Executive Summary: Key Takeaways
– Chinese securities firms scheduled an unprecedented 292 conference calls over the eight-day 2026 Spring Festival holiday, with sessions even held on Lunar New Year’s Eve and the first day of the year.
– This surge in Spring Festival conference calls is driven by severe pressure on research revenue due to mutual fund fee reforms, pushing brokerages to compete aggressively for client attention and market share.
– Medium-sized and smaller brokerages are particularly active, using holiday periods to differentiate themselves, while large firms maintain strategic investments in research despite cost pressures.
– Spring strategy conferences have also been scheduled earlier and more densely than in previous years, with optimistic themes reflecting bullish sentiment for the Year of the Horse in Chinese equities.
– For global investors, this intensifying competition signals both increased research output to monitor and a looming industry consolidation that could reshape service quality and broker relationships.
A Holiday Transformed: The Conference Call Frenzy
As China celebrated the Lunar New Year, a parallel universe of financial analysis was in full swing. Rather than a complete pause, the Spring Festival has become a critical period for securities firms to engage clients, with nearly 300 conference calls crammed into the eight-day break. This remarkable shift underscores how the traditional lull has been replaced by a relentless pursuit of research influence and client service in the Chinese equity markets.
The data is compelling. According to Jinmen APP, from February 16 to 23, brokerage research institutes scheduled 292 telephone conferences, averaging over 32 per day. Notably, seven calls were held on Lunar New Year’s Eve (February 16), and ten on the first day of the new year (February 17). This volume of Spring Festival conference calls is unprecedented and highlights a market where standing still is not an option. Complementing this, Wind’s 3C Conference platform showed 176 sell-side roadshow meetings announced from February 15, with 108 slated for the holiday period itself.
Leading the Charge: Brokerages Breaking the Holiday Mold
The list of firms participating in this holiday rush is extensive, spanning large, medium, and smaller players. Over 13 brokerages have scheduled roadshows, including Pacific Securities (太平洋证券), Guolian Minsheng (国联民生), GF Securities (广发证券), Kaiyuan Securities (开源证券), China International Capital Corporation Limited (中金公司), Huafu Securities (华福证券), Guosen Securities (国信证券), Changjiang Securities (长江证券), Zhongtai Securities (中泰证券), Southwest Securities (西南证券), Guohai Securities (国海证券), Huayuan Securities (华源证券), and CITIC Securities (中信证券). Among them, Kaiyuan Securities, Huafu Securities, Changjiang Securities, and Pacific Securities have been particularly prolific.
Specific examples illustrate the depth of commitment. A widely circulated screenshot, reportedly from Western Securities (西部证券), promoted an “eight-day non-stop research marathon” from February 16 to 23. Jinmen APP confirms that Western Securities’ New Year series included macro, fixed income, strategy, and quantitative finance sessions. Notably, Western Securities Deputy Director and Chief Technology Analyst Zheng Hongda (郑宏达) hosted a “Tech Spring Festival Gala: AI Products and Industry” call at 9 PM on Lunar New Year’s Eve. CITIC Securities (中信证券) also organized a series from the second to the ninth day of the new year, covering batteries, energy management, communications, and AI large models, while strategically avoiding the eve and first day. Kaiyuan Securities (开源证券) scheduled daily calls from the first to the eighth day, spanning sectors like food & beverage and real estate.
The Pressure Cooker: Why Brokerages Are Working Through the Holiday
The phenomenon of Spring Festival conference calls is not merely about ambition; it is a direct response to structural pressures reshaping the sell-side research business. The primary driver is the sustained reform of mutual fund fee structures, which has significantly compressed commission income for research services. According to Wind data, total分仓佣金 (分仓佣金) or split commission income for brokerages in the first half of 2025 was 4.472 billion yuan, a sharp decline of 33.98% year-on-year. Among the top 40 firms by this revenue, 30 saw drops exceeding 30%.
The Revenue Squeeze and Strategic Imperatives
In this environment, research departments are under intense pressure to justify their value and capture a larger slice of a shrinking pie. For many firms, especially those without the vast integrated platforms of top players, holiday periods represent a unique opportunity to gain visibility. As one chief analyst bluntly stated, this “internal volume” or intense competition is linked to some brokerages’ relative lack of resources. “Many people no longer have the concept of a traditional New Year; after the second day of the new year, it’s considered over,” the analyst noted, highlighting the professional shift.
CICC Non-Bank Financial and Fintech Industry Group Head and Chief Analyst Yao Zeyu (姚泽宇) provided a clear framework for understanding these dynamics. He pointed out that in the short term, medium-sized boutique brokerages that position research as a core business are likely to focus on cost efficiency while aggressively争夺投研市场份额 (competing for investment research market share). For large, comprehensive brokerages with diverse clientele, research serves dual purposes: external service and internal support for other divisions, prompting continued strategic investment. Long-term, Yao Zeyu anticipates industry concentration will rise as some firms adjust their research focus and smaller players exit.
The Battle Among Medium-Sized Players
The surge in Spring Festival conference calls is particularly pronounced among medium-sized brokerages, for whom the holiday represents a critical window to challenge larger rivals. These firms are often in a precarious position: they lack the brand recognition and internal synergies of giants like CITIC or CICC, but they possess specialized teams eager to prove their worth. The holiday period, when some competitors may truly downscale, offers a chance to capture the attention of fund managers and institutional clients with fewer competing voices.
A Strategy of Saturation and Specialization
The approach is twofold. First, saturate the calendar with availability, as seen with Western Securities’ eight-day marathon or Kaiyuan Securities’ daily series. Second, focus on high-conviction or trendy themes to attract interest. For instance, Zheng Hongda’s AI-focused call on New Year’s Eve tapped directly into a market hotspot. This strategy reflects a broader trend where research differentiation is key. As commission pools shrink, clients are becoming more selective, rewarding depth of insight and proactive communication. The Spring Festival conference calls, therefore, are not just about quantity but about signaling commitment and expertise in a crowded field.
Spring Strategy Conferences: The Second Front in the Research War
Parallel to the telephone conference blitz, the calendar for spring strategy conferences has also intensified, adopting an “early launch, dense layout” pattern. Unlike previous years where such events might taper into March or April, 2026 has seen a compressed schedule right after the holiday. By February 15, seven brokerages had confirmed or already held their spring strategy forums, with Huafu Securities firing the opening shot on February 3.
A Packed and Purposeful Calendar
The post-holiday lineup is telling. The first week after the break (February 25-26) will feature conferences from Tianfeng Securities (天风证券) and Western Securities (西部证券). The second week (March 4-5) brings events from Kaiyuan Securities (开源证券) and GF Securities (广发证券). Heavyweights like CITIC Securities and Guotai Haitong (国泰海通) are set for March. Geographically, the events cluster in major financial hubs: four in Shanghai, two in Shenzhen, and one in Beijing, emphasizing the fight for核心资本圈层客户 (core capital circle clients) in the Yangtze and Pearl River Deltas.
The themes of these conferences universally strike an optimistic, forward-looking tone, with keywords like “new,” “breakthrough,” and “upgrade” prevalent. This reflects institutional bullishness on the Year of the Horse market. For example:
– Guotai Haitong: “Gazing at New Peaks from Afar” (远望又新峰)
– GF Securities: “New Growth Opportunities · New Asset Narratives” (新增长机遇·新资产叙事)
– Kaiyuan Securities: “Horse Gallops with Spring’s Return” (马踏春归)
– Western Securities: “Upgrade and Breakthrough” (升级与突破)
– Tianfeng Securities: “Steady Progress Over a Long Journey” (行稳致远)
– Huafu Securities: “Momentum to Start a New Phase” (势启新局)
Expansion and Evolution: Research Services Go Broad and Deep
The competition is not confined to timing and themes; it is also expanding geographically and substantively. Brokerages are increasingly taking their research roadshows beyond the traditional bastions of Beijing, Shanghai, Guangzhou, and Shenzhen. Guosen Securities (国信证券), for instance, will host a Free Trade Port forum in Haikou, Hainan on March 10. Unverified reports also suggest Guosheng Securities (国盛证券) may hold its 2026 Spring Capital Market Forum in Wuxi. This regional penetration indicates a push to serve and attract clients in emerging economic powerhouses across China.
The Rise of Thematic and Sector-Specific Forums
Furthermore, targeted, topic-driven conferences are multiplying. China Securities (中信建投证券) has scheduled two post-holiday thematic events: an “Crossing the Singularity” advanced manufacturing strategy meeting in Shanghai on February 25, and a “Twin Engines Resonating: Tech + Cycle” conference in Shenzhen on March 4, the latter featuring popular sub-forums on TMT and cyclical sectors. This trend towards specialization allows brokerages to showcase deep-domain expertise and cater to investors with specific portfolio interests, adding another layer to the comprehensive Spring Festival conference calls approach.
Deciphering the Signals for the Global Investment Community
For international institutional investors, fund managers, and corporate executives tracking Chinese equities, this frenzy of activity is rich with implications. The sheer volume of Spring Festival conference calls and early strategy sessions provides a denser stream of research insights and market sentiment to digest. However, it also requires discernment to separate signal from noise in an increasingly crowded field.
Actionable Insights and Market Navigation
Firstly, the intensity of competition suggests that research quality and client service are likely to improve, at least in the short term, as brokerages strive to differentiate themselves. Investors should leverage this by actively engaging with a wider range of research providers, particularly from aggressive medium-sized firms that may offer niche insights. Secondly, the optimistic themes of strategy conferences, combined with the holiday work ethic, indicate a sell-side that is broadly constructive on the market outlook for 2026, potentially flagging sectors like technology, manufacturing, and new growth narratives.
However, the underlying pressure from fee reforms means this output surge may not be sustainable for all players. As CICC’s Yao Zeyu noted, industry consolidation is the long-term trend. Investors should therefore use this period to assess which research houses demonstrate durable analytical rigor, cost-effective service models, and strategic alignment with their own investment needs. The firms that thrive will likely be those that successfully translate this holiday hustle into lasting client relationships and differentiated research products.
Synthesis and Forward Path
The image of analysts hosting conference calls on Lunar New Year’s Eve is a powerful symbol of the new realities in Chinese finance. The era of gentle competition and seasonal slowdowns is over. In its place is a hyper-competitive, efficiency-driven market where research is both a weapon and a vulnerability. The nearly 300 Spring Festival conference calls are a clear manifestation of this shift, driven by revenue pressures and a fierce battle for relevance among brokerages of all sizes.
For market participants worldwide, the key takeaway is to recognize this activity as a leading indicator of industry dynamics. The early and dense schedule of spring strategy conferences, with their upbeat themes, reinforces a positive baseline sentiment from the sell-side. Moving forward, investors and executives should closely monitor which firms maintain research quality and innovation as the fee pressure persists. Engage proactively with the research flow emerging from this intense period, but also be selective, focusing on providers that offer consistent, actionable insights rather than mere volume. The ultimate winners will be those who can distill value from this competitive storm, using it to inform sharper investment decisions in the vibrant yet complex Chinese equity markets.