The seller's researchers mainly serve the outside world, mainly to help their own research institutes earn commissions, and also earn distribution points for themselves, and some of them also bear internal responsibilities. Everyone is actually familiar with the seller, but it has expanded more.

The research department of the buyer is the support department of fund investment, mainly engaged in macroeconomic analysis, industry development analysis and investment value analysis of listed companies, and provides research reports and investment suggestions to the fund investment decision-making department; In addition, the research department also has fund managers to manage funds.

Compared with the seller's research, the buyer's investment research serves the investment manager. The research needs to provide clear investment advice for investment managers, be responsible for investment advice, pay more attention to the independence of their research, integrate the logic and viewpoints of brokerage research, and combine their own judgments to conduct deeper independent research, and at the same time draw clear conclusions, which requires higher professional quality.