田轩：分析师太多反害企业，全盯着下季度每股收益，过多的分析师追踪，对企业创新不利

Group 1 - The 2026 Global and China Capital Market Outlook Forum was held on January 15, featuring discussions on the new logic of wealth in the AI era and the future of capital markets [1][7] - Tian Xuan, Dean of the National Institute of Financial Research at Tsinghua University, delivered a keynote speech titled "What Kind of Capital Market Do We Need?" [1][7] - Tian Xuan stated that analyst tracking reduces information asymmetry and highlighted that analysts can act as whistleblowers, identifying issues such as financial fraud [1][7] - However, excessive analyst tracking may negatively impact companies by focusing too much on quarterly earnings per share, which can hinder innovation [1][7]