A heated exchange between two Northeast Securities analysts in a TMT group chat has drawn industry attention, highlighting tensions over research coverage boundaries amid a booming sector. The dispute involved electronics team analyst Li Jiu and computer & AI analyst Zhao Yuyang, who clashed publicly over coverage rights for Hygon Information Technology Co., Ltd.
The conflict began when Li demanded the transfer of Hygon's coverage from the computer team back to electronics around 10 PM, bluntly stating: "Cancel Hygon's coverage—I'll take it," "This one's mine," and "You can't cover this," while tagging all group members. He also requested the cancellation of QuantumCTek's coverage, announced plans for an in-depth weekend report, and scheduled a team meeting to discuss "computer team boundary-crossing."
Zhao swiftly countered, asserting that Hygon legitimately fell under computer sector coverage and rejecting claims of territorial infringement. She argued against restricting her team's expansion simply because of their rising commission points: "You can't limit us just because our points are climbing—that's unreasonable and unbecoming of a TMT team lead." Zhao confirmed their coverage application was already submitted, refusing cancellation as "we're fully prepared."
The confrontation escalated with Li declaring: "Fine, then it's either you or me," accusing Zhao of "stepping over boundaries for personal points." He listed multiple coverage areas (GPU, PCB, materials, liquid cooling, etc.) where Zhao's team allegedly "took slices from junior electronics analysts' pie," criticizing "chaotic team coverage" while sarcastically offering "100 points" for Zhao's performance.
This unusually public spat reveals heightened competition for coverage rights during this year's red-hot TMT market, where high-profile stocks directly translate to visibility, commissions, and bonuses—making coverage boundaries a flashpoint for conflict.
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