股票研究Overview
Supplying investors with precise financial analysis and recommendations.
Equity research (ER) professionals are in charge of analyzing, recommending, and reporting on investment opportunities that their clients, investment banks, or institutions may be interested in pursuing.
Its main goal is to supply investors with precise financial analysis and recommendations on whether they should buy, hold, or sell a specific security.
使用比率分析并在Excel中预测其财务状况的分析是研究过程的关键部分。
It is often used as a method of assisting a bank's investment banking and sales & trading clients by offering up-to-date, reliable information and analysis.
股票研究人员分析股票，以帮助投资组合经理做出知识渊博的投资决策。他们利用解决问题的技能，数据分析和其他工具来确定和预测特定安全的前景。
In order to assess a security's behavioral outlook, equity researchers must quantitatively evaluate a stock's statistical data relative to recent activity in the market.
股票研究人员的其他任务包括：
- Creating investment models and screening tools that recognize trading strategies that assist in the management ofportfolio risk.
- 查找与当前市场价格变化的价格变化的模式，并利用此数据开发算法这发现股票投资机会将是有利可图的。
- 理解国际市场之间的特殊差异，以便他们可以分析和比较国内外股票。
股权研究部门的组织
如果您想从事急诊室的职业，那么必须了解它具有相对平坦的组织结构。另一方面，投资银行业务非常分层。万博app网页版ER通常只有两个主要位置：助理和分析师。
公平与大多数其他areas of corporate finance因为分析师的职位比同事职位更高。分析师通常负责覆盖一群公司，一些同事为他们工作。
Typically, analysts are divided into various industry sectors to cover similar companies within a given industry. Most of the time, ER analysts need to have a lot of specialized knowledge about the sector they work in. As a result, most analysts stay in one industry.
Some sectors of ER include healthcare, internet, technology, mining, telecommunications, consumer discretionary, and consumer staples.
通常，一支分析师和同事团队将覆盖5到15家公司。确定团队将涵盖的公司数量的一些因素包括其资历，公司规模和行业。
生产报告是股票研究人员的主要工作。这些报告可能是“快速报告”，它们是快速更新或更深入的“启动覆盖范围”报告。ER员工和分析师必须不断发布这些报告。
Additionally, equity researchers must be able to建立财务模型.
A typical ER firm also has a Head of Research that is in charge of managing the analyst team by leading, coaching, and guiding them to make sure that all goals are reached.
The role of the Head of Research is to supervise the research reports and publications by editing and checking the accuracy of analysis and recommendations made to brokers.
As a manager, the Head of Research is also responsible for hiring, paying, and training staff.
股票研究报告
It is a document that is arranged by an ER analyst. It provides investors with insight into specific securities. In the report, analysts offer recommendations for buying or selling the security, along with its valuation and risks.
Components of an equity research report include:
1.行业研究
This section of the report details the trends and competition in a specific industry. Components of the industry to consider include the current social, political, economic, and technological environment.
2. Overview of management and commentary
该报告必须考虑目标管理团队的性质和质量至关重要。股票研究人员可以直接访问管理，因此他们有能力为报告贡献价值。
While individual investors do not have this ability, equity researchers are able to directly contact management and ask them questions about the business. They then can pass on that information to investors.
3. Historical financial findings
ER的基本任务之一是评估财务结果，并将其与提供的指导或分析师的期望进行比较。
股票的性能主要源自现实与期望。分析师必须能够确定历史结果是否低于或高于市场期望。
4. Forecasting
股权研究人员也必须是skilled in financial modeling并同时产生自上而下的预测。
自上而下的预测方法首先关注行业的各个方面，例如其规模，增长和定价。然后，研究人员必须评估公司的市场份额，然后最终致力于收入。
The bottom-up method begins with the fundamental producers of revenue (e.g. units sold and the number of customers) and then works up to forecast revenue.
5.估值
股票研究分析师可能是负责构建财务模型，例如三statement模型和DCF模型。这些模型是根据预测的假设构建的，并添加了更多的假设（例如估值倍数或折现率）。
6.建议
在报告的这一部分中，分析师将提出目标价格，向投资者提供一年内股票价格的建议。他们还建议投资者是否应该购买，持有或出售。
The analyst will compare the fair price of the security with the current market price. If the fair price is below the current market price, the security is considered overvalued and the recommendation is to sell.
The opposite is true if the fair price is above the current market price: the security is considered undervalued and the recommendation is to buy.
Equity research vs. investment banking
万博app网页版投资银行业务经常被视为最佳人才的最佳银行角色。但是，许多才华横溢的工人一直在转移追求管理咨询, technology, or entrepreneurship because of the arduous hours required of investment bankers.
Equity research is another great role for prospects who want to work in the financial services industry. While it is sometimes considered less attractive with lower compensation in comparison to investment banking, reality differs from this commonly-held perception.
以下是股票研究和投资银行业务之间的一些关键差异：万博app网页版
1.工作与生活的平衡
12-hour days are typical for equity researchers. However, their volume of work is usually highest while initiating coverage and during earnings season.
Investment bankers have brutal hours, they commonly have 90- to 100-hour workweeks for analysts during the busiest times.
最近，投资银行分析师必须运作的疯狂小时数量增加了强烈反对。万博app网页版普遍的反对意见是，由于缺乏工作与生活的平衡，分析师经历了倦怠。
另一方面，股票研究人员很少听到这种投诉。
2.可见性
ER员工和分析师经常因其工作而获得认可。他们的名字通常在他们为公司的销售人员，客户和媒体编辑的研究报告中。
媒体经常寻找高级股权研究分析师，因为他们被公认为其涵盖该行业公司的专家。
Conversely, investment bankers at the junior level do not have high levels of visibility. However, their visibility can increase as they move up in seniority and if they are put on high-profile deals.
3. Advancement
万博app网页版投资银行为职业发展有清晰的途径。分析师通常会扮演两到三年的角色，然后成为同事三年或更长时间。之后，他们可以成为恶习总裁或董事总经理.
ER的职业道路不太明确。典型的进展是从副兼分析师到高级分析师到高级分析师到vice president或者导向器of research.
向上的移动性对于投资银行家而言更为普遍，因为他们是交易商，并为公司最大的客户提供服务。
4.教育和名称
股本研究分析师和投资银行伙伴都必须获得学士学位。万博app网页版
通常,这些度fields like economics or finance, but could also include anything from chemistry to computer science.
但是，通常需要进一步的教育和培训才能在这些领域找到工作。股票研究人员经常会追求特许Financial Analyst(CFA) designation, which is almost considered mandatory for any equity researcher.
Aspiring investment banking associates will typically pursue a Master of Business Administration (MBA) degree instead of the CFA because their role is more business-oriented.
Many investment bankerspursue their Series 7或者系列63FINRA许可证以展示全面金融市场知识，投资和公司组织。
5.所需的技能
投资银行家和股票研究人员都必须具有出色的分析，定量和技术技能。
但是，这尤其适用于股票研究分析师，因为他们必须执行复杂的计算，运行投影模型并准备financial statements with tight截止日期。
在这两个职业中，这些专业人员都必须练习财务建模和深入分析。然而，后来，投资银行家和股票研究人员的技能集合。
随着他们变得越来越高级，投资银行家承担了更多的管理和面向客户的职责。另一方面，研究分析师必须具有足够的口头和书面沟通技巧才能进行分析和尽职调查.
6. External opportunities
Both professions have great external opportunities because of the extensive knowledge and skills required for these roles.
研究分析师通常退出买边时投资银行家可能会私下股本或风险资本. The buy-side includes institutional investors that purchase securities for money-management purposes.
7. Compensation
这两个职业都非常高薪，但是，投资银行业务是更有利可图的职业道路。万博app网页版投资银行家获得慷慨的薪水以及大量的签约奖金。
While investment bankers can receive commissions, research analysts are not able to be compensated from investment banking revenues.
However, research analysts can receive bonuses that are based on the success of their recommendations, the firm's profitability, and rankings.
股票研究分析师生活的一天
上午7:00 - 到达办公室
- Check emails from salespeople and traders.
- Analyze how all of the open global stock markets are doing.
- 评估与您指定的行业有关的所有新闻。
7:30 am - 8:00 am – Morning meeting
- First, you will discuss recommendations with the sales & trading team.
- All analysts must present their research and opinions on important happenings in their sector. The head of Research will offer their opinions on the overall markets.
上午9:00 - 市场开放
- 检查您的行业的重要发展。
- Determine whether there have been any drastic price movements in the stock market.
10:00 am – General work
- 履行研究分析师的典型职责（即更新财务模型，完成客户请求）。
- Keep up to date with the news.
上午11:00 - 与客户讨论
- 向购买客户解释您的工作。
3:30 pm – Market closes
- Analyze any movements in the market of the covered company at closure.
- 确保客户了解任何相关的市场信息。
4:00 pm – Research publications
- Start a new research publication piece for the next few days.
- Typically, a research analyst will complete 1 to 2 research pieces per week.
7：30-9：00 pm - 离开办公室
- Unless there is an earning season, the analyst may now go home.
- 如果是收益季节，分析师必须为第二天早上准备结果更新报告。
Who funds equity research?
独立的ER公司没有销售和贸易部门。结果，他们进行财务分析并按照报告收取费用。在主要急诊室，经纪行业赚取费用收入.
费用收入是指业务运营所产生的收入，通过向客户收取费用。
经纪公司（由投资银行和股票经纪人组成）向客户提供投资想法（共同基金，机构投资者和散户投资者），然后，经纪公司从其客户那里获得了股权交易。
Buy-side firms include hedge funds, insurance companies, and pension funds (among other things).卖方公司通常是投资银行（例如高盛,瑞士信贷,摩根大通， ETC。）
买方公司的作用是管理安全投资组合，并从卖方分析师那里寻求有关投资决策的建议。此建议免费提供给买方分析师。
如果买方公司决定对安全性进行投资，它可能希望通过卖方公司的贸易部门进行交易。
反过来，卖方公司的贸易部门将以最低的价格获得贸易执行的佣金。
As a result, the commission is the earnings of the research firms.
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