Group 1 - The core viewpoint is that AI is accelerating the transformation of sell-side research towards depth, with potential for significant industry reshaping due to competitive pressures and technological advancements [1][2][4] - The concentration of commission income among top brokers is notable, with the top 27 brokers accounting for 54.15 billion yuan, representing 80% of the market share [2] - AI technology is seen as an opportunity for sell-side research firms, but achieving a competitive edge requires a combination of factors including research quality and market influence [2][3] Group 2 - High-quality research is increasingly valued, driven by both buyer demand and technological advancements, with a focus on producing valuable, in-depth research [4][5] - The introduction of AI is expected to enhance the capabilities of buy-side researchers, leading to higher expectations for the quality of sell-side research outputs [5] - The future of research firms may involve a shift towards digital assets as a foundation for differentiated services, with AI enabling the accumulation of core data and analytical frameworks [6]