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There is no shortage of topics in the financial circle. Zheng Hongda, who had just taken up the post of deputy director of the Western Securities Research Institute, and Shan Huiwei, chief analyst of the electronics industry, started arguing in the work group over a disagreement.

According to public information, Zheng Hongda was previously the chief analyst of the technology industry at Haitong Securities. In February this year, he just took up the position of deputy director of the Western Securities Research Institute and was mainly responsible for TMT research.

However, inRaised fundsAgainst the backdrop of an upcoming significant commission cut, the discussion on whether there is an oversupply of sell-side analysts has seemed somewhat one-sided recently, and there have also been occasional rumors about layoffs at a certain brokerage research institute in the past year.

Zheng Hongda's new employer, Western Securities, is also struggling. According to last year's annual report, Western Securities' research and sub-account income fell by more than 30% year-on-year.

In the first quarter of 2024, Western Securities achieved operating income of 1.595 billion yuan, a year-on-year decrease of 12.01%; net profit attributable to shareholders of listed companies was 196 million yuan, a year-on-year decrease of 45.24%. It is worth noting that during the reporting period, Western Securities' fair value change gains decreased by 62.01%. In this regard, the company explained that the fluctuations in the securities market led to changes in the fair value of financial instruments.