At the 2025 Analysts Conference, often referred to as the "Oscars of the Capital Markets," institutions highlighted that the A-share market is entering a bull market driven by global capital inflows.

On November 28, Huang Yanming, Deputy Director of the Analyst Committee of the Securities Association of China, Chairman of the Analyst Conference Review Committee, and Director of the Research Institute of Orient Securities, delivered a keynote speech titled "The Mission of Securities Analysts in the New Era."

With 31 years of experience in securities research, Huang Yanming is a seasoned industry veteran. He traced the evolution of the sector and emphasized the transformation of analysts' roles in the new era. He proposed that securities research should evolve into a comprehensive system integrating "think tank research, securities research, and wealth research," sparking deep resonance across the industry.

"Thirty-one years ago, when I joined the research institute of Shenyin Wanguo Securities, the KPI was straightforward—publishing three articles in major financial newspapers each month would suffice," Huang recalled, contrasting it with today's evaluation metrics: "Now, analysts are assessed based on rankings in awards like New Fortune and Golden Kirin, commission points, roadshow frequency, and report output—a dramatic shift over three decades."

He further outlined the functional evolution of the analyst profession: "Traditionally, analysts were valued for resolving information asymmetry, reducing market information costs, and improving market efficiency. However, with the rise of the internet, financial media, and self-media, transparency in capital markets has significantly improved, diminishing information asymmetry. Analysts can no longer rely solely on information gaps to create value; their core task now lies in uncovering corporate value and enhancing market efficiency."

Huang stressed that the new era demands a broader mission for analysts: "Beyond identifying corporate value, they must align with national strategies, implement the directives of the Central Financial Work Conference and the 'National Nine Measures,' contribute to the 'Five Key Financial Tasks,' and drive high-quality economic development to maximize benefits for the nation, companies, and individuals."

Reflecting on critical industry milestones, Huang acknowledged past missteps: "Before 2000, analysts published articles mainly to boost brokerages' visibility and branding. After the establishment of public funds in 1998, the 'research-for-commission' model emerged. The launch of the New Fortune rankings in 2003 led to an unhealthy focus on awards and votes." He praised the Golden Kirin awards for their innovative approach: "By incorporating internet-driven thinking and emphasizing young talent, they injected new vitality into the industry and fostered a more balanced ecosystem."

As one of the pioneers of China's "commission-point system," Huang shared its origins: "In May 2004, I drafted the first commission-point evaluation system at Shenyin Wanguo Research Institute. While the model linking research to commissions persists, the role of securities research has now expanded—leveraging research to build industry influence, facilitate transactions, and synergize investment banking, institutional services, and wealth management."

Looking ahead, Huang outlined a clear path for securities research transformation: "Brokerages should develop three key areas: think tank research (focusing on capital market development, regional and industrial economics to serve government decisions and primary market players), traditional securities research (covering macro strategies, sector analysis, and fixed income), and wealth research (encompassing products like mutual funds, private equity, ETFs, and multi-asset allocation strategies for stocks, bonds, gold, and forex)."

He also emphasized organizational and sales model upgrades: "Research must shift from siloed to integrated approaches, and sales should adopt a '1+N' collaborative model rather than mere team expansion."

Concluding his speech, Huang congratulated award-winning analysts and wished the industry greater success in the coming year. His insightful historical perspective and forward-looking vision provided clear guidance for the future of securities research, earning enthusiastic applause.

Attached: Speech PPT

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