At the 2025 Analyst Conference, Wu Qidi, Director of Yuanda Information Securities Research Institute, delivered a keynote speech titled "Innovation in Research Methodology for the Digital Era."

Wu Qidi highlighted that sell-side research is undergoing a "supply-side reform," where only the top 20 brokerage research institutes can secure substantial commission income, making it difficult for smaller brokerages to compete. The transformation involves shifting from a single institutional service model to a diversified approach that includes external institutional services, internal wealth management support, and industry research. Another key direction is transitioning from a "sell-side mindset" to a "buy-side mindset."

Wu Qidi pointed out that while the number of retail investors in the A-share market has steadily grown, reaching over 240 million by June 2025, their adoption of quantitative investment remains low. Currently, institutional investors dominate quant strategies, with public quant funds reaching 312.1 billion yuan (up 5.8% from end-2024) and private quant funds totaling approximately 1.49 trillion yuan (up 6.0% from end-2024). Although many brokerages now offer retail investors tools like T0 algorithms, actual usage remains limited, indicating early-stage adoption.

Projections suggest that by 2026, retail investor quant investment could surpass 1 trillion yuan, creating a 15.4 billion yuan market for quant-related service fees.

Presentation slides are attached for reference.