At the age of 36, Xu Chun was promoted to vice president of Guolian Securities and was the youngest director of the research institute of the youngest securities firm in China

Another director of the institute was promoted to vice president.

On December 27, Guolian Securities Co., Ltd. (hereinafter referred to as "Guolian Securities", 601456) announced that Xu Chun was appointed as the company's vice president. In the fourth quarter of this year, the youngest director of the domestic brokerage research institute just joined Guolian Securities.

At the age of 36, he was promoted to vice president

According to the announcement information, Xu Chun, born in 1987, is 36 years old, Chinese nationality, no right of permanent residence abroad, master of science from Fudan University, and holds a non-practicing membership certificate and legal professional qualification certificate of the Chinese Institute of Certified Public Accountants. Xu Chun is currently the administrative director of Guolian Securities Research Institute, and was an industry researcher, deputy general manager and general manager of Changjiang Securities Co., Ltd. (hereinafter referred to as "Changjiang Securities").

The surging news noticed that Xu Chungang had only been jumping to Guolian Securities for 2 months. According to the information publicity of the Securities Association of China, Xu Chun cancelled his practice registration from Changjiang Securities on October 17 this year, and his practice institution was changed to Guolian Securities on November 1.

During his tenure at Changjiang Securities, Xu Chun was the youngest director of the securities research institute in China. From 2014 to 2020, Xu Chun won the first place in the household appliance industry in the "New Fortune Best Analyst Selection", and was awarded the title of "New Fortune Platinum Analyst" in 2020 and the title of "New Fortune Outstanding Research Leader" in 2021.

During Xu Chun's tenure at the helm of Changjiang Securities Research Institute, Changjiang Securities' relevant performance was outstanding. According to the data, from 2019 to 2022 and the first half of 2023, Changjiang Securities received trading commissions of 401 million yuan, 741 million yuan, 1.181 billion yuan, 955 million yuan and 467 million yuan respectively, ranking second in the industry for three consecutive years from 2019 to 2021, and ranking third and fourth in the industry in 2022 and the first half of 2023.

At present, Guolian Securities has entered a critical period of development. As the first brokerage merger case of the year, Guolian Securities' acquisition of Minsheng Securities has recently been approved by the China Securities Regulatory Commission, and Wuxi Guolian Development (Group) Co., Ltd. (hereinafter referred to as "Guolian Group") has been approved to become a major shareholder of Minsheng Securities.

Guolian Group is the controlling shareholder of Guolian Securities, holding 544 million shares of Guolian Securities as of the end of the third quarter of this year, accounting for 19.21%. After becoming a shareholder of Minsheng Securities, Guolian Group said that it would promote the integration of Minsheng Securities and Guolian Securities in a steady and orderly manner.

Soochow Securities pointed out that the volume of Guolian Securities is expected to expand rapidly, Minsheng Securities and Guolian Securities are both medium-sized brokerages, and the competitiveness of Guolian Securities' investment banking business is expected to be greatly improved after the integration is completed.

On October 28, Guolian Securities released the third quarter report of 2023, in the first three quarters, the company achieved operating income of 2.507 billion yuan, a year-on-year increase of 22.02%, and a net profit attributable to the parent company of 727 million yuan, a year-on-year increase of 12.94%; An increase of 0.41%, an increase of 121.03%, an increase of 56.06%, and an increase of 21.92%.

According to the data of Great Wisdom VIP, as of the close of trading on December 27, Guolian Securities closed at 10.6 yuan, up 1.92%, with a market value of 30 billion yuan.

This year, a number of institute directors have been promoted to senior management

The Paper noted that since the beginning of this year, a number of research institute directors have been promoted to senior executives of the company.

On the evening of March 27, Huaxi Securities announced that Wei Tao was appointed as deputy general manager (vice president), and before the appointment, Wei Tao was the assistant to the general manager of Huaxi Securities and the director of the Securities Research Institute. On July 12, China Merchants Securities announced that Zhang Liangyong, the former general manager of the Research and Development Center, was transferred to China Merchants Asset Management, a subsidiary of China Merchants Securities, and assumed the position of chairman. On August 30, Hongta Securities announced the appointment of Li Qilin as the company's vice president, and before that, Li Qilin was the director and chief economist of the Hongta Securities Research Institute. On August 29, Shanxi Securities announced that the company's board of directors deliberated and passed the "Proposal on the Appointment of Senior Managers", of which Liu Jun, director of the company's research institute, served as a member of the company's executive committee.

Industry insiders believe that the frequent promotion of the director of the brokerage research institute to senior executives reflects the deepening of the importance of the brokerage to the research business in recent years. In 2016, Liu Yuanrui, director of Changjiang Securities Research Institute, was promoted to vice president of Changjiang Securities, and on May 14, 2018, Zhao Xiaoguang, director of Tianfeng Securities Research Institute, was appointed as vice president of Tianfeng Securities.

From the perspective of business income, in 2022, the average net income of listed securities companies will account for 3.7% of the net rental of seats in the trading unit, while the net income of Tianfeng Securities and Changjiang Securities trading unit seat leasing will be 650 million yuan and 1.10 billion yuan respectively, accounting for 38.0% and 17.3% of the income respectively.

Cinda Securities said in the analysis of the research report that from the perspective of research services, the research business will help brokerages quickly build their brands and form institutional influence. In addition, the research business is less dependent on the channel ability and capital strength of the brokerage, and the core value under the guidance of the policy is more focused on the research capability itself.

From the point of view of the concentration of public offering commissions, from 2013 to 2022, CR5 and CR10 are between 23.5% ~ 27.1% and 42.5% ~ 46.3% respectively.

Hua Chuang Securities said that the research business has a low dependence on the accumulation of historical customers, and small and medium-sized brokerages can better develop this business. Without considering the increasing regulatory pressure, referring to the development history of Tianfeng, Guosheng, Yangtze River and other research institutes, the entry barriers are relatively low at present. Hua Chuang Securities pointed out that in recent years, the research business is developing from the embryonic stage to the growth stage, and the securities companies with research business advantages are expected to gain a first-mover advantage, form mechanism construction and platform advantages more quickly, and promote the overall business quality of the brokerage.