Since the beginning of 2024, securities firms’ research institutes in China have undergone a wave of frequent personnel reshuffles. Leading firms including CITIC Securities, CICC, and Haitong Securities have successively announced leadership changes or core team reassignments within their research divisions—ranging from new appointments of research heads and chief economists to structural overhauls of research units. These moves reflect both external pressures, such as intensifying industry competition and the need to transform traditional research models, and strategic intentions to enhance research quality, strengthen investment-research synergy, and realign coverage toward emerging, high-quality growth sectors.In recent years, the full implementation of the registration-based IPO system, the rise of buyer-side advisory models, and persistently declining commission rates have challenged the profitability of traditional sell-side research. Institutes are now shifting from a volume-driven approach to one emphasizing quality, influence, and internal value creation—deepening integration with asset management, proprietary trading, and wealth management arms. Consequently, research leaders with cross-disciplinary expertise, familiarity with new-economy sectors, and market-oriented mindsets are increasingly in demand.Moreover, some firms are leveraging these personnel changes to upgrade their research frameworks toward a ‘platform-plus-specialization’ model, expanding coverage in frontier areas like AI, new energy, semiconductors, and biopharma—aligning with national strategic priorities and capital market reforms. The 2024 race among brokerages will likely center on analytical depth, forward-looking insights, and integrated service capabilities, with the current leadership shake-ups merely signaling the start of a deeper transformation.
2024年开年以来，国内券商研究所迎来一轮高频人事调整。多家头部券商如中信证券、中金公司、海通证券等相继宣布研究所负责人或核心团队成员的变动，涉及所长更换、首席经济学家更替及研究条线架构重组等。此轮调整背后，既有行业竞争加剧、研究业务转型压力加大的外部因素，也反映出券商对提升研究质量、强化投研协同、布局新质生产力研究方向的战略意图。近年来，随着注册制全面落地、买方投顾模式兴起以及佣金费率持续下行，传统卖方研究的盈利模式面临挑战。券商研究所亟需从“数量导向”转向“质量与影响力导向”，并通过深度服务资管、自营、财富管理等内部业务条线，实现研究价值的内部转化。在此背景下，具备跨领域整合能力、熟悉新兴产业逻辑、拥有市场化思维的研究领军人才更受青睐。此外，部分券商借人事调整之机，推动研究体系向“平台化+专业化”升级，加强AI、新能源、半导体、生物医药等前沿赛道覆盖，以契合国家战略和资本市场改革方向。可以预见，2024年券商研究业务的竞争将更加聚焦于专业深度、前瞻判断与综合服务能力，人事调整只是这场深层变革的序幕。
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