新公司主导日本股权研究

野村证券(Nomura)再次是Japa发表n’s top equity research provider — but this year, it’s not alone. The incumbent shares the honor with another domestic firm: Daiwa Securities Group.

Together, the two Tokyo-based firms lead亚博赞助欧冠’s2020年所有日本研究团队。超过800名投资专业人员，跨越第27届年度调查投票，评级研究提供商29个行业部门和三个宏观学科。第二年，分数被日本股权委员会支付的多少受访者加权，以便更好地反映出现不断发展的研究支出。

Daiwa — which placed fourth in last year’s commission-weighted ranking — improved significantly this year, racking up 28 total team positions to match Nomura. Mizuho Securities, which ranked second in 2019, came in third place this year with 25 team positions. Despite being bumped down the leaderboard, Mizuho once again earned the most first-team positions of any provider, ranking first in eight sectors. Daiwa and Nomura, meanwhile, were each awarded six first-team positions.

SMBC Nikko Securities slipped one rung to fourth place in the commission-weighted ranking, while Mitsubishi UFJ Morgan Stanley Co. rose from seventh place to round out the top five.

A separate leaderboard based on votes for individual analysts — as opposed to firms —reflected the same quintet of domestic providers, albeit in a somewhat different order. In this ranking, Daiwa took the No. 1 spot, followed by SMBC Nikko Securities in second, Nomura in third, and Mizuho Securities and Mitsubishi UF Morgan Stanley Co. in fourth and fifth, respectively.

通过管理层根据日本股权资产加权响应，制作了两个额外的排行榜。这些排名由同一个五家公司主导，Daiwa在两者都服用。

所有四个排行榜都显示投资者在日本的提供商上递增，无论如何加权结果，没有任何国际公司破解前五名。最接近的是JPMorgan Chase＆Co，它在所有四个排名中排名第六。

[IIDeep Dive:These Are Japan’s Top Research Providers]

投资者may find the insight of local research firms more valuable than ever due to the overall sluggishness of the world’s third-largest economy, which had been slowing even before the novel coronavirus spread to the country in late February. By mid-March, confirmed infections had risen to 825 excluding the Diamond Princess cruise ship. The outbreak, which has reportedly killed 27 people, has shuttered schools and businesses and put the summer 2020 Tokyo Olympics into question.

“根据经济指标和其他趋势，日本似乎有很大可能在2018年10月和12月在Mizuho Securities的股权研究负责人的10月和12月之间进行了大幅衰退阶段”。“日本政府迄今未经经济的基本评估，直到现在，因为没有技术经济衰退 - 即，连续两个季度的负面增长 - 已经发生，因为GDP正在进行适度上升趋势。”

Given the impact of Covid-19 — the disease caused by the coronavirus — Watanabe added that Japan “is increasingly likely to enter a technical经济衰退” during the first quarter of this year.

然而，他指出，日本经济从临时排放阶段出现，并在宏观规模中增加了就业，是有利的。

An emailed statement from Nomura’s equity research team reflected similar sentiments: “Despite the increasing likelihood of two consecutive quarters of negative [quarter-to-quarter] growth, a recession by standard international definition, we believe modest economic growth will continue thanks mainly to favorable employment and household income, robust capital expenditure by non-manufacturing industries as a labor-saving measure, and increased public works spending by the government.”

Nomura also pointed out that private consumption had declined 2.9 percent in the last quarter of 2019 after a new consumption tax was passed in October. “A significant decline in private consumption… may be a sign that Japanese consumers have reacted more negatively to the tax hike than rationally assumed from the actual impact on real purchasing power,” the firm said in the statement. “A further deterioration in consumer sentiment due to Covid-19 may delay the consumption recovery from the tax hike shock.”

Against this backdrop, Nomura’s research team said it is focusing on “quality” and “creative research initiatives” to maintain its competitive position in an industry where a declining fee pool is still a challenge.

At Mizuho, meanwhile, Watanabe acknowledged that his firm, in addition to focusing on fundamental analysis, is increasingly aware of the need to evolve and establish systems that better meet the needs of investors.

“In our opinion, major challenges include how the sell-side research industry can monetize and what kind of business opportunities the industry can create to achieve this goal in the face of industrywide issues such as the shift toward passive investing within the asset management world, the transition to MiFID II in Europe, and the declining position of Japanese equities within the global equity market,” he said.