It has been learned from brokerage industry sources that Bao Chengchao, the Co-Head of the Research Institute at GLMS SEC, is planning to leave the firm and is currently in the relevant process. It is understood that his next move may involve joining a leading brokerage.
Bao Chengchao graduated from the School of Economics at Fudan University, holding a Bachelor's degree in Mathematical Economics and a Master's degree in Western Economics.
He began his career at Everbright Prudential Fund as a Research Analyst in 2014. In 2016, he joined Changjiang Securities, where he served as the Chief Strategy Analyst from 2017 to 2023. In 2023, he moved with his team to Guolian Securities. Following the merger of Guolian and Minsheng Securities (completed at the end of 2025), he was appointed as the Executive Deputy General Manager of the GLMS SEC Research Institute.
As a representative merged brokerage, the research capabilities of the two firms were significantly disparate prior to the merger. In 2023, Minsheng Securities' research institute generated commission income of 366 million yuan, ranking 17th in the industry, having established certain advantages in areas such as artificial intelligence, commodities, and manufacturing. In contrast, Guolian Securities' research institute ranked only 38th during the same period, primarily covering macro strategy, advanced manufacturing, consumer sectors, and technology.
Personnel changes at the GLMS SEC Research Institute have been the most notable aspect of the entire integration process. In February 2025, the company established a research integration coordination team, led by Hu Youwen, the former Vice President and Head of Research at Minsheng Securities, with Bao Chengchao, the former Deputy Head of Research at Guolian Securities, serving as the deputy leader. Following the completion of the integration in November, Hu Youwen officially assumed the role of Vice President and General Manager of the GLMS SEC Research Institute, becoming the head of the new research entity.
Within the eight-member core management team, former Minsheng personnel held a clear majority. Key members including Chief Economist and Chief Macro Analyst Tao Chuan, Executive Deputy General Manager and Chief Metals Analyst Qiu Zuxue, Deputy General Manager and Chief Automotive Analyst Cui Yan, and Deputy General Manager and Chief Energy & Mining Analyst Zhou Tai all originated from the former Minsheng Securities.
Only two individuals from the former Guolian side were retained: Executive Deputy General Manager and Chief Strategy Analyst Bao Chengchao and Deputy General Manager and Chief Home Appliance Analyst Guan Quansen. Additionally, Kong Rong, the former Overseas Chief Analyst at Tianfeng Securities, was brought in as Deputy General Manager and Chief Overseas Research Analyst, representing the sole external hire.
Now, Bao Chengchao is also set to depart.
While former Minsheng executives dominated the management layer, the situation among the analyst team was precisely the opposite. Prior to the merger, the two research institutes collectively had 202 analysts (106 from Minsheng, 96 from Guolian). As of April 3, 2026, following the removal of Yin Huiwei, the former Chief Defense Industry Analyst at Minsheng Securities, from the Securities Association of China's practitioner list, all 106 analysts from the former Minsheng Securities Research Institute had resigned, completing a total clearance from "106 to 0."
Regarding performance, in 2024, against the backdrop of a 34.74% overall decline in industry-wide commission income, the merged GLMS SEC achieved a 347.73% year-on-year increase, rising to 5th place in the industry with commission income of 463 million yuan and a market share of 4.22%, becoming the only brokerage among the top 20 to achieve positive growth that year.
However, in 2025, GLMS SEC's commission income fell by 14.66% to 395 million yuan, and its industry ranking dropped from 5th to 9th place. According to industry data, for the first quarter of 2026, GLMS SEC Research Institute's commission income remained stable in 9th place in the industry, showing no improvement.
From an industry perspective, brokerage mergers are not merely about scale addition but involve complex systemic engineering across culture, talent, and strategy. The integration experiment of the GLMS SEC Research Institute provides a valuable case study.
Looking ahead, only by genuinely resolving human capital issues can the merged entity achieve a synergistic "1+1>2" effect and establish a firm footing amidst the ongoing wave of increasing industry concentration.