The China Securities Association recently distributed to brokerages its statistical report on securities research report publishing by securities companies in 2025. According to Securities Times, the report said the industry has generally not defined the boundaries for using AI in research report work and has no management requirements for materials analysts obtain from AI. It added that some analysts used unverified, AI-generated erroneous content in public, damaging the professional credibility of the securities research industry. The report recommended establishing internal review mechanisms for AI-generated investment research content, checking AI output for accuracy, logic and compliance, and barring analysts from directly relying on unverified AI-generated data, opinions, market projections and research conclusions to guard against the risk of model hallucinations.