Multiple Proposals to Innovate Securities Research System and Support Capital Market Value Discovery
Recently, relevant professionals have proposed that the securities research system should continuously innovate research frameworks and expand analytical perspectives to strongly support the capital market in better exerting its value discovery function. Specific optimization suggestions have been put forward covering consumption research, technological innovation, digital transformation, industrial chain research and the positioning of traditional manufacturing.
At present, China’s consumption structure is showing characteristics of diversification, digitalization, experientialization and servitization. Relevant proposals point out that securities research institutions need to break through the traditional framework centered on category, price and channel, systematically study consumption’s leading role in economic growth, and form more forward-looking and strategic research support.
In terms of consumption research, it is suggested to restructure research methods and promote the shift from industry analysis to integrated analysis. As various consumption forms converge rapidly, the cross-penetration of commodities, services and digital technology has broken traditional industry boundaries. Research needs to move beyond industry classification logic, establish an analytical paradigm adapting to the integrated development of "commodities + services + digital", and incorporate enterprises’ hardware capabilities, software innovation, data operation and user ecology into the research scope to support the development of new consumption enterprises. Meanwhile, it is necessary to improve the ability to identify consumption value and innovation, include hard-to-quantify factors such as emotional value and social attributes into the research framework, and focus on researching consumption model and scenario innovation to identify enterprises with long-term competitive advantages.
For technological innovation, it is proposed that the research system should adapt to new demands, enhancing its ability to discover technological value. On the one hand, deepen research on key technological directions, identify technologically promising routes through integrating interdisciplinary and industrial chain research, and pay attention to enterprises’ R&D systems, industrial collaboration and commercialization capabilities. On the other hand, accelerate the establishment of a hierarchical and classified technological research system, starting with basic, generic and domain technologies to improve research control over technological innovation.
Against the background of digital transformation, it is suggested to reshape the research framework to fully understand the structural changes brought by digitalization. Research institutions need to change the way of judging enterprise value, focusing on enterprises’ node status in digital networks, ecological control and connection expansion capabilities on the basis of traditional financial analysis. Meanwhile, restructure the digital research framework from internal and external dimensions: internally evaluate the digitalization level of enterprises’ management, production and R&D links; externally analyze their digital empowerment capabilities in supply chain collaboration and ecological connection to accurately assess digitalization’s impact on enterprise value creation.
In industrial research, it is proposed to expand new perspectives and strengthen industrial chain research. Restructure industrial research logic around the "technology chain - industrial chain - value chain" main line, clarify the basis of industrial classification, study the upstream and downstream structure of industrial chains and the profit transmission mechanism of technological innovation. Break the traditional industry-based research division, promote cross-field comprehensive research, and build an in-depth research system. Meanwhile, promote the shift from asset allocation to industrial risk structure allocation in research, identify risk types based on industrial attributes, and improve the stability and profitability of investment portfolios through multi-dimensional risk combination allocation.
In addition, relevant proposals emphasize the need to re-evaluate the strategic position of traditional manufacturing in the modern industrial system and strengthen research on traditional basic industries. It is necessary to identify the technological transformation momentum and process innovation nodes in traditional manufacturing to explore undervalued value areas, and strengthen long-term tracking of leading enterprises and key link enterprises to analyze their supporting role in the development of emerging industries.
