Recently, the China Securities Association issued the “2025 Securities Research Report Business Statistics Report” to brokerage firms. The report indicates that in 2025, with the implementation of the public fund fee reform policy, the total revenue from public placement commissions in the entire industry was only half of 2021. Affected by the decline in revenue, the total number of securities researchers has shrunk, the number of employees leaving the industry has increased, and high-quality analysts have been lost to buyers' institutions or overseas subsidiaries, increasing the research talent gap, leading to a decline in the total amount and quality of research output. The traditional profit model that relies on division commissions is unsustainable, and there is an urgent need to transform and explore new business development paths.

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