Hello, research reports issued by research institutes of fund companies are generally used for decision-making of fund companies, and reports issued by researchers of securities companies are generally used for corporate customers, which are also commonly known as investors or institutional customers. Sometimes it seems that the division of labor is different, but in fact, the content is similar. Analysts are generally securities companies or the following business departments specializing in securities investment analysis, providing investment operation advice to customers, which is the difference mentioned in the above question. Researchers generally belong to research institutes, and analysts are generally in the sales department or brokerage headquarters. The hardware condition of these jobs is to obtain the qualification of securities analyst of China Securities Association.