随着2025年上半年收官，证券从业人员的流动情况逐渐清晰。 保荐代表人群体在连续5年增长后，今年上半年首次出现人数下滑，年内减少超300人，减员主力为大型券商。 这些券商曾在注册制推行初期大规模扩充保代队伍，现面临成本压力。 曾作为行业"金领"代表的保荐代表人，其数量变动折射出行业政策环境的变迁。过去一年，券商投行步入"寒 冬"，业绩明显承压。 虽然当前一级市场已开启新政策周期且IPO受理数量显著增长，但记者了解到，部分券商投行仍在精简人员、 压缩人力成本。深圳一家中小券商高管向记者透露，投行业务"去产能"趋势或将延续3至5年。 投行队伍5年变迁 统计数据显示，截至6月30日，证券行业保代总数降至8470名，较2024年末的8812名减少342人，这是自2020年 6月《证券发行上市保荐业务管理办法》（以下简称《办法》）修订实施以来首次出现保代人数减少。 当年，上述《办法》与创业板注册制改革同步落地，在投行发展历程中具有"里程碑"意义。该《办法》调整了 保荐代表人"准入门槛"：一方面取消项目协办经验要求，另一方面不再强制参加保荐代表人胜任能力考试，转 而增设非准入型水平评价测试。此举意味着保荐代表人不再是"稀 ...

Group 1 - The number of licensed sponsors in China's securities industry has decreased for the first time in three years, indicating a potential shift in the brokerage sponsorship industry towards creating "boutique investment banks" [1][2] - As of June 24, 2025, the number of sponsors is 8,481, down from 8,799 at the end of 2024, reflecting a reduction of 318 individuals [1] - The decline in sponsor numbers is attributed to a combination of factors, including a sluggish IPO market and increased regulatory scrutiny, leading to some sponsors choosing to change careers or industries [2][3] Group 2 - The IPO market has seen a significant decline, with the number of IPOs dropping from 524 in 2021 to just 100 in the first half of 2025, impacting the overall performance of brokerage firms [2] - Regulatory penalties have intensified, with 52 cases of penalties against sponsors in 2025, resulting in some being placed on a suspended business list, further contributing to the reduction in sponsor numbers [2] - The focus of the capital market is shifting from quantity to quality, with an emphasis on serving technology-driven and high-performing companies, posing challenges for the sponsorship industry [3] Group 3 - The future of the brokerage investment banking sector will depend on cultivating leading firms and creating globally influential investment banks, rather than merely increasing the number of sponsors [3] - The market will likely experience a process of natural selection, where some investment banks may be eliminated while others grow stronger, leading to profound changes in the sponsorship business and investment banking landscape [3] - Enhancing professional capabilities and ensuring high-quality sponsorship will be essential for the industry's development moving forward [3]

Core Viewpoint - The article discusses the approval of the transfer of shares in Zhongtian Securities, highlighting the change in major shareholders and the implications for the company's ownership structure and financial performance [1][3][4]. Group 1: Shareholder Changes - The China Securities Regulatory Commission approved Liaoning Transportation Investment Co., Ltd. to acquire 13.48% of Zhongtian Securities' shares, previously held by Liaoyu Group [1][3]. - As of the end of 2024, the top five shareholders of Zhongtian Securities will include the Liaoning Provincial Government's State-owned Assets Supervision and Administration Commission (40.16%), Benxi Steel Group (21.35%), Liaoning Investment Group (14.67%), Liaoyu Group (13.48%), and Northern United Publishing and Media Group (5.85%) [4][12]. Group 2: Financial Performance - Zhongtian Securities is projected to achieve an operating income of 655 million yuan and a net profit of 179 million yuan in 2024 [2][12]. - By the end of 2024, Zhongtian Securities will have accumulated a total profit of 2.5 billion yuan and paid 1.8 billion yuan in taxes [12]. Group 3: Company Background - Zhongtian Securities, established in July 2004, is the only state-owned financial securities institution in Liaoning Province, with a registered capital of 2.225 billion yuan [11]. - The company operates with a strategy focused on the Liaoning region while expanding its reach to Northeast China and nationwide, maintaining a comprehensive competitive edge in the market [11].

Core Viewpoint - The performance of the securities industry in 2024 shows a slight decline in net profit and revenue, with a notable increase in the concentration of profits and market capitalization among leading firms, particularly affecting CITIC Securities and CITIC Jiantou [1][2]. Group 1: Industry Performance - As of April 3, 2024, 30 out of 49 securities firms reported core financial data, revealing a cumulative net profit of 128.61 billion yuan, a slight decrease of 1.60% from 2023 [1]. - The number of securities firms with net profits exceeding 10 billion yuan increased to five, indicating a growing concentration in the industry [1]. - The top five securities firms account for nearly 40% of the total market capitalization of the industry, with a combined market value of 1,232.13 billion yuan [2]. Group 2: CITIC Jiantou's Performance - CITIC Jiantou reported a net profit of 7.22 billion yuan in 2024, a year-on-year increase of 2.68%, but still 3 billion yuan short of its 2021 peak [4]. - The company's revenue declined by 9.10%, reflecting a contraction in overall business scale [4]. - Despite a high market capitalization of 191.75 billion yuan, CITIC Jiantou's price-to-earnings ratio stands at 26.55, indicating a relatively high valuation compared to peers [4]. Group 3: Investment Banking Challenges - CITIC Jiantou faced multiple regulatory warnings regarding the quality of its IPO sponsorships, impacting its reputation and business performance [5]. - The investment banking revenue for CITIC Jiantou plummeted by 48.14% to approximately 2.49 billion yuan, significantly affecting overall income [5]. - The decline in revenue is attributed to a substantial drop in investment banking activities and a decrease in margin financing business scale and fees [5]. Group 4: Employee Compensation Trends - CITIC Jiantou's average employee salary in 2024 was 468,000 yuan, a decrease of 17.05%, which is significantly higher than the industry average decline of 2.53% [7]. - Among the 24 securities firms that disclosed employee compensation data, CITIC Jiantou ranked second in terms of salary reduction [7].