“Why can the company do better in every link?” If you do not clearly understand that the above statement comes from the investor research reception record form of a listed company, it is easy to mistakenly think that you have entered the “boasting group”.
The reporter of Securities Daily took “research” as the keyword and used the data statistics to find that since the beginning of the year (as of 12:00 on January 25), listed companies have publicly disclosed 244 research activity information. In order to deeply understand the research quality, compliance and potential impact on the market, the reporter conducted a sampling “re research” on the institutional research.
The reporter combed the above research information one by one, and extracted 24 of them according to the ratio of 1:10 for further statistics. It was found that the quality of “Q & a” of institutions and listed companies was generally stable, and the research concentration of popular industries and tracks was high. However, there are obvious gaps in the number and quality of questions in some surveys, including probing into important undisclosed performance, excessive praise, etc; The answers of individual listed companies involve the pre increase of performance, the prediction of the scale of annual revenue, etc.
All these have entered the “fuzzy zone” of Xinpi. A person close to the regulator told the reporter of Securities Daily that the listed company disclosed the performance change trend or specific performance reference to the research institution before the announcement, which is suspected of violating the information disclosure rules or “playing a marginal ball”.
In addition, a number of legal and securities experts told the reporter of Securities Daily that the A-share market will fully implement the registration system, the importance of high-quality information disclosure will be further improved, and the market will further test the research and judgment ability of inquiry institutions. Therefore, as an important way of market-oriented supervision or judging issuers and listed companies, the value of high-quality research naturally rises.
244 research announcements have been disclosed since the beginning of the year
some institutions are suspected of “going through the motions”
According to the data, since this year (as of January 25), listed companies have disclosed 244 information on institutional research activities to apply for the classification of one thousand industries, involving 173 companies in 27 industries.
From the overall perspective of the survey announcement, nearly 90% of the operations are relatively standardized: the number of problems is moderate, the main business of listed companies is focused, and the proportion of positive guidance and troubleshooting problems is relatively balanced… Among them, listed companies in the pharmaceutical industry have received the most attention, with a total of 54 times investigated. In addition, hot issues such as yuancosmos hot track and price rise have also been widely mentioned in the research.
In terms of 24 samples, at least 879 people from more than 801 sub institutions and one individual investor participated in the research on these 24 companies. Among them, Perfect World Co.Ltd(002624) which attracted the most attention of institutions welcomed researchers from no less than 235 institutions on January 23 and was asked 21 questions.
However, some institutions are suspected of “going through the motions”. Among the 24 samples, one case was a specific object survey of GEM companies. The participants included 28 researchers from 27 institutions, but only two questions and answers were disclosed. The main content focused on a market hot spot concept at that time; Another sample showed that 53 researchers from 47 Institutions asked four questions about the listed company, of which three were “painless” and meaningless.
According to Wang Jiyue, a senior investment banker, institutions usually have a leader to conduct research on listed companies. After the relevant institutions make an appointment, they can discuss the problems they want to know in advance and merge some problems. In addition, research announcements are not equivalent to meeting minutes, so sometimes it seems that there are fewer problems.
However, for the above cases, even considering that some repetitive problems may be sorted or merged, the number of problems and researchers finally presented is less than 1:10, which still indicates that the vision and effectiveness of the research organization’s questions are insufficient.
“Such research doesn’t make much sense.” Zheng Yu, a law professor at the school of international finance and law of East China University of political science and law, told the reporter of Securities Daily that analysts’ more professional ability is to excavate the meaning not directly expressed behind information disclosure documents such as prospectus and annual report through on-site interview and observation, so as to make a more comprehensive and objective evaluation of the investigated objects from the market side.
Liu YUNPU, vice chairman of Baoxin financial group, said in an interview with the reporter of Securities Daily that in the A-share market dominated by long, the main work of analysts is to tap the targets worthy of investment and obtain the split position income by recommending them to investment institutions. During the institutional research, they asked questions about the core business information of listed companies, To some extent, it is understandable. However, similar information will inevitably bring information redundancy and reduce the quality and value of the research report. Some analysts lack the ability of independent analysis and research, and quote a large number of information that has not been studied by themselves, especially some gossip from the research. This situation needs to be changed.
In addition, some samples exposed the problem that researchers did not “do enough homework” in advance. For example, a sample shows that the first question asked by an institution is whether the company’s non-public offering is completed. From the disclosure of the listed company nearly a week before being investigated, the capital verification of the fund has been completed and entered into the special account for raising funds.
What is more incomprehensible is that the questions of individual organizations are more like praise. The reporter noted that there were similar problems in two research samples, including the expression of “why the company can do better in every link”, and repeatedly emphasized the “well done” and “smooth entry” of Listed Companies in the questions. Fortunately, the above-mentioned companies were objective and professional in their answers.
Liu Junhai, director of the Institute of commercial law of Renmin University of China, told the reporter of Securities Daily that seemingly asking questions is actually praise. There are some problems in such research, which may mislead investors. High quality research institutions must comply with laws and regulations, and further emphasize the obligation of integrity to public investors. Research should not only rely on simple questions and answers, but should actively use scientific methodology and learn from the advanced research methods commonly used in international peers; At the same time, we should also pay attention to the company’s tax forms, water meters, electricity meters, payroll, social security forms, etc.
Zheng Yu believes that the basis for ensuring the quality of research and research lies in people. On the one hand, we should pay attention to the pre and in-process training of practitioners’ basic skills and legal compliance; On the other hand, all licensees
Institutions should pay attention to the compliance process of the research report release, not only to achieve the compliance of the release content, but also to control the compliance of the research process. In this process, the compliance review should pay attention to the rationality and logic of the derivation of the research report, and the conclusion should have factual basis and derivation process. If listed companies believe what they say and give what the market wants, such research reports should be stopped in the internal review stage.
In addition, among the above 24 samples, there are also cases where the dimensions of institutional questions are relatively rich and the responses of listed companies are too concise. For example, in one sample, listed companies answered 25 questions raised by institutional researchers at one go, but the disclosed replies totaled about 807 words, with an average of only 32 words for each question.
Some questions about involve inquiring about performance
individual answer suspected letter Phi violation
If there is some flexibility in the evaluation of institutional research quality due to the different industry characteristics and development stages of listed companies, then compliance is obviously a rigid dimension in the evaluation.
Among the 24 samples, some samples are suspected of violating information disclosure rules or “playing a marginal ball”. For example, in one sample, institutional research was conducted on January 11, and the information was disclosed more than a week later. However, on January 13, investors said they were aware of the research activities. At the same time, in this survey, the agency asked about the performance of Listed Companies in 2021, and the company replied that “it will release the announcement of pre increase of performance in 2021 in the near future”. Since then, on January 14, the listed company disclosed the announcement of pre increase of performance. According to the time sequence, it can be found that the performance pre increase information disclosed by Listed Companies in the research is earlier than the performance pre increase announcement, and it is not publicly disclosed immediately after the information disclosure in accordance with the relevant rules.
“This situation may be suspected of information disclosure violations.” A person close to the regulator told the reporter of Securities Daily. At the same time, Wang Jiyue also believes that the disclosure of undisclosed performance to a small number of investors in the research is suspected of violation, and it is suggested that the supervision should pay attention to it.
According to the guidelines on the relationship between listed companies and investors, “The company may hold a performance briefing after the end of the regular report, or conduct one-to-one communication with investors, fund managers and analysts on the company’s operation, financial status and other matters, introduce the situation, answer relevant questions and listen to relevant suggestions when deemed necessary. The company shall not publish undisclosed major information of the company in the performance briefing or one-to-one communication Information. The company shall provide relevant information to other investors equally. “.
In addition, some sample companies take the financial objectives in the incentive plan as “performance reference” when answering the performance guidelines of research institutions (for companies that have been investigated for many times, only 24 samples are included and observed at one time). For example, a listed company in Shenzhen said, “it is certain that the company’s revenue scale will increase steadily with the gradual expansion and release of production capacity; in terms of specific data, the financial objectives set in the company’s incentive plan can be used as a reference”. In addition, in the second survey reception this month, the company admitted that the expression of “expected performance growth rate of 20% in 2022” mentioned in the interaction with investors in the first survey is not rigorous and accurate. Please pay special attention to it and apologize for the trouble caused.
People close to regulators told reporters that the disclosure of performance reference is suspected of “playing a marginal ball” in terms of information disclosure compliance. If abnormal stock price fluctuations are triggered, they may receive a supervision letter or a letter of concern.
For Jiangsu Changbao Steeltube Co.Ltd(002478) , one of the samples, the quantitative description is more rigorous in the face of the problems raised in the institutional research, such as “expected annual sales volume in 2022”, “on hand orders” and “profit margin in 2022”.
In fact, according to the code of practice for issuing securities research reports, the research activities of listed companies are carried out, “Shall not actively seek relevant inside information or unpublished material information of listed companies” “Anyone who passively knows the inside information of a listed company or does not disclose major information shall keep the relevant information confidential and timely report the fact that he has learned the relevant information to the compliance management department of his institution. Before the relevant information is made public, he shall not publish the securities research report involving the listed company”.
Zheng Yu believes that the most important cornerstone of the securities market is “fair trading”, and all information disclosure must meet the requirements. In the supervision concept of modern securities market, in addition to true, accurate, complete and timely disclosure, there is also a principle of fair disclosure. Therefore, any advance disclosure without legal channels or methods is an illegal act, which will inevitably lead to the information asymmetry of investors.
investors pay high attention to research
questioned the existence of “pig killing sector” cases
According to the data of China stock market news choice, the average annual number of research reports released by Chinese securities companies in the past three years is nearly 170000. Behind the high production capacity in the research and reporting field, there is a high demand from institutional buyers and investors. As we are at the front end of the research and reporting industry chain, the quality of institutional research is naturally highly concerned by investors. Even among the 24 samples taken by the reporter, there was one case where individual investors paid to participate in the research as institutional customers.
More investors choose to interact with listed companies through public channels. According to the information on the investor interaction platform of Shanghai and Shenzhen Stock Exchange, 504 questions and answers have focused on research as of 12:00 on January 25 this year. Some investors want to know about the research of institutions received by Listed Companies in recent months, and many investors suggest that listed companies invite institutions to conduct research. From the starting point, some investors believe that “research is conducive to market investors to better understand the company and improve their attention and popularity”, while others say that “many companies (share prices) have soared after the research of reception institutions”.
In addition, some investors will compare the forecast data disclosed by Listed Companies in the research with the actual situation. For example, an investor asked a listed company, “where is the so-called 15% net profit margin in the research? It’s less than 10% now.”
It is worth noting that from the information retrieved by the search engine, some investors questioned the suspected “pig killing sector” of some research. Recently, there are even rumors that public funds have encountered “pig killing sector” (both listed companies and public funds deny it). In addition, on January 19, the attention letter issued by Shenzhen Stock Exchange to a food and beverage company showed that on the evening of January 11, the company published the record of investor relations activities, which said that “it is expected that the revenue scale of prefabricated vegetables in 2022 will be about 1.2 billion yuan”; On January 14, the company said that the above expected 2022 annual planning objectives formulated for the management team do not constitute performance prediction and performance commitment. However, from January 12 to January 19, the company’s share price rose by 77.44%, touching abnormal fluctuations in the share price twice.
From the 244 survey information sorted out by the reporter this time, in addition to the above-mentioned food and beverage companies, the stock price trend of most other companies was relatively stable during the year, and there were 4 companies with a rise or fall of more than 40%; There are 16 companies with a range of 20% to 40%. From the perspective of 24 samples, from the survey date, except for the above-mentioned food and beverage companies, only 2 companies increased or decreased by more than 20%; In addition, Andon Health Co.Ltd(002432) share price experienced a “roller coaster” market. From January 14 to 25, it experienced three daily limits, four daily limits and a decline of more than 5%.
In addition, due to the lack of depth of research by some institutions, relevant research reports are “slapped” by listed companies from time to time. For example, in June 2021, a securities firm released a research report that a listed company is a leader in a specific field, its intrinsic value is seriously underestimated, and the potential rise space in the next six months is 110%. However, the research report was subsequently clarified twice by listed companies. First of all, the company said, “some research reports on the company’s performance prediction only represent the personal views of analysts. Please invest rationally and pay attention to risks”; After 3 days, in the reply to the letter of concern of the exchange, the listed company once again said that some contents of the research report were inaccurate. “After communication, it reached an agreement with the issuer of the research report, and the other party will launch the internal process from now on, and will complete the replacement of the Research Report and amend the description of this part within one month”. In addition, securities companies were punished by supervision due to inaccurate research reports. In 2021, the securities regulatory system issued at least eight supervision letters to securities companies on the violations of the Research Institute, involving some head institutions.
Wang Jiyue believes that Matthew effect is the normal state of the market and the embodiment of market allocation of resources. Liu Junhai, however, holds a different view. He thinks, “some popular track bubbles and hype are relatively high. Some companies in the track are frequently investigated, which shows that intermediaries do not have the risk of slow-release.
Institutions should be good at providing timely assistance and become a ‘Bole’ of good stocks with unique investment vision. “
trust phi and pricing game under the comprehensive registration system
all need high-quality research support
According to the deployment of the central economic work conference, A-share will fully implement the stock issuance registration system. This obviously puts forward higher requirements for information disclosure of listed companies, and the necessity of improving the quality of institutional research is also significantly increased.
Zheng Yu said that under the registration system, on the one hand, we need to grasp the legitimacy and compliance of legal and voluntary information disclosure from the issuer and listed company. On the other hand, as a means of market supervision or evaluation of issuers and listed companies, high-quality research is very important. Its main function is to give investors the opportunity to understand the abstract descriptions or figures in the prospectus and annual report through on-site visits and other perceptual ways that can be touched personally.
“The registration system takes information disclosure as the core and emphasizes the intermediary responsibility.” Liu Junhai believes that practicing analysts must effectively improve the quality of research reports, and must have unique analysis, solid basis and research thinking of fearing risks. In addition, supervision should further form effective constraints on low-quality research, such as strengthening administrative supervision and establishing a “black and red list” system.
In addition to information disclosure, in a deeper sense, the registration system will also test the research and analysis ability of institutions in the market pricing of new share issuance. Dong zhongyun, chief economist of AVIC securities, told the Securities Daily that in the price game of new share issuance under the registration system, there is an objective situation that some offline investors pay more attention to strategy than research. In fact, it is necessary for research institutions to prepare and write quality reports and form quality suggestions for institutional quotation.
