Financial Research
Guoyuan Securities
Industry Research Intern
Jun – Aug 2024Hefei, Anhui, China
Joined the consumer industry coverage team at Guoyuan Securities, focusing on China's premium baijiu market during a pivotal period of consumption upgrading. Built the financial infrastructure and authored an independent strategy report that was incorporated into the team's quarterly portfolio discussion.
15+
Companies covered
3
Valuation models
1
Independent strategy report
2024
Mid-year report published
Research Focus
- Analysed China's white liquor (baijiu) sector covering leading brands including Kweichow Moutai, Wuliangye, and Fenjiu.
- Focused on premium and sub-premium market structure, consumption upgrading trends, and channel dynamics.
Data & Modelling
- Built a financial indicator database (revenue growth, net margin, inventory turnover ratio, etc.) using Wind, iFind, and quarterly reports across 15+ listed consumer staples companies.
- Performed time-series and YoY/MoM comparisons in Excel to track raw material costs, sales channels, and holiday demand fluctuations.
- Applied DCF and PE models to assess fair-value estimates and investment positioning.
Report Writing & Output
- Assisted in drafting in-depth industry reports and monthly strategy briefs, summarising channel research and terminal sales data using the PESTEL framework for macro analysis.
- Independently authored the Mid-Year Strategy Report on the Baijiu Sector (2024), advocating a "steady growth in premium, structural recovery in sub-premium" investment thesis.
- Selected sections of the report were featured in the team's quarterly portfolio strategy discussion.
Tools & Stack
WindiFindExcelDCFPE ValuationPESTELFinancial Modelling