Recently, there have been new developments in the sell-side research field, attracting widespread attention from the market. On one hand, there are reports that "the heads of research institutes at five brokerage firms have been changed from analysts to general securities business personnel," leading to speculation about whether this is a forced transformation due to a long period without research reports. In response, some brokerage analysts pointed out that there are no such rigid regulations in the industry; a relevant person from Guoyuan Securities also told reporters that the head of the research institute, Tang Jingwen, will be more involved in various business activities of the company. On the other hand, after several years of expansion, the number of brokerage analysts has declined since 2026. However, at the same time, Zheshang Securities has recently announced nearly 30 recruitment positions for researchers, which has also attracted significant market attention. (Everyday Economic News)