提升港股美股研究覆盖面 加大前瞻性战略性布局
Zhong Guo Zheng Quan Bao·2025-10-16 22:25

Core Insights - The report highlights the operational status of the securities research business in 2024, indicating a total of 83 securities firms published 96,156 reports on domestic listed companies, while 60 firms published 14,732 reports on Hong Kong and other overseas listed companies, and 93 firms published 29,441 macro and strategy reports [1] Group 1: Industry Characteristics - The research business in the industry is characterized by five major trends, including a significant decline in commission income from institutional clients, an increase in industry concentration, and a continuous enhancement of research coverage on Hong Kong and US stocks [1][4] - Commission income from institutional clients dropped to 19.865 billion yuan in 2024, a decrease of 22.48% from 24.868 billion yuan in 2023, primarily due to the public fund fee reduction reform [4] - The concentration of the industry has increased, with the top 10 securities firms accounting for 47.38% of total commission income, reflecting a rise of 0.8 percentage points from 2023 [2][4] Group 2: Research Coverage and Quality - In 2024, the number of reports on domestic listed companies decreased by 5% compared to 2023, while reports on Hong Kong and other overseas listed companies increased by 5.37% [3] - The quality and compliance standards for research reports have been continuously enhanced, with an increase in the number of compliance personnel and a stronger awareness of compliance within the industry [5] Group 3: Strategic Developments - Securities firms are actively establishing industry research platforms and enhancing forward-looking and strategic research layouts, with 11 firms setting up industry research institutes to support national and local industrial upgrades [5] - The industry is encouraged to improve the independence and professionalism of research, focusing on deep research in sectors such as artificial intelligence, robotics, biomedicine, and new energy [6][7] - Firms are advised to diversify their revenue sources beyond commission fees, exploring consulting service fees and data product fees to avoid intense competition based solely on trading commissions [7]