In fact, it is still difficult to compare. Let's talk about the researcher of the buyer and the seller respectively.

First of all, what is a researcher? There are researchers in securities firms in the financial industry, and there are also researchers in funds and private placements. Researchers are also analysts. There are also researchers in different departments, and most of them are industry researchers in the secondary stock market and bond researchers in the fixed income department. I think the landlord may be asking about the comparison of industry researchers in the secondary market.

The similarity of researchers is that they all study listed companies, industries and macro-economic environment (that is, fundamentals), and give their own judgments about the company (future development, whether there are M&A opportunities, whether financing is needed, stock price fluctuation, buying and selling, etc.), but there are some differences between buyer researchers and seller researchers, and researchers within the buyer (domestic brokers and foreign brokers).

generally, the seller's researchers have a detailed division of labor, which basically includes macro, strategy and industry researchers in China. The macro mainly studies the macro-economic changes in China, and requires a higher level of researchers, who usually need a doctorate in economics or finance (with a bachelor's degree); Strategy researcher, focusing on the overall direction of the industry, how to allocate stocks in the secondary market; Industry researchers mainly cover listed companies in a certain industry. Industry researchers have no requirements for academic qualifications, and the market generally likes the composite background of science, engineering and finance. The seller's researcher is the backstage department within the securities firm, and his main work includes assisting the front department (investment bank, etc.) of the company, serving the buyer's institution (mainly connecting with the buyer's researcher, helping him to contact the listed company and provide research reports), striving for new wealth and realizing the researcher's own value (many domestic securities firms do not participate in the evaluation of new wealth at present), and writing research reports (research reports such as Maibo Huijin and wind are written by the seller). Generally speaking, the seller's researcher will work harder (if you come out to sell, you should serve the buyer well! ), the relationship with listed companies is closer, and the buyer will send some points according to the performance of the seller (this is the bonus! ) to the seller. The seller's researcher will be bitter, and the original research is very boring and has to serve others, so basically in China, the seller's researcher serves more and studies less (don't spray me! This is just my personal feeling. . . ), the seller's researcher career exit path generally includes, either becoming a high-end researcher in the original company, or jumping ship to the buyer, and others.

The division of labor among researchers of the buyer (funds, private placements, etc.) is not as detailed as that of securities firms, and public funds are much more detailed than private funds, but one of the characteristics of the buyer is that experienced people are generally recruited, private funds are more flexible, and one person can cover multiple industries (previously, when we looked at Hong Kong stocks in a fund, the three of us covered all industries). Public funds are more detailed, and basically there will be at least one person to look at an industry (with more money, we can afford it). The buyer's researchers mainly do research, and their work is mainly to support their own fund managers, which is closer to the buying and selling decision, so their pressure will be greater (the boss will scold them if the stock falls! ), compared with the seller's researcher, it will be more pure in research (just buy it and make money), and the report written is mainly internal. Generally, researchers who work in private placement are in the middle and late stages of their career development, and of course their career development is more flexible.

The above is a simple comparison between the seller and the buyer's researchers. There will be differences between domestic brokers and international brokers, private placement and public offering, and private placement and private placement researchers. We can discuss them again if necessary.