Analysis of the Impact of Zhang Yidong's Resignation on Industrial Securities' Research Business and Overseas Expansion Strategy

According to public information, Zhang Yidong serves as

, a core senior position in the brokerage research system. Chief Strategy Analysts are usually responsible for:

• Formulating the company’s overall investment strategy and macro judgments
• Leading the strategy research team
• Conveying the company’s investment views externally
• Serving institutional clients and key investors

According to the information provided, Zhang Yidong submitted his resignation due to

and will , focusing on the expansion of Hong Kong and overseas capital markets. This transition from research to business is common in the brokerage industry.

• The Chief Strategy Analyst is the
  core spokesperson
  of the brokerage’s research brand, and his resignation may lead to a short-term decline in the influence of the research department
• Industrial Securities’ stock performance was excellent in 2025, with a year-to-date increase of 24.29% [0]. The research team played an important role in this, and the resignation of the core figure may affect the market’s confidence in the company’s research quality

• Institutional investors often establish deep trust relationships with chief analysts, and resignation may lead to the loss of some institutional clients
• It will take time to rebuild clients’ trust in the new research team

• The resignation of the chief analyst may trigger a
  chain reaction
  within the research team, and other core researchers may follow suit
• The training cycle for researchers is long, and it is difficult to find replacements of the same level in the short term

• Strategy research has
  coherence and continuity
  , and the new负责人 needs time to establish his own research framework and market reputation
• Industrial Securities’ current price-to-earnings ratio is 19.04x [0], and the market has high expectations for the company’s research quality, requiring sustained high-level research output

• If Industrial Securities has established a sound
  research system and talent echelon
  , the long-term impact of a single person’s resignation is limited
• It depends on whether the company has diversified research products and a scattered layout of star analysts

• As a “Global Chief Strategy Analyst”, Zhang Yidong’s resignation may weaken Industrial Securities’ capabilities in
  cross-border research
• Against the background of accelerated internationalization of Chinese brokerages, this is a significant loss

• Zhang Yidong’s transition to overseas business indicates his in-depth research and understanding of overseas markets
• Such
  compound talents who understand both research and overseas markets
  are scarce in brokerages
• Industrial Securities may need to re-cultivate similar talents in the expansion of Hong Kong and overseas businesses

• Global Chief Strategy Analysts are usually responsible for providing investment advice to cross-border clients
• Resignation may affect Industrial Securities’ ability to serve
  overseas institutional investors

• Zhang Yidong’s transition from research to overseas business can directly apply
  research insights to business expansion
• This transition may improve Industrial Securities’ market judgment and customer service capabilities in overseas business

• Business leaders with research backgrounds may bring new business models
• For example: Customized overseas asset allocation services based on in-depth research

According to search results, the China Securities Regulatory Commission (CSRC) is actively promoting brokerages to build global investment banks [1], including:

• Supporting brokerages to
  help China become a global financial power
• Encouraging brokerages to provide support in technological independence

• The total IPO fundraising of the Hong Kong Stock Exchange in 2025 has exceeded HK$200 billion, ranking first among global exchanges [2]
• More than 140 A-share companies have proposed plans to list in Hong Kong or spin off subsidiaries for Hong Kong IPO [2]
• The A+H listing model continues to be popular, with 16 companies achieving this in 2025 [2]

• Among the more than 30 brokerages participating in Hong Kong IPO sponsorship,
  Chinese brokerages account for over 60%
  [2]
• Chinese brokerages perform well in the Hong Kong market due to their rich resources and familiarity with regulatory rules in both places

• Industrial Securities performed steadily in 2025, with a market capitalization of US$64.08 billion [0]
• Net profit margin is 21.64%, operating profit margin is 31.08% [0]
• ROE is 5.79% [0], which is at a reasonable level

• Research business mainly contributes
  institutional client commission sharing revenue
  , accounting for no more than 10% of the brokerage’s total revenue
• Overseas business currently accounts for a low proportion, so the resignation of core personnel has limited impact on overall finances

In recent years, the resignation of brokerage analysts has become a normal phenomenon in the industry, mainly due to:

• Buy-side poaching:
  Public funds, private equity and other buy-side institutions offer higher salaries
• Career transition:
  From research to investment, business management and other positions
• Entrepreneurial opportunities:
  Some senior analysts choose to establish their own investment advisory companies

According to search results, brokerage research business is facing major changes [3]:

• Advent of the OpenAI era:
  Artificial intelligence technology is changing the research landscape
• Private market becomes a new battlefield:
  Large investment banks are accelerating their layout of private company research business
• Increased requirements for research capabilities:
  Need to cover unlisted enterprises, and traditional public market research faces challenges

Chinese brokerages are accelerating their overseas layout:

• The virtual asset track is ushering in a golden age, with 42 brokerages upgrading their “Type 1 License” to seize the virtual asset market [4]
• Hong Kong, as an important bridgehead for the internationalization of Chinese brokerages, has strong policy support
• The boom of A-share companies listing in Hong Kong provides a large number of business opportunities for Chinese brokerages [2]

Impact Dimension	Short-term (0-6 months)	Mid-term (6-18 months)	Long-term (over 18 months)
Research Brand	Moderate negative impact	Mild negative impact	Limited impact
Customer Relationships	Need to rebuild	Gradually recover	Fully recover
Team Stability	Risk exists	Risk reduced	Stable
Overseas Strategy	Experience loss	May benefit	Need new talent
Financial Performance	Minimal impact	Minimal impact	Minimal impact

1. Quickly appoint a successor:
   Determine the new Global Chief Strategy Analyst as soon as possible to stabilize market expectations
2. Strengthen customer communication:
   Proactively communicate with key institutional clients to explain personnel changes and follow-up arrangements
3. Enhance team collaboration:
   Temporarily make up for the lack of personal influence through team collaboration

1. Optimize the research system:
   Establish a more systematic research process and knowledge management system
2. Accelerate talent training:
   Improve the career development path for analysts and establish a multi-level incentive mechanism
3. Strengthen research brand building:
   Enhance the overall brand influence of the research team through multiple channels

1. Establish an international talent echelon:
   Build a research team in overseas markets such as Hong Kong to achieve localized research
2. Diversify research products:
   Not only rely on strategy research, but also develop industry research, company research and other multi-product lines
3. Strengthen synergy between research and business:
   Better translate research results into business value

1. Pay attention to the appointment of successors:
   Background and capabilities of the new Global Chief Strategy Analyst
2. Track research report quality:
   Observe whether the market influence of Industrial Securities’ research reports has declined
3. Monitor overseas business progress:
   Whether the expansion of Hong Kong and overseas businesses has been substantially affected
4. Observe stock price performance:
   Industrial Securities’ stock price has risen by 24.29% [0], need to observe whether personnel changes affect the stock price trend

Zhang Yidong’s resignation is

:

• Research Business Aspect:
  There will be short-term impacts on brand and customer relationships, but through internal promotion and external recruitment, it can gradually recover
• Overseas Strategy Aspect:
  Although it loses a compound talent who understands both research and overseas markets, the Hong Kong market has huge opportunities and strong policy support, so Industrial Securities still has the opportunity to accelerate its overseas layout
• Long-term Perspective:
  The key lies in whether Industrial Securities can take this opportunity to
  optimize the research system, establish a talent echelon, and strengthen internationalization capabilities
  to achieve more stable development

Against the background of accelerated internationalization of Chinese brokerages, Industrial Securities needs to seize the development opportunities of the Hong Kong capital market, and turn this challenge into a driving force for high-quality development through systematic talent strategy and business layout.

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[0] Jinling API Data - Industrial Securities (601377.SS) Stock Price, Company Profile and Financial Data

[1] South China Morning Post - “China’s CSRC pushes brokerages to build global banks and back tech self-reliance” (https://www.scmp.com/business/china-business/article/3335565/chinas-csrc-pushes-brokerages-build-global-banks-and-back-tech-self-reliance)

[2] Yahoo Finance Hong Kong - “A+H上市模式持續火熱！證監會5箭齊發 逾140家陸企集體衝刺港股IPO” (https://hk.finance.yahoo.com/news/h上市模式持續火熱-證監會5箭齊發-逾140家陸企集體衝刺港股ipo-030003068.html)

[3] Yahoo Finance Hong Kong - “OpenAI時代來臨！華爾街研究版圖大洗牌私募市場成新戰場” (https://hk.finance.yahoo.com/news/openai時代來臨-華爾街研究版圖大洗牌-私募市場成新到場-163017326.html)

[4] Yahoo Finance Hong Kong - “香港虛擬資產賽道迎黃金時代！42家券商升級「1號牌」 ​搶佔虛擬資產市場上兆商機” (https://hk.finance.yahoo.com/news/香港虛擬資產賽道迎黃金時代-42家券商升級-1號牌-搶佔虛擬資產市場上兆商機-063003397.html)