Core Viewpoint - The recent conflict between analysts at Northeast Securities highlights the competitive nature of research coverage in the TMT sector, particularly regarding popular stocks like Haiguang Information and GuoDun Quantum, reflecting broader issues of resource allocation and workplace competition within the industry [1][2][9]. Group 1: Analyst Dispute - The dispute originated from overlapping research coverage between the electronic and computer teams, with analyst Li Jiu demanding the cancellation of coverage on Haiguang Information and GuoDun Quantum by analyst Zhao Yuyang [3][5][15]. - Li Jiu argued that Zhao Yuyang's coverage of various components like GPU, PCB, and materials encroached on the electronic team's territory, affecting the opportunities for junior analysts [5][9][21]. - Zhao Yuyang countered that Haiguang Information falls within the computer team's domain and criticized Li Jiu for attempting to limit coverage based on personal interests [5][9][21]. Group 2: Industry Context - The incident reflects a broader trend of resource competition within sell-side research teams, exacerbated by shrinking commission margins, making thorough research increasingly challenging [1][6][22]. - Analysts noted that the ongoing "involution" in the industry is detrimental to long-term development, as teams compete fiercely for coverage of high-profile stocks [1][22]. - Historical precedents exist, such as a similar dispute in 2022 involving analysts from Haitong Securities, indicating that conflicts over stock coverage are not uncommon in the industry [6][20]. Group 3: Company Performance - Northeast Securities reported a significant decline in commission income, with a 55.73% year-on-year drop to 51.54 million yuan in the first half of 2025 [6][20]. - The firm produced 973 research reports in the same period, including 211 deep-dive reports, and conducted 15,468 analyst and expert roadshow services [6][20].

| 李玖@东北电子 | 12-13 21:56:44 | | --- | --- | | @赵宇阳@东北计算机&AI @冠 | | | 海光取消一下覆盖,我来看 | | | 李玖@东北电子 | 12-13 21:56:53 | | 这个我要了 | | | 李玖@东北电子 | 12-13 21:57:00 | | 你不能看 | | | 李玖@东北电子 | 12-13 21:58:42 | | 国盾量子也去找一下覆盖 | | | 李玖＠东北电子 | 12-13 21:58:45 | | 取消覆盖 | | | 李玖@东北电子 | 12-13 21:58:52 | | 我周末发深度 | | | 李玖@东北电子 | 12-13 22:02:43 | | 明天tmt全体开会，讨论一下计算机跨边界的问题 | | 对此，赵宇阳回复称，海光信息本就属于计算机能覆盖的范围，不能因为她近期派点上升就变相限制，"这不合理，也不是作为TMT组长该有的格局"。她 还表示："系统上申请的不会取消，因为我们也准备好了。" 又见券商首席工作群"互怼"！ 近期，一份东北证券TMT大群的聊天记录截图走红，在金融圈内广受关注。对话的双方当事人为东北 ...

【导读】券商首席争夺海光信息"覆盖权"，研究边界引发热议 中国基金报记者 晨曦 又见券商首席工作群"互怼"！ 近期，一份东北证券TMT大群的聊天记录截图走红，在金融圈内广受关注。对话的双方当事 人为东北证券电子首席李玖与计算机首席赵宇阳，因研究覆盖边界重叠，双方对"海光信 息""国盾量子"等热门个股展开"争夺战"。 券商首席开启"争夺战" 事件起于海光信息的覆盖问题。相关聊天记录显示，李玖发消息要求将海光覆盖从计算机组 转回电子组，"海光取消一下覆盖，我来看""这个我要了""你不能看"。他还提出，"国盾量子 也取消覆盖""我周末发深度"，同时通知TMT团队全体开会讨论计算机跨边界的问题。 | 李玖@东北电子 | 12-13 21:56:44 | | --- | --- | | @赵宇阳@东北计算机&AI @冠 | | | 海光取消一下覆盖，我来看 | | | 李玖@东北电子 | 12-13 21:56:53 | | 这个我要了 | | | 李玖@东北电子 | 12-13 21:57:00 | | 你不能看 | | | 李玖@东北电子 | 12-13 21:58:42 | | 国盾量子也去找一下覆盖 | | | ...

Core Viewpoint - The competition among brokerage firms' chief analysts over coverage rights for popular stocks like Haiguang Information and GuoDun Quantum has sparked significant discussion within the financial community [1][2]. Group 1: Analyst Dispute - The dispute originated from a request by Li Jiu, the electronic chief analyst at Northeast Securities, to transfer coverage of Haiguang Information from the computer group back to the electronic group [2][3]. - Li Jiu's messages indicated a desire to also cancel coverage of GuoDun Quantum, leading to a heated exchange with Zhao Yuyang, the computer chief analyst, who argued that Haiguang Information falls within the computer group's coverage scope [2][5]. - The conversation escalated, with both analysts expressing their views on the boundaries of their respective research areas, ultimately concluding with a statement of "cooperation ending" [5][6]. Group 2: Context of the Dispute - Both analysts belong to the TMT (Technology, Media, and Telecommunications) sector, and there had previously been an agreement on coverage boundaries, which this dispute has now challenged [7]. - The stocks in question, Haiguang Information and GuoDun Quantum, are significant in size and have attracted more attention, leading to new conflicts over coverage rights [7]. - The incident reflects broader issues within the sell-side research teams regarding resource allocation and competition for popular sectors, highlighting a common workplace dynamic of resource contention [9]. Group 3: Industry Implications - The ongoing competition among chief analysts for coverage rights is not unique to Northeast Securities, as similar incidents have occurred in the past, indicating a trend within the brokerage industry [8]. - The case of Haiguang Information illustrates the complexities of categorizing stocks within the semiconductor and computing sectors, as both electronic and computer teams claim relevance [9]. - The financial industry is experiencing increased pressure on commission rates, leading to intensified competition and potential misallocation of resources among research teams [9].

又见券商首席工作群"互怼"！ 近期，一份东北证券TMT大群的聊天记录截图走红，在金融圈内广受关注。对话的双方当事人为东北证券电子首席李玖与计算机首席赵宇阳，因研究覆 盖边界重叠，双方对"海光信息""国盾量子"等热门个股展开"争夺战"。 事件起于海光信息的覆盖问题。相关聊天记录显示，李玖发消息要求将海光覆盖从计算机组转回电子组，"海光取消一下覆盖，我来看""这个我要了""你 不能看"。他还提出，"国盾量子也取消覆盖""我周末发深度"，同时通知TMT团队全体开会讨论计算机跨边界的问题。 | 李玖@东北电子 | 12-13 21:56:44 | | --- | --- | | @赵宇阳@东北计算机&AI @冠 | | | 海光取消一下覆盖，我来看 | | | 李玖@东北电子 | 12-13 21:56:53 | | 这个我要了 | | | 李玖@东北电子 | 12-13 21:57:00 | | 你不能看 | | | 李玖@东北电子 | 12-13 21:58:42 | | 国盾量子也去找一下覆盖 | | | 李玖＠东北电子 | 12-13 21:58:45 | | 取消覆盖 | | | 李玖＠东北电子 | 12- ...