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. According to the “Report”, in 2025, a total of 98 securities companies published research reports. The total number of reports was 20,5503, a decrease of 11.54% compared to 2024. The reports covered various industries and listed companies in a relatively comprehensive manner. Among them, 4 companies have published more than 10,000 reports, namely CICC, Huatai Securities, Cathay Pacific Haitong Securities, and CITIC Securities.

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