中国证券业协会数据显示，证券业从业人数连续3年下滑，从2022年末35.61万人，减少至2025年末32.78 万人，近3万人离场。从结构来看，"一般证券业务"人员连续两年减少超过2万人。证券经纪人数量更是 每年下滑，8年间（2018年至2025年）累计减少逾6万人。 在此行业背景下，仔细分析招商证券2025年人员数据，一组数据变化格外引人注目：公司一般证券业务 人员从年初的5396人增至年末的6359人，实现净增963人，而证券经纪人同期从843人锐减至仅13人。这 一增一减之间，正是从业者结构从传统"通道+人海"模式向"专业+科技"模式的升级。 数据来源：choice 经纪人时代落幕：从843人到13人 证券经纪人数量从年初843人锐减至年末仅13人，成为招商证券2025年最显著的人员变动。而中信证 券、中金公司、国信证券等机构已实现经纪人全面清零，这一现象标志着以经纪人拉新、获取交易佣金 为核心的传统展业模式，在证券行业正逐步退出历史舞台。 这一变化的背后，是多重因素共同作用的结果：监管政策引导行业向专业化转型、客户需求从单一交易 向综合财富管理升级、数字技术替代传统销售渠道、以及券商盈利模式从通道业务 ...

Core Viewpoint - Private equity funds play an increasingly important role in China's multi-tiered capital market system, serving the real economy and meeting residents' wealth management needs, with a management scale of 19.93 trillion yuan and 144,100 products by the end of 2024 [1] Group 1: Responsibilities and Value Functions of Custodian Securities Companies - The responsibilities of custodian securities companies are defined by both legal regulations and fund contracts, including the safe custody of fund assets and supervision of fund managers' investment operations [2] - The core value of the custodian system lies in establishing a governance structure that separates fund asset management from custody, effectively preventing moral hazards from fund managers and protecting investors' interests [3] Group 2: Challenges Faced by Custodian Securities Companies - Despite the good intentions behind the custodian system, custodians face challenges in fulfilling their responsibilities, leading to instances of ineffective supervision [4] - There is a lack of consensus on the supervisory standards for custodians, with theoretical debates between "formal supervision" and "substantive supervision" [5] - Some custodians have failed to perform their duties effectively, leading to cases where supervision is merely formal, undermining the trust of investors in the private equity fund industry [7] Group 3: Recommendations for Improving the Custodian System - To enhance the effectiveness of custodians, it is essential to clarify supervisory standards and create a differentiated framework for responsibilities based on the performance of fund managers [9] - Strengthening the independence of custodians is crucial, suggesting a more transparent selection process that involves investors in choosing custodians [10] - Exploring the establishment of a liability insurance system for custodians can help mitigate risks and encourage thorough supervision, thereby enhancing the stability of the custodian framework [11]