[China Securities Association: Brokerage firms are studying the unsustainability of profit models that rely on margin commissions] On October 14, reporters learned that the China Securities Association recently issued a "Statistical Report on Business Operations of Securities Research Reports Released by Securities Companies in 2025" to brokerages. The report pointed out that in 2025, with the implementation of the public fund fee reform policy, the total industry-wide public offering commissions margin revenue will only be half of that in 2021. Affected by the decline in income, the total number of securities researchers has shrunk, the number of employees leaving has increased, and personnel in the industry have moved frequently. High-quality analysts have been lost to buyer institutions or moved to overseas subsidiaries, exacerbating the research talent gap and leading to a decline in the total volume and quality of research report output. The traditional profit model that relies on sub-position commissions is unsustainable, and there is an urgent need to transform and explore new business development paths. (Reporter Lin Jian)