Zhong Guo Jing Ji Wang·2025-12-17 06:52Core Viewpoint - The internal conflict between two chief analysts at Northeast Securities highlights the competitive nature of the industry, particularly in the context of declining commission revenues and the struggle for coverage rights over key stocks [1][2]. Group 1: Analyst Dispute - Northeast Securities' electronic industry chief analyst Li Jiu and computer industry chief analyst Zhao Yuyang engaged in a 34-minute argument over coverage rights for Haiguang Information, with Li asserting that the stock should be covered by the electronic group [1]. - Li accused Zhao of overstepping boundaries by covering multiple areas traditionally under the electronic group's purview, claiming it negatively impacted the performance of junior analysts [1]. - Zhao defended his position by stating that Haiguang Information is a valid target for computer coverage and that his research is relevant to the computer industry [1]. Group 2: Industry Context - The brokerage industry is experiencing a downturn, with a reported 25% median year-on-year decline in commission income for the first half of 2025, while Northeast Securities saw a 56.12% drop in its commission income, totaling only 0.51 billion yuan [2]. - Northeast Securities ranks 26th in the industry with a commission seat share of just 1.15%, indicating a significant struggle for market share amid shrinking revenues [2]. - The internal competition for coverage rights is intensified by the need to focus resources on more profitable areas, leading to disputes over popular stocks [2].