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 ...