Recently, a screenshot of a research report comparing BYD's U9 and T-90 main battle tanks was **. This screenshot of the research report is from the special research report on BYD released by the Western ** R&D Center on October 24, 2023: "BYD (002594SZ) first coverage report: cost as a shield, technology as a spear, sword pointing to the global automotive leader", in the 26th page of the research report, in order to present BYD's Yi Sifang four-wheel motor output power, western ** compared BYD look up to the U8 and T-90 main battle tank output power, engine, body, amphibious, U-turn, lateral travel, zero hundred acceleration and the number of driving wheels, and concluded: "Yi Sifang four-wheel motor technical indicators are comprehensively leading the industry", looking up to the U8 has amphibious, Lateral marching, the T-90 tank was "none".
According to Blue Whale Finance and Economics, relevant people in the west responded that the report was not written by Xi, and the comparison of BYD's U8 with the main battle tank was affected by relevant publicity.
What is the impact of the publicity?Previously, there were many new ** comparisons between BYD looking up to the U8 and the tank. Regardless of whether the research report of the western ** is affected by the self-esteem, but the comparison between electric vehicles and main battle tanks, and then the technical indicators are comprehensively leading the industry, whether the relevant arguments and conclusions are rigorous and reasonable, will naturally be questioned by investors and **.
In addition, in June this year, the western ** and analysts were punished for research reports. According to the warning letter of the Shaanxi Supervision Bureau of the China Securities Regulatory Commission: after investigation, the internal control mechanism of the business of the first research report issued by the western region is not sound, the prior approval procedures have not been fulfilled for individual investigations, the sales personnel participate in the assessment of research report analysts, and the compliance management does not cover the main business links of expert consulting servicesThe quality control and review of research reports is not strict, and some research reports have unreasonable valuations and imprudent conclusions. The relevant ** research report produced by the signed analyst of the BYD research report, Luo Yamei, has problems such as imprudent research methods, lack of reasonable argumentation of some assumptions, and insufficient basis for some conclusions, which are not only presented with a warning letter, but also recorded in the market integrity file.
After less than half a year, the same western ** and the analyst released another controversial research report. Of course, this is not the work of a brokerage firm in the west. In recent years, there have been many cases of securities companies being fined for "strange research reports". On December 30, 2021, the Jiangxi Securities Regulatory Bureau issued two enforcement documents to punish Guosheng** and its researchers for their conduct in the research report on the "Preliminary Study on the Application of the Sexagenary Branches in Timing Selection". On October 18 of that year, a report by Guosheng entitled "A Preliminary Study on the Application of Sexagenary Branches in Timing Selection" aroused social concern. In the report, how the "sexagenary branch" dominates the time cycle of the market, and how to apply the "sexagenary branch" in the selection of time is explained in detail. Liu Fubing, who issued this research report, has been in the industry for more than 12 years, and has been listed as the best analyst of New Fortune 8 times, of which 6 times won the first place.
If it is said that the above-mentioned research report is "not shocking and endless", it has become a topic of conversation. There is also a type of "strange research report" that is more likely to mislead investors.
In July 2020, the Jiangsu Securities Regulatory Bureau posted an administrative penalty decision, fining Ma Haobo and Tang Weiliang, two analysts named in the research report "Fucheng In-depth Report II: Three 10 Billion Support Market Value Doubling", a total of 200,000 yuan.
In 2016, in a research report released by Soochow, it was bold that the first share of A-share funeral "Fucheng shares (600965SH) is the absolute leader in the funeral industry in the future. And give Fucheng shares "** rating.
However, on October 25 of that year, Fucheng Co., Ltd. announced a "Clarification Announcement" to clarify the relevant content of the research report. According to the "Fucheng Research Report" of Soochow**, the number of tombs in the third phase of the pagoda cemetery of Fucheng shares will reach 400,000 after the completion of the third phase, and based on this data, Fucheng shares can obtain a net profit of 15.5 billion yuan. After investigation, the pagoda cemetery of Fucheng shares plans to build about 12 tombs50,000. "Fucheng Research Report" also said that the industrial mergers and acquisitions jointly established by Fucheng shares and an investment company have a total scale of 10 billion yuan, the scale of the current period is 1 billion yuan, and the follow-up scale is 9 billion yuan. After investigation, as of October 2016, the scale of the above-mentioned mergers and acquisitions is only 1 billion yuan, and the follow-up situation needs to be decided by Fucheng shares according to the progress of the first phase and the quality of the acquired assets. Third, the "Fucheng Research Report" said that the company's major shareholders have 10 billion cash in their hands and sufficient funds as the inferior back-end of the above-mentioned mergers and acquisitions. After investigation, as of October 2016, the major shareholder has not made a decision on this.
The research report released by Soochow **, the relevant cited data is far from the actual data of Fucheng shares, and the source of its information and whether the data is investigated and verified, I am afraid it is a confused account. How can such a research report be worthy of market credibility?
The so-called research report is an analysis report prepared by a company, a company, a bank and other financial institutions, which mainly includes a company analysis report, an industry analysis report, an investment strategy report, etc. The purpose of the research report is to help investors better understand the market, understand the company, and understand the industry, so that they can be used as a reference when investing. However, the content is full of errors and omissions, pointing the research direction to feng shui, or making a gimmick of comparing electric vehicles with main battle tanks, reflecting that some brokerages do not attach importance to the professionalism of research reports, and even use research reports as some kind of hype tool.
The motive for the "wonderful research report" of the brokerage cannot simply be attributed to grandstanding. In the financial markets, the release of information is to some extent a power. Therefore, the regulatory authorities have corresponding norms and standards for financial institutions, listed companies, and the release of various types of investment-oriented information. As a professional information provider, brokerage research reports influence investors' decision-making to a considerable extent. However, in the process of pursuing the so-called market influence, some brokerages do not hesitate to sacrifice professionalism and objectivity, create some shocking remarks to attract attention and attention, and even use false data to package a certain type of "bullish" or "bearish" research report, the motive behind this behavior is not only to evade professional responsibility, but also to pursue various interests. Since the brokerage is also one of the important holders, if the brokerage openly publishes a "optimistic" or "bearish" research report on a listed company or a certain sector, and secretly sells the corresponding **, is it not a typical manipulation behavior?
In this regard, the regulator has also promulgated relevant new management policies many times in recent years. In May last year, the regulatory authorities delivered the "Notice on the Release of the "Double Random" On-site Inspection of the ** Research Report Business to the brokers. According to the report, in 2022, the special work of "double random" on-site inspection of research report business will be carried out in the whole industry, covering a total of 45 ** companies and 300 research reports. In September of that year, the China Securities Association reaffirmed the self-discipline management of the research business of securities firms, including the disclosure of more than 1% of the research target, and the prohibition of reverse operation within two trading days of the release of the research reportHowever, various management measures do not seem to stop the continuation of the "Wonderful Research Report".
This shows that for the wonderful research report, the punishment and supervision of the regulator need to be strengthened. Warning letters, inclusion in integrity files, etc., cannot touch the core interests of relevant personnel and brokers, so that they would rather have short-term market effects than abide by the way of compliance. The regulatory authorities have clarified the responsibilities of securities firms in the production and release of research reports, and continue to increase the penalties for violations, so as to stop the vicious circle of "bad money eliminating good money" in securities research reports.