Behind these changes, it is the result of the transformation of the Research Institute of securities companies in recent years and the research on the seller. The investment research business model is also becoming more diversified from the traditional commission model. At the same time, the competition for investment and research talents is still fierce, and the research institutes of securities companies build a distinctive investment and research platform to enhance the core competitiveness of the research institutes with their own advantages and mechanism construction.
Invest in research and kill black horse in the Jianghu
Research institutes of securities companies play different ways
Since this year, the personnel of the Research Institute of securities companies has changed frequently. According to a reporter from China Fund News, Peng Wensheng, chief economist of Everbright Securities, has also left his post and will be the head of Research Department of CICC. At the same time, the market also heard that Huang Yanming, director of Guotai Junan Research Institute, will go to Everbright Securities to serve as vice president in the near future.
In addition, Zhejiang securities, Huaxi Securities, Bank of China Securities, Zhongtai securities, Shenwan Hongyuan, CICC, Everbright Securities and other securities firms reported personnel adjustment during the year, behind which were Qiu Guanhua, Li Xunlei, Liang Hong, Xie Xuecheng, Guan Tao and a group of high-end investment and research talents. This also means that the future investment and research Jianghu may usher in a new round of adjustment.
In terms of the ranking of commission sub positions of the Research Institute, Dongfang wealth choice data shows that in 2019, the sub position Commission obtained by the whole market was 7.68 billion yuan, up about 7.68% from 7.137 billion yuan in 2018, among which CITIC Securities, Changjiang Securities and China construction investment securities ranked the top three; Guosheng securities ranked 15 places higher, ranking the first in the industry.
Behind these changes are the results of the transformation and positioning adjustment of the Research Institute in recent years. At the same time, various securities companies have formed their own business characteristics of the Research Institute and gradually diversified their practices.
Zhou Haichen, general manager of Shenwan Hongyuan Research Institute, said that the Research Institute of the company has formed a complete research system with one table and two meetings as the core, covering a comprehensive range of research fields. Excellent research management system and talent development system have laid a solid foundation for the sustainable development of the Institute. To build a system platform for sustainable development, including the core driven database and Shenwan index, will help the research to be upgraded iteratively.
According to a researcher from a medium-sized securities firm Research Institute in Beijing, different securities firms have different advantageous industries, and experience will have a great impact on the depth of industry research. If you dont have enough experience, you may simply list industry growth data and enterprise market share data. If you cant dig deeper things, its more and more difficult to get the recognition of institutions, and the value of services is difficult to reflect. This means that the construction of the Institutes characteristics is largely a competition of experience.
It is worth noting that the business model of the Institute has changed dramatically. After the transformation of investment and research business, the institute does not rely solely on the traditional revenue model of warehouse Commission.
Li Quan, director and chief economist of the Federal Reserve securities, said that the sellers research is the standard configuration of various securities companies, but the operation methods are quite different. Some top securities companies have deeply integrated research and intelligent investment adviser. The advantage of the Fed is to do research around strategic partners. We provide in-depth services for strategic customers. These services are no longer limited to simple investment and financing strategies, but start from the perspective of strategic continuity, reconstruction, transformation, etc., and consider the development of customers from a longer time dimension. In this strategic system, fed securities provides professional services from various business lines.
According to Yang Tao, in terms of service institutions, Guosheng Securities Research Institute has also found a set of effective methods, that is, through multi platform strategic cooperation, to comprehensively cover the industry and enhance the competitiveness of the Research Institute.
Fierce competition for investment and research talents
There are different ways to stay
How to build an investment and research platform that can give full play to the value of talents and attract excellent investment and research talents into the field is an important problem that every research institute needs to face.
According to Zhou Haichen, Shenwan Hongyuan Research Institute can attract outstanding talents, mainly due to the profound research background, brand advantages accumulated over the years and the long-term mutual trust relationship with customers. For a long time, the research institute has emphasized systematization and platformization, focusing on coordination and comprehensiveness. At the same time, it has covered mainstream investment institutions such as public offering, private placement, insurance, financial companies, etc., and has established close contacts with thousands of listed companies and built a good platform.
When excellent investment and research talents come to the Research Institute, their starting points are different, their platform resources are different, they can directly serve excellent investors, and they can communicate with excellent listed companies. This will also encourage analysts to continuously improve their research capabilities, help them broaden their horizons and expand their ideas, which will bring more opportunities to analysts. Zhou Haichen said.
According to Li Quan, there are three main reasons why excellent investment and research personnel can take root: first, cultural construction, only people with the same or similar values are likely to go on for a long time; second, effective performance incentive, research results must be reflected in the performance, which is a real mechanism of survival of the fittest; third, growth space, and innovation for investment and research personnel Create enough growth space, and this goal can be achieved through efforts.
The talent resources of the research institute are more snatched at the level of chief researcher. The middle and senior star analysts of the research institute are built by system. As long as the leading research institute has well established the system and well prepared the talent reserve, it can relatively calmly cope with the flow of talents. In fact, there are many talents in the leading research institute. East China, a large brokerage Research Institute, said.
Transformation is on the way
Several pain points of investment research mode of securities companies to be solved
Transformation has become one of the hot words in the current research business of securities companies, but in the view of many industry figures, there are still difficulties and pain points in the investment and research system of securities companies, such as the excessive inclination of some institutions commissions to the issuance channels, the trading behavior of increasing the market share, etc., and the transformation road is still long.
From single Commission mode to diversification
In recent years, the frequent job hopping, research homogeneity and other issues make the research business of securities companies frequently hot search in the industry. At the same time, the continuous shrinking of market transaction scale, coupled with the high cost of the sellers analysts, may have made it difficult for marginal securities companies to make profits, and the pressure of industry integration is beginning to appear. Gao Shanwen, chief economist of Anxin securities, once wrote that in the future, it may not be too radical to estimate that the number of institutions engaged in the seller business will be halved at present.
Relevant personnel of a medium-sized securities firm Research Institute in East China also said that the business of the research institute is showing a trend of diversification, such as using the advantages of the license plate of the research institute to provide more charging services, or the industry called soft Commission to provide paid investment and research consulting project services.
In the interview, Li Quan, director and chief economist of Federal Reserve securities, told reporters that there are two inevitable trends in the future. One is the in-depth service of investment research to customers, which is not enough now, that is, the in-depth service to customers is the development direction; the other is the combination of intelligent investment, methodology research and artificial intelligence.
This is the focus of our next stage of research. If we can grasp the opportunity, we will have the right to make rules, he said. At present, fed securities is making valuable attempts and business expansion in both fields.
In the interview, the reporter found that in the face of how to transform the Research Institute, there are many differences in the industry, some of which are based on doing business widely, some of which hope to do research deeply. However, the basis of research on business transformation of securities companies is research quality. Good research can help industry development financing and pricing.
According to Yang Tao, director of Guosheng Securities Research Institute, the institutional commission model has greatly promoted the development of the industry. Some new business models in foreign countries have not proved successful. You always feel that transformation is a big thing. I deeply disagree. We still have a lot of unfinished core tasks at this stage. It is more reliable to focus on good research than anything else.. It is understood that Guosheng research all micro innovations around core professional fields, such as expert resources, data mining and so on, is more about cooperation with external platforms, all of which are based on improving research quality and efficiency.
In fact, the research institute is relatively easier to transform among the major business sectors of securities companies. As long as the core research ability is excellent, there will be a long-term development basis, said the relevant person of a large-scale Research Institute of securities companies in East China. According to the head of a Research Institute of securities companies, the paid research and consulting service of the Research Institute of securities companies is also one of the new ways for sellers to realize their research value.
Pain points to be solved
Strengthen the cooperation of departments and expand the research value
There are some disadvantages in the domestic investment and research system, such as the excessive inclination of commissions of some institutions to the distribution channels, the trading behavior of increasing the market share, the non professional and non market access barriers for small and medium-sized securities companies, the integrity construction, and the excessive reliance on sales services rather than research results, which are all obstacles to the healthy development of the industry norms. in Yang Taos view, not only that, but now the whole industry The role of each industry in industrial capital docking and policy think tank is far from enough. It may be that the research quality needs to be improved and the business habit of the society paying for research services needs to be developed. However, there is room for development and improvement, and the trend is also developing in a better way.
One of the difficulties in the transformation of the research institute is the transformation of thinking, said a person related to a medium-sized securities firm Research Institute in Beijing. Research institutes famous for their fundamental research may not be able to adapt to the trading rhythm of fund companies. In its view, once the research is connected with securities trading, it needs to change in details and styles, and the styles of different fund companies are also different. This difference is more prominent in the secondary market that the securities firm research institute is good at, some institutions are more radical, some institutions are particularly cautious, and the securities firm Research Institute also needs to explore ways to adapt to the styles of different institutions.
However, with the rapid development of specialty and technology, the whole research industry of securities companies will serve the financial market more and more deeply, comprehensively and quickly in the future, which is beyond doubt. Based on this, the research business of securities companies also pays more and more attention to the coordinated development with other business departments of securities companies, so as to maximize the value of research power.
According to Zhou Haichen, in the system of Shenwan Hongyuan securities, the Research Institutes independent subsidiaries operate in the form of focusing on research sources and providing internal collaborative services, To stabilize the industry position and enhance the brand influence, and become the brand center and support center of the holding company, in the future, while firmly grasping the basic board, the Research Institute will actively deploy the collaborative development strategy, and strive to support the companys business and actively expand the research value through four directions: internationalization, service incremental institutional customers, collaborative business of listed companies and research productization. , he told reporters that at present, he is also combining the research needs of different business departments and improving internal mechanisms to promote the cooperation between the Institute and other departments.
Li Quan said that the leading investment and research team has cooperated with various business departments of securities companies in depth and brought significant benefits to securities companies, and fed securities is also making relevant efforts. At present, investment and research has cooperated with almost all business lines to achieve the strategic investment and research transformation in the process of wealth management transformation of securities companies.
Build a star team and cultivate houlang
The talent war of the Research Institute of securities companies
Trainee reporter Li di
For a long time, star analysts have been regarded as representatives of high-end talents of the Institute. In recent years, in the construction of talent system, the focus of the Research Institute of securities companies is undergoing subtle changes.
Compared with the construction of star analysts personal IP, many securities companies begin to pay more attention to the building of star team and the cultivation of houlang.
Excellent talents are just needed by the Institute
The value of star team is becoming more and more prominent
The Research Institute of securities companies, which is famous for its talents, has always attached great importance to the recruitment and training of talents. In recent years, personnel changes frequently in the industry, which also reflects the upgrading of talent competition.
Yang Tao, director of Guosheng Securities Research Institute, said that talents in any industry are the first, especially in securities companies and research fields.
Zhou Haichen, general manager of Shenwan Hongyuan Research Institute, said that investment and research talents are an important internal factor for knowledge intensive institutions such as Securities Research Institute to maintain competitiveness, and only when talents are valuable can they flow.
Li Quan also mentioned that behind the star analysts are supported by teams. I prefer to promote the sustainable development of star teams.
Zhou Haichen said that the emphasis on analysts personal brand may be divorced from the advantages of the research system, leading to the weakening of research institutions brand. On the contrary, if we can make good use of the personal brand effect of star analysts to study the brand development of institutions, it will become more valuable.
Surging after the Research Institute
The young generation has a long way to go
In recent years, the practitioners of securities industry have shown the trend of youth, and the Research Institute of securities companies is no exception. This year, Zheshang securities bank group even gave birth to the youngest bank chief who was only 26 years old.
In recent years, the practitioners of securities research have shown the characteristics of youth and specialization, and we are also pleased to see more and more excellent young people join our team, Zhou said
With the application of quantitative research and artificial intelligence in the research work of securities companies, houlang, which is more familiar with new things and program language, also plays an increasingly important role.
Zhou Haichen stressed that the key is to create value for customers, no matter whether it is front wave or back wave.
In addition, the talent training system of the Research Institute of securities companies is becoming more mature, and the growth speed of houlang analysts is also continuously improving. Taking Shenwan Hongyuan Research Institute as an example, Zhou Haichen said that after more than 20 years of accumulation and precipitation, Shenwan Hongyuan Research Institute has a full cycle talent training system. Generally, a new person can grow into a relatively mature analyst after two to three years of training on our platform.
Insiders of a securities firm Research Institute in Shanghai told reporters that after the improvement of the training system, building a star team depends on waves of back waves to enrich, now many young people can become the mainstay of the star team after more than three years of training..
Source: Guo Chenqi, editor in charge of China Fund News_ NBJ9931