---
title: "What is the hidden truth? The heads of research departments at 5 brokerage firms have been changed from analysts to \"general securities business personnel.\""
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279937906.md"
description: "Recently, the market has focused on the news that the heads of five brokerage research institutes have been adjusted to general securities business personnel, speculating that this is due to their failure to publish research reports. Brokerage analysts stated that there are no strict regulations, and GUOYUAN SECURITIES mentioned that the person in charge will participate in more operational activities. Meanwhile, the number of brokerage analysts has declined since 2026, but Zheshang Securities has recently recruited nearly 30 researchers, attracting significant attention"
datetime: "2026-03-20T11:55:49.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279937906.md)
  - [en](https://longbridge.com/en/news/279937906.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279937906.md)
---

# What is the hidden truth? The heads of research departments at 5 brokerage firms have been changed from analysts to "general securities business personnel."

Recently, there have been new developments in the sell-side research field, attracting widespread attention from the market. On one hand, there are reports that "the heads of research institutes at five brokerage firms have been changed from analysts to general securities business personnel," leading to speculation about whether this is a forced transformation due to a long period without research reports. In response, some brokerage analysts pointed out that there are no such rigid regulations in the industry; a relevant person from Guoyuan Securities also told reporters that the head of the research institute, Tang Jingwen, will be more involved in various business activities of the company. On the other hand, after several years of expansion, the number of brokerage analysts has declined since 2026. However, at the same time, Zheshang Securities has recently announced nearly 30 recruitment positions for researchers, which has also attracted significant market attention. (Everyday Economic News)

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