research institutions to enhance their research capabilities and brand influence in a competitive market [4]

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].