[China Securities Association: 32 securities firms have established think tanks or industrial research institutes, and 9 securities firms have set up separate investment consulting departments for their research business] On October 14, the reporter learned that recently, the China Securities Association issued the "Statistical Report on the Business Operations of Securities Research Reports Released by Securities Companies in 2025" to securities firms. The report shows that by the end of 2025, 100 securities firms have established independent research departments or research subsidiaries, of which 41 securities companies have chief economists. During the same period, 32 of the 100 securities firms established think tanks or industry research institutes, mainly among leading securities firms. Among them, 7 think tanks or industry research institutes were established independently of the research department; 9 securities firms set up relevant departments under the research department to serve investment consultants. At present, think tankization and investment consulting have become two extension paths for the research department in the context of declining commission income. (Reporter Lin Jian)