What Happened To Everbright Securities?

A few years ago, Everbright Research Institute, which was full of wind and water, suffered a lot.

On December 1, the 21st century economic report reporter learned that the chemical industry, light industry, textile and clothing, and home appliances, the three major industry research forces of China Everbright Securities Research Institute, which were listed as new wealth in 2019, left the post of director of Everbright Securities Research Institute in the same period.

Before that, Peng Wensheng, chief economist of Everbright Securities, left to return to CICC in May; in August, Zhang Wenlang, chief Macro Analyst of Everbright Securities, left for CICC as chief Macro Analyst.

Personnel changes in the Securities Research Institute are not uncommon. However, within a short period of one year, Everbright Securities from the chief economist, to the institute director, deputy director, assistant director and a number of chief researchers have left one after another, which really triggered the thinking of the industry.

In a short period of one year, Everbright Securities from the chief economist to the director of the Research Institute and several chief researchers have left one after another, which has aroused the industry's thinking. Visual China

The three major banks and research groups left

According to public information, Hu Yali graduated from Wuhan University and joined CITIC Securities Research Department in April 2007. Hu Yali once led the team to win the first place in the new fortune home appliance industry for 9 consecutive years. The research system of the new third board based on the industrial chain that she created was selected as the first Sun Yefang Market Innovation Research Award in Wudaokou, Tsinghua.

Qiu Xiaofeng, deputy director of Everbright Securities Research Institute and chief analyst of petrochemical industry. He was once an analyst in the petrochemical industry of China Merchants Securities and the chief analyst of the petrochemical industry of Galaxy Securities Research Department, and was listed as the best analyst in the petrochemical industry of new fortune in 2019.

Li Jie, Ph.D., once served as the deputy director of research of Cathay Pacific Foundation. She has been listed as a new wealth for many times. She has both textile and clothing industry background and buyer experience. The new fortune is the best analyst of light industry and textile clothing in 2019.

Jinxing, a graduate of Sun Yat sen University, has successively worked in the electrical Securities Department of Midea and Shenyin Wanguo Securities Research Institute, and joined CITIC Securities Research Department in 2012. New fortune is listed as the best analyst in household appliance industry in 2019.

Some Everbright Securities insiders said, "some follow the leadership, some are poached by other institutions."

Transfer of revenue from warehouse to commission

In 2016, Xue Feng, then vice chairman and President of Everbright Securities, introduced Peng Wensheng as the global chief economist and director of the Institute.

Peng Wensheng joined Everbright Securities and became a signboard figure of the Research Institute. Subsequently, a number of star analysts such as Hu Yali joined the company, which made the comprehensive strength of the research institute rapidly improved.

In 2016, Everbright Securities Commission sub warehouse income was 272 million yuan, ranking 15th in the securities industry. At that time, Everbright Securities gave the goal of improving market influence for research business.

Three years later, in 2019, Everbright Securities Commission sub warehouse has risen to the sixth place in the industry, reaching 313 million yuan, and the company's goal has become to create research features.

According to the annual report of 2019, in 2020, Everbright Securities Investment and research business will continue to build a total amount of research into Everbright characteristics, strengthen market strategy research, promote talent structure adjustment, strengthen key customer service, expand market competitiveness and income generating capacity in core research fields, and continuously enhance the research value of sellers. Maintain independent research, set reasonable prices for the enterprises of the science and technology innovation board, and provide high-quality investment and research services for customers.

However, with the resignation of chief economist and chief Macro Analyst in the middle of the year, in the first half of 2020, the Commission sub warehouse income of Everbright Securities decreased significantly.

In the same period of last year, the Commission provided by securities companies reached 76.52 billion yuan, which was significantly higher than that in the first half of 2020. Everbright Securities Commission sub warehouse revenue of 189.77 million yuan, ranked the 12th.

Although compared with the same period last year, the Commission sub warehouse income of Everbright Securities increased by 18.89% year-on-year. However, according to the top 20 securities companies' sub warehouse income, the growth rate of Everbright Securities was the least, and the average growth rate of commission sub warehouse income of other securities companies was more than 40%.

"In recent years, the transformation of research on sellers of securities companies has continued to advance, especially in 2020. In the face of increasingly fierce competition, the two-way opening up of the domestic securities industry has continued to advance. Strengthening the investment and research sector has become the focus of more and more securities companies in the new year." A person from a securities company in Shenzhen said that large-scale personnel unrest will directly affect the research strength of securities companies, and of course, the Commission sub warehouse will also be affected.

Reasons for the change of personnel frequency

"Expected", for this series of personnel changes, insiders analysis that, on the one hand, because of the high-level change, caused by the middle-level shock, some researchers also follow the team leader. On the other hand, the introduction of talents by external institutions with high salaries will also lead to some personnel changes.

The frequency of personnel changes in the Institute is not a problem faced by Everbright Securities, but it is because of the large number of people involved in this change that the market is concerned about. In fact, personnel changes have taken place in a number of securities research institutes this year, including some Securities Industry Research Masters.

According to the reporter's statistics, Li Lifeng, former deputy director and chief strategic analyst of Zhejiang Securities Research Institute, Li Qilin, chief economist and President of the Research Institute of YueKai securities, and Li Yamin, director of BOC Securities Research Institute, etc.

The frequent personnel changes of research institutes reflect the competition of research strength of securities companies. With the increasing competitive pressure of the industry, securities companies are looking for their own differentiated research path in 2020.

CITIC will continue to increase the coverage rate of all its clients in the research and transformation of its securities business in 2020.

Huatai Securities shows that in 2020, the company's research and institutional sales business will continue to improve the integrated business system at home and abroad, create a collaborative mode and docking mechanism for institutional investors, and strive to improve the comprehensive financial service capabilities of institutional customers.

Analysts also believe that in addition to the high-level changes and salary increase, the main factor is still that securities companies try to compete for market share and enhance their competitive strength.