Recently, the China Securities Association issued the “2025 Securities Research Report Business Statistics Report” to brokerage firms. The report shows that by the end of 2025, 100 brokerage firms had established independent research departments or research subsidiaries, of which 41 securities companies had chief economists. In the same period, 32 out of 100 brokerage firms set up think tanks or industry research institutes, mainly leading brokerage firms. Of these, 7 think tanks or industry research institutes were established independently of the research department; 9 brokerage firms set up departments related to service investment advisors. At present, think tanks and investment have become two extended paths for research departments in the context of declining commission income.

Recently, the China Securities Association issued the “2025 Securities Research Report Business Statistics Report” to brokerage firms. The report shows that by the end of 2025, 100 brokerage firms had established independent research departments or research subsidiaries, of which 41 securities companies had chief economists. In the same period, 32 out of 100 brokerage firms set up think tanks or industry research institutes, mainly leading brokerage firms. Of these, 7 think tanks or industry research institutes were established independently of the research department; 9 brokerage firms set up departments related to service investment advisors. At present, think tanks and investment have become two extended paths for research departments in the context of declining commission income.