海光信息覆盖权引卖方“内斗”！东北证券两分析师群内互怼“有你没我”

Core Viewpoint - The recent conflict between analysts at Northeast Securities highlights the competitive nature of research coverage in the TMT sector, particularly regarding popular stocks like Haiguang Information and GuoDun Quantum, reflecting broader issues of resource allocation and workplace competition within the industry [1][2][9]. Group 1: Analyst Dispute - The dispute originated from overlapping research coverage between the electronic and computer teams, with analyst Li Jiu demanding the cancellation of coverage on Haiguang Information and GuoDun Quantum by analyst Zhao Yuyang [3][5][15]. - Li Jiu argued that Zhao Yuyang's coverage of various components like GPU, PCB, and materials encroached on the electronic team's territory, affecting the opportunities for junior analysts [5][9][21]. - Zhao Yuyang countered that Haiguang Information falls within the computer team's domain and criticized Li Jiu for attempting to limit coverage based on personal interests [5][9][21]. Group 2: Industry Context - The incident reflects a broader trend of resource competition within sell-side research teams, exacerbated by shrinking commission margins, making thorough research increasingly challenging [1][6][22]. - Analysts noted that the ongoing "involution" in the industry is detrimental to long-term development, as teams compete fiercely for coverage of high-profile stocks [1][22]. - Historical precedents exist, such as a similar dispute in 2022 involving analysts from Haitong Securities, indicating that conflicts over stock coverage are not uncommon in the industry [6][20]. Group 3: Company Performance - Northeast Securities reported a significant decline in commission income, with a 55.73% year-on-year drop to 51.54 million yuan in the first half of 2025 [6][20]. - The firm produced 973 research reports in the same period, including 211 deep-dive reports, and conducted 15,468 analyst and expert roadshow services [6][20].