Financial Associated Press (Shenzhen, reporter Huang Jingsi, Wu Hao) news, as one of the leaders of the seller's research, Anxin Research Center has always had an important position in the seller's research territory with excellent research strength, and the frequent turnover of personnel in 2021 has once marked the old research institute as a "strong general loss".
At present, the seller's research is the industry's highlight, the head of the securities companies are increasing, the small and medium-sized securities companies are also grabbing the layout, how to study the chess game of Anxin Securities under the loss of personnel? The answer has been given within half a year.
First, the loss of personnel has become a thing of the past, and the forces of the new have been basically replenished. After the shuffle, Anxin research, born in 1987, under the leadership of Shao Linlin, a 35-year-old female director, has the support of a wave of mesozoic generation represented by the post-80s generation, and also has the strength of the post-90s research nova, with momentum and motivation, which has become the characteristics of the new team.
Second, the rebuilt team is different from the past, the members are not "mercenaries", and the "family culture" that pursues long-termism is taking shape. Under the goal of the first-class head benchmarking research center in the whole market, industrial thinking, long-term thinking, internal collaboration and support, and key industry focus are the four major grasps emphasized by Anxin Research Center.
The research business is being raised to an unprecedented strategic height by Essence Securities, and together with corporate culture and digital transformation, the research business has been clearly defined by Chairman Huang Yanxun as one of the company's three key tasks. What is the face of the Essence Research Center after the turbulent period? What kind of big chess game will be played in the future for the coordinated development of internal and external affairs? The Financial Associated Press interviewed Shao Linlin, general manager of Anxin Securities Research Center.
From chief to manager, Shao Linlin has also completed the transformation of her personal role, no longer self-discovery, but to achieve others. "Gardener" is the label that Shao Linlin gave herself. In the process of role conversion, "long-term thinking" is the core concept that Shao Linlin has always had.
"In terms of team management, we will elevate long-term research thinking to a cultural level; in the development of the research center, we will also carry out long-term investment in continuous stability, and the rest will be left to history to precipitate." Shao Linlin said.
After serving as the director, Shao Linlin changed her WeChat signature to "see", discover everyone, achieve everyone, witness everyone, as a manager, it is Shao Linlin's clear requirements for herself. "Only love can resist the long years", as an "old researcher" who has been in the industry for more than 10 years, at the end of the interview, Shao Linlin's summary may trigger the empathy of many sellers' research.
In only half a year, Anxin Research New Force was replenished in place
In August last year, Shao Linlin became the new head of The Essence Research Center. Joined in 2011, as the first job after graduation, Shao Linlin has been employed in Anxin for 10 years, and 3 years later, in 2014, she became the best analyst of New Fortune Environmental Protection, thus becoming a regular visitor to the list. Why did Shao Linlin become a new candidate for the director? Chief economist Dr. Gao Shanwen once had such an evaluation - Shao Linlin is our "disciple soldier", has market influence, young strength, and is not selfish... Among the various labels, we may find the answer.
Rebuilding teams is the number one puzzle. Shao Linlin, who arrived in August 2021, is facing a new mission, and it is imperative to build a team and build a team, how to improve the combat effectiveness of the new team and quickly play a brand influence is also a top priority.
In just half a year, under the leadership of Shao Linlin, new changes in the team and system have quietly arrived. Among them, the important support force, from the company's overall attention, but also the coordinated support of various departments, Anxin Research Center through external introduction and internal promotion at the same time, the introduction of a group of "talented new analysts", the current "fresh blood" has basically been supplemented in place.
The newly supplemented research force presents two major characteristics: one is younger and more aggressive, and the other is more professional and has a good reputation in the industry.
Up to now, Anxin Research Center has quickly completed the recruitment and formation of 7 new teams, and 2-3 teams will soon be in place. "With the addition of external talent and the optimization of the original analysts, we believe that it will not be long before the commission situation will improve significantly." Shao Linlin is full of confidence in the future.
For the criteria for selecting talents, Shao Linlin pursues the principle of "eclecticism and ability to live in it", and pays special attention to the composite thinking of "finance + industry + technology" in terms of ability. In the practice of promoting new talents, Shao Linlin has always believed that "as long as young analysts are given a large enough stage, they can also bloom and contribute value to the research center while realizing the value of personal struggle." ”
Under the employment standard of "eclectic and capable people", a wave of new stars after 90 or close to the 90s is rising, and the proportion has exceeded 50%.
How do I manage my team? Re-solve this puzzle
The high-frequency flow of researchers is a major "feature" of the Sell-Side Institute and a major problem for the management of the Sell-Side Institute. Analysts' career paths dictate that they are usually attracted to higher incentives or adjusted to their personal career development plans. After learning the experience and lessons of the previous personnel loss, Anxin Research Center has also explored a team management method with Anxin characteristics, and its focus will focus on the three aspects of the research center's "home" culture, incentive mechanism optimization and internal talent training.
The first is to enhance the analysts' sense of collective identity and belonging through the "home" culture; the second is to promote their continuous growth and transformation in the continuous exchange and discussion through regular exchanges of directors, excellent senior analysts "passing, helping, leading", internal brainstorming and other methods.
In terms of incentive mechanism, at present, the internal collaboration and support business of Anxin Research Center has realized a market-oriented pricing mechanism, so the incentive mechanism will uphold the comprehensive calculation of external commissions and internal service income, and walk on two legs. As Shao Linlin said, the current business of Anxin Research Center mainly lies in the external warehouse commission, internal collaboration and support, and will continue to enrich and expand the way of generating income on multiple new business lines in the future, and will continue to follow the distribution point of comprehensive income contribution as the main market-oriented salary appraisal system.
At the same time, the management structure and institutional standardization within the research center have undergone significant changes, and its daily operation, collaboration between teams, and communication between members are smoother and more efficient than in the past.
For the future development goals, Shao Linlin emphasized that at the current stage, whether it is the company or the research center itself, the positioning of the Anxin Research Center is consistent and clear, that is, to become a first-class, internal and external, and influential head benchmarking research institute in the whole market.
How to achieve both inside and outside? First of all, it is reflected in external services, in the increasingly fierce competition of the seller's institution market, dare, be good at, and be stronger than making its own voice.
Shao Linlin believes that in addition to serving institutional customers, it is also necessary to continuously strengthen and expand more first- and second-level linkage services, such as research reports on emerging industries/industries to help investment banking customers find more good projects; at the same time, for retail customers, through the introduction of corresponding research products for investment advisers' reference. "In this area, we are building a research team with comprehensive service capabilities, brand distinctiveness, and commitment to forming an important market appeal." Shao Linlin added.
In terms of internal empowerment, Anxin Research Center's approach is to exert synergies and provide more support for the company and SDIC Group in investment banking business, investment business, wealth management business, industrial planning and consulting. At present, the research center has formed a clear cooperation mechanism with the company and other business lines of the SDIC Group, and supported by a reasonable incentive mechanism, the internal and external coordination mechanism is not only smoothly opened, but also a number of exemplary internal and external coordination projects have also been successfully landed.
Regarding internal and external collaboration, Shao Linlin summed up in one sentence, that is, "Externally, with customer recognition and value creation as the core measurement standard, we can effectively identify the direction and escort customer investment; internally, establish a complete set of internal service projects and evaluation systems, such as encouraging analysts to actively participate in corporate service projects and deeply participate in wealth management business." ”
Adhere to long-term thinking, with four keywords as the future layout direction
Long-term thinking is shao Linlin repeatedly mentioned, not only the long-term thinking of research, but also reflected in the management concept and so on.
Observing the industry, it can be found that not only the seller's research should have long-term thinking, sustained and stable investment in manpower and capital, but also an indispensable "enterprise long-term thinking" to promote the development of seller's research.
Under the development goal of becoming a first-class head benchmarking research institute in the whole market, Shao Linlin also refined four key words as the future layout direction: industrial thinking, long-term thinking, internal collaboration and support, and key industries.
The first is industrial thinking. Shao Linlin believes that this is not only due to the increasing attention paid by the market in recent years to industrial track investment, but also based on her thinking on the process of industry research in the field of environmental protection for more than ten years. In her opinion, the accumulation of more than 10 years of industrial research has made her deeply aware of the importance of deep industrial thinking to the development of research centers. "Industrial policy, industrial integration, industrial ecology, industrial driving force and other related research are the key points we emphasize." She added.
The second is long-term thinking. "At present, value investing has become the mainstream of the market, and the concept of discovering value and holding it for a long time is gradually being recognized by more and more investors." Shao Linlin believes that this also requires researchers to have long-term thinking while strictly adhering to the bottom line of compliance, "We will also invest more energy in the follow-up in-depth study of long-term investment and investment of enterprises." ”
At the same time, in the process of changing the role from researcher to manager, long-term thinking is also the core concept of Shao Linlin, "In team management, we will raise long-term research thinking to the height of cultural level, and calmly face the development and changes of the research center." ”
The third is to strengthen internal synergy. Shao Linlin said that in addition to the research center's own commission sub-position business, it is also very important to support and drive other businesses of securities companies, including investment banking business, investment business and wealth management business. Therefore, it is necessary to give full play to the internal coordination and support functions of the research center, which will greatly promote the development of the entire brokerage business.
The fourth is the focus of key industries. Among them, it is particularly important to focus on the key research directions such as emerging industries, including green environmental protection, high-tech industries, high-end manufacturing, new materials, large consumption and other industries that represent the future development direction, as well as the new energy, TMT, military industry, intelligence, domestic substitution, specialized special new, energy transformation and other subdivisions as the starting point for key training and attention. Shao Linlin said, "With the in-depth and high-quality development of the mainland economy and the continuous advancement of industrial structure transformation and upgrading, we will pay more attention to key industries, industries and tracks, and give more support in resources." ”
"In fact, in an earlier stage, anxin research center has already built an internal coordination mechanism, and there are already very mature projects landing, and the internal mechanism is very smooth." She also stressed that the newly recruited analysts are more consistent in their concepts and have a stronger sense of identity in terms of internal collaboration.
"Long-termism means that we have our own patience and persistence, which is also the process of guarding against arrogance and impetuosity and building resilience for our own development." Shao Linlin's supplementary elaboration gives us a further concrete understanding of the long-term doctrine practiced by Anxin Research Center.
Break through to the blue ocean of institutions and lay out wealth management and corporate services
At a time when the traditional business model of the seller's research has reached the bottleneck, the competition between the institutes is no longer limited to the fierce competition for the sub-position commission, and the game is everywhere. From the perspective of service recipients, the service market of traditional public funds has become a battle in the Red Sea, how to deepen the Red Sea while entering the broader wealth management and enterprise service market? Shao Linlin brought two major breakthrough experiences of Anxin Research Center.
Shao Linlin believes that the foothold of wealth management is in retail, and the foothold of corporate services is in investment banks. In view of the breakthrough of these two major businesses, the strong support from within the company and the SDIC Group and the smooth cooperation mechanism between departments are the key breakthrough elements.
For wealth management business, Anxin Research Center will regularly organize analysts to participate in wealth management business discussions, and encourage participation in wealth management department cooperation projects, so as to achieve support for retail business lines; at the enterprise service level, in-depth study of industries, industries, and tracks plays a good supporting role in observing the present and judging the future, so as to more accurately grasp market pricing, so as to empower investment banking business while helping the real economy.
With the full implementation of the registration system, the investment banking business has increasingly become the traffic entrance for the research institute to develop corporate customers, and the pricing power has become one of the most important embodiments of the expansion of research value. Shao Linlin recognized that the implementation of the registration system has a far-reaching impact on the development of securities companies' research business, and the demand and requirements for market pricing will become higher and higher in the future. All along, due to the homogenization of seller research and serious overcapacity, there has been a general situation of "heavy service, light research", and the implementation of the registration system will guide the brokerage research institute to re-focus on how to enhance research strength.
At the level of market pricing function, Anxin Research Center has carried out forward-looking research planning and personnel layout, and we will provide more research services for IPO pricing and post-listing pricing of enterprises in the future. At the same time, it will also continuously enhance the depth of analysts' industry research and the company's pricing ability - in Shao Linlin's eyes, this is the necessary skills and foundation for becoming a good analyst in the future.
The transition from researcher to manager is achieved, and the new role is more like a gardener
Shao Linlin believes that for the profession of brokerage analyst, youth is a very important capital, and the results of work are often in the industry around 3-5 years, "For the promotion of new people, we mainly hope that more young people can grow up from the big family of Anxin and become the mainstay of the future research center." ”
This is precisely the growth path of Shao Linlin herself, as the "Mesozoic Generation" after 85, Shao Linlin graduated from Shanghai University of Finance and Economics and Wuhan University with a double bachelor's degree in mathematics and finance and a master's degree in economics. After graduating, he joined Essence Securities Research Center in 2011, and after 3 years, he was listed on New Fortune and became a regular on the list, successively serving as chief analyst of environmental protection and public utilities, and assistant general manager of Essence Securities Research Center.
From researcher to manager, Shao Linlin believes that the biggest change comes from self-positioning, "in the role of researchers, more consideration is self-discovery, but in the position of managers, more consideration is given to achieving others." At this stage, taking on the role of a "gardener".
From the perspective of a "gardener", Shao Linlin thinks more about discovering and understanding the individual differences between analysts in order to achieve the purpose of cultivation and achievement. Refine to personnel recruitment, system construction, team management, pursue high-quality, distinctive, differentiated purposes, solidly promote the research of industrial integration, through the establishment of "research group" to enhance the depth of research, linkage and brand image, so that the Anxin Research Center becomes more powerful.
For the young analyst's career advice, Shao Linlin talked about the three major factors for building personal core competitiveness: first, dare to speak out, need to have high emotional intelligence and communication skills, and properly convey personal views to customers and the market; second, there must be enough professional confidence and in-depth research ability, with strong motivation and diligence as support; third, research without boundaries, analysts must have the ability to continuously expand the boundaries of ability and implementation.
"There is love and pursuit, the courage to challenge their own boundaries, broaden their horizons and patterns; long-term thinking, deep thinking, leading thinking, to have their own core products have pricing power." Shao Linlin thus concluded our interview.