A recent statistical report released by the Securities Association of China showed that, in 2025, amid reforms to public fund fee structures, the public fund industry’s total revenue from commission sharing was only half of its 2021 level. As a result, brokerage research teams have shrunk and staff turnover has increased. Top analysts are moving to the buy side or overseas, worsening talent shortages and reducing both the output and quality of research reports. The traditional profit model, which relies on commission sharing, is no longer sustainable, and the industry urgently needs to transform and explore new paths.

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