The fluctuations in the securities industry are always initiated by &#34;people&#34; and cease due to &#34;people.&#34;
As the &#34;ceiling&#34; of compensation in the entire industry, sell-side analysts and heads of research institutes are often the &#34;hot candidates&#34; for talent mobility, especially this year.
Preliminary statistics show that since December 2024, in just over three months, there have been reports of at least ten top analysts at the level of deputy director or above leaving for other positions in the industry.
Is this a challenge of talent loss that leading brokerages are beginning to face?
Or is it a development opportunity for small and medium-sized brokerages after the accelerated integration of industry resources?
Or is it the beginning of a larger and more profound industry transformation?
<h2>Chen Guo &#34;Switching Jobs&#34;</h2>
In this round of job changes, Chen Guo, the chief strategy analyst at CSC, is the latest to announce his departure, and his information is particularly confirmed from all aspects.
According to previous statements, Chen Guo's next stop is locked in at Dongfang Caifu Securities Research, where he is expected to take on the role of deputy director.
Chen Guo attracted considerable attention during the &#34;bottom-fishing market&#34; that began last year; he was previously one of the two well-known strategy analysts with the surname Chen in the industry (the &#34;Two Chens&#34;).
However, after successfully &#34;predicting&#34; the arrival of a bull market last year and firmly advocating the concept of &#34;confidence reassessment bull&#34; in A-shares, the attention on the baby-faced Chen Guo has greatly increased.
However, the reasons for Chen Guo's departure are not particularly clear to the outside world.
According to official information from the industry association, Chen Guo joined the CSC research team in December 2021.
At a top brokerage platform like CSC, his position was also not low, serving as Managing Director (MD), Deputy Director of the Research Committee, and Chief Strategy Officer.
If he really goes to the currently less-known Dongfang Caifu Research Institute and takes on the role of deputy director, it feels like there is no progress in his personal career, and even a sense of &#34;concession.&#34;
However, Chen Guo's departure received blessings from his &#34;old employer.&#34; Regarding the news of Chen Guo's upcoming job switch, CSC issued a response stating: &#34;We sincerely thank Mr. Chen Guo for his professional contributions to the company's strategy research during his tenure, and his research results on the confidence reassessment bull have been recognized by clients and the market.&#34;
CSC further stated: &#34;We wish Mr. Chen Guo success in his new position and hope he will elevate Dongfang Caifu's sell-side research business to new heights.&#34;
At the same time, CSC also announced that the candidate to succeed Chen Guo as chief strategy analyst will be announced soon.
The drama of &#34;a new generation replacing the old&#34; is about to be staged again.
<h2>Hong Hao &#34;New Position&#34;</h2>
Another movement that is basically confirmed is the new position of &#34;internet celebrity economist&#34; Hong Hao.
With his &#34;Cantonese accent&#34; and hair always styled upwards, Hong Hao has worked for a long time overseas and in Hong Kong, giving him a more &#34;international&#34; feel.
He graduated from the University of International Business and Economics and the University of New South Wales in Australia, and has worked at institutions such as Morgan Stanley Asia Pacific, China International Capital Corporation, Citigroup, and Bank of Communications International. His most recent position was as a partner and chief economist at the private equity firm Sihui Group
It is reported that Hong Hao will join Huafu Securities as the CEO of Huafu International (a subsidiary of Huafu Securities).
However, the industry believes that Hong Hao's joining Huafu International may be more about his identity, and he is likely to play an important role in Huafu's sell-side research business in the future.
Huafu Securities is a securities company registered in Fuzhou and controlled by Industrial Bank, which has been developing rapidly in recent years. The introduction of Hong Hao may be a significant move for the company to &#34;rebuild&#34; its sell-side research team.
Hong Hao has a distinct identity and personal views, with a large following on social media, being a blogger with millions of fans. He is also regarded as a particularly &#34;outspoken&#34; macro analyst in the industry.
This is one of the reasons why many research teams both &#34;love&#34; and &#34;worry&#34; about him.
In 2022, for various reasons, he left his position at Jiayin International, where he had worked for nearly 10 years, to join the private equity group Sire Group as Chief Economist.
At that time, there were rumors that after joining Sire Group, he would personally manage a hedge fund. However, in hindsight, Hong Hao seems more like a &#34;civilian macro analyst&#34; who has changed his identity.
If Hong Hao successfully returns to the Huafu Securities system, he will have a more official identity to express his research views, and Huafu will welcome a popular senior analyst.
<h2>Huang Yanming &#34;To Stay or to Go&#34;</h2>
Behind Chen Guo and Hong Hao's &#34;restlessness,&#34; there is another sell-side research heavyweight who may be brewing personnel changes.
Huang Yanming, known as the &#34;General Instructor of A-share Research,&#34; may also change his service unit.
He has previously served as the head of research at Guotai Junan for 12 years and was earlier a long-term deputy head of the top industry research institute Shenwan Hongyuan and head of research at UBS Securities.
It is rumored in the industry that Huang Yanming is about to take on the role of head of the research team at another local brokerage in Shanghai, with both parties having been in contact for a long time. The brokerage has previously promoted its original head of research to other business roles.
However, whether Huang Yanming can successfully complete the &#34;job-hopping&#34; process still faces some procedural challenges.
On one hand, age is a hard constraint that remains. On the other hand, as a sell-side research heavyweight like him, whether he &#34;stays&#34; or &#34;leaves&#34; will attract significant attention in the industry.
However, there are two &#34;backgrounds&#34; that may increase the likelihood of this happening.
First, the brokerage where Huang Yanming has long served completed a merger with another top brokerage in Shanghai earlier this year, and may soon enter a departmental business integration process.
Both brokerages have many talented individuals across various business lines, including research and wealth management, providing a time window for talent reorganization within the team.
Another detail is that as early as March 2024, Huang Yanming has already stepped down from the position of head of research. At that time, it was stated that he was appointed as the dean of the Financial College, director of the postdoctoral research workstation office, member of the wealth management committee, and chief strategist, with a three-year term, while being relieved of his position as head of research.
Meanwhile, the institution he is rumored to be in contact with is quietly making space for a future head of research
However, as mentioned earlier, Huang Yanming is the first generation of industry analysts in China, with extensive experience in the field. If he changes his affiliation, it will undoubtedly increase the industry influence and attention of the inviting party's research business.
The resume shows that from 1996 to 2010, Huang Yanming served as a securities analyst and deputy director of the research institute at Shenwan Hongyuan Securities.
In October 2010, Huang Yanming joined UBS Securities but stayed for less than two years. In August 2012, he joined Guotai Junan and has been there ever since.
<h2>The Trend of High-Profile Job Hopping</h2>
Apart from the aforementioned industry leaders, there have been numerous cases of well-known research institute heads and analysts changing jobs in the sell-side research industry over the past two years.
This clearly indicates that the current sell-side research market is rapidly &#34;restructuring&#34; under various influences.
Just at the end of last year, several well-known analysts changed jobs one after another.
Among them is the famous Zheng Zhenxiang, who returned to Guosheng Securities in December 2024 as co-director, having previously served as co-director of the research institute and chief analyst for electronics at Founder Securities.
Almost simultaneously, renowned non-bank analyst Sun Ting joined Soochow Securities Research Institute in December last year as Chief Strategy Officer and co-general manager of the Planning and Innovation Department. She was previously a managing director and head of financial industry research at Haitong Securities and a New Fortune Platinum Analyst.
Another is Liu Wenzheng, who moved from Minsheng Securities to Huaxi Securities in December 2024, serving as executive deputy director. He was previously the chief analyst for the social services retail industry.
Fourth is mechanical industry analyst Zhang Hengxuan, who previously worked at Haitong Securities and joined Western Securities Research Institute in February this year as assistant to the business director.
Fifth is Zhao Honghe, the chief macroeconomic analyst at Minsheng Securities, who joined Guojin Securities at the end of last year, along with his former colleague Li Yang (chief analyst for the construction and building materials industry).
Sixth is macroeconomist Lu Zhe, who led a team from Founder Securities to join Soochow Securities Research Institute in November 2024.
Seventh is Sun Yuanfeng, the former director of Huajin Securities Research Institute, who officially took office as assistant general manager and executive dean of the research institute at Pacific Securities in February this year.
Eighth is Sun Binbin, who previously served as deputy general manager and deputy director of Tianfeng Securities Research Institute. He joined Caitong Securities in February this year as the director of the research institute and chief economist.
Ninth is Song Xuetao, who was the former chief macro analyst at Tianfeng Securities. He joined Guojin Securities in March this year and serves as the chief economist there.
<h2>What is Driving the Talent &#34;Restructuring&#34;?</h2>
It can be observed with the &#34;naked eye&#34; that this round of talent restructuring in the sell-side research industry is becoming a trend.
Moreover, this talent flow exhibits characteristics of &#34;multipolar,&#34; &#34;multilevel,&#34; and &#34;multidirectional&#34; movement.
From the perspective of talent levels, there are senior research team leaders seeking new opportunities, as well as influential influencers and platinum analysts &#34;finding new roosts&#34;;
From the direction of mobility, there are movements from large institutions to small and medium-sized institutions, as well as mutual movements among small and medium-sized institutions
From the perspective of fluid positions, there is movement from management positions to management positions, as well as two-way movement between management and business positions.
Some industry opinions believe that the accelerated flow of research talent this time has many driving forces:
First, the &#34;significant decline&#34; in public fund research commission rates since last year has changed the talent and capital capacity of the entire market, leading to changes in the positioning of many research institutions, which has driven the accelerated flow of research talent.
Second, the increasingly obvious trend of industry mergers and acquisitions is silently influencing practitioners' predictions, which promotes further restructuring of talent.
Third, in an environment where industry demand is relatively tight, there has been various logical talent movement, such as many startup teams beginning to shrink, core talent returning to large platforms, or previously familiar teams reuniting to &#34;huddle for warmth,&#34; etc.
Fourth, the common career development paths in sell-side research have led to the demand for job promotions among young people. A group of newly famous analysts is seeking to &#34;cash in&#34; on positions and salaries on new business platforms, which has also driven talent movement.
Therefore, this round of movement of the &#34;strongest brains&#34; in the securities industry is both a replay of historical &#34;melodies&#34; and adds new &#34;rhymes&#34; of the era.
Risk Warning and Disclaimer
The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

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The talent flow in the brokerage industry has intensified, especially among sell-side analysts and research directors. Since December 2024, more than ten analysts at the level of deputy director and above have left. Chen Guo, the chief strategy analyst at CSC, announced his move to Dongfang Caifu Securities Research, where he is expected to serve as deputy director. Although Chen Guo held a high position at CSC, the reasons for his departure remain unclear. CSC expressed its best wishes for his departure and will soon announce a successor

- The securities industry is experiencing significant talent movement, with over ten senior analysts leaving their positions in just three months.  
- Notable figures include Chen Guo, who is moving to Dongfang Caifu Securities, and Hong Hao, who is set to join Huafu Securities, indicating a trend of restructuring within the sector.  
- This wave of changes is driven by factors such as declining research commission rates, industry consolidation, and evolving career paths for analysts, reflecting both historical patterns and new dynamics in the market.

The Battle for the "Strongest Brain" Among Securities Firms