This is the 727th most frequent Chinese word.
搞
To do, make, get, engage in, or handle.
In this sentence, "搞" is used to indicate actively engaging in or conducting an activity or task, in this case, "doing research."
他最近在搞研究。
He is currently conducting research.
Here, "搞" conveys causing or instigating a certain behavior or result, implying someone is actively annoying others.
你别再搞烦人了！
Stop being annoying!
"搞" in this context is utilized to signify initiating or organizing an event, specifically a celebration in this example.