Recently, the China Securities Association issued the “Statistical Report on the Operation Status of Securities Research Reports Issued by Securities Companies in 2025” to brokerage firms. The “Report” points out that some brokerage firms rely too much on expert consulting services. In 2025, 59 securities companies' research departments spent on expert consulting services, accounting for 1.86% of the total revenue of the research institutes. Of these, 5 companies spent more than 10% on expert consulting services, and 33 were higher than the industry average. High expert consulting service fees indicate that some companies mainly rely on providing consulting services through external experts rather than strengthening their own research capabilities. Excessive reliance on external experts to provide services not only raised research business costs and reduced the profit margins of research departments, but also caused the company to have no incentive to improve the quality of its own research. In addition, providing services through external expert consultation also has potential compliance risks such as disguised transfer of benefits and improper payments.

Recently, the China Securities Association issued the “Statistical Report on the Operation Status of Securities Research Reports Issued by Securities Companies in 2025” to brokerage firms. The “Report” points out that some brokerage firms rely too much on expert consulting services. In 2025, 59 securities companies' research departments spent on expert consulting services, accounting for 1.86% of the total revenue of the research institutes. Of these, 5 companies spent more than 10% on expert consulting services, and 33 were higher than the industry average. High expert consulting service fees indicate that some companies mainly rely on providing consulting services through external experts rather than strengthening their own research capabilities. Excessive reliance on external experts to provide services not only raised research business costs and reduced the profit margins of research departments, but also caused the company to have no incentive to improve the quality of its own research. In addition, providing services through external expert consultation also has potential compliance risks such as disguised transfer of benefits and improper payments.