源达信息证券研究所所长吴起涤：数字化时代投研方法论需创新，AI成助手而非替代者

Group 1 - The 2025 Analyst Conference has commenced, gathering top analysts, fund managers, and scholars to explore investment opportunities across cycles [1] - Wu Qidi, the director of Yuanda Information Securities Research Institute, delivered a speech focusing on innovative research methodologies in the digital age [2][4] - The institute emphasizes financial engineering research, integrating various research outcomes, and has partnered with Sullivan for industry research [4] Group 2 - Traditional sell-side research faces challenges, with only the top 20 brokerages receiving significant commission income, making it difficult for smaller firms to break through [5] - Wu Qidi suggests that sell-side research should expand its service targets to include all institutional investors and wealth management, while also adopting buy-side thinking [5] - The annualized return of the top ten stock combinations from brokerages was 7.28% from early 2018 to mid-2025, which is lower than dividend low volatility and free cash flow-related indicators [5] Group 3 - The performance of strategies based on traditional factors in financial engineering research has been impressive, with annualized returns of 22%, 16%, and 17% for annual report performance exceeding expectations, dividend yield, and free cash flow-related strategies, respectively [5] - AI significantly enhances data processing and mining efficiency, reducing the production cycle of in-depth industry research reports from one month to about one week [5] - The current phase of financial engineering research is enhanced by AI, which aids in transitioning from sample data to comprehensive data and discovering alternative factors and non-linear combinations [5] Group 4 - Wu Qidi emphasizes that AI applications should avoid black-box scenarios and maintain interpretability and traceability, while also cautioning against the belief that technology is a panacea [6] - AI cannot replace analysts in the final stages of research, such as understanding entrepreneurial spirit and industry forecasts, which still require human input [6] - The Yuanda Information Securities Research Institute adheres to the philosophy of "research creates value," focusing on AI and financial engineering to identify quality companies and provide professional advice [7]