The Interim Measures for the Administration of Securities and Futures Investment Consulting defines securities investment consulting as: institutions and their consultants engaged in securities investment consulting business, which provide paid consulting services such as direct or indirect securities investment analysis, prediction or suggestion for securities investors or customers. In the early stage of the development of securities investment consulting, it was mainly in the form of "stock review", especially the media stock review. With the change of investor structure and the deepening of investor demand, securities investment consulting has gradually evolved into two basic forms: securities investment consulting business and publishing research reports. These two basic forms are the result of spontaneous market exploration.

On the one hand, since 1998, securities investment funds began to develop, and the supervision also stipulated that "fund management companies can choose securities institutions with good financial conditions, standardized business and strong research strength and rent special trading seats from them". The demand for professional securities research has increased, and securities institutions have successively explored independent securities research and sent research reports to institutional investors such as funds. The research report contains analysis opinions on the value of securities investment, and the activity of publishing the research report is commonly known as "research consultation" in the industry. Research report has become the basic means for securities companies to maintain and serve institutional investors, and it has an increasing impact on the pricing of the securities market.

On the other hand, with the deepening demand of ordinary investors for consulting services, simple "stock evaluation" can no longer meet the needs of investors. Securities companies and securities investment consulting institutions began to explore providing face-to-face and targeted professional consulting services such as securities investment advice and financial planning, and established consulting service teams, and the investment consulting service model gradually took shape.

Judging from the situation of overseas mature capital markets, investment advisory services and independent research reports are two types of services provided by international investment banks. These two types of businesses are regulated by different laws, regulations and rules, and are undertaken by two different roles: investment consultants and research analysts. For example, the investment consulting act of the United States 1940 and related rules stipulate the investment consulting business; The Securities Exchange Act 1934 and Rule 271KLOC-0/of the National Association of Securities Dealers (FINRA, originally NASD) regulate research reports and research analysts. At present, the exploration direction of domestic securities companies and securities investment consulting institutions for investment consulting services and independent securities research is in line with international practice.