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Secondly, before the era of mobile Internet, detailed, reliable, and time-sensitive professional research was very scarce; whether investors or listed companies want to have a continuous and in-depth understanding of the industry, they can only rely on the seller Researched-even if the quality of the seller’s research is not high, you have to bear it.
“Master, to be on the safe side, you should take a look at the seller’s report.”
As for the first point, let’s take an example: a listed company feels that its performance in the next quarter will decline and it will definitely not meet market expectations; but it does not want to issue an announcement saying “My performance is over”, and the performance is over. Endlessness is also unknown. Most of the company’s secretary of the board or CFO will call a familiar seller’s analyst to give some hints and ask the seller to lower their profit forecast. In this way, if the next quarter is really finished, the market will be mentally prepared; if the next quarter is not finished, it is just a statement from the seller, and the listed company is not responsible.
This is the so-called “adjusting market expectations.” The wise management of listed companies will treat the seller as a “sponge” as a buffer between themselves and the market, and they can also use it if necessary. In addition, with so many investors, it is impossible for listed companies to greet one by one. It is always good to have the seller as the “middleman” to coordinate and coordinate.
As for the second point, it is also easy to understand. In the 1990s or 2000s, or even the early 2010s, to understand an industry in depth, apart from relying on encyclopedias, industry yearbooks, and professional media, you really can only rely on seller research. At that time, there were not so many available research materials on the market, and it was impossible to buy too much even with money. Especially for some emerging industries or companies, no one has any opinions except for sell-side analysts. The quality of the seller’s research is of course not very good, but it is better than nothing.
However, please pay attention to the sentence I specifically emphasized above: “Before the mobile Internet era”. With the deepening of the mobile Internet wave, the above-mentioned usefulness of seller research is declining, and even