Yangcheng Evening News reporter Ding Ling

　　"In 2022, the earth will die, don't invest in real estate" "Yin Hai together, Hai is a pig, pork stocks make a comeback, it should be in October of the lunar calendar"... At the end of last year, Chen Nanpeng, chief investment consultant of Essence Securities, produced a report and posted it in the company's WeChat group. "Standing at the Beginning of a Five-Year Bull Market!

The benevolent is invincible - 2022 China stock market forecast" brushed the investment circle, and it is called a "feng shui" research report because of its analysis according to the five elements.

　　Three months later, this "alternative" research report ushered in the punishment of the regulatory authorities.

On March 11, the Shenzhen Securities Regulatory Bureau issued two fines, taking supervisory measures against Chen Nanpeng, and at the same time issued a warning letter to his brokerage branch.

　　It is worth mentioning that this "feng shui" research report is not an exception.

A reporter from the Yangcheng Evening News found that with the stricter regulation of the compliance and rigor of securities companies' research reports, many securities companies' analysts have been fined for research reports.

　　Securities brokers and investment advisors are all subject to administrative supervision

　　On March 11, the Shenzhen Securities Regulatory Bureau issued two announcements of decisions on administrative regulatory measures, one for the Shantou branch of Essence Securities Co., Ltd., and one for its investment advisor Chen Nanpeng.

　　Regarding the Shantou branch of Essence Securities Co., Ltd., the Shenzhen Securities Regulatory Bureau stated that, after investigation, in the event that your company's investment adviser Chen Nanpeng released "The Benevolent Invincible - 2022 China Stock Market Forecast" through the company's WeChat group and was forwarded, your company did not strictly Monitor and manage WeChat group messages according to internal system requirements, and fail to effectively manage and control investment consultant-related practices.

　　Shenzhen Securities Regulatory Bureau stated that the above-mentioned behavior violated relevant regulations such as the "Guidelines for Internal Control of Securities Companies", and decided to take administrative supervision measures to issue a warning letter to the securities company.

　　At the same time, the Shenzhen Securities Regulatory Bureau also took measures to supervise Chen Nanpeng, an investment advisor of the securities firm.

　　Shenzhen Securities Regulatory Bureau stated that after investigation, the "Benevolent Invincible - 2022 China Stock Market Forecast" produced by Chen Nanpeng and released in the company's WeChat group was forwarded and disseminated. The relevant forecasts were not prudent in commenting on the industry and the market, and the stocks were classified according to the attributes of the five elements. Analysis, investment advice does not have a reasonable basis.

The Shenzhen Securities Regulatory Bureau decided to take administrative supervision measures for supervision talks.

　　In this regard, Essence Securities responded that the company attached great importance to this incident, convened relevant departments to initiate business self-inspection and accountability measures in a timely manner, ordered the person to make immediate rectification and imposed penalties such as suspension of business development and removal of service products.

At the same time, the company takes the initiative to report to the regulatory authorities.

In the follow-up, the company will take this as a warning, continue to improve relevant internal control management, and comprehensively sort out the investment advisory management working mechanism, and further strengthen the daily compliance supervision, training and monitoring of investment advisory personnel to ensure the company's business compliance and stable development.

　　There is a big discrepancy between prediction and reality

　　In this "feng shui" research report storm, there are two main points of concern: first, who is Chen Nanpeng who produced and published this alternative research report; second, is the prediction of this research report accurate?

　　First of all, let’s look at the first question. According to the information from the Securities Association of China, Essence Securities currently has 1,411 investment advisors, the number of which ranks high among securities firms, and Chen Nanpeng is an “old man” for investment advisors.

In 2004, Chen Nanpeng engaged in securities investment consulting at Zhongguancun Securities, and then joined Essence Securities on August 30, 2007 to continue securities investment consulting. He left Essence Securities briefly from December 24, 2010 to February 2011. , and then returned to Essence Securities as an investment advisor.

　　Let's take a look at the forecast of this research report.

It should be said that there is a big discrepancy between the research report and the actual situation.

The research report believes that there will be no gold in 2020, and it is predicted that non-ferrous or gold will only have a market from July to September in the lunar calendar.

However, recently, affected by the tense international geopolitical situation, the market has a strong risk aversion mood. Benefiting from the surge in international oil and gold prices, gold and non-ferrous metal stocks have frequently fluctuated.

　　In addition, Chen Nanpeng also proposed that in 2022, with the ease of liquidity and policy support, the stock market will flourish. It is expected that low-valued and policy-oriented varieties will become the mainstream of investment, but there will be changes in style in the middle of the year, and attention should be paid to the first half of the year. The fruit of victory, in the second half of the year, it will focus on the main lines of consumption and finance.

Since the beginning of this year, the market has continued to oscillate. As of March 11, the "fruits of victory in the first half of the year" mentioned by Chen Nanpeng have not yet matured.

　　There have been many research reports that have triggered supervision

　　In addition, this is not the first time that a "feng shui" research report has attracted regulatory attention.

　　In October last year, a researcher from a securities firm in Jiangxi, Liu, released a research report on "The Application of the Heavenly Stems and Earthly Branches in Timing", which was circulated on the Internet. .

Two months later, on December 30, 2021, Jiangxi Securities Regulatory Bureau issued a warning letter to the securities firm in response to the "feng shui" research report, and took measures to supervise the research report's author Liu.

　　In October 2021, the Shenzhen Securities Regulatory Bureau issued a warning letter to Wang, Zhou, and Tang, saying that the research report "Ningde Times Series II - Energy Storage: The Second "Growth Curve" was signed by the three. "Discussion on the Final Stage", the forecast of the revenue center of the energy storage business of CATL in 2060 has some problems that some assumptions are not prudent and the analysis logic is not rigorous enough.

　　In October 2021, the Anhui Securities Regulatory Bureau issued a warning letter to a securities in East China and Li, saying that it had conducted a special inspection of the relevant industry research report released by the securities, and found that the research report contained unclear data sources and insufficient data selection. , The research report analysis is not objective enough, and the quality control and compliance review are not in place.

Li, as a signed securities analyst in the research report, is responsible for the above-mentioned violations.