中國(guó)投資分析師為年度評(píng)選各顯神通

Free iPhones, revealing miniskirts and Chinese new year “red envelope” cash are among the tactics bankers say investment strategists are employing to attract votes for annual rankings in China’s “Oscars of sellside research”.

免費(fèi)iPhone、暴露的超短裙和新年“紅包”，這是銀行家們口中投資策略師為在中國(guó)的“賣(mài)方奧斯卡”年度排名中拉票而祭出的種種招數(shù)。

The intense competition for recognition in the annual rankings, run by business magazine New Fortune, is another sign of how Chinese financial markets are adopting western-style practices with domestic characteristics.

為了在商業(yè)雜志《新財(cái)富》(New Fortune)的年度排名中獲得認(rèn)可而展開(kāi)的激烈競(jìng)爭(zhēng)，是表明中國(guó)金融市場(chǎng)正在采取具有中國(guó)特色的西式做法的又一跡象。

“Winning the award means getting big pay packets rivalling or even surpassing those on Wall Street. The incentive to cheat in an immature system is high,” said Hong Hao, head of research at Bocom International n Hong Kong.

“獲獎(jiǎng)意味著拿到媲美甚至超過(guò)華爾街水平的巨額薪資。在一個(gè)不成熟的體系中，作弊的動(dòng)機(jī)是很高的，”交銀國(guó)際(Bocom International)駐香港的研究主管洪灝說(shuō)。

Late last year, financial media on the Chinese mainland buzzed after a female construction materials analyst at Changjiang Securities posted studio-quality photos on her WeChat profile during the New Fortune vote period. One showed her wearing a black business suit with a short skirt, lying across a bright red sofa. In a follow-up post, she stated that her WeChat was “purely a record of my personal life” and not intended to court votes.

去年9月，在《新財(cái)富》排名投票期間，長(zhǎng)江證券(Changjiang Securities)建材團(tuán)隊(duì)一名女分析師在微信朋友圈發(fā)了兩張高清照片，此事在中國(guó)內(nèi)地的財(cái)經(jīng)媒體上鬧得沸沸揚(yáng)揚(yáng)。在其中一張照片里，她穿著黑色西裝和短裙，趴在一張大紅色的沙發(fā)上。這名分析師后來(lái)在微信發(fā)朋友圈稱(chēng)，自己的微信朋友圈內(nèi)容“純屬個(gè)人生活記錄”，并不是為了拉票。

Bankers say gifts such as iPhones are also common practice on the mainland, as well as the use of digital red envelopes sent via mobile payment apps.

銀行家表示，贈(zèng)送iPhone這樣的禮物是內(nèi)地的常見(jiàn)做法，通過(guò)移動(dòng)支付應(yīng)用發(fā)數(shù)字紅包也很常見(jiàn)。

In Hong Kong, stricter compliance procedures prevent outright bribery but the new European Mifid II regulations, which force global investment banks to charge their buyside clients for research, are adding new urgency to the yearly campaign. The assumption is that clients will be more willing to pay for research from the higher-ranked analysts.

在香港，有更嚴(yán)格的合規(guī)程序防止公開(kāi)賄賂行為，但新的《歐盟金融工具市場(chǎng)法規(guī)II》(Mifid II)規(guī)定，投行必須向買(mǎi)方客戶(hù)收取研究費(fèi)用，這使一年一度的評(píng)比活動(dòng)更加迫切。這其中的假設(shè)是，客戶(hù)將更愿意為排名更高的分析師付研究費(fèi)。

A new brokerage ranking — where fund managers vote for favoured analysts — by Institutional Investor magazine for Asia ex-Japan is now under way.

《機(jī)構(gòu)投資者》(Institutional Investor)雜志目前正舉行一項(xiàng)針對(duì)亞洲除日本以外地區(qū)的新券商排名活動(dòng)，由基金管理公司為其青睞的分析師投票。

“People have always taken it seriously, but I’ve never seen it like this before,” said an analyst at a big western investment bank in Hong Kong.

“人們一直都很當(dāng)回事，但我以前從來(lái)沒(méi)見(jiàn)過(guò)像今天這樣的情況，”一家大型西方投行的一名駐香港的分析師說(shuō)。

In an attempt to stand out from the crowd, a power sector analyst from Daiwa Capital Markets in Hong Kong recorded a video of himself performing a Korean pop-style dance routine early this month. The stunt worked, as Bloomberg reported that his biography on its financial terminal received more hits than US president Donald Trump’s for a brief period.

為了脫穎而出，香港大和資本市場(chǎng)(Daiwa Capital Markets)的一名電力業(yè)分析師本月早些時(shí)候錄制了一段跳韓國(guó)pop舞的視頻。這一招奏效了，據(jù)彭博社(Bloomberg)報(bào)道，這名分析師在彭博金融終端上的簡(jiǎn)介的點(diǎn)擊率曾一度超過(guò)美國(guó)總統(tǒng)唐納德•特朗普(Donald Trump)。

This year, New Fortune strengthened its code of conduct, specifying that research institutions must maintain a “rigorously professional attitude”. Violators will now be banned from the competition for life. The company did not respond to a request for comment.

2017年，《新財(cái)富》收緊了評(píng)選規(guī)則，指出研究機(jī)構(gòu)須“秉持嚴(yán)謹(jǐn)專(zhuān)業(yè)的態(tài)度”。違規(guī)者有可能被永久取消參評(píng)資格?！缎仑?cái)富》方面未回應(yīng)置評(píng)請(qǐng)求。

More harmless forms of persuasion are still thriving, however. The lead macro-economy analyst at Guotai Junan Securities, the country’s third-largest brokerage by revenue, composed a poem in Tang dynasty style entitled “Guotai macro’s goose call of everlasting spring”. At Sinolink Securities, a utilities analyst recorded an original song titled,“The song of a simple secondary-market dog”.

然而，更多溫和無(wú)害的拉票活動(dòng)仍進(jìn)行得如火如荼。中國(guó)按收入計(jì)的第三大券商國(guó)泰君安證券(Guotai Junan Securities)的研究所所長(zhǎng)黃燕銘為帶領(lǐng)宏觀(guān)研究團(tuán)隊(duì)的經(jīng)濟(jì)學(xué)家花長(zhǎng)春賦詞一首，題為《沁園春•國(guó)泰宏觀(guān)之雁鳴長(zhǎng)春》。國(guó)金證券(Sinolink Securities)社服團(tuán)隊(duì)則錄制了名為《一首簡(jiǎn)單的二級(jí)狗之歌》的原創(chuàng)歌曲。

Buy-side investors say China’s brokerage industry, which is more crowded and less concentrated than in the west, forces analysts to seek ways to stand out.

買(mǎi)方投資者表示，中國(guó)券商業(yè)比西方更擁擠、集中度更低，分析師們?yōu)榱嗣摲f而出不得不想盡各種辦法。

“There are a lot of sellside research securities houses and the viewpoints tend to be fairly homogenous, so the competition to distinguish themselves is intense,” said Xu Xiaoqing, managing director at Preston Asset Management, a Shanghai-based quant fund.

“賣(mài)方研究證券機(jī)構(gòu)有很多，而觀(guān)點(diǎn)往往基本一致，因此讓自己顯得與眾不同的競(jìng)爭(zhēng)很激烈，”上海量化基金易善資產(chǎn)管理有限公司(Preston Asset Management)的董事總經(jīng)理徐宵青說(shuō)。