Our goal is to be first-class in China. Only by adopting a correct attitude and devoting ourselves wholeheartedly can we achieve our goal. Comrade Milu said that "attitude determines everything", which is what he meant. Knowledge is the basic knowledge of securities at work-the importance of securities knowledge to the research of listed companies is self-evident. Financial knowledge-the basis of analyzing statements and establishing financial models. MBA knowledge-including strategy, marketing, management, logistics, etc. This part of knowledge constitutes our analytical ability, and we should keep learning in our work. Industry and technical knowledge-new researchers should accumulate industry and technical knowledge as much as possible in a short time, which is the basis for communication with relevant parties in the company. The focus of mastering this knowledge should be on the level of understanding and communication. Good customer relationship Good customer relationship is the foundation and breakthrough point of future work. In the research work, we should constantly think about such a question: Do I need this client for my work? How much does it cost to acquire this customer? How can I understand and maintain my relationship with him? Communication skills after the conversation, if you think the other person is a valuable customer, you may wish to entertain him to deepen your impression; If he has no time, you should send a small gift at the right time. Try to participate in the conversation. Example: I wonder if any institutional investors have recently opened positions in the company's stock. Asking directly may be fruitless. However, when I was in high spirits during the dinner, I suddenly said with regret: although your company has a good performance, it is not recognized by the market. No fund and institutional investors are interested recently. If there is, they will definitely refute it. Information retrieval analysis, telephone survey and face-to-face interview are the main methods of investigation, and the latter two require certain skills and are also the essence. For key companies, we must put more energy into dragnet analysis, pay attention to the breadth of research and strengthen the depth of research. For the purpose of investigation, we may choose different ways to contact people in different roles. Make full use of personal contacts, it is recommended to look for it from personal resume and work. The function of finding contacts is to communicate with friends better. In addition, everywhere I go, I ask who is the best local company. This information was useless to me at the time, but it might be important to the researchers in charge of this industry. According to Michael five forces model's main points and factors such as industrial chain and value chain, the industry research institute obtains the data of the analysis industry. Contact with industry associations, industry experts, competitors, R&D departments and the management of the target company. Industry research institutes have accumulated a large number of industry data and a large number of industry experts. Usually every big industry has a national research institute, but for each sub-industry, the research institute may be under a big enterprise. One of the effective ways to cut into the industry research institute is to search the experts and their achievements in the research institute, and after careful study, enter the telephone communication with them with questions and research attitudes. In the communication, he should be inadvertently asked to introduce some other experts and scholars, especially the bureaucrats and business leaders of trade associations. Trade associations are similar to trade research institutes. Association is an important way to obtain industry data, opinions and contacts. In different industries, the data held by associations and research institutes have different emphases. Trade associations are mostly government-run organizations, and some are private. The biggest obstacle to direct contact is that they often ask for a large consulting fee. Interviews are easier to get their approval than telephone calls. One way of communication is to make a preliminary communication through the introduction of industry experts, and then make a home visit. Another way to get in touch with the top management of the association is to get to know them through company meetings and celebrations. On this occasion, they always act approachable. Once you know it, the obstacles to communication again will be reduced a lot. Industry experts obtain experts' views on industry, technology and enterprises; Obtain the opinions of associations and research institutions on industry data; Get contact with associations, research institutes, industries (including upstream and downstream), target companies and competitors. Industry experts are divided into technical experts and management experts. Different types of experts should be asked different questions. Respect is the greatest demand of experts. Usually, experts are approachable. The simplest way to treat an expert is to remember the expert's achievements and start with what he is most familiar with. Call respectfully, sincerely and politely to leave a good impression on the other party. Don't forget, they are the best bridge to enter the enterprise. Institutions and securities research institutes obtain opinions and suggestions from peers to understand the problems of industries and related companies that fund managers are most concerned about; Obtain peer views on the company and industry; Obtain contacts related to the target company among peers. To communicate with peers, it is best to find the most professional researchers in the same industry and make full use of each other's human resources. Understand the management and competition in the industry, especially the competitors in the same industry related to the target company; Compare competitors and target companies in all directions; Understand market changes; Understand the views and comments of competitors on the target company. Competitors generally want to get information about the target company, but they are also worried that you will reveal their secrets. The way to cut in generally starts with the introduction of industry research institutes, associations and experts. Unless you have a very close relationship with the other party, it is not appropriate to directly talk about the target company. Usually I cut into the topic by understanding the competition in the industry, and then gradually deepen it until the other party naturally talks about our target company. Never pass secret information between competitors, because the other party may think that their information will also flow to competitors. Suppliers understand the price trends of important raw materials and cooperative parts; Factors that suppliers become partners of the target company; Comparison of purchasing policies between the target company and its competitors; Bargaining power between suppliers and target companies; The supplier's supply capacity and the purchasing and payment policies of the target company; Introduce the human resources of the purchasing department of the target company. Usually, suppliers are highly dependent on the target company. The most direct department for the target company to deal with suppliers is the purchasing department, followed by the manufacturing department and the technical department, all of which have certain relations with suppliers. Because there is little interest in research work and suppliers, suppliers will not have much interest in research. The entry point should be introduced by the insiders of the target company related to the supplier. Of course, a better way is to introduce other customers to suppliers and participate in various industry activities. Customers know the comparison between the products of the target company and competitors, including price, quality service, etc. The sales policy of the target company; Services and outlets of the target company. Customers usually have natural trust in the company and its products and are willing to point out its shortcomings. It is best to choose the terminal seller as the customer of the target company, who may have a more comprehensive understanding of the final sales of products than the end users. The best way to get in touch with sellers is through exhibitions, where it is easier for sellers to freely evaluate target companies and disclose their prices. It is also a better way to go directly to the point of sale. Partners understand different aspects of the target company according to the different nature of partners; Introduce their human resources related to the target company. Relevant institutions include lead and deputy underwriters, accounting and auditing institutions, loan banks, local tax authorities, asset appraisal institutions, cooperative scientific research institutes, etc. Generally speaking, the main and deputy underwriters and scientific research institutes are generally open to research, and it is convenient to consult and contact. Other institutions usually have reservations. When dealing with organizations with reservations, we should start from the side. Usually, the way I use is to find a friend or his superior unit to introduce me, or to get familiar with him from a vague concept, strengthen emotional communication, and then wait for an opportunity to cut into the subject. The sales department knows the price trend of main products, the company's sales policy, product and price positioning, market competition, sales outlets and services, key sales areas and customers. People in the sales department are usually talkative. Therefore, the difficulty in dealing with them is only how to guide them into key topics. People in the sales department are usually practical, have the natural characteristics of industry experts and have the desire to make friends. Sometimes they even ask me if I need their products. Instead of talking about the sales situation of the industry, the advantages and disadvantages of the target company's products relative to competitors, the treatment of salespeople and other broad topics. When they start to want you to listen, you just need to guide them with questions. Finally, don't forget to get specific historical price data. The production department knows the production situation of the target company, including plan, progress, quality, technology, capacity and quality. Work attitude and income of workers. People in the production department are generally more open. When you enter the company with an understanding of production, they will generally enthusiastically introduce their production and technical advantages to you. This may be because people in the production department are willing to contact with the outside world because they don't have much contact with the outside world. Give priority to encouragement and approval, and indirectly guide the dialogue into the theme. The purchasing department of the company understands the general prices and trends of raw materials and cooperative accessories; Understand the product composition and main product cost composition; Understand purchasing policies and suppliers. The purchasing department is the core department of the target company. Usually, the purchase price of substantive products is complicated. If we know the contract price directly, it will easily arouse the resistance of the other party, which is of little practical significance to our analysis. Directly explain the purpose of our contact with it, and at the same time explain that we have no intention to interfere with its specific purchase contract terms; Or as an industry research, talk about the relationship between companies and suppliers from an industry perspective. Note that you can only ask for price data if you feel that the emotional communication or negotiation process with the head of the purchasing department is enough to make him willing to talk about the purchasing price. R&D department understands the new product development plan and R&D investment level, the shortcomings of current products, the comparison with competitors' products, the position of R&D department in the company, its own structure and employee treatment, and the historical contribution of R&D department. The greatest wish of technicians is to introduce their technical ability to you, not to let you know their technical know-how. Fortunately, we are not interested in specific technologies. Generally speaking, there are not many obstacles in dealing with R&D department. R&D departments naturally have more contact with industry research. Most of them are technical industry experts. Respect, sincerity and seeking advice are the attitudes we should maintain. The financial department understands the core financial policies; Understand the history and cultural level of financial personnel; Get answers to questions related to financial statements; Understand the problems avoided by the company in financial statements. The financial department is the core department of the target company. Unlike other departments, you are not given a chance to fail in your research. Therefore, we must be extremely careful and think carefully about how to communicate with them before acting. Because the financial situation of listed companies is in an open state, their most direct answer is to let you check the annual report. The difficulty is that we want to know the most real financial situation, which is sometimes far from the financial statements in the annual report. Most financial personnel are interested in understanding the securities market and investment companies. It is a good opportunity to get in touch with them through the top management, especially when the top management calls them to the conference room to talk to you alone. Before contacting them, you'd better ask some questions, some of which are simple. Maybe you already know the answers, but some of them are definitely the core. They usually don't answer the core questions, so you should use high-level relationships to explain that this is just a small problem (you certainly don't think so yourself). If you really can't find the right opportunity and financial personnel, my suggestion is that it's just the first time to meet each other and look for the next contact opportunity. Don't leave any bad impression on them. Interview examples of the financial department. First, I sincerely told her a lot of people and things I contacted and the willingness of both sides to cooperate. Then I pointed out some omissions and mistakes in the previous annual report and told her that I hoped to communicate and learn more from her on financial issues in the future. When you are honest with others, others will answer your questions honestly. The final result is that she confessed the real tax and profit concealment of the company. Interview with the second company in the finance department (ex-colleague's example): "Before contacting, I prepared some questions. Of course, some of them are very simple, and he is happy to answer them. He doesn't want to answer some key questions, so we will try our best to explain that this is just a small question (you certainly don't think so yourself). Later, he insisted that the problem was too important, and I asked him to consult the senior management. Usually, the top management pays little attention to the important issues that financial personnel think, and sometimes the top management has to show control. " Unsuccessful cadres understand another voice of the target company; Deepen the understanding of the risk of the target company; Understand the target company from multiple angles. Such people are scattered in various departments. From the conversation, there are always some people who are dissatisfied with the company or department. They are interested in venting their dissatisfaction with the company and are willing to disclose its problems. We can't publicize how familiar we are with the target company and how much we have to do with people at all levels. We should also talk more about the company's problems, stimulate his enthusiasm for thinking and talking, and make him feel that we feel the same way. Always keep listening to different opinions. I found out from the company's information that the company's secretary-general changed six months ago. So I met the former Secretary-General through telephone interviews and the introduction of friends in the local sales department. After drinking a catty of white wine, he told me about the company's previously unknown historical problems and potential crises, and called the group's financial director, the current director of the listed company and the financial director to have a drink and chat. The controlling shareholder understands his attitude towards the company's development strategy and business plan; Understand its ability to control the company; Understand its evaluation of the company's management; Understand the external environment of the enterprise, including laws and regulations, the social responsibility of the government and the company, etc. Features: high status, careful speaking. It's harder to get one side. Controlling shareholders are inextricably linked with listed companies, government agencies or industry experts. It is my usual method to find suitable references from inside and outside the target company. Of course, before meeting, you should collect all the information related to the leader, and you should have a good understanding of his history and ideas. Deal with the controlling shareholder and try to meet the chairman or general manager. Of course, it shouldn't be too difficult to step back and meet the vice president. The management understands the company's development strategy and business objectives; Understand the management concept and management thought of the management; Understand the management's attitude towards the main business; Understand the management ideas of finance and capital; Understand the management's way of employing people. Similar to the controlling shareholder. It takes a lot of energy and patience to get one side. But it is approachable in public in the industry. For the general manager of the company, it is necessary to know his personal success history in detail and prepare some written questions to keep in mind. This is an important preliminary work. When you contact them, you must choose the right references. There are two kinds of important referees, one is someone who has personal feelings with him, and the other is someone whose social status is higher than or close to him. Be patient in the process of contact, because the top is always busy. Usually, as long as the top management is willing to receive you, they will talk to you about some business ideas, development strategies, industry prospects and so on. The deeper you know about the industry, the easier it is for both sides to discuss. The relationship with the major shareholder can only be involved when he wants to, otherwise it will easily fall into ambiguity and deadlock. Conclusion Success = knowledge+contacts+attitude. Not long ago, a teacher once told me that we had studied for many years, but only mastered some knowledge. And sales is to exercise people's ability. Only knowledge+ability is a valuable person in this society. Maybe he is not necessarily right, but he is very correct in the research and research work of our company.