Cinda Securities(SH:601059) Shang Hai Zheng Quan Bao·2025-07-22 07:36Core Viewpoint - The appointment of Zuo Qianming as the new head of the research institute at Xinda Securities marks a strategic shift towards prioritizing quality over speed in sell-side research, emphasizing long-term value and deep industry insights [2][10]. Group 1: Leadership Transition - Xinda Securities announced the appointment of Zuo Qianming, previously the chief of the energy sector, as the new head of its research institute [2]. - Zuo Qianming has over ten years of experience in coal and energy research, having previously worked at the China Coal Industry Association [2][4]. Group 2: Research Philosophy - Zuo advocates for a strategic transformation from "speed expansion" to "quality first" in sell-side research, emphasizing the importance of long-termism and deep value [10]. - He believes that true understanding of the industry comes from hands-on experience, having visited numerous coal mines to gain insights [4][6]. Group 3: Industry Insights - The research team under Zuo has gained a strong reputation for in-depth industrial research and has successfully facilitated hundreds of billions in investment projects [4]. - Zuo emphasizes the need for analysts to adopt a patient approach to research, focusing on gradual accumulation of knowledge and insights [7][10]. Group 4: Future Directions - Zuo envisions the research business as a key component of the national governance system, aiming to enhance the quality of capital market development [9][10]. - He stresses the importance of building a team of analysts who understand both industry and finance, bridging the gap between primary and secondary investments [10].