
Group 1 - The core viewpoint of the articles highlights the significant decline in the performance of the brokerage industry, particularly focusing on Dongfang Caifu Securities, which experienced a dramatic drop in commission income from 344 million yuan in 2023 to 73 million yuan, a year-on-year decrease of 78.86%, resulting in a fall of 16 ranks to 35th place in the industry [1] - Dongfang Caifu Securities was previously seen as an industry disruptor due to its "platform + content" ecosystem, which leveraged internet traffic, but is now facing severe challenges due to new regulatory norms and the resurgence of traditional brokerage research capabilities [1] - The appointment of Chen Guo, former Chief Strategist at CITIC Securities, as the Deputy Director and Chief Strategist of the research institute is a strategic move aimed at revitalizing the company's research capabilities [1] Group 2 - Chen Guo stated that he will lead the Dongfang Caifu strategy research team by integrating "fundamentals + quantitative" approaches, utilizing technology to empower the company's various business operations [2] - The success of Dongfang Caifu Securities in achieving a "research feedback ecosystem" by 2025 will be a critical test for the transformation of internet brokerages [2]