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Core Insights - The report from the China Securities Association indicates that the competition in the securities research business is intensifying, with a notable increase in analyst turnover and a shift towards larger firms [2][5]. Group 1: Analyst Workforce - As of the end of 2024, there are 5,628 analysts across 102 securities firms, representing a 20.69% increase from the previous year [4]. - The analyst turnover remains high, with 988 analysts leaving their positions in 2024, a 29.66% increase compared to 2023 [5]. - The distribution of analysts by tenure shows that 39.50% have over three years of experience, while 38.17% have between one to three years, and 22.33% have less than one year [4]. Group 2: Research Report Production - In 2024, 83 firms published a total of 96,156 research reports on domestic listed companies, a decrease of 5% from 2023 [7]. - Conversely, the number of reports on Hong Kong and other overseas listed companies increased, with 60 firms publishing 14,732 reports, a growth of 5.37% [7]. - The integration of research across A-shares, Hong Kong, and U.S. markets is accelerating, driven by the need for a global perspective in research [7]. Group 3: Commission Revenue and Fee Structure - The total commission income from institutional clients was 19.865 billion yuan, down 22.48% from 24.868 billion yuan in 2023 [9]. - The average commission rate for public funds dropped from 7.37 basis points in 2023 to 5.19 basis points in 2024, reflecting the impact of fee reforms [10]. - The trading volume of stocks by funds decreased by nearly 10% in 2024, further contributing to the decline in commission income [11].