Several major securities brokerages, including CITIC Construction Investment Securities and Caida Securities, have recently appointed new chief economists. In recent years, the brokerage research divisions, which primarily rely on commission income from public fund allocations, have faced operational pressure and intensified industry divergence. Amidst increasingly fierce market competition, these firms are actively recruiting leading talent, leveraging the chief economist as the "soul" of the research department, to drive a diversified strategic transformation of the research business.
CITIC Construction Investment Securities announced on the evening of August 12th that He Haifeng has officially assumed the role of Global Chief Economist. He has long been deeply involved in global macroeconomics, financial strategy, and policy research, and previously served as Chief Economist at Guotai Junan Securities. According to information from the Securities Association of China, He left Guotai Junan Securities in March 2025 and joined CITIC Construction Investment Securities on August 10th. CITIC Construction Investment Securities stated that He will oversee global macro and strategic research, build round-the-clock analytical capabilities across time zones and markets, interpret monetary policies of major global economies, clarify the logic of industrial relocation under global supply chain restructuring, and support the implementation of international businesses such as cross-border derivatives and offshore bond underwriting.
Caida Securities recently welcomed Xie Yunliang as its new Chief Economist. Xie also has years of experience in macro research, having served as Chief Macro Analyst at Minsheng Securities and Cinda Securities. Since last year, Caida Securities has been actively expanding its research business. In November last year, the Caida Securities Research Institute was officially established; in February this year, the firm publicly recruited a Chief Economist; and in July, it hired Ge Jun, former head of the research institute at Minmetals Securities, as General Manager Assistant and Director of the Research Institute.
The chief economist is a pivotal position in a brokerage's research division, significantly impacting brand image, research strength, and market competitiveness. Competition in the research business is intensifying. In 2025, the industry's total commission income from fund allocations reached 11.013 billion yuan, roughly flat compared to 2024. In terms of revenue growth, many top-tier brokerages are under pressure, with year-on-year declines in commission income, while some smaller and mid-tier firms have achieved impressive growth by specializing in specific sectors. For example, Huayuan Securities and Huafu Securities saw commission income from fund allocations surge by 764.9% and 186.5%, respectively, in 2025.
Key Areas to Kick Off
Facing operational challenges, brokerages are actively promoting strategic transformations in their research departments, aiming to create new profit growth curves. A key lever in this reform is the introduction of high-end research talent. This year, the industry has aggressively recruited top-tier leaders. Besides Caida Securities' public recruitment of a Chief Economist, Wanlian Securities publicly recruited a Director of the Research Institute in July, requiring candidates with over 10 years of experience, including at least 5 years in financial research, strategy analysis, or industry company research, and over 2 years in department management. The role demands a deep understanding and forward-looking judgment of research business trends, as well as the ability to cultivate professional research talent and build a reasonable talent echelon to effectively meet the research support needs of various business lines. Earlier this year, Hualin Securities also publicly recruited a head for its research department.
Why Just 10 ASX 200 Shares?
Yu Fenghui, a senior researcher at Pangu Think Tank, commented to Securities Daily that with industry commission income under pressure and homogenization in sell-side research, brokerages need to upgrade their research systems by introducing leading talent. On one hand, the chief economist, as the "anchor" of the research team, directly influences the direction and quality of research output. On the other hand, well-known chief economists can help brokerages build a strong brand image and enhance client trust. Furthermore, the increasing number of brokerages establishing "Global Chief Economist" positions reflects a strategic intent to accelerate the "going global" of research businesses and improve cross-border business coordination.
Looking at future development directions, He Haifeng stated, "CITIC Construction Investment Securities will focus on global macro and strategic research, continuously publishing high-quality in-depth reports on long-term economic growth paradigms, covering areas like the international landscape and global industrial chain restructuring. Our services will not be limited to secondary market investors but will also engage governments, media, and overseas institutions, aiming to build an international brand and voice for the research institute, establish the academic image of the CITIC Construction Investment think tank, enhance recognition from domestic and foreign institutions, and help make it the company's 'top business card'."
"Looking at industry transformation practices, it's clear that industrial research and overseas research are becoming key focus areas for more brokerage research institutes," said Zhang Cuixia, Chief Investment Advisor at Jufeng Investment. She noted that with the rapid development of emerging industries, businesses like underwriting and investment require strong support from research institutes. Decisions on project valuation, pricing, and investment rely on deep industry understanding and forward-looking judgment. Additionally, against the backdrop of accelerated global industrial chain restructuring, cross-border asset allocation needs from both domestic and foreign investors are heating up. Brokerage research institutes can serve as a crucial bridge connecting domestic and international capital, translating research capabilities into commercial services and products needed by cross-border investors, thereby opening up long-term growth potential for revenue.