CICC(601995) 证券时报网·2025-01-25 02:39Core Viewpoint - The recent personnel changes in the asset management divisions of several brokerage firms, including CICC, indicate a trend of internal restructuring within the industry, as firms adapt to evolving market conditions and regulatory requirements [1][3][6]. Group 1: Personnel Changes - CICC announced the departure of Sun Nan, the former head of asset management, who is succeeded by Chen Liang, the current chairman of CICC, effective January 21, 2025 [1][3]. - Other brokerage firms, including Shanzheng Asset Management, Huatai Asset Management, and China Merchants Asset Management, have also reported personnel changes in their asset management subsidiaries [2][6]. Group 2: Asset Management Business Performance - CICC's asset management product, CICC Hengrui Bond A, was established in June 2020 and has seen its scale increase to 170 million yuan by the end of 2024, reflecting a 10.67% growth compared to the end of Q3 2024 [3]. - The performance of CICC Hengrui Bond A over the past year was 2.75%, compared to a benchmark of 5.15% [3]. - CICC's asset management revenue for 2023 was 953 million yuan, a year-on-year decline of 15.63%, with net income from asset management fees dropping by 11.72% in the first three quarters of 2024 [4][5]. Group 3: Industry Trends and Developments - The asset management sector is experiencing significant differentiation, with many smaller brokerages achieving substantial growth while larger firms like CICC face declines [4][6]. - CICC's asset management business has been slow to progress in establishing a new asset management subsidiary, with no updates since the second round of feedback received in March 2023 [5]. - The company aims to enhance its investment research capabilities, diversify its product offerings, and strengthen compliance and risk management to promote high-quality business development [6].