Before the end of the Qingming holiday, the Securities Research Institute has been highly rolled up!
On April 5, Qin, chief analyst of Guotai Junan Securities Co.Ltd(601211) Research Institute in a certain field, swiped a dialogue in the financial circle.
The content is the "chicken blood" education for team members. requires team members to rush forward, do performance, crush peers, and make their own report "crazy bombing of customers"
There is no lack of fierce wording, for example, "don't say your salary is low in the future. It's absolutely fair to everyone now. From this year, if your salary is still low, it's either incompetent or lazy. I can't think of any other reasons"
other securities companies responded to "chicken blood" group chat in space
This dialogue of "beating chicken blood" for team members at more than 1 p.m. on April 4 has become popular in the seller's circle. Guotai Junan Securities Co.Ltd(601211) did not comment on the performance of the relevant chief of the Institute
In addition, the company has not released any official content on the sudden reform and performance of the Institute recently.
"However, it is rumored in the industry that Guotai Junan Securities Co.Ltd(601211) research institute does put pressure on the assessment of analysts." Some brokerage analysts said.
In addition, in the above dialogue, Qin said that when he participated in the selection of new wealth in 2018, he ranked among the top five in a single quarter, about 4.5% - 5%.
"This coefficient represents the percentage of the analyst's customer commission in the total Commission of the Institute, indicating that Qin is very strong, which is equivalent to a person contributing 5% of the Institute's revenue. But from the dialogue, the past two years should be 'Buddha', not so high. Now we have to continue to rush the performance." The aforementioned brokerage analysts said.
by April 5, at more than 8 a.m., when most people were still on vacation, Zhang, chief of Huatai Securities Co.Ltd(601688) related fields, one of the brokerage peers mentioned in the above dialogue, issued the work policy of "no flow, value-added" to the team and transferred it to some buyers
on the same day, the buyer confirmed this information to the 21st Century Business Herald reporter
Zhang told the team: "what we lack these days is not information, let alone artificial noise. We need to know that customers, including our own energy and time, are the most precious and scarce. We must firmly believe that research creates value and do research that adds value to customers. Otherwise, even if we make a temporary profit, it will be unsustainable."
"Diligence is the basic condition in our business, but we have to put our energy in the right place. Just brushing our face and screen and infinitely amplifying our voice are meaningless to customers. It is difficult for us to look at the market calmly and rationally. In the long run, we might as well settle down to do valuable research. We don't want to run fast, we just want to run far. We don't need traffic, we need to add value."
"In short, the simplest measure is whether investors have inspired, gained or at least saved the energy of collecting information after seeing what Huatai has fixed. If not, it is worthless research. We need to reflect, improve and improve ourselves."
"Sending points is the foundation of team survival. But what we pursue is always to do our best. Everything else is a logical result."
In this regard, some buyers expressed mixed views on Qin.
Some people feel that a lot of invalid information has been forcibly blocked; Some buyers also think that Guotai Junan Securities Co.Ltd(601211) Research Institute was a former taifo department, and now the wolf is also good! "Qin is quite right. Others will rob you if you give up. If you are Buddhist, the buyer will ignore you."
Just when the financiers ate melon all morning and thought the matter was over, things made progress again in the afternoon of April 5.
Zheshang Securities Co.Ltd(601878) Research Institute organized employees to learn this dialogue from Qin, and asked everyone in the Institute to write a sentiment of at least 300 words, which was uniformly sent to a colleague for summary before 22:00 p.m. on April 6
Zheshang Securities Co.Ltd(601878) this training notice requires employees to understand from four aspects: 1. How does this wechat content inspire you to be a seller in the future? 2. In terms of hard work, do you have any ideas for improvement? 3. Do you have any ideas for improvement in skillful work? 4. What improvement suggestions do you have for teamwork?
In addition, it also puts forward requirements, including requiring the leaders of all functional groups to complete the study and discussion in the group before 11:00 tomorrow (any time today). The time can be freely convened by the team leader, but they must organize a study.
And put forward: "In many people's impression, some old securities firms' research institutes are Buddhist. Zhejiang merchants are full of wolves and beat chicken blood every day. This is not the case. How can we have a chance when the sleeping lion wakes up? It is worth pondering. Next time, we will organize another study of Changjiang Research Institute. How did Changjiang Research Institute squeeze into the head from small and medium-sized research institutes? How are their research and sales work? You can find it privately Let's talk to our colleagues at the Yangtze River Research Institute. "
for this training content, Zheshang Securities Co.Ltd(601878) told the reporter of the 21st Century Business Herald that the content is true, but this is internal learning and exchange, hoping to learn from each other
when did the old securities companies start "Buddha"
Zheshang Securities Co.Ltd(601878) in the training notice mentioned above, a very important message is that in recent years, old securities companies look "Buddha" in the industry, while small and medium-sized securities companies often go hand in hand with "chicken blood".
the most obvious watershed for the "Buddha" of old securities companies is 2018. In that year, the scandal caused by Founder Securities Co.Ltd(601901) "eating door" led to the suspension of the new wealth selection in 2018. In that year, more than 30 securities companies jointly issued the "statement on launching the selection of new wealth analysts" and published it on the official website of the Securities Industry Association
This year, many leading securities companies took the opportunity to adjust the development strategy of the Research Institute and the pricing mechanism for analysts - because before this "meal gate" event, during the annual new wealth selection, analysts' various behaviors to solicit votes have long attracted market criticism, and negative public opinion has occurred from time to time.
although the 2019 new wealth analyst selection was announced to be held as scheduled, this "event" is no longer brilliant in the past. For example, analysts were not encouraged to participate in the selection in Guotai Junan Securities Co.Ltd(601211) that year
"Many research institutes lose money and are essentially cost departments.
In addition, the revenue of the institute does not account for a large proportion in the overall revenue of securities companies, especially for old and head securities companies. Therefore, for the head securities companies, good public opinion, good compliance and stable development of the company are more important. There is no need to let the research institute do business aggressively, causing some compliance risks. Small securities companies are different. Small securities companies need to actively do a good job in a research institute to make themselves famous in the market, so as to drive the development of other businesses. " Some asset managers said.
"In addition, many leading securities companies have emphasized coordinated development in recent years and should be the 'aircraft carrier of the securities industry'. The public offering, asset management and financial management subsidiaries within the group also bring a lot of transaction commissions to the Research Institute, and analysts only need to provide good services." The asset manager said.
"This is the inevitable route for securities companies to develop to a certain scale. It's just that the cancellation of new wealth in that year gave the head securities companies an opportunity to make up their minds to change the previous mechanism and adjust the strategic positioning and business style of the Institute." The aforementioned asset management person said.
For example, according to the data disclosed in the annual report of public funds, in 2021, Guotai Junan Securities Co.Ltd(601211) the sub warehouse Commission was 757 million yuan (roughly equivalent to the operating income of the Research Institute). The total operating revenue of Guotai Junan Securities Co.Ltd(601211) 2021 was 42.8 billion yuan, and the revenue contribution of the research institute accounted for only 1.77%.
While Citic Securities Company Limited(600030) , which had the largest sub warehouse Commission in 2021, had an annual sub warehouse Commission of 1.667 billion yuan. However, the operating revenue of 60 Hefei Lifeon Pharmaceutical Co.Ltd(003020) 21 was 76.5 billion yuan, and the revenue contribution of the Institute was only 2.18%.
It is not a natural risk for analysts to "violate the rules" when conducting business, and it is not in the aspect of compliance.
In the 2020 annual report, Guotai Junan Securities Co.Ltd(601211) clearly mentioned the consideration of research business, saying that "research business optimizes the assessment and incentive mechanism, strengthens the construction of research core competence and improves the internal service level".
By 2021, Guotai Junan Securities Co.Ltd(601211) directly merged the original research and institutional Business Committee and trading and investment business committee, and adjusted it into institutional and trading business committee, so as to continuously optimize the organizational structure and coordination mechanism.
