[China Securities Association: Over 70% of securities firms’ research departments apply AI Accelerate intelligence in the entire investment research process] On October 14th, the China Securities Association issued the "Statistical Report on Business Operations of Securities Research Reports Released by Securities Companies in 2025" to securities companies. The report shows that in 2025, more than 70% of the research departments of securities companies have used AI to empower business, and the application scenarios are divided into basic transaction assistance and in-depth investment. There are two levels of research empowerment: the former uses AI to complete basic work such as information collection, manuscript proofreading, format checking, meeting minutes transcription, text polishing, etc.; the latter integrates AI into research method innovation, topic in-depth analysis, compliance intelligent management and control, etc. through localized deployment of large models and self-developed intelligent investment research systems. During the same period, research and innovation were mainly promoted along three paths: building a digital operation management and control system and relying on regional resources and advantageous tracks to create a unique research layout; using AI tools and new valuation methods to expand research on Hong Kong stocks and overseas markets; and promoting the extension of research business from traditional seller-side warehousing services to government projects, industry consulting and other think tank functions. (Reporter Lin Jian)