The reporter learned that recently, the China Securities Association issued the “Statistical Report on the Operation Status of Securities Research Reports Issued by Securities Companies in 2025” to brokerage firms. The “Report” points out that the industry generally does not clarify the application boundaries of AI technology in research and reporting business, that there are no management requirements for analysts to use materials provided by AI, and that individual analysts use unverified, erroneous content generated by AI in public, undermining the professional credibility of the securities research industry. It is recommended to establish an internal control mechanism for reviewing AI investment and research content to verify the authenticity, logic, and compliance of AI output content. Analysts are prohibited from directly accepting unverified data, opinions, market deductions, and research findings generated by AI to effectively prevent and control the risk of AI model illusions.

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