1. Seller's institutions: mainly refer to investment banks and other institutions, such as Goldman Sachs and Morgan. They do not directly invest in the market themselves, but provide investment advice to customers, serve their investment and earn trading commissions from them. The seller's report is a report written by the analyst of the seller's organization. They cover and track specific industries and companies, rate stocks, give profit forecasts and investment suggestions.
2. Buyer's organization: refers to organizations that directly invest in the market, such as asset management companies and private equity funds. Buyers' reports mainly refer to reports written by researchers of these institutions. Generally, these reports are for internal use only as the basis for their own investment.