“有你没我，有我没你”！东北证券两首席爆发海光信息“争夺战”

Core Viewpoint - A recent dispute between two chief analysts at Northeast Securities highlights the competitive nature of research coverage in the TMT (Technology, Media, and Telecommunications) sector, particularly over popular stocks like Haiguang Information and GuoDun Quantum [1][2][5]. Group 1: Dispute Details - The conflict began over the coverage of Haiguang Information, with one analyst, Li Jiu, requesting to transfer coverage from the computer group back to the electronics group, stating, "I want to look at this" [2][3]. - Li Jiu also mentioned that GuoDun Quantum's coverage should be canceled, indicating a desire to reclaim control over significant stocks [2][3]. - The conversation escalated, with both analysts expressing their views on the boundaries of their respective coverage areas, leading to a tense exchange of messages [5][6]. Group 2: Background Information - Both analysts belong to the TMT sector, and there was previously an agreement on coverage boundaries, but the significance of the stocks involved has led to renewed tensions [7]. - Li Jiu has experience in the industry and joined Northeast Securities in 2019, while Zhao Yuyang has a background in computer industry research and joined in 2025 [7]. - Data from Wind indicates that Northeast Securities' commission revenue for the first half of 2025 was 51.54 million yuan, a decrease of 55.73% year-on-year, reflecting broader challenges in the industry [7]. Group 3: Industry Implications - The dispute reflects a larger issue within the sell-side research teams regarding the allocation of resources and coverage of popular sectors, which can lead to internal conflicts [10]. - The competitive nature of research coverage has been observed previously, with similar incidents occurring in other firms, indicating a trend in the industry [8][10]. - Analysts have noted that the ongoing pressure on commission rates and the need for thorough research are contributing to a more intense competitive environment, which may not be sustainable for long-term industry growth [10].