源达信息吴起涤：AI无法取代分析师在投研“最后一公里”的价值

Core Insights - The 2025 Analyst Conference has commenced, gathering top analysts, fund managers, and scholars to explore investment opportunities across market cycles [1] Group 1: Conference Overview - The conference features prominent figures from both research and investment sectors, aiming to uncover investment truths [1] - The event is described as the "Oscars" of the capital markets, highlighting its significance in the industry [1] Group 2: Research Methodology and Innovations - Wu Qidi shared insights on innovative research methodologies in the digital age, emphasizing the integration of AI and quantitative techniques in investment research [4] - The research institute has developed a diverse research system centered on financial engineering, covering macro strategies, industry, regional economics, and company research [4] - Collaboration with Sullivan aims to advance in-depth research in new fields, benefiting institutional investors [4] Group 3: Challenges in Traditional Sell-Side Research - The sell-side research industry faces supply-side reform pressures, with only the top 20 brokerages earning significant commission income, making it difficult for smaller firms to compete [5] - Wu Qidi highlighted the need for sell-side research to expand its service range and deepen industry research [5] - Data from 2018 to mid-2025 shows that the annualized return of the "Top Ten Stocks" portfolio from brokerages was only 7.28%, which, while outperforming indices, is lower than other metrics [5] Group 4: Digital Investment Research Practices - The financial engineering research at the institute has shown significant results, with strategies based on traditional factors achieving annualized returns of 22%, 16%, and 17% [6] - AI is advancing financial engineering research into a "second phase," improving data processing efficiency and enabling the use of alternative factors for market trend predictions [6] Group 5: Future Outlook - The institute plans to continue leveraging AI and financial engineering to focus on fundamental research and identify quality companies aligned with modern development [6] - Emphasis is placed on the importance of human insight in investment research, with AI serving as a supportive tool rather than a replacement for analysts [6]