Is there a hidden reason? The directors of research institutes at five securities firms have been reassigned from analysts to "general securities personnel."

Ask AI · How will Guoyuan Securities’ research business upgrade affect the positioning of leadership roles?

By Covering Reporter: Chen Chen Edited by: Zhao Yun

Recently, new developments have emerged one after another in the sell-side research sector, drawing widespread attention from the market. On the one hand, market rumors said that “the heads of research institutes at five securities firms have been adjusted from analysts to general securities business personnel,” sparking speculation as to whether they were forced to pivot due to not publishing research reports for a long time. In response, a securities analyst said there are no such hard-and-fast rules in the industry. A relevant person at Guoyuan Securities also told reporters from the Daily Economic News that Research Institute head Tang Jingwen will be involved more in the company’s various business operations.

On the other hand, the number of analysts in the securities firms’ analyst teams, after several years of expansion, has declined since 2026. But at the same time, Zhejiang Securities recently announced nearly 30 openings for researchers, which has also attracted market attention.

Five heads of research institutes exit the analyst lineup
Industry analyst count shrinks by more than 100 people this year

Rumors that “five research institute heads have changed from analysts to general securities business personnel” have circulated in the market recently, but after reviewing the information, Daily Economic News reporters found that they are not all research institute heads.

Specifically, on March 16, Jie Xuecheng, the executive deputy director of the Galaxy Securities Research Institute, changed his identity from analyst to general securities business personnel; on March 11, Huang Shichuan, deputy general manager of the R&D center at Southwest Securities, also completed the same type of identity conversion; on March 10, Li Youjun, general manager of the Research and Development Department at Open-Ended Securities (China) changed his identity from analyst to general securities business personnel.

Pushing the timeline further back, on January 16, Zang Ningning, deputy director of the research institute at Yinda Securities, changed his identity from analyst to general securities business personnel. Also, on December 29 of last year, Tang Jingwen, head of the research institute at Guoyuan Securities, changed his identity from analyst to general securities business personnel.

In parallel with the identity changes of these five research institute leaders, the total number of analysts at securities firms is also declining. According to Eastmoney Choice data, as of March 20, the number of analysts was 5,944, down 112 from the start of the year.

It is worth noting that prior to this, analysts’ teams had experienced another round of long-term expansion. Before 2022, the number of analysts remained around 3,000. After crossing 4,000 in 2022, it grew gradually. By the end of 2025, it reached 6,056—up 338 compared with the end of 2024—officially surpassing the 6,000 mark.

Although the total number of securities analysts has declined and dipped below 6,000, industry-wide talent intake is still ongoing. The reporter noticed that in recent days, Zhejiang Securities’ Research Business Division has launched large-scale recruitment, becoming a focal point of attention in the securities research industry.

According to information, Zhejiang Securities separately released quotas for four leadership positions in its research institute and nearly 30 researcher positions. The relevant staff responsible for this recruitment told reporters that the recruitment plan stems from the demand created after normal personnel turnover; the company itself is also expanding and thus has corresponding needs. In addition, for this recruitment of research institute leaders, the main target directions are vice directors of the research institute or assistants to the research institute director, while industry chief analysts are included in the plan for recruiting researchers. Taken together, while the analyst ranks are being reduced across the entire industry, some institutions with expansion needs are still actively recruiting to replenish research capacity.

Identity transition revealed:
Some are switching departments, and some are focusing on operations and management

Why would leaders of research institutes switch from analysts to general securities business personnel? Is it because not publishing research reports for a long time requires them to transition? This change has triggered discussion and speculation in the market.

A securities analyst told reporters that there are no such regulations in the industry. After all, some securities firms’ research institutes do not even publish research reports to the public.

“If some older leaders oversee research, but the analyst qualification exam is also quite difficult, then they would use general securities business instead. But if an analyst becomes a leader, they would generally still use the analyst qualification; if they are transferred to another business or department, then they may not need analyst qualification.” The aforementioned person further explained to reporters the common situation in the industry and the operational logic.

Reporters also learned that among the five people mentioned above, some indeed switched departments, while others focus on operational and management work. Taking Guoyuan Securities as an example, a relevant person from the institution explained to reporters the reason why research institute director Tang Jingwen changed from analyst to general securities business personnel. They said: “Mainly because the research institute has established multiple internal departments and their heads are already in place. As research institute director, Ms. Tang is more focused on presiding over work across the entire institute. At the same time, Ms. Tang serves as vice chair of the company’s Institutional Business Committee and a member of the Assets, Liabilities and Budget Management Committee, among other roles, which means she will participate more in the company’s various business operations.”

In fact, Guoyuan Securities’ research business structure adjustment and transformation plans have been in place for a long time. It is understood that in 2018, Guoyuan Securities decided to transform and upgrade its research business. In addition to renaming the original research center to the research institute, it also brought in Tang Jingwen, a gold-medal salesperson listed in the ‘New Fortune’ selection. From 2019 to 2024, Guoyuan Securities’ research business annual revenue has consistently remained at the tens of millions level.

Daily Economic News