AI太火了，除夕夜也不打烊！八天全排满，春节“路演大战”来了

Core Viewpoint - The sell-side research firms are actively engaging in a "roadshow war" during the Chinese New Year holiday, with over 100 online events scheduled to provide continuous research services to investors [1][9][21]. Group 1: Roadshow Activities - From New Year's Eve to the seventh day of the Lunar New Year, more than 100 brokerage roadshows are packed into the holiday schedule [1][9]. - Western Securities has arranged 15 conference calls from New Year's Eve to the seventh day, with a notable AI industry discussion led by its deputy director on New Year's Eve [2][14]. - Open Source Securities has scheduled 30 conference calls throughout the holiday, only taking a break on New Year's Eve [5][17]. - Other brokerages such as Huafu Securities, Industrial Securities, Huayuan Securities, and Changjiang Securities also organized roadshows during the holiday [7][19]. Group 2: Market Dynamics and Competition - The "roadshow war" highlights the competitive strategies of mid-sized brokerages, which aim to differentiate themselves from larger firms by offering targeted services during the holiday [10][22]. - The expectation of a strong spring market in 2026 drives the need for timely research services to meet institutional demands for holding stocks over the holiday [10][22]. Group 3: Industry Challenges - The backdrop of this intense competition is the shrinking revenue from sell-side research due to the public fund fee reduction reforms, with brokerage commission income dropping significantly [11][23]. - Data indicates that the total commission income for brokerages is projected to decline by 33.98% year-on-year, with some firms experiencing declines exceeding 50% [11][23]. - Mid-sized brokerages are compelled to increase their efforts through more frequent roadshows and enhanced service responses to capture limited market share [11][23]. Group 4: Future Outlook - Different brokerages will adjust their research business investments based on their size and revenue structure, with larger firms likely to maintain strategic investments in research [12][24]. - Mid-sized brokerages are expected to intensify competition to offset the impact of declining commission rates, while smaller firms may streamline their research departments [12][24].