Brokerage firms have quietly advanced the "spring sowing" season. As of February 26, several brokerages, including Huafu Securities, TF SECURITIES, Western Securities, and Caitong Securities, have held spring strategy meetings, while Open Source Securities, GF Securities, Huayuan Securities, and Guotai Junan Securities have also scheduled their meetings. Compared to previous years, this year's spring strategy meetings by brokerages show a clear trend of "jumping the gun." Interviewees believe that this phenomenon reflects the evolution of the industry's competitive landscape. Against the backdrop of reduced commissions in public offerings, the traditional model of "exchanging research for commissions" is being challenged, and brokerage research institutes are accelerating their transition to a model of "exchanging services for income." (Shanghai Securities Journal)