Year of Dramatic Changes! Chief Economist of Securities Companies Undergoes "Major Reshuffle"

In 2025, the group of chief economists in Chinese securities firms experienced a major reshuffle. Recently, Niu Bokun, the former chief economist of Huachuan Securities, was appointed as the assistant to the president and co-director of the research institute; Zhang Yu, former deputy director of the research institute and chief macro analyst, was promoted to chief economist of the company. In December of this year, Long Hongliang, the newly appointed chief economist of Wanlian Securities, also made his public appearance. Securities China journalists noticed that from the retirement of prominent figures like Gao Shanwen to the transition of many core members, from the personnel changes after mergers to the promotion of internal rising stars, at least 14 chief economist positions in securities firms have changed in 2025. The reasons include individual resignations, institutional mergers, etc. This highly anticipated talent movement reflects the strategic restructuring of core intellectual resources in the securities industry under the multiple backgrounds of industry consolidation, revaluation of research value, and evolution of competitive landscape.