Increase the income of the sub-warehouse to enhance the digging confidence! Liu Jun, former director of Huajin Securities, transferred to Shanxi Securities, and the "director market" continued to be hot

At the end of the year and the beginning of the year, the Securities Research Institute began another round of personnel changes.

Brokerage China reporter exclusively confirmed that Liu Jun, director of the former research institute of Huajin Securities, has left and officially joined Shanxi Securities as the director of the research institute. Shanxi Securities will also take this opportunity to vigorously develop research business, Liu Jun said, will build a new type of research institute that takes into account both internal and external, highly supports internal business, and simultaneously develops external services.

Industry insiders said in an interview with the Chinese reporter of the securities company that since last year, with the continuous increase in the stocks of the securities company fund, the commission income of the securities company has also risen, and the income of many small and medium-sized securities companies has reached the best level in history, the cost pressure has decreased, and the motivation to dig people has increased. In addition, with the promotion of the registration system, the demand for research in securities companies' investment banking, wealth management and other businesses has also increased significantly, which has promoted the demand for research business talents.

Liu Jun transferred to Shanxi Securities

Liu Jun was born in 1971, worked in Sinopec for 8 years, joined the Everbright Securities Research Institute as an industry expert in 2004, engaged in petrochemical and chemical industry research, and has been in the industry for 18 years, and is also a veteran of the research industry. Liu Jun joined Essence Securities in 2007 with Dr. Gao Shanwen as chief analyst and upstream team leader in the chemical industry, during which he won many awards such as New Fortune.

In 2015, Liu Jun transferred to The Huajin Securities Research Institute as the director of the research institute, and was later promoted to a member of the party committee and an assistant to the president, realizing that the sell-side research of Joaquin Securities started from scratch and finally achieved profitability, which is a rare success case of a small research institute. At the end of 2021, Liu Jun officially joined Shanxi Securities and served as the director of Shanxi Securities Research Institute.

Insiders revealed that Liu Jun's personality was stable and mature, he was humble and elegant, calm, responsible, and quite a general. The work is conscientious and the industry has a good reputation.

Liu Jun also revealed to the Chinese reporter of the securities company the development ideas after joining Shanxi Securities.

"In terms of talent organization, combined with the strategy of 'external introduction' + 'internal training', we introduce and supplement high-quality research talents. Focus on the core industry track and introduce external talents. At the same time, we pay attention to the long-term cultivation of internal talents, especially the systematic selection and training of new talents. Liu Jun said that in accordance with the goals of medium and large institutes, the institute has continuously increased resource investment and attracted talents to join through a competitive salary and incentive system.

Liu Jun said that in the future, Shanxi Securities Research Institute will create differentiated internal and external service products: on the one hand, combined with internal and external industry expert resources, deepen data information insights and industry views, and provide differentiated research products for the outside; on the other hand, set up an intelligent research system platform, accumulate research related data, models, methodologies and other information tools, create intelligent research products based on data analysis, and serve internal and external customers; at the same time, increase the research of key industry chains to serve regional economic and industrial customers.

Shanxi Securities previously disclosed in its semi-annual report that the research scope of the company's research team has covered macro strategy, fixed income, non-bank finance, new energy, coal, chemical, pharmaceutical, home appliances, TMT, automobile, new third board, science and technology innovation board, funds and other fields. During the reporting period, the company's research team continued to do fine and deep capital market research, and won high market attention and recognition in terms of strategy, non-bank finance, home appliances, automobiles, and media. At the same time, we will actively give full play to regional advantages, extend the research tentacles to key counties, continue to track and study the policies, major industries and companies in Shanxi Province, actively serve the company's business in the province, carefully build the shanzhi research brand, and the research results have been well evaluated by relevant departments and markets.

The "Director Market" continues to be hot

Liu Jun was a representative of the change in the directors of many research institutes at the end of the year. A few days ago, the Chinese reporter of the securities company learned from the insiders of Zhongtai Securities that the company has issued a dismissal document for Su Chen, deputy director of the Zhongtai Securities Research Institute and chief analyst of the new energy industry. After Su Chen's departure, the next stop will be transferred to the National Gold Securities Research Institute and serve as the director of the securities research institute.

In the past two years, the research institute of small and medium-sized securities companies has spared no effort in "digging people", which has also led to the popularity of the "transfer" market. At the end of last year, Ren Zhiqiang, director of the Debon Securities Research Institute, went from Guangdong Kai Securities to Hongta Securities to Debon Securities in just two or three months, which made the market fully feel the fierce competition for research talents.

From the perspective of the path, the director of the research institute of small and medium-sized securities companies and most of the industry chiefs from large research institutes or the directors of the same small and medium-sized securities companies. In May, Zhou Xuhui, who has won the best analyst of New Wealth for many times in Haitong Securities, officially joined Orient Wealth Securities as the director of the research institute. Zhao Xueqin, director of the research institute of Guolian Securities, who joined the company during the year, was previously the co-investment director of Qianhai Open Source Fund.

However, after the departure of heavyweights such as the director of a large research institute, they tend to prefer the buyer's organization. At the beginning of the year, Jiang Chao, former chief economist of Haitong Securities and deputy director of the research institute, left his post and joined Zhongtai Asset Management as co-chief investment officer.

Hu Yali, former director of Everbright Securities Research Institute, joined Orient Securities Asset Management Co., Ltd. as assistant general manager, managing director and general manager of equity research department. Shortly thereafter, Hu Yali was promoted to co-general manager of Orient Securities Asset Management.

"For these people, on the one hand, the research has achieved enough results, and it is even more difficult to go further." And after many years of research, I also want to try it myself," a researcher who transformed investment previously told the Chinese reporter of the brokerage.

The large increase in the number of positions has improved the confidence of securities companies to dig people

The acceleration of the flow of securities companies is related to the characteristics of the industry on the one hand, and on the other hand, it is inseparable from the market changes in the past two years. According to wind data statistics found by the Chinese reporter of the securities company (merging the main body of the same company), in the first half of the year, the turnover of the securities company's "fund sub-position" stock was 11.65 trillion yuan, an increase of 64.55% year-on-year. Affected by the substantial increase in turnover, securities companies achieved a total of 9.114 billion yuan of "fund sub-position" commission income in the first half of the year, an increase of 63.51% year-on-year.

"Brokerage commission sub-position income in the past two years is a historical high, many small and medium-sized securities companies are likely to achieve profitability this year, or close to breakeven", the head of a brokerage research institute told the Chinese reporter of the brokerage, before the institute has been a cost department, many small and medium-sized securities companies to carry out research business to bear greater pressure, with the increase in income, small and medium-sized securities companies for the layout of research business is also more important.

From the perspective of growth, in the first half of the year, the commission income of 26 securities companies increased by more than 100% year-on-year. Among them, the commission income of 2 securities companies "fund sub-position" increased by more than 1000% year-on-year, Kyushu Securities achieved commission income of 156,500 yuan in the first half of the year, a year-on-year increase of 1912.7%; Kaiyuan Securities achieved commission income of 99.2852 million yuan, a year-on-year increase of 1205.71%.

Some small and medium-sized securities companies have indeed achieved rapid rise through continuous recruitment. Zheshang Securities began to gradually develop its research business in 2019, positioning 2020 as the company's ability to upgrade the year, for the first time to upgrade the research capacity as the number one project of the "five upgrading construction", the emphasis on research capabilities reached an unprecedented height, the introduction of platinum analysts, the creation of platinum research institutes, and strive to build a first-class research institute with greater market influence and excellent value creativity in the country within three years.

Subsequently, Zheshang Securities introduced Qiu Guanhua, Li Chao, Ma Li and other big names in the research field, and various businesses were rapidly rolled out. In the 2019 mid-report, the company achieved a sub-position commission of 20 million yuan, and in 2020, the mid-report increased to 30 million yuan. By the middle of 2021, the sub-position commission of Zheshang Securities has reached 154 million yuan, an increase of 414.93% year-on-year.

Industry insiders believe that with the deepening of the reform of the capital market, the research business is also more important for the "blessing" of other businesses of securities companies, and it has also become the driving force for securities companies to spare no effort to develop research business.

"In the IPO business, the registration system has a higher and higher demand for the pricing of new shares, and the research should support investment banks through pricing. At the same time, many institutions now want to outsource the pricing business to us, but we do not have enough personnel. The person in charge of the aforementioned securities research institute said that in addition, all securities companies are paying attention to wealth management business such as fund investment advisory, which also needs the support of the investment research system.

Editor-in-charge: Gui Yanmin