China Securities Association: 98 Brokers Published 205,503 Research Reports in 2025, Down 11.54%

A double-digit drop in sell-side research output suggests brokers are rationalising coverage as margins compress, not that analytical demand has vanished. The concentration among four large houses matters: if fewer firms carry the fixed cost of publishing, smaller listed companies risk losing analyst attention, which has knock-on effects for liquidity and price discovery. Whether the pullback reflects deliberate cost discipline or weaker client appetite for research is the open question, and whether coverage breadth narrows further alongside it.