Shang Hai Zheng Quan Bao·2025-12-24 19:15Core Insights - The brokerage research sector is experiencing a fundamental shift, moving from traditional roles of "report suppliers" to becoming "decision enablers" with industry insights and capital pricing capabilities [1][5] Demand Restructuring - The continuous decline in commission fees is forcing a profound change in the demand side of brokerage research, with total commission fees dropping to 4.474 billion yuan in the first half of 2025, a year-on-year decrease of 33.98% and a 54.05% drop compared to the same period in 2020 [1] - Despite the decline in commissions, the number of analysts is increasing, reaching 6,185 by December 24, 2025, an increase of nearly 470 analysts or over 8% from the end of 2024, and nearly 30% from the end of 2023 [1][2] Capability Upgrade - Research value is shifting from "assisting trading" to "professional empowerment," leading to a revolution in report production from quantity to depth of understanding [3] - Research teams are developing multi-layered, systematic tracking frameworks to enhance insight sustainability, particularly in rapidly evolving sectors like AI [3] - Digital tools are being integrated into the research value chain, improving efficiency and enabling dynamic, interactive, and customized research services [3] Talent Development - The focus of research resources is increasingly directed towards key areas aligned with national strategies and industrial upgrades, with nearly 3,300 A-share companies covered in individual reports, particularly in hard technology and high-end manufacturing sectors [4] - Coverage of companies on the Beijing Stock Exchange is expanding, with over 150 companies covered and a nearly 26% increase in related research reports [4] Role Evolution - Analysts are evolving from "report suppliers" to "strategic partners," integrating into client decision-making processes and providing tailored solutions [5] - This evolution requires analysts to possess diverse competencies, including market pricing perspectives, deep understanding of client needs, and the ability to navigate macro policy directions [5] - Research outputs are shifting from traditional reports to building "trust assets" through long-term professional relationships, emphasizing the importance of foresight and timely tracking [5][6] Service Model Transformation - The new service model relies heavily on top-tier human resources and time investment, with significant resources needed to maintain relationships with key institutional clients or industry think tanks [6] - The future of the analyst workforce will be closely linked to "capability building," with analysts becoming key nodes connecting industry and capital, as well as knowledge and decision-making [6]