The "big female lead" born after 1985 makes an appearance, as top executives in first-tier securities firms accelerate "generational replacement."

The core leadership of large domestic securities firms is quietly undergoing a "generational transition."

Related media reports confirm that Wu Chaoze, head of the Research and Development Department and director of the research institute at CSC, has recently been promoted to a member of the Party Committee of CSC.

According to the practices of state-owned securities firms, Wu Chaoze will almost certainly play an important role within the core team of CSC in the future.

Born in 1986, Wu Chaoze not only has the advantage of youth but also boasts an impressive professional background and experience, making her future prospects and role positioning at CSC worthy of attention.

As a group of post-80s professionals, including Wu Chaoze and Zhou Haichen, who have backgrounds as research "directors," gradually enter the leadership of various securities firms, a "generational transition" among the core teams of leading securities institutions is unfolding.

Post-85 "Leading Lady"

If we borrow a phrase from the entertainment industry, Wu Chaoze is indeed a rare "leading lady" type of young executive in the core talent pool of first-tier securities firms (the "Big Three" plus Guotai Junan and Haitong).

She is in her prime, having been born in 1986, and at the age of 32, she became the director of a first-tier securities research institute, leading CSC's research institute to new heights, and she is still not yet 40.

She is professional, holding a master's degree in law from the UK, and after joining sell-side research, she focused on the highly competitive telecommunications industry. Moreover, she stood out among many excellent analysts, winning the New Fortune Best Analyst in the telecommunications sector for eight consecutive years, becoming a "platinum analyst."

She is also skilled in coordination and management; after "taking charge" of CSC's research institute, she successfully revitalized CSC's research business and maintained its position among the top four in the industry.

Having witnessed the fiercely competitive landscape of the sell-side research market, one can truly appreciate how challenging these achievements are.

"Debuting at the Peak"

According to available information, Wu Chaoze started her career in 2012, which was the peak era of CSC's sell-side research.

Although the overall commission ranking was in the top ten, CSC's research team at that time had a "god-like" figure—Zhou Jintao, who was known as the "King of Cycles."

In that unprecedented era of macroeconomic significance, Zhou Jintao, as the chief economist of CSC, made several remarkably accurate "predictions." His view that "wealth in life relies on Kondratiev waves" remains a well-known saying in the investment circle even years after his passing.

Wu Chaoze's research focus was in the telecommunications sector, a field with vast potential for future development but extremely fierce competition at that time.

Of course, nothing is easy in sell-side research, whether during quiet times or hot periods. As the telecommunications industry became increasingly popular due to the proliferation of 4G, the name "Wu Chaoze," a particularly impressive young analyst, began to "rise to fame."

New Fortune's selections show that from 2013 (the second year after Wu Chaoze officially debuted) to 2020, she won the New Fortune Best Analyst in the telecommunications sector for eight consecutive years. Additionally, she also secured the Crystal Ball Best Analyst in the telecommunications sector for seven consecutive years from 2014 to 2020 What is the peak right from the debut, this is it.

Once "Facing a Crisis"

In 2018, at the age of only 32, Wu Chaoze was promoted to the director of the research institute of this brokerage firm, which was a bold and almost "facing a crisis" arrangement at the time.

At that time, the research institute of CSC was still hovering around the top ten in the industry (in terms of commission ranking), which was not compatible with this brokerage firm that had entered the top tier of the "Three Middle One Hua" brokerage industry. With the arrival of the new leadership team, the CSC research institute reached a point of transformation.

However, at that time, the entire industry was quite mature, and it was very difficult for any of the top ten research institutes to move forward. By the end of 2018, the commission ranking of the CSC research institute had almost "unprecedentedly" dropped to 12th in the industry.

It was a disruptive era, with the other two big brothers, Guojin and CICC, ranking 11th and 13th that year. Many people were watching how this "little girl" led CSC would respond.

But under Wu Chaoze's leadership, the CSC research institute began to thrive. After she took office, she started to promote the bold introduction of sell-side talent, while establishing new performance assessment and research product transformation mechanisms. She also served as the leader of the TMT group, particularly making remarkable insights in the fields of 5G, cloud computing, and the Internet of Things.

In 2019, CSC returned to the top three in the industry with a commission of 348 million yuan, and for many years thereafter, the company's commission ranking remained in the top four. The research team led by Wu Chaoze made significant contributions to this.

Perhaps due to such outstanding performance, or for other opportunities, Wu Chaoze finally welcomed another important "opportunity" in her life in 2025, becoming a member of the Party Committee of CSC Securities.

"Research Value Revolution"

According to convention, Wu Chaoze will inevitably become one of the core leadership members of CSC Securities in the future, becoming another case of a research institute director (general manager) being promoted to brokerage leadership.

The most famous previous case was Liu Yuanrui, the former director of the research institute of Changjiang Securities, who became the president of Changjiang Securities at the age of 35.

Liu Yuanrui entered the research institute of Changjiang Securities after graduating with a master's degree in 2007, initially focusing on the consumer-related agriculture, forestry, animal husbandry, and fishery sectors. He was later adjusted to be a steel industry analyst and won the first place in the steel industry for seven consecutive years, receiving the honor of New Fortune Platinum Analyst. His excellent research achievements that year were quite similar to those of Wu Chaoze today.

At that time, Changjiang Securities was undergoing a round of reform driven by its shareholders, and the young and professional Liu Yuanrui broke industry conventions to seize this opportunity.

In addition, Zhou Haichen, the former director of the research institute of Shenwan Hongyuan and a platinum analyst in the light industry, has also been promoted to the executive committee of Shenwan Hongyuan Securities in recent years.

Moreover, Ding Wentao, the current executive committee member, assistant president, and co-general manager of the Shanghai headquarters management committee of Soochow Securities, was also the director of the Soochow Securities research institute and a sell-side analyst. In 2014, Ding Wentao won the grand slam in the non-bank analyst selection, becoming the most popular analyst in industry selections such as New Fortune, Crystal Ball, and Golden Bull Interestingly, the four research institute directors mentioned above are all born in the "80s," and their emergence has driven a new "research value revolution."

During the Update and Replacement

If we take stock of the executive committees (senior management) of various brokerages, more individuals born in the 80s have recently stepped into the "management core" of the companies.

This includes Zhu Yexin from CITIC Securities, who currently serves as a member of the Party Committee, executive committee member, and head of the research department's administration. According to the information, Zhu Yexin joined CITIC Securities in 2008 and has held positions such as project manager, B-side, and head of the equipment manufacturing industry group of the Investment Banking Management Committee, head of the Industrial and Advanced Manufacturing Industry Group (formerly the Equipment Manufacturing Industry Group) of the Investment Banking Committee, member of the Investment Banking Committee, member of the Investment Banking Party Committee, and head of the Strategic Planning Department's administration.

Liang Dongqing, a member of the Party Committee of CICC, will serve as a member of the Party Committee of CICC starting from August 2024 and as a member of the management committee from September. Additionally, she currently holds positions as a member of the Party Committee and executive committee of China CICC Wealth Securities Co., Ltd., vice president, chairman of the labor union, and head of the product and solutions tribe, as well as a director of CICC Wealth Futures Co., Ltd.

It is worth noting that Liang Dongqing has a "career starting point" in sell-side research, having joined the research department of CICC in July 2008, where she has served as the head of the wealth research department, co-head of the wealth service center, general manager and chairman of China Investment Securities Co., Ltd., and general manager of the CICC Wealth Product Center.

Han Zhida, vice president of Guotai Junan Securities (born September 1982), has a resume showing that he will serve as vice president of Guotai Junan starting from July 17, 2024. He joined the company in July 2005 and has held positions such as senior manager of the fixed income securities headquarters, assistant director, director; executive director of the mergers and acquisitions headquarters; executive director and managing director of the mergers and acquisitions financing department; head of administration for the Beijing investment banking division of the investment banking department; vice chairman and general manager of Guotai Junan Zhenyu Investment Co., Ltd.; general manager of the strategic development department, director of the digital transformation office, and dean of the policy research institute. Mr. Han has also concurrently served as chairman of Guotai Junan Innovation Investment Co., Ltd. and chairman of the executive committee since April 2024, and as chairman of the board of Guotai Junan Financial Holdings Co., Ltd. since November 2024.

Hu Wei, president of Guoyuan Securities (born 1981), currently serves as deputy secretary of the Party Committee, director, chairman of the executive committee, and president of Guoyuan Securities, and holds the qualification of a sponsor representative. He has previously served as project manager of the investment banking headquarters of Guoyuan Securities Co., Ltd., deputy manager of the business departments three and five of the investment banking headquarters, manager of the business departments five and nine of the investment banking headquarters, general manager of the equity management department, deputy general manager of the investment banking headquarters, and manager of business department three, as well as deputy chairman and vice president of the company's executive committee.

Guo Jia'an, vice president of Soochow Securities (born April 1983), has served as assistant general manager of the Jiaxing branch of Soochow Securities, deputy general manager (acting) of the Jiaxing Changxiu Street Securities Business Department, general manager of the Jiaxing Changxiu Street Securities Business Department, deputy general manager (acting) of the Jiaxing branch, deputy general manager (acting) of the asset management headquarters, general manager of the Wuzhong District central business department, director of the board office, member of the Party Committee, vice president, and general manager of the Shanghai headquarters management committee It is an undeniable trend that those born in the 1980s are about to become the "backbone" of various securities firms.

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