Strategically, it pays more attention to the top-down view, the overall view of the market and the adjustment of inter-industry allocation. However, the industry research association has a more comprehensive and in-depth coverage of individual stocks in the industry and gives investment suggestions for individual stocks in the industry.

Answer according to the questions in the topic:

1. In the research departments of securities firms and fund companies, how are industry research and strategy research classified?

Strategies are grouped separately, and each subdivided specific industry has a specific group.

2. Is the research thinking top-down or bottom-up? What are the applicable points?

The research of strategy is basically top-down, rarely goes deep into individual stocks, and there is no need to set foot in individual stocks from the perspective of professional division of labor. There are both industry studies, including special research based on macroeconomics and policies, and research on fundamental changes of individual stocks.

3. What are the respective emphases of industry research and strategic research? Where to start the research, and what is the purpose or end point of the research?

The keyword has been mentioned at the beginning. The purpose of strategic research is to have an overall view of the market and adjust the distribution between different industries. For example, after interest rate cuts, it is usually recommended to increase the allocation of cyclical blue-chip sectors, such as construction and steel, but which targets are specifically recommended under these sectors will generally be handed over to researchers in the industry. For funds, the assets of various industries are generally allocated in the portfolio (only the difference in weight), so even the lightly allocated industries need the recommendation of individual stocks from industry researchers.

For an inappropriate example, the school should select three top students to participate in the competition, the strategy researcher is responsible for selecting the three best-performing classes, and the industry researcher in each class is responsible for picking out the best-performing students in the class.

4. Does the initial point of research start from policies, current affairs, industry indicators, corporate finance, industry competition pattern, or other trigger points?

This strategy is usually top-down, unless the customer needs to customize the segmentation field. There are too many research methods, and everyone may have different frameworks and ideas, so I won't elaborate on them one by one.