In 2025, the group of chief economists of Chinese brokerage firms experienced a deep reshuffle. Recently, Niu Baikun, the former chief economist of Huachuang Securities, was transferred to the position of Assistant President of the Company and Co-Director of the Research Institute; Zhang Yu, former Deputy Director of the Research Institute and Chief Macro Analyst, was promoted to the company's chief economist. In December of this year, Long Hongliang, the new chief economist of Wanlian Securities, also made a public appearance. A brokerage China reporter noticed that from the retreat of the seller's flagship figure Gao Shanwen to the backbone transfers of many powerful players, from personnel changes after the merger to the promotion of new internal stars, the position of chief economist at at least 14 brokerage firms changed in 2025. The reasons include leaving jobs for personal reasons and the impact of institutional mergers. This high-profile talent flow reflects the strategic restructuring of brokers' core intellectual resources in the multiple contexts of industry integration, revaluation of research values, and the evolution of the competitive landscape.

In 2025, the group of chief economists of Chinese brokerage firms experienced a deep reshuffle. Recently, Niu Baikun, the former chief economist of Huachuang Securities, was transferred to the position of Assistant President of the Company and Co-Director of the Research Institute; Zhang Yu, former Deputy Director of the Research Institute and Chief Macro Analyst, was promoted to the company's chief economist. In December of this year, Long Hongliang, the new chief economist of Wanlian Securities, also made a public appearance. A brokerage China reporter noticed that from the retreat of the seller's flagship figure Gao Shanwen to the backbone transfers of many powerful players, from personnel changes after the merger to the promotion of new internal stars, the position of chief economist at at least 14 brokerage firms changed in 2025. The reasons include leaving jobs for personal reasons and the impact of institutional mergers. This high-profile talent flow reflects the strategic restructuring of brokers' core intellectual resources in the multiple contexts of industry integration, revaluation of research values, and the evolution of the competitive landscape.