如何撰写深度研究报告？

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本文来自微信公众号：互联网怪盗团 （ID：TMTphantom），作者：元芳，原文标题：《证券分析师的基本功：如何撰写深度研究报告》，头图来自：视觉中国

怪盗团团长按：本文的作者是我的一位前同事和好友。他目前担任某券商传媒互联网首席分析师，在培训新人方面投入了很多精力。这是他分享的第五堂课，如果有人对前四堂课感兴趣，请点此阅读：

This is the fifth lesson he shared, and if anyone is interested in the first four classes, please read it:

• 《证券分析师的第一堂课》； 

  First Course for Securities Analysts; & nbsp;

• 《证券分析师的第二堂课》；

  Second Course for Securities Analysts;

• 《证券分析师的第三堂课》；

  Third Course for Securities Analysts;

• 《证券分析师的第四堂课》。

  Fourth Course for Securities Analysts.

根据我过去多年的经历，国内投资行业对年轻人总是要求太多，恨不得入职之后立即发挥巨大作用；训练又太少，几乎谈不上成熟的培养体系。其实，中国的职场哪里不是这样呢？工作了几年，只能依靠自己领悟，没有形成工作框架的大有人在。

According to my experience over the years, the domestic investment industry has always been too demanding for young people to play an enormous role immediately after entering the workforce; training is too little to talk about a mature culture. In fact, what is not like in China’s workplace?

我相信，在投资研究中形成的方法论、分析能力，广泛地适用于各式各样的行业研究和战略研究。

I believe that the methodological and analytical capabilities developed in investment research are broadly applicable to a wide range of industrial and strategic research.

以下为元芳分享的第五堂课的正文内容：

The following is the text of the fifth lesson shared by Yuan Fong:

撰写深度研究报告是分析师最重要的工作之一。关于深度报告，我们需要先回答几个重要的问题。

The writing of in-depth studies is one of the most important things for analysts. With regard to in-depth reports, we need to answer a few important questions first.

第一，什么是好报告？

First of all, what's a good report?

这是一个相对主观的问题，并且取决于你的观众，如果你报告的深度远超或者远低于观众的认知和理解，都可能得不到很好的反馈和效果。事实上，好的报告就是“解决市场的疑问”，非常简单，但也并不简单。

It's a relatively subjective question, and it depends on your audience, and if you report much deeper or much less than your audience's perception and understanding, you may not get good feedback and results. In fact, a good report by is `settling the market', very simple, but not simple.

股价是市场预期的表现（当然很多股票其实也并没有预期，没有预期也是一种预期），证券分析师的工作其实就是给公司定价，而这些公司的涨跌往往存在于几个关键性的问题。这些困扰市场定价的问题一定是有困难的，所以需要用对产业发展的精准把握、严谨的逻辑、有创造力的方法、详实的数据和案例以及可能的超额信息。

Stock prices are expected performances in the market , and the work of securities analysts is really priced for companies, whose ups and downs often lie in a number of key issues. These market pricing problems must be difficult, and therefore require precision in industrial development, rigorous logic, creative methods, detailed data and cases, and possible overvalue information.

第二，对于初学者，如何撰写深度研究报告？

Second, for beginners, how to write in-depth studies?

这正是本章的重点内容，后文将详细论述，在此暂不作答。

This is the focus of this chapter, which will be dealt with in greater detail in the following paragraphs and will not be answered at this time.

第三，如何写出好的研究报告？

Third, how to write a good study?

答案很简单：多想、多写、多被“锤”。

The answer is simple: thinks, writes, is .

• 想，要把自己带入成“买方”的角色，来考虑自己会不会买这家公司的股票，影响的核心因素是什么，还要想什么方式可以解决这个问题，时刻抱着“证伪”的思想（资本市场往往是乐观的，不能被“证伪”很容易被短期接受）。

  Thinking that

• 写，报告也是熟能生巧的事情，并且很多行业逻辑具有共性、行业框架互通、产业链相互印证，甚至文笔和用词的准确程度以及背后的含义都是需要长期的训练，所以我建议刚入行的分析师，前两年需要非常非常认真、勤奋地写报告。

  Writing, the report is also cogent, and many industry logics are common, industry frameworks are cross-referenced, and even the accuracy and meaning of words and words require long-term training, so my proposal is for a fresh start analyst to write very carefully and diligently over the last two years.

• “锤”，除了自己给自己找毛病外，也需要别人给你挑问题和毛病，在问题是有限的情况下，越早挑出问题，报告的质量也就越高，所谓“久病成良医”。

  The hammer, in addition to itself, needs to be asked questions and problems, and the sooner the problem is identified, the better the quality of the report, the so-called “good doctor” when the problem is limited.

第一部分：感性认识和数据、信息的整理归类

从感性到理性是认识发展的必经之路。接下来，我们介绍如何“快速”地迅速形成对某家公司的感性认识：

Sensitivity to reason is the path to understanding development. And then we're going to talk about how to quickly and quickly develop a sense of a company:

1.公司历史、创始人经历以及公开发言：

1. Corporate history, founder's experience and public statements:

公司的发展是顺应行业发展的产物以及创始团队战略和意志的体现，通过书籍（如《腾讯传》）、纪录片（如阿里的《造梦者》）以及其他方式了解公司都是必要的。并且我们可以从公司发展的历史窥探这个公司所拥有的核心竞争力。

The company's development is a product of industry development and a reflection of the founding team's strategy and will, and it is necessary to understand the company through books , documentaries and other ways. And we can look at the company's core competitiveness from the history of company development.

比如，美团的“没有边界/居安思危”，迅速从没有壁垒的团购行业探索到壁垒很强的外卖业务；美团的“精打细算”，在千团大战中脱颖而出、在百度、饿了么夹击中胜者为王；美团的“执行力和运营能力”，“中供铁军”式的线下地推。

For example, the American Regiment's “no boundaries/no boundaries” and its rapid exploration from the unchallenged group buying industry to its high-barrel take-out operations; the American Regiment's “detailed calculations”, which emerged in a thousand wars and which hit the winner at 100 degrees, hungry or hungry; and the United States Regiment's “executive and operational capacity”, which pushes under the line of the “medium iron army”.

不可否认，大部分公司发展是基于创始人的战略选择，那么创始团队的经历和想法是非常重要的。比如，创业多次“失败”的王兴会选择和强势、集权的阿里合作，还是包容性更强的腾讯，答案呼之欲出。

Undeniably, most of the company’s development is based on the strategic choices of the founders, and the experiences and ideas of the founding team are very important. For example, Wang Xing, who has “failed” many times in his business, chooses to be strong, centralized Ali’s collaboration, or more inclusive communications.

再比如，2019年B站陈睿的内部发言中表示“公司风格会从战略防御转向战略进攻，更加聚焦于用户增长和收入增长”，并且提出了“1亿DAU、200亿收入和100亿美元市值”的发展目标，这决定了过去几年的B站发展策略。

In 2019, for example, Chen Xian's internal statement, which stated that “the corporate style would shift from strategic defense to strategic attack, with a greater focus on user growth and income growth” and set out a development goal of “100 million DAUs, 20 billion dollars in revenue and $10 billion in market value”, determined the B-development strategy over the past few years.

2.招股说明书和定期报告：

2. Introduction and periodic reports:

招股书和定期报告是最官方、最可靠的学习材料，我们可以从中发现公司的商业模式、核心竞争力、行业和公司天花板以及经营和财务数据等。此前我们已经有专门的章节论述，在此毋庸赘述。

offers and periodic reports are the most official and reliable learning material from which we can find business models, core competitiveness, industry and company ceilings, and business and financial data. , which we have already had a special chapter on, needless to dwell on here.

3.其他券商和咨询报告：

3. Other voucher dealers and consulting reports:

不得不承认，由于卖方越来越内卷和服务导向，资深分析师很难有时间专注于攥写深度报告，行业整体的报告质量以肉眼可见的速度下降。所以这部分的价值性在降低，不过我们仍然需要去寻找优秀的友商报告，加以学习和分析。

It has to be acknowledged that, as sellers become more in-house and service oriented, it is difficult for senior analysts to devote time to writing depth reports, and the quality of the industry as a whole is declining at an eye-to-eye rate. This part of the value is declining, but we still need to look for excellent friend reports to learn and analyse.

首先是报告的框架和逻辑。报告是以何种方式布局的，每个部分是如何论证的，比如我们自己在分析社区类应用时会采用“用户增长-产品算法-内容生态-商业化”的行文框架。

begins with the framework and logic of the report. reports are organized in a way, and each part is demonstrated, for example, when we analyse community-based applications, we use the drafting framework “User Growth - Product Algorithm - Content Eco-Commercial”.

其次是某一个问题的论证方法和过程。比如论证娱乐行业是否具有口红效应，我们可以拿游戏、电影行业的市场规模和GDP进行回归分析，多看其他报告，可以帮助形成一些解决问题的范式。

is followed by the methods and processes used to justify one issue. , for example, demonstrates whether the entertainment industry has a lipstick effect. We can use games, the market size of the film industry and GDP for regression analysis.

最后是数据的使用。其他券商的报告里是不是包含一些你没有注意到的、有价值的数据，可以进一步寻找其原始来源，并运用到自己的报告中。

ends with the use of data. 's reports contain some valuable data that you have not noticed, which can be further traced to their original sources and applied to their own reports.

在看过这些参考资料后，我们就可以着手准备撰写报告了。

After reading these references, we can begin the preparation of the report.

第二部分：提出公司基本面以及你认为当下市场感兴趣的问题

首先我们要理解公司的基本面，通常包括四个方面：行业天花板、行业竞争格局、商业模式以及护城河。

First of all, we need to understand the fundamentals of the company, which usually include four aspects: the industrial ceiling, the competitive patterns of the industry, the business model and the moat.

1.行业天花板：

Industrial ceiling: .

行业的市场空间多大，找到市场空间的“锚”，而不是过度使用咨询报告中的预测，“锚”可以是跨国比较、可以是量价估计。比如美团的业务：

What is the market space for the industry, and what is the “lock” for the market space, rather than overuse of the predictions in the consultancy report, can be cross-country comparisons or price estimates. For example, the business of the United States Corps:

• 餐饮外卖：中日一二线城市在经济发展、人口密度以及饮食习惯具有一定相似性，日本非疫情影响下的外卖渗透率在22%左右（疫情影响下的2020年达28%），可以作为国内的参考。

  Catering outlet: There is a certain similarity in the economic development, population density and dietary habits of the Chinese-Japanese second-line cities, and Japan's non-influenza-affected export penetration is around 22 per cent , which can be used as a national reference.

• 酒店业务：酒店的交易金额=酒店间夜数 * 单间夜价格，其中2021年美团酒店间夜数已达4.77亿，受到疫情和行业天花板影响（比如携程、同程等份额），单间夜价格在200元左右，主要是酒店结构，目前高端酒店占比仍较低，为16.5%。

  Hotel operations: hotel transactions = hotel overnights * One-night prices, of which 477 million were recorded in 2021, affected by the epidemic and industry ceiling . Single-night prices are around $200, mainly in hotel structures, and the current ratio of high-end hotels is still low at 16.5 per cent.

• 此外，美团还有到店业务，以及包括买菜、闪购、社区电商在内的近场零售业务，由于篇幅限制，在此就不展开分析了。

  In addition, the United States Mission has its own business at the shop, as well as its near retail business, which includes food purchases, flash purchases, and community electricians, and is not analysed here because of space constraints.

2.行业竞争格局：

2. Industry patterns of competition:

商业模式和护城河很大程度上决定了竞争格局终局，但这也并不是绝对的，优秀的公司可以突破限制。

Business models and moats determine to a large extent the end of the competition pattern, but this is not absolute, and good firms can break through.

第一种格局是“一家独大”，比如微信、以太坊等。典型的是直接网络效应，每一个用户都会当来相当的边际效用，作用不会随体量的增加明显衰减。

The first pattern of is “one size” , such as micro-letters, ethalams, etc.. Typical is the direct network effect, where each user is expected to have a significant marginal effect and the effect does not decline significantly as the volume increases.

第二种格局是“寡头垄断”，比如电商、短视频等。典型的是双边网络效应，供给增加带来需求方效用提升，需求方增加带来供给方效用提升，但是存在着两个临界点：

The second pattern of is an oligopoly, such as electric power providers, short videos, and so on. Typical is the bilateral network effect, where supply increases lead to an increase in demand-side effectiveness and demand-side increases lead to an increase in supply-side effectiveness, but there are two critical points:

• 过了初始临界点，展现出来规模效应，比如对于短视频平台，其用户的留存率开始稳定、DAU/MAU指标开始稳定，低于初始临界点的竞争对手难以对寡头产生威胁。
  

  Beyond the initial tipping point, the scale effect is shown, for example, for short video platforms, where the retention rate of users is beginning to stabilize, DAU/MAU indicators are beginning to stabilize, and competitors below the initial tipping point are unlikely to pose a threat to the oligarchy.
  

• 过了“规模”临界点，每个用户增加的效用非常有限，竞争对手的体量差难以形成真正的竞争鸿沟，可以参考拼多多的崛起。不论是政策还是上下游的制约都不支持其进一步演变成为“一家独大”的格局。
  

  Beyond the “size” threshold, each user increases with very limited effectiveness, and competitors’ poor size makes it difficult to create a real competitive divide, and can refer to the rise of a lot of pieces. Neither policy nor upstream or downstream constraints support its further evolution into a “one-size-fits-all” pattern.
  

第三种格局是“分散”，比如零售业态、服务业态、一些中游产业等。消费者定位、服务半径等都决定了线下零售业态是分散的。

The third pattern of is “dispersed”

3.商业模式：

3. Business model:

详见此前我们发表过的《如何拆解招股书和定期报告》。主要包括：

For more details, see How to Dismantled Repository and Periodic Report.

1.  产品和服务，定价标准是什么、固定成本和可变成本的比重等；

     products and services, what price-fixing criteria, fixed cost and proportion of variable capital, etc.;

2. 上游供应商，集中度和护城河如何；

   Upstream supplier, concentration and moat;

3. 下游客户，集中度和护城河如何等；

   downstream client, concentration and moats;

4.  护城河。

   and ; mooring.

详见此前我们发表过的《如何拆解招股书和定期报告》。巴菲特定义的护城河主要包括：无形资产、转换成本、网络效应、成本优势和规模优势。

More details are given in our earlier publication, How to Dismantling the Repository and Periodic Report. Buffett’s definition of the moat consists mainly of intangible assets, conversion costs, network effects, cost advantages and size advantages.

护城河的深浅直接决定了未来的竞争格局和利润率水平的走向，对于没有强护城河但又盈利能力很强的行业，未来必定有大量企业涌入，从而使得竞争格局和利润率水平持续恶化，最终达到均衡状态。

The depth of the moat directly determines the future pattern of competition and the direction of profit margin levels, and for industries that do not have a strong moat but are highly profitable, there must be an influx of firms in the future, leading to a continuous deterioration of the pattern of competition and profit margin levels, leading to a balance.

其次我们要判断当下市场感兴趣的问题，这是因时制宜的问题，是核心制约股价的问题。这类问题难以分门别类，并且随着时间的推移而变化，我们列举一些例子。

Secondly, we have to judge the market’s interest in the moment, which is a matter of timing and a core stock price constraint. Such issues are difficult to categorize and change over time, for example.

（1）政策和互联网行业：

(1) Policy and Internet industry:

近一年多以来，制约互联网公司股价和估值最关键的指标就是政策，反垄断和中概股退市风险，进一步影响外资的走向。相比之下，基本面的影响并不是主要矛盾了。这一年多以来，互联网公司的震荡也主要来自于对政策的揣测。绝大部分分析师应该都做不到“我上面有人”，我们只能将短期的问题长期化来看。

For more than a year now, the most critical indicator for controlling the stock prices and valuations of Internet companies has been policy, anti-monopoly and market retreat risks, which further affect the direction of foreign investment. By contrast, the impact of fundamentals is not a major contradiction.

为什么要对互联网进行监管？技术、商业发展快于政策，这是很正常的，到了某个节点，效率的边际改善没有公平明显，所以要管。监管是不是意味着否定和打压？并不是，互联网仍然是中国最先进的生产力之一，并且在稳增长、稳就业、稳民生的大旗下，互联网仍然有着不可替代的作用。是不是可以无脑all in？没有催化剂的价值投资，很有可能死在黎明前。

Why should the Internet be regulated? It is normal that technology and business are growing faster than policy. At some nodes, the marginal improvements in efficiency are not fair and obvious, so they are regulated.

所以我们要知道，市场需要什么样的信号，无关乎怎么说，更重要的是怎么做。

So we need to know what kind of signal the market needs. It doesn't matter what to say or what to do.

（2）商品价格和股价：

(2) Commodity and stock prices:

这又是一大类问题，判断商品的价格，并且基于对商品价格的判断，预测相关上市公司股价表现。例如笔者从去年四季度开始又捡起了农业研究，做了一系列相关猪的研究，主要还是因为行业数据拟合比较好看，可以用来充当培训内容的案例，此外就是今年确实有机会。

This is another type of problem, judging the price of commodities, and predicting the performance of listed companies based on commodity prices. For example, I have collected agricultural research since last fourth quarter, and have done a series of pig-related studies, mainly because industry data have been better prepared and can be used as a case for training, and this year has been a real opportunity.

当时，笔者面临两个问题，就是猪肉价格的走势以及股价是如何决定的。

At that time, I faced two problems, namely, the trend in the price of pork and how the share price was determined.

• 猪肉价格走势：四年一轮周期，我们处于新周期起点，但产能去化相对较慢。不过从季节性上，7～8月猪肉价格的近10年上涨概率超过80%，月均涨幅超过5%。所以我在一季度的时候就认为下半年猪价肯定能上20元/KG以上。
  

  The prices of pork are moving: four-year cycles, we're at the start of the new cycle, but production is slower. But seasonally, prices for pork are likely to rise by more than 80% over the last 10 years in July/August, with an average monthly increase of more than 5%. So I thought in the first quarter that the next half of the year would be 20 bucks/KG or more.
  

• 股价走势：我们做了一个很有意思的回归，不同养殖企业单头猪市值和猪肉价格呈较高的正相关水平。所以我们得出，某个公司的股价和出栏量、猪价有关，与成本关系并不大。由于近年来粮价一直高位横盘，所以挤压了猪企盈利，市场担心盈利减弱对股价的影响，而我们从数据层面消除了顾虑。

  Stock price trends: We've made an interesting return, with the market value of single pigs and the price of pork being higher in different farmed enterprises. So we've come to the conclusion that the stock price of a company is not so much related to cost, because prices have been high in recent years, so the `strong' market is squeezing pigs for profit, worrying about the impact of reduced profits on stock prices, and we've removed concerns at the data level.

第三部分：攥写报告提纲（一二级标题和中心思想）

将公司基本面以及当下市场感兴趣的问题融合在你的报告内容中，从而形成一个具有逻辑和框架的标题结构。我们对报告提纲做出一系列要求，以供参考。

Integrating corporate fundamentals and issues of immediate market interest into the content of your report, leading to a logical and framework heading structure. We make a series of requests for an outline of the report for information.

1.简单清晰地表明观点：

1. A simple and clear statement of view:

优秀的分析师应该可以化繁为简，也可以化简为繁，任何一份报告的内容都应该可以3分钟、15分钟、30分钟或1个小时讲完，让读者可以直接从标题就能看出文章的观点和逻辑是非常高效的交流方式。

Excellent analysts should be able to make it simple or simple, and any report should have three minutes, 15 minutes, 30 minutes, or one hour to finish. allows readers to see the views and logic of the article directly from the title. is a very efficient way to communicate.

标题应该是本段落观点和内容的高度概括，标题不应该是名词的堆叠，应该是动词的直抒胸臆。

The title should be a high level of generalization of the views and content of this paragraph, the title should not be a stack of nouns, and the verb should be a literal assumption.

2.金字塔原理：

2. Pyramid principles:

参考麦肯锡的经典培训材料《金字塔原理》。

Reference is made to McKinsey's classic training material, Pyramid Principles.

首先，要将思想和概念分组，找出各组之间的内在联系。最好分成3个左右层级，比如家庭食品包括蔬菜水果和副食，蔬菜水果包括水果、蔬菜，副食包括禽类和奶类。

starts by grouping ideas and concepts and by identifying the intrinsic links between groups. It is advisable to divide household foods into three or more levels, such as vegetable fruits and by-products, vegetable fruits including fruits, vegetables and by-products including poultry and milk.

其次，纵向结构，即主题和子主题之间的纵向关系，以“问题”作为链接。提出问题，并且直接回答所提的问题，这些回答必须是同一范畴的（理由）。比如为什么看好美团的外卖业务？市场空间大、盈利能力强以及具有很强的外部性，这三个概念在一个层级。市场空间大，我们可以拆分相比于美国如何、日本如何。盈利能力强，目前情况如何，未来的天花板有多高。外部性，我们可以拆分导流作用明显、线下配送体系可以赋能实物零售等。

Second, the vertical structure, i.e. the vertical relationship between the theme and sub-themes, is linked by the word “questions.” raises questions and answers directly to the questions asked, which must be in the same category (. For example, why look at the American take-out business? Three concepts are at one level: market space, profitability, and a strong externality.

再次，横向结构，即子主题之间的横向关系，包括演绎逻辑和归纳逻辑。演绎逻辑是递进的关系，通常三个步骤：大前提、小前提、因此。如所有人都会死，苏格拉底是一个人，因此苏格拉底会死。归纳逻辑是并列的关系，通常是“主语相同，谓语相同范畴”或者“谓语相同，主语相同范畴”。如法国坦克抵达波兰、德国坦克抵达波兰、俄国坦克抵达波兰，从三个共同点可以推断出波兰将受到坦克入侵。

Again, horizontal structures, i.e. horizontal relationships between sub-themes, include evolutionary logic and synthesizing logic.

3.内容之间不要相互矛盾：

3. Do not contradict:

比如行业部分的内容是看好游戏下半年，精品化研发企业崛起。但实际上，这篇报告写得是买量公司，就会导致行业趋势和公司属性相矛盾。（怪盗团团长按：文不对题，标题和内容互相打架，这是A股分析师的老毛病，尤其多见于不学无术的传媒行业。）

For example, the industry part is about watching the game for the second half of the year, with the rise of a sophisticated R & D firm. But, in fact, this report is about buying companies, which leads to a contradiction between industry trends and corporate attributes.

4.不要有过多无用的内容：

4. Do not have too much useless content:

我们的着眼点应该更小，这样才能更深入。并不是所有的游戏公司报告都要写游戏市场规模和用户数，并不是所有版权都要套知识产权政策。随着写作深度提高，尽量减少那些众所周知的科普内容。

Not all game company reports are about the size of the game market and the number of users, not all copyrights are about intellectual property policies. minimizes well-known content as writing depth increases.

5.工整美观：

5. Industrial beauty:

标题应该保持尽量对仗，标题的长度也应该尽量统一。（怪盗团团长按：国内券商在研究产品和质量控制上一直存在缺陷，很多海外投行有专门的编辑及平面设计人员，甚至雇佣漫画家绘制题图，而国内做不到。这是一个遗憾，而且很难在短期内解决。）

Titles should be kept as relevant as possible, and the length of titles should be as uniform as possible.

第四部分：整理数据和底稿即证明每个子主题

其实就是在底稿中通过数据的处理解决第二部分的公司的基本面和市场感兴趣的问题，该部分我们并不攥写具体的文字内容，会更加高效和保持思考的连贯性。

In fact, it is the treatment of data in the final draft that addresses the basic aspects of the second part, which we do not spell out specific textual content, and which is more efficient and consistent in thinking.

我们列举一个国内字体市场空间测算的例子，这仅仅是我们某篇公司深度报告中行业部分的一节。该行业测算的难点在于国内缺少可靠的第三方咨询数据。我们分别采用“自上而下”和“自下而上”的方式来进行测算。

We give an example of the spatial measurement of the domestic font market, which is just a section of the industry part of some of our company’s depth report. The industry’s difficulty is the lack of reliable third-party consulting data in the country. We use the “top-down” and “bottom-up” approaches, respectively.

1.自上而下：

1. Top down:

通过海外字体版权占广告市场的比重来估算国内市场空间。我们需要海外字体版权市场空间（The Expresswire 估计2021年市场规模9.4亿美元）、全球广告市场规模（Magna估计2021年约7100亿美元）、中国广告市场规模（Magna估计2021年约980亿美元）。从而得到国内字体版权市场约1.3亿美元。

We need an overseas font copyright market space , the global advertising market size of , the Chinese advertising market size /span >.

2.自下而上：

2. Bottom-up:

通过流量水平估计各个竞争对手的收入水平，从而加总得到市场规模。我们需要各家竞争对手的流量数据，比如日均PV & UV（Aleax数据）、百度搜索指数以及汉仪字库的收入规模。从而得到国内字体版权市场约12亿人民币左右（仅考虑第一、二梯队）。

By estimating the income levels of each competitor, we need total market size. We need traffic data for each competitor, such as the daily average PV & UV, the 100-degree search index, and the size of the Hanware library.

研究报告的精华和乐趣就在于解决市场的疑问，从而引导预期回归“价值”。

The essence and pleasure of the study lies in resolving market doubts and thereby guiding the expected return to “value”.

第五部分：攥写报告正文即看图表说话

当你做完前四部分的内容后，攥写报告也就水到渠成了，无非是把这些重要的积木（问题和解决方法）用语言拼接起来。此处就简单提一些让文章更好理解、更高转化的建议。

When you finish the first four parts of the report, it's gone to the canal, and it's all about putting these important blocks together in language. Here's just a few suggestions for making the articles better understood and translated.

1.报告标题：

Title of the report:

精准、深远、雅致以及对称，最好可以囊括重要的“关键词”，使得读者搜索相关报告时，更容易找到你的报告。

Accurate, far-reaching, elegant and symmetrical approach would best contain important “key words” that would make it easier for readers to find your reports when searching for them.

2.文章摘要：

2. Abstract of articles:

突出文章的观点，明确过程和结果，原文中非常具有亮点的数据、案例也可以简述，适当展现自己报告的与众不同之处。好的摘要让读者有持续阅读的兴趣。

Highlighting the views of the articles, clarifying the process and results, with very bright data in the original text, a brief description of the case, and a proper presentation of the differences in the report. A good summary gives readers an interest in continuous reading.

3.正文内容：

Text: .

每个段落的首句话最好概括该段的重要内容，并用加粗字体标出。在如此浮躁的研究氛围下，很少有人会把报告逐字逐句地读完，显而易见的观点是非常必要的。段落之间的连贯性主要是靠标题的逻辑性搭建的，好的报告一定是“给读者看他想看的”（读者看完第一部分，产生疑问，第二部分直接解决这个疑问，不断地引出问题和解决问题）。

The first sentence of each paragraph would better summarize the important content of the paragraph and indicate it in bold fonts. Very few people would read the report word after word, and the obvious point of view of was necessary. The coherence between the paragraphs of was largely based on the logic of the title, and the good report must be “span curs=" text-remarks” label=Remark” (reader finished the first part, raised the question, and the second directly resolved the question, constantly raised the problem and the problem) .

4.风险提示：

4. Risk hint:

最简单的地方往往最显示功力，假设是最重要的。我们的报告推演一定是基于某些假设，尽管这些假设都是较大概率实现的，我们才采纳接受的，但仍然存在着各种变量。比如在有赞的风险提示中标注“平台政策变化”。

The simplest places tend to be the most powerful and most important. Our report must be based on certain assumptions that, although they are more likely to be realized, we accept them, but there are variables that still exist. For example, “platform policy changes” are noted in commendable risk reminders.

课后习题：（满分100分，可自行私下实践）

After-school subject:

选择一个行业或公司撰写深度报告：

Select an industry or company to write in-depth reports:

1.列出5-10个该行业或公司的基本面或市场感兴趣的问题；

Lists the basic aspects of the industry or company or issues of interest to the market in 5-10;

2.攥写深度报告的框架，主要是报告标题和一二级标题；

2. A framework for in-depth reporting, mainly the title of the report and the second tier;

3.撰写深度报告，并且在文中解决这些重要预期差问题。

3. Prepare in-depth reports and address these important gaps in expectations in the text.

本文来自微信公众号：互联网怪盗团 （ID：TMTphantom），作者：元芳（互联网怪盗团特邀成员）

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