This　article　investigates　whether　the　business　relationships　between　brokerage　firms　and　listed　companies　influence　sell-side　analysts’　stock　recommendation　ratings.　Using　the　recommendation　data　of　A-share　listed　companies　disclosed　by　China’s　domestic　brokerage　firms　from　2004　to　2019,　this　article　finds　that　sell-side　analysts　of　brokerage　firms　that　have　securities　underwriting　relationships　with　listed　companies　are　inclined　to　give　those　companies　investment　evaluations　that　are　more-positive　than　evaluations　from　non-affiliated　analysts.　After　a　series　of　robustness　tests　and　alleviating　endogenous　problems,　such　as　the　self-selection　of　underwriting　relationships　and　of　the　sell-side　analysts’　coverage　samples,　the　empirical　result　remains　unchanged.　Using　an　event　study　method　to　compare　differences　in　the　cumulative　abnormal　returns　of　stocks　during　the　event　window　of　the　recommendation　releases,　the　authors　find　that　it　is　information　advantage　rather　than　collusion　of　interests　that　leads　affiliated　sell-side　analysts　to　issue　more　aggressive　investment　recommendations.　Further　research　shows　that　“client　pressure”　will　enhance　the　investment　rating　enthusiasm　of　analysts　of　related　brokerage　firms,　whereas　“peer　pressure”　will　not　weaken　the　investment　rating　enthusiasm　of　them,　thus　verifying　the　robustness　of　causality.　The　findings　in　this　article　enlighten　the　regulatory　authorities　and　the　capital　market　about　the　characteristics　of　stock　recommendations　of　related　brokerage　firms’　analysts　and　the　motives　behind　these　recommendations,　which　is　of　great　significance　in　protecting　the　interests　of　investors.　©　2023　Authors.　All　rights　reserved.