Zhao Xiaoguang first introduced the in-depth research system of TF Securities Institute with the example of Xinchuang Plate.
By following the policy, communicating with high-end experts and high-level experts, and conducting a questionnaire survey of all major enterprises 100 CIOs, and following the bidding in the innovation field, TF Securities Research Institute successfully recommended the innovation sector again after recommending the smart car industry chain.
Zhao Xiaoguang pointed out that the four-in-one research method of policy+expert circle+questionnaire+data technology represents the future research system.
At the same time, Zhao Xiaoguang discussed two meanings of containers from the perspective of waiting time.
First of all, it is the engine of China's economy and the development of various industries in China. This device is a tool for China's economy and the Chinese nation to rise constantly without being suppressed by others. Including the short-board industry in the past and the strategic highland industry in the future. In order to make the equipment work for me, we need to be externalized, clear and platform-oriented.
Secondly, the instruments needed for investment research, that is, how to use our more advanced research methods in the investment field. TF Securities has done enough practice in the research device.
In the future, TF Securities also has the ability and confidence to copy the research from innovative and smart cars to all walks of life on the basis of the four-in-one policy, brand-new expert system, questionnaire and data technology, so as to create in-depth research value for our customers and industries.
minutes of the meeting
Good morning, distinguished guests and customers!
People who can attend the meeting today should be lucky and it is not easy. The theme of our meeting is "waiting time". As we all know, there must be two key words in it. One is a "device". What is a "device"? How did you get here? How to use the instrument? Where was the second time? When to use the equipment? In fact, there are two points related to investment: what to invest and when to invest, which is also the focus that we need to discuss seriously in the future.
The research method of policy+expert circle+questionnaire+data technology represents the future research system.
Recently, the market is in an adjustment cycle, but one sector has performed very well, that is, newly created industrial chains, especially financial innovations. The new plate is also recommended by Tianfeng from industry to strategy at a relatively low level. I will take the newly created plate as an example to report to you why we can successfully excavate this plate and what new research methods we use to do in-depth research scientifically.
We found 100 CIOs of major enterprises, that is, IT directors and purchasing directors, and made a questionnaire survey around June 5438+ 10 this year. The questionnaire survey is very detailed, which is the first time that China Securities Research Institute introduced the questionnaire survey system into Wall Street. At that time, we also cooperated with the strategic research team of a leading Internet company.
In the survey of 100 CIOs, IT was found that the IT expenditure of the whole enterprise increased faster than last year. I remember last year it was 2 1%, and this year it is 26%. An industry is in the trend of accelerating growth and needs our attention. We broke it down further. What are the main areas of IT expenditure? Which industries will be more optimistic about consumption? Which areas will be more concentrated in the future? In what areas will the competitive structure of investment change? A lot of careful judgments have been made.
At that time, there was a clear conclusion in the questionnaire, that is, the financial sector developed the fastest. Now, financial innovation is also the earliest industrial trend, the fastest growth rate and the best market performance.
With the conclusions of these questionnaires, we have been looking forward to tracking the conclusions and progress of this 100 CIO. Outbreaks occurred in the first half of this year, which delayed the implementation of many tenders and projects, and dynamic changes delayed the original trend. Therefore, the performance of the new sector has also been delayed. However, based on our rich questionnaire that brings together expert wisdom and industry information, we maintain confidence in the newly-created industry trends.
The combination of expert system and questionnaire can help customers improve the efficiency of investigation. I believe that for every customer, the most precious thing is time cost. It is difficult for you to find more than 100 experts to conduct research and exchange on a certain industry, because you have to cover more than 30 industries, and your investment system faces more than 30 industries. It is impossible for every industry to have enough time and energy.
We should pay special attention to how sellers can become helpers in customer research through scientific research system, help customers improve research efficiency, reduce research costs and reduce the uncertainty of research information. The combination of high-end experts and questionnaires is a good direction.
On the basis of industrial trends, the direction and tracking of policies are also very important. China Xinchuang Academic Committee was established in May this year, and I happen to be a member of China Xinchuang Academic Committee. In the process of attending the Committee meeting, I learned about the policy strength and determination of our party and country in the field of innovation. I also know that I have been talking about domestic substitution and innovation in recent years. Why didn't I get up? What will happen in the future will lead to the critical point of the real policy in this industry, so this is a policy tracking.
We have more than 100 members in China Innovation Committee, most of whom are purchased by major governments, central enterprises and banks. In addition, our own expert database also has a large number of experts. How to dig out high-level experts and introduce high-end experts is difficult to achieve simply by paying experts. It is a good way to build an expert salon, expert circle, expert socialization, expert mutual assistance and expert discussion platform. In the field of financial innovation, we have upgraded from an expert database to an expert circle. We are also building a cross-validation system of upstream validation, downstream validation and upstream validation, focusing on the newly created sub-sectors.
The communication between high-end experts and high-level experts is based on the deepening of the trend information obtained from the questionnaire.
Thirdly, we used data technology to continuously track many tenders in the innovation field in July and August. We found an obvious trend, that is, after the epidemic, IT bidding in various fields was accelerating, especially financial IT, which continued to accelerate in July, August and September. Maybe when it first came out in July and August, the capital market of investment institutions didn't pay so much attention. By September, everyone began to pay attention to the fact that the trend of this industry has taken shape.
Since September, we think there is a very obvious trend in this industry. Both new companies and new funds are worthy of attention. There must be logic, policies, valuations and industrial trends.
Therefore, innovation is another sample project successfully recommended by this brand-new research system and method after we recommend the smart car industry chain.
As mentioned above, the research method of policy+expert circle+questionnaire+data technology represents the future research system. In this process, analysts are also combining forward-looking research with services, so that everyone can better understand the enterprise.
Now, all brokerage analysts are promoting innovation, but there are two problems. First, some studies lack convincing research data and system support. Second, most of them have to wait for the market to rise before recommending.
Who can use the previous scientific research methods to dig for our customers in a more forward-looking way needs to use the research questionnaire, expert system, policy tracking and data research just mentioned. This is the in-depth research that I discussed four times in a row at the previous strategy meeting, what is in-depth research, what kind of in-depth research customers need, how to do in-depth research and the practice of in-depth research.
We successfully recommended the smart car industry chain this year, and the successful recommendation of this new creation is the real discovery. We are working hard, and the system we have done in a down-to-earth manner has now blossomed.
In the future, we believe that we will copy this four-in-one system: research questionnaire, industrial policy, new expert system and data technology to more industries and tap more future equipment.
Two meanings of installation-the economic installation in China and the development of various industries in China.
Back to the topic just now, what is our future equipment? What is an appliance?
Weapons are our tools, enabling China's economy and the Chinese nation to rise constantly without being suppressed by others.
This tool mainly has two parts: first, the short board industry in the past, we have disadvantages, our materials, equipment, chips, parts, information industry;
Second, industries with strategic heights in the future, such as the Industrial Internet of Things. Recently, various policies have repeatedly mentioned the industrial Internet of Things, which is a very important method and system to enhance China's manufacturing industry and enhance its competitiveness. It is necessary to make up the shortcomings and seize new heights. This is our weapon.
How to solve the problem that these devices are owned by me and used by me?
Three methods: first, externalization. Continue to introduce countries and enterprises with global strength and willingness to cooperate with us and continue to increase in-depth cooperation. Recently, you have seen that the cooperation between many European countries and China is accelerating. In fact, many technological advances we have made in the past have benefited from externalization.
Second, clear. In the past, the development of semiconductors and new ventures fell short of expectations. There are some fundamental reasons, and we must break through in the future. We need great determination, great mission and powerful policy means to promote it. Whether it is the upgrading of chips, materials, software, IT, data, equipment and parts, there must be a clear timetable and route.
Third, platformization. At present, there are dozens of companies in every field, including GPU, filter, photoresist and MCU. There are 500 companies in China, and it is difficult to succeed. We know that the most basic law in industry is scale effect. If there is no scale effect in an industry, anyone can do it, and it is difficult for this industry to achieve results.
Therefore, the future platformization is to choose better companies in every field, integrate all resources, make a hole and build the best leaders. We all know how two bombs and one satellite are produced. The best professors, the best scientific research institutions, the best technology and the best enterprises in a field are all gathered together, which is what President Xi said about the national system. Therefore, externalization, coercion and platformization are industries that can not only make up for shortcomings, but also seize future strategic highlands. This is the tool of our industry.
Two meanings of equipment-equipment needed for investment research
What are our tools from the perspective of investment?
Has the successful system in the past two years been subverted? Investment is a multi-factor system. It is impossible to make a new move from just one angle. It must be a multi-factor system. Therefore, the second significance of our device is how to apply our more advanced research methods in the investment field, from policy tracking to expert system, to in-depth mining of experts, to mining of high-end experts, to data technology, to questionnaires.
This device is not only an investment device, but also an industrial device. If a worker wants to do a good job, he must sharpen his tools first, and the industry must take the lead in strategy and research. Now we can track the operation of more than 10 car factories every week and predict their sales and market data through data technology and expert system. Now there is a head car factory, which is also doing in-depth cooperation with us and doing research in this field. It means that such data is especially needed in the industry to better track industry trends, better track consumers and better track peers. The research tool TF Securities has done enough practice. We believe that this represents the future and this is the beginning.
With these devices, our research and investment can be more firm, more forward-looking, more calm, more scientific and more reproducible. At the beginning of the year, we tracked the cio in the new field, formed a judgment on the future trend, and found that this industry trend is going up. Later, because of the epidemic, it doesn't matter if it didn't rise for a short time. We have enough patience to follow it. When we tracked the sustained high growth in July and August, we were confident enough to recommend it to our customers. Therefore, as far as these four elements are concerned, the future is not only an innovative industry, but also research in all walks of life.
First, in terms of policies, we have established in-depth cooperation with the China Policy Science Research Association initiated by the Central Political Research Office for more than a year. Recently, I have also participated in important platforms and established cooperation with relevant ministries and commissions in various industries. In the macro and industrial policy research, we are definitely ahead, and we can judge the direction and trend of the policy more prospectively.
Secondly, in terms of questionnaires, we made a number of in-depth questionnaires on Monday this year, forming a mature questionnaire system to help customers track industry trends efficiently. Chairman Mao said that without investigation, there is no right to speak, no pat on the head, no scientific spirit to do research, and no matter whether you do business or invest, you will fail.
We have 560 questionnaires about consumers' automobile consumption this year. During the epidemic, we conducted a questionnaire survey on 460 enterprises affected by the epidemic and reported these questionnaires to the higher authorities. We made a survey of 200 people in the automobile industry, and we made a survey of 4 people in the VRAR industry1/kloc-0. All the questionnaires will form some forward-looking judgments on the industry and provide enough information for our investment.
For example, we are doing a questionnaire for 254 auto experts, asking them what you are most optimistic about besides Huawei and BYD. The answer may not be what everyone expected. Experts don't read financial statements. Experts only look at the future models, whether the models are well designed or not, and whether consumers are willing to buy them. These are what we investors should see, not the future.
Third, in terms of experts, we are very aware of the problems of expert companies and expert teams at present, and we have a mature system to solve the problems of experts and high-end experts.
For example, this year, we held 23 salons and seminars for experts in the automobile industry. In this process, we have accumulated more than 700 experts, 160 high-end experts. These experts are hard to find in the expert database, but they are very important. They are all executives of enterprise procurement, R&D and sales.
Through these experts, we establish a cross-validation system between upstream and downstream. Looking at the upstream from the downstream, and looking at the downstream from the upstream, we can better track the industry trends, and systematically explore the best opportunities of the upstream and downstream of the industry through empirical research. Combined with our questionnaire, a more efficient and systematic mining is formed around the key elements of investment concern.
Fourthly, the future is also a very important tool for us in data technology. We are also developing our secret weapon.
Continue to create in-depth research value
Based on the four-in-one policy, brand-new expert system, questionnaire and data technology, we have the ability and confidence to copy the research from innovative and smart cars to all walks of life in the future, creating in-depth research value for customers and industries.
In short, I think the device has two meanings: one is the device for the development of China economy and various industries in China; Second, invest in the equipment needed for research. With these two devices, short-term adjustment is not terrible, and we have mastered the long-term winning device. I believe it will be easier to solve the problem of time after this scientific research system is completed.
Today, taking new industries as an example, we will give a report on our mental journey and cognition. Because I personally grasped the in-depth study and came from repeated practice and thinking, I feel particularly deep. Let me report my understanding of the device to you. I also hope that in these two days, everyone will have richer and more valuable gains in communication. Thank you.
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