专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周期的投资真 谛。本次盛会汇聚了来自研究界与投资界的顶尖力量。 源达信息证券研究所所长吴起涤出席本次大会并发表演讲。 在演讲中，源达信息证券研究所的吴起涤围绕数字化时代研究方法论的创新展开分享，阐述了源达信息证券研究所在 投研领域的布局、传统卖方研究的转型思路，以及 AI 与量化在投研中的应用与边界。 不过，吴起涤也强调，AI应用需避免黑箱化，策略应具备可解释性与可回溯性，同时要警惕技术万能论。他认为AI无 法取代分析师，在投研的最后一公里，如上市公司调研中对企业家精神与行业预判的感知，仍需人工完成，AI只是分 析师的得力助手。 源达信息证券研究所秉持 "研究创造价值" 理念，以AI和金融工程为底座，聚焦公司基本面与核心竞争力，力求筛选 出优质企业，为投资者提供专业建议，助力资本市场发展。 责任编辑：刘万里 SF014 源达信息证券研究所是具备证券投资咨询与研究报告发布资质的新型研究机构，研究 ...

Core Viewpoint - The appointment of Zuo Qianming as the new head of the research institute at Xinda Securities marks a strategic shift towards prioritizing quality over speed in sell-side research, emphasizing long-term value and deep industry insights [2][10]. Group 1: Leadership Transition - Xinda Securities announced the appointment of Zuo Qianming, previously the chief of the energy sector, as the new head of its research institute [2]. - Zuo Qianming has over ten years of experience in coal and energy research, having previously worked at the China Coal Industry Association [2][4]. Group 2: Research Philosophy - Zuo advocates for a strategic transformation from "speed expansion" to "quality first" in sell-side research, emphasizing the importance of long-termism and deep value [10]. - He believes that true understanding of the industry comes from hands-on experience, having visited numerous coal mines to gain insights [4][6]. Group 3: Industry Insights - The research team under Zuo has gained a strong reputation for in-depth industrial research and has successfully facilitated hundreds of billions in investment projects [4]. - Zuo emphasizes the need for analysts to adopt a patient approach to research, focusing on gradual accumulation of knowledge and insights [7][10]. Group 4: Future Directions - Zuo envisions the research business as a key component of the national governance system, aiming to enhance the quality of capital market development [9][10]. - He stresses the importance of building a team of analysts who understand both industry and finance, bridging the gap between primary and secondary investments [10].

Core Viewpoint - The private equity industry in China has evolved significantly over the past decade, becoming an essential institutional investor in the capital market, characterized by a large number of small funds and diverse strategies, and is now entering a phase of high-quality development [2][3][5]. Group 1: Industry Overview - As of April 2025, there are 19,891 private fund managers in China, managing 141,600 products with a total scale of 20.22 trillion yuan [3]. - The number of private securities investment fund managers is 7,827, with 84,700 existing funds and a total scale of 5.51 trillion yuan [3]. - The private equity sector has a significant number of small funds, with 46.7% of products below 0.1 billion yuan and only 0.14% above 2 billion yuan [4]. Group 2: Development Characteristics - The private equity industry has undergone rapid growth since the implementation of the Securities Investment Fund Law in June 2013, leading to the introduction of the first administrative regulations in 2023 [5]. - The industry is marked by a high concentration of management scale, with the top 400 private securities institutions accounting for nearly 80% of the total management scale [4]. Group 3: Research and Collaboration - The collaboration between brokerages and private equity firms has evolved from simple transaction commissions to comprehensive financial services, including research support, which is now a core demand for private equity [7][8]. - Brokerages are increasingly providing tailored research services to meet the specific needs of private equity firms, which vary significantly based on their development stage [9][10]. - The demand for personalized and customized services is strong, as private equity firms require in-depth understanding of their investment strategies and preferences [9][10]. Group 4: Future Trends - The cooperation between brokerages and private equity firms is expected to deepen, with brokerages enhancing their service offerings to include more personalized and comprehensive solutions [10]. - The evolution of the private equity industry and the improvement of brokerage service chains will further enhance the collaboration between the two sectors, driving growth in the private equity market [10].