Core Insights - The securities industry is transitioning from a "quantity-driven" approach to a "quality-driven" talent strategy, focusing on high-quality and efficient personnel to enhance industry development quality [1][3][7] Group 1: Personnel Changes and Structure - As of the end of 2024, the total number of securities industry employees is 335,700, a decrease of 7,003 or 2.04% from the end of 2021 [2] - The largest firms are expanding their workforce, with the top firm increasing its employee count to 14,216, a growth of 11.45%, while their share of the total industry workforce rose to 17.56% [2] - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors increased by 12,000, a rise of 17.46% [2] - The proportion of employees aged 36 and above has surpassed 50% for the first time, indicating a trend towards a more experienced workforce [2] Group 2: Revenue and Efficiency Metrics - Head firms maintain a human resource cost ratio of 32% to 38%, which is 10 to 15 percentage points lower than the industry average, and their revenue per employee is 2 to 3 times higher than that of smaller firms [3] - Average revenue per employee has stabilized and exceeded 2021 levels, reaching 875,500 yuan, following a two-year decline [4] - The investment banking sector saw a 54.74% drop in revenue per employee, from 2.58 million yuan to 1.17 million yuan, despite a 10.6% increase in personnel [4] Group 3: Business Line Adjustments - The asset management sector has seen personnel grow from 6,126 in 2021 to 7,073 in 2024, with a recovery in revenue per employee [5] - The self-operated business has shifted from expansion to contraction, with equity investment personnel decreasing by 14.68% and bond investment personnel increasing by 25.06% [6] - Research and institutional sales personnel have expanded by 47.29%, with researchers increasing by 36.82% [6] Group 4: Future Development Strategies - The industry aims to strengthen professional talent capabilities, as the average revenue and net profit per employee of leading firms are significantly lower than those of global competitors like Goldman Sachs [7] - There is a need to enhance information technology and international talent reserves to support high-quality development [7] - Smaller firms are encouraged to find transformation breakthroughs by leveraging regional characteristics and resources [8] - Continuous efforts in professional ethics education are necessary to mitigate compliance risks within the industry [8]