21st Century Business Herald reporter Wang Yuanyuan reported from Shanghai
In all the business of securities companies, although it is not the most core large business, it is exposed to the public eye and is the easiest business to help brokers establish influence. At the same time, as one of the smartest people in the capital market, analysts can also show the current situation of a brokerage company from the side.
According to the statistics of the 21st Century Capital Research Institute, in 2021, the top three securities companies with the most analyst departures are Founder Securities, Anxin Securities and Tianfeng Securities; the top three securities companies with the most analysts are CICC, CITIC Construction Investment and Guohai Securities. In addition, foreign securities companies such as JPMorgan Chase, UBS Securities, Nomura Oriental International Securities, DBS Securities, etc., have also begun their analyst recruitment.
The top five brokers in terms of the number of analyst departures and the number of employees in 2021
Source: Securities Industry Association, only one column of data for securities investment consulting (analysts) is calculated
According to the data of 21st Century Capital Research Institute, in 2021, the three securities research institutes with the most analyst departures are Founder Securities (34 people), Essence Securities (31 people), and Tianfeng Securities (26 people).
In general, the reason why these 3 securities companies - Founder, Anxin, Tianfeng - are abnormal is that all of them have directors/deputy directors and a large number of industry chief analysts "runaway", which means that a large number of backbones of related research institutes have been lost. Guohai Securities, which ranks closely behind in the number of departures in 2021, does not have such a large loss of "backbone". Minsheng Securities, which ranked fifth in the number of departures, also had 10 chief departures during the year, but this is related to the fact that Yang Renwen, the former director of Founder Securities, joined with a "large army" - the new leader brings a large team to the job, and there will inevitably be some "old people" who choose to jump ship.
Founder Securities: 1 director + 16 chiefs left within the year, Ping An started, Guohai "hollowed out"
Founder Securities is probably the saddest research institute of 2021.
In this year, Founder Securities left 34 analysts, and by January 15, 2022, only 35 founder securities analysts registered with the Securities Association remained.
In 2021, Yang Renwen, director of the institute, announced his resignation and joined Guohai Securities as the assistant to the president of the company and the director of the institute. Accompanying his departure is the 16 chief analysts of Founder Securities.
The above chiefs include: Qi Sheng, chief of fixed income, Meng Xiangjie, chief of military industry, Xue Yuhu, chief of food and beverage, Zhou Xiaogang, chief of medicine, Yao Lei, chief of media, Sheng Changsheng, chief of building materials, Lu Guanyu, chief of trading company, Hu Guopeng, chief of strategy, Li Yonglei, chief of chemical industry, Cheng Yisheng, chief of agriculture, Wang Ning, chief of environmental protection, chief licensing of transportation, Zhou Yanfeng, chief of home appliances, Zhou Junzhi, chief of macro, Yu Te, chief of automobiles, and Xia Yifeng, chief of real estate.
What is this concept? Before Shenwan's last adjustment of the first-level industry classification, there were only 28 first-level industries in total.
Founder Securities has a large personnel change in 2021, which is not a secret in the industry. However, 16 chiefs have left in 2021, which is really amazing and has the meaning of "hollowing out" the institute.
With Yang Renwen joining Guohai Securities, 10 of the above-mentioned industry chief analysts have also directly joined Guohai Securities. In addition, Xia Lei, the earlier real estate chief who left Founder Securities in 2018, may have been inspired by the old leaders in 2021 to return to the brokerage industry and also join Guohai Securities.
Yang Renwen alone brought 11 industry chief analysts to Guohai Securities.
Even at the end of 2021, Yan Xiang, former deputy director of Guohai Securities, announced that he would join Founder Securities and provoke the director of the research institute, but the development of the Founder Securities Research Institute was stretched.
So much so that when the monthly gold stocks were released in January 2022, Founder Securities could only launch gold stocks in several sectors such as technology, electronics, computers, communications, emerging industries, pharmaceuticals, and military industry.
Among them, Bao Xuebo, chief military industry, is an analyst who left CITIC Construction Investment in April 2021, and Tang Aijin, chief pharmaceutical officer, is an analyst who left Guangzhou Guangsheng Hang Seng Securities Research Institute Co., Ltd. in January 2021.
The chiefs of other industries to be filled, according to industry insiders, some are senior researchers on top, and some are transferred from other internal business personnel.
The institute is only one part of the great turmoil of Founder Securities, and Choice financial terminal data shows that as of December 21 last year, Founder Securities had reduced its staff by 382 people during the year.
Why is Founder Securities in such turmoil? It is related to Ping An's acquisition of Founder.
As we all know, there is already a Ping An Securities under the Ping An Group, and in this acquisition of the Fangzheng Group, how the two securities companies under the two major groups get along has long become a concern.
According to the investment research personnel of the securities company, the current version is that Founder was acquired by Ping An, and the Founder Securities Research Institute will serve as an external research institute, while the original Ping An Research Institute serves internally, because the Ping An Securities Research Institute originally had a strong sense of external presence in the market. This also means that the original founder securities research institute people may have to accept the Ping An Group's system of systems, including the compensation system. This set of systems may be different from everyone's original career planning, and other brokers have the will to become bigger, so there has been a big change in personnel.
As far as the acquisition of the other party is securities, it is difficult to predict whether it is an opportunity or the beginning of decline. After all, after the former Guotai Junan acquired Shanghai Securities, the market knew that the latter had been in a state of "lying down". The chief analysts who are at the forefront of the capital market have also chosen to leave Founder Securities in a large area, which also conveys a pessimistic judgment.
Departure of Founder Securities Analysts in 2021 (Securities Investment Consulting (Analysts) Only)
Source: Securities Industry Association, 21st Century Business Herald Statistical Collation
Note: Xia Lei and Jiang Na left Founder Securities in 2018 and 2020 respectively, and joined the new securities company in 2021
Anxin Securities: 2 directors + 9 chiefs left, under the business transformation, the backbone of each of them
The number of analysts who left the Anxin Securities Research Institute in 2021 was second only to Founder Securities, with 31 analysts leaving in the whole year, and as of January 15, 2022, the number of founder securities analysts registered with the Securities Association was 54.
Anxin Securities is also the director of the research institute, leaving, taking away a lot of chiefs.
In 2021, Hu Youwen, director of The Essence Research Institute and chief analyst of the computer industry, left his post in August and subsequently joined Minsheng Securities as the director of the institute. Feng Fuzhang, deputy director of the institute and chief of the military industry, Feng Fuzhang, left his post as early as June and announced in August that he would become the director of the research department of China Merchants Fund.
Accompanied by the departure of the two directors, 29 analysts left, including 9 industry chief analysts, namely: Li Zhe, chief of high-end manufacturing, Ma Tianyi, chief of communications and overseas technology, Liu Wenzheng, chief of social services, Deng Yongkang, chief of new energy and power equipment, Lu Wei, chief of computing and power equipment, Su Cheng, chief of food and beverage, Qi Ding, chief of nonferrous metals, Peng Hu, chief of communications, and Chen Guo, chief of strategy.
The same as the previous wave of departures from Founder Securities, another large-scale departure wave of mayors + industry chief analysts was staged.
However, unlike the previous Founder Securities, Yang Renwen almost led the original Founder Securities Research Institute to jump to Guosen Securities together, while Hu Youwen, the former director of Essence Securities, only took 9 of his original subordinates to Minsheng Securities, including 5 industry chiefs.
In addition, the departure of Analysts at Essence Securities is less "hasty" – Shi Xiaobin was promoted to chief of the technology industry after joining CICC, Du Yifan was promoted to co-chief of beauty and commerce after joining CITIC Securities, and many others went to the well-known high-paying CICC, CITIC Securities, and CITIC Construction Investment in the industry – which means that analysts at Essence Securities may have more time to talk about a good "value" for themselves after jumping ship.
The salary problem under the transformation of Essence Securities' business may be the main reason for the large-scale wave of departures of Essence Securities.
According to the "Shanghai Securities News" previously reported, Anxin Securities Research Institute will strengthen internal services, from a single research for commission model to both internal and external, and pay more attention to the synergy between research business and various lines of business - which means that the responsibilities of analysts will change, and the assessment standards and labor pricing of analysts will change.
At the same time, it is CICC, Minsheng Securities and other securities companies to recruit and actively develop business, which is not difficult to understand that the analysts of Essence Securities want to seek another high.
Departure of Director/Chief of Essence Securities in 2021 (Securities Investment Consulting (Analyst) Only)
Tianfeng Securities: 2 deputy directors + 8 chiefs left, and the elderly in the entrepreneurial period left in large numbers
Tianfeng Securities is another research institute that has seen a wave of departures.
In 2021, a total of 26 people left the institute, including 2 deputy directors and 8 industry chief analysts.
The two directors are Deng Xue, deputy director and chief of automobiles, Zou Runfang, deputy director and chief of high-end manufacturing, and the 8 chiefs are: Yang Yehui, joint chief of medicine and deputy director of the industry department, Zheng Wei, chief of medicine, Cai Wenjuan, chief of home appliances, Jiang Ming, chief of transportation, Li Huafeng, chief of building materials, Liao Zhiming, chief of banking, Tang Xiao, chief of construction, and Li Hui, chief of chemical industry.
Compared with the first two securities companies, the "departure tide" of Tianfeng Securities also has its own unique characteristics - the entry time of deputy directors and chiefs is almost all between 2016 and 2018, except for Li Huafeng, the chief building materials officer, who joined Tianfeng in 2020.
In 2016, Tianfeng Securities announced the establishment of a research institute and began to recruit a large number of new wealth star analysts from the market and expand.
At that time, those attracted by the new research institute included Liu Yuhui, former chief economist of GF Securities, Zhao Xiaoguang, former director of Anxin Securities Research Institute, Xu Biao, former chief strategist of Anxin Securities, and Sun Binbin, former head of fixed income research at China Merchants Securities R&D Center.
According to media reports at the time, Tianfeng Securities recruited more than 10 new wealth gold medal analysts from securities companies such as Anxin, Guangfa, Huatai, China Merchants, and Ifc.
At that time, Yu Lei, chairman of Tianfeng Securities, told the media that most of these gold-medal analysts had cut salaries in the past, and that salaries that met market-oriented standards, flexible incentive mechanisms, and a good internal entrepreneurial atmosphere were the keys to attracting star analysts.
This way of relying on "digging corners to rush performance" is effective.
From 2016 to 2020, the sub-position commission income of Tianfeng Securities Research Institute was 65.91 million yuan, 308 million yuan, 266 million yuan, 207 million yuan and 362 million yuan, respectively.
But things have changed in 2020.
This year, the market circulated the suspicion that Tianfeng Securities Research Institute recruited high-paying analysts, although the performance of the sub-position was good, but it was actually not profitable. At that time, Zhao Xiaoguang, director of the institute, publicly responded that the institute has been profitable every year since 2016.
As a result, in 2021, there will be a large number of departures of the early joined backbone, including Yang Yehui, the joint chief of medicine who joined Tianfeng in 2016, Cai Wenjuan, chief of home appliances, and Jiang Ming, chief of transportation.
As for the reasons for the large number of departures of the institute's backbone and analysts, the version circulating in the industry is that the salary has not been paid, which has disappointed many people.
In 2021, the incident of Liao Zhiming, former chief analyst of the banking industry of Tianfeng Securities, "asking for a salary" from the company is like a "real hammer" sent to the above rumors.
Behind the above changes, what has caused the industry to think is whether the Tianfeng Securities Research Institute's "high-stakes" approach can enable the business of the small and medium-sized securities research institute to achieve counterattack and long-term and steady development.
At least from the situation that many chief analysts leave in 2021, it seems that it is not so successful.
The model of Tianfeng has also caused many small and medium-sized securities companies to learn, including Guosheng, Yangtze River, open source and so on. If Tianfeng finally returns home, it may mean that future brokerage executives will avoid the decision to dig up people and raid the business with high salaries. This also means that the highest value of star analysts may have become history, and brokerage executives will no longer be willing to pay such high salaries.
Departure of Director/Chief of Tianfeng Securities in 2021 (Securities Investment Consulting (Analyst) Only)
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