The new tag of this market trend: Many listed companies accept individual investor surveys, and personal and institutional investors are entering the market.

Including securities firms, public funds, private equity, and other institutions conducting research on listed companies is common practice, while group research from individual investors, which was not common in the past, has appeared in the investment relations activity records of many listed companies. It has also become an important label of the current market trend. The A-share market is indeed undergoing profound changes. CITIC Securities research report pointed out that looking ahead to 2025, the investment and financing ecology, investor ecology, product ecology, etc. of A-shares are all at a new starting point. The handover of funds between individual investors and institutional investors will be the main driving force of the market, and the market style will gradually switch from individual investors to institutional investors. Against this backdrop, the roles and behavior of individual investors in the market are increasingly being scrutinized. Individual investors actively participate in research on listed companies Since this round of market rally, the figures of individual investors have appeared in the investment relations activity records announced by numerous listed companies. Rough statistics by reporters show that in November alone, dozens of listed companies hosted research by individual investors, including Hanyu Group Joint-Stock, Jiangnan Yifan Motor, Zhejiang Wanfeng Auto Wheel, Hunan SUND Technological Corporation, Shenzhen Sine Electric, Changsha Jingjia Microelectronics, Miracll Chemicals, China Resources Double-Crane Pharmaceutical, Guangzhou Zhujiang Brewery, Han Machine, Yantai Zhenghai Bio-Tech, Jiangsu Favored Nanotechnology, Suzhou UIGreen Micro&Nano Technologies, Lionco Pharmaceutical Group, Biwin Storage Technology, Telink Semiconductor(Shanghai)Co., Ltd., Ugreen Group Limited, and more. These companies cover a wide range of industries, including manufacturing, pharmaceuticals, biotechnology, information technology, etc. For example, the investor relations activity record announced by Hanyu Group Joint-Stock showed that the research was participated in by 7 people from Guotai Junan Shunde Branch and Yangjiang Branch, as well as 21 individual investors. The number of individual investors received was uncommon in the past. Take Jiangnan Yifan Motor as an example, in its investor relations activity record, in addition to multiple investment companies, there were 11 individual investors such as Wu Bo, Ye Yang, and Zhang Xiongzi participating in the research. In the research activity of Zhejiang Wanfeng Auto Wheel on November 8, 2024, institutions such as Ping An Securities and Quanjing Network, as well as 16 individual investors, were received. In the research activity of TES Touch Embedded Solutions, in addition to numerous securities firms, individual investors also participated. The research of Yantai Zhenghai Bio-Tech attracted institutions such as Anlian Fund and 4 individual investors such as Sun Zongbing and Sun Zonghe. In addition, many listed companies' research activities involved individual investors without disclosing the number of individual investors, such as Zhuzhou Huarui Precision Cutting Tools. Co., Ltd., China Resources Double-Crane Pharmaceutical, Daoming Optics & Chemical, Jiangsu Wanlin Modern Logistics, Eyebright Medical Technology (Beijing) Co., Ltd., Hangzhou Freely Communication, Hainan Mining, Lionco Pharmaceutical Group, Gsp Automotive Group Wenzhou, etc. Reporters have learned that the participation of individual investors in research on listed companies is not new in this market trend, but the number of individual investors participating in the research and the number of listed companies hosting individual investors have all demonstrated that individual investors are an important driving force of the market. Individual investors participating in on-site research of listed companies need to go through institutions such as securities firms Reporters have learned from multiple sources that individual investors who want to conduct research on listed companies can directly contact the investor relations department of the listed company to express their desire for on-site research, communicate via phone or email, and explain their identity, research purposes, and general content. However, listed companies typically prioritize on-site research for institutional investors, making it challenging for individual investors to get the opportunity. Nevertheless, if the request is reasonable and communication is smooth, it is still possible to achieve it. Some investment institutions organize joint research activities, and individual investors can participate by purchasing relevant institutional research services or becoming members. In joint research activities, individuals can follow professional institutions to delve into companies. However, it should be noted that such research services or membership qualifications often require certain expenses, and the quality of services and research depth varies among different institutions. A research institute of a securities firm told reporters that listed companies generally only accept applications from institutions for research, making it very difficult for individual investors to apply on their own. Moreover, only individuals verified as class B/C professional investors have the opportunity to sign up for securities firm research activities. In addition to the aforementioned difficultiesField research, individual investors can also conduct research by attending investor exchange meetings organized by listed companies. The listed companies will publish investor relationship activity records and hold investor exchange meeting notices through official channels. Investors need to pay close attention and sign up as required.Many companies are concurrently holding online investor conferences to facilitate individual investors. Investors enter the designated online meeting platform to listen to presentations by company executives on performance, strategic planning, industry outlook, etc., and ask questions during the Q&A session. Controversy Reporters have noticed that the participation of individual investors in research has sparked some market controversy. Some believe that this may exacerbate information asymmetry, as even though listed companies have disclosure obligations, investors participating in research may gain access to more undisclosed information. For example, in a research session with a listed company, individual investors may privately communicate with company executives and learn about a major cooperative project the company is preparing for, information that investors not participating in the research cannot access. This could lead to increased information asymmetry among investors, contradicting the principle of market fairness. Furthermore, the market is transitioning towards institutional fund dominance, but the participation of individual investors in research has raised concerns about the direction of market dominance. Institutional investors, leveraging their professional expertise and resource integration capabilities, are gradually taking the lead in the market, promoting the development of market value investment concepts. However, if more and more individual investors actively participate in research, it may disrupt the market's institutionalization process, hindering the formation of a stable investment style and value system in the market. Industry insiders told reporters, "The participation of individual investors in listed research will not affect market fairness or disrupt the market's institutionalization process. This is mainly because individual investors do not have an advantage in terms of fund size compared to institutions, and the number of investors who have the opportunity to participate in research is very limited. During offline research processes, listed companies will disclose information that could affect stock price fluctuations, making it visible to all investors." Positive Aspects Regarding the impact of hosting individual investors' research visits, journalists have gathered multiple perspectives. On one hand, actively hosting individual investors' research visits and maintaining good communication can enhance the company's image in the public eye. When individual investors perceive the company as open and transparent, they may spread positive reviews in their social circles or investment groups. Positive reviews from individual investors can attract more potential investors to pay attention to the company's stock, thereby expanding the company's shareholder base. For some lesser-known but promising companies, the promotional effects after hosting individual investors' research visits may be more significant. For example, a company in its growth phase, after hosting individual investors' research visits, receives high praise from investors for its advanced production technology and broad market prospects. When this news spreads in investment circles, it may attract more individual investors and small investment institutions to buy the company's stock. Direct communication with individual investors helps the company establish a wider and multi-level network of investor relations. Individual investors are an important part of the capital market and market forces, enriching the company's investor structure. By communicating and coordinating the interests of different types of investors, companies can reduce misunderstandings and conflicts caused by information asymmetry, enhancing the sense of identification and loyalty of individual investors towards the company. This also encourages institutional investors to have more confidence in the company's long-term development, reducing the potential risks the company faces in the capital market. This article is reprinted from Financial Link Society, GMTEight Editor: Xu Wenqiang.