CITIC Securities disassembled Tesla's research report!Motive traces of watermark watermark: Some of the contents are not indicated from other people's articles, and there are still many errors in there are suspected?

On July 18th, CITIC Securities (SH600030, stock price was 19.87 yuan, and market value of 294.5 billion yuan), the research department of the Research Department of the "Development Trends of Smart Electric Vehicles from Model3" has aroused widespread market attention.

Judging from the disclosure of this research report, the content of this research report is mainly based on the complete dismantling of a Tesla Model3 after two months of collaboration with TMT and the automobile team of CITIC Securities Research Department and the automobile team. untie.

However, this heavy car disassembly report has been questioned. Today, the snowball users named "01 core Wen" posted on snowballs that the relevant part of the research report was suspected of plagiarizing the original articles published before. In addition, there were many errors in this research report. Regarding related issues, the reporter sent an interview letter to CITIC Securities today. As of press time, the reporter has not received a reply from CITIC Securities.

Image source: Visual China-VCG211285221075

Research Report Watermark Watermark Stream: Part of the content from others has not been indicated?

Recently, the word "disassembling" is popular in the seller's research circle. From "disassembling" to "disassembling" to "disassembling APP", analysts from all walks of life read the word "disassembly". And this wave of boom is the two major brokers, Haitong Securities and CITIC Securities. They have released two heavy car demolition research reports in less than a month.

Picture source: Screenshot of CITIC Securities Research Report

On July 18, the research report of the "Development of Smart Electric Vehicles from the Disassembling Model3" released by the CITIC Securities Research Department has aroused widespread market attention. Judging from the disclosure of this research report, the source of the research report is the complete dismantling of a Tesla Model 3 by TMT and the Automobile Team Association of CITIC Securities Research Department and the Automobile Team Association. The disassembly took two months.

It is worth noting that the lineup of the signature analysts of this research report is also luxurious. It brings together CITIC Securities Cloud Infrastructure Industry, Science and Technology Industry, New Energy Vehicle Industry, Automobile and Parts Industry, Computer Industry and other industries. Analyst.

However, the originality of this research report was questioned. Today, a snowball user named "01 core Wen" posted on the snowball with multiple questions about CITIC Securities' research report.

Image source: "01 core Wen" posted screenshots on the snowball

First of all, this post pointed out that the relevant part of CITIC Securities' research report was suspected of plagiarizing the original articles published before, "the electric power assembly as one of the core components of the smart electric vehicle, especially the inverter part, developed, and developed. There is no original content in the newspaper. Page 30-32 reviews Tesla's model Model S power assembly. Its content and picture are almost the original article "Where is Tesla's surging power coming from the author's previous article" Where does Tesla surging power come from? ? "Come, just reorganized the sentence and split the picture."

Picture source: "Where does Tesla surging power come from? "Screenshot of a article

The reporter noticed, where does Tesla surging power come from? The publishing time of the article is in January this year, and the research report from CITIC Securities "The Development Trend of Smart Electric Vehicles from Model3" is about half a year apart for about half a year. Where does Tesla surging power come from? "After the release of the snowball in January this year, he only received 1 forwarding and 0 comments, which seemed not to pay much attention. The current number of fans on snowballs is only about 120, which is a large gap with the number of fans of many large V. In addition, the article is also released on the personal public account platform called "01 Core".

The reporter compared the content of the research report 30-32 and "Where does Tesla surging power come from? "After the relevant content of the article, I found some similarities.

For example, CITIC Securities Research Report 30-32 illustration 35, illustration 36 and "Where is Tesla's surging power? "Part of the illustration of the article is higher. It is worth mentioning that the lower right corner of the CITIC Securities Research Report illustration 36 has the WeChat watermark of "01 core news", but the source of the data marked by the research report is "Damien Maguire, Turbo Electric".

Illustrations in CITIC Securities Research Report 35, 36

Where does Tesla surging power come from? "Illustration in the article

In addition, the reporter compared to find that some text content on page 30 of CITIC Securities' above -mentioned car disassembly report also comes from "Where is Tesla's surging power?" 》 The relevant content of the article has a certain degree of overlap.

Photo Source: CITIC Securities Research Report page 30 Screenshot

Picture source: "Where does Tesla surging power come from? "Screenshot of a article

In this regard, "01 core Wen" further pointed out in the post that "(CITIC Securities) research report not only did not give the reference source, but also copied one of the errors in the original text to the research report. At least when CITIC Securities quotes it next time, at least find the author to do it. "

There are some errors in research reports

In addition to the above -mentioned plagiarism part, "01 Core Wen" also pointed out in the post released today that there are many mistakes in the research report of CITIC Securities.

For example, "01 corewell" pointed out that there are some omissions in CITIC Securities Research Report, as well as places where the interpretation is more vague. 38, 39.

Picture source: "01 core Wen" snowball post screenshot In addition, the post also analyzed some of the shortcomings in CITIC Securities Research Report. For example, "01 core Wen" pointed out in the post: "Silicon Carbide" has appeared 74 times in the research report of CITIC Securities, which is quite important. Unfortunately, the research report only qualitatively explained the advantages and disadvantages of silicon carbide in electric vehicles, and did not quantitatively analyze the impact of Tesla's demand on the entire silicon carbide market. The "01 core Wen" supplemented the quantitative analysis in the post.

At the end of this post, "01 core Wen" pointed out slightly, "Although the Model 3 disassembly and research report of CITIC Securities has some omissions (including a large number of original content quoted the author's original content), and there are many and many of them. Industry analysts believe that the composition of 'showing shows/gimmicks' is mostly, but I still hope that more brokers can do a field survey like this. After all, buying a full set of Model 3 disassembly and research reports for Munro will need $ 87,000. "

Regarding whether the above problems pointed out in "01 corewell" are true, the reporter sent an interview letter to CITIC Securities today. However, as of press time, the reporter has not received a reply from CITIC Securities.

In recent years, the seller's research industry is not a minority caused by suspected plagiarism. For example, in 2019, the relevant analysts of Huachuang Securities Research Institute's suspected "plagiarism door" has caused heated discussions in the industry. At that time, Ai Analysis had issued a statement that the original report was plagiarized by the China Institute of China. Love Analysis pointed out in this statement: "After analysis and verification, the research report from the Huachuang Securities Research Institute (" SaaS made Adobe return to great- "two studies in the" cloud "era") and Ai Analysis of the Analysis of Ai The comparison of the original report, the title is high, the core views and analysis are the same, and some paragraphs even directly plagiarize the original text. "

According to Article 9 of the "Interim Provisions on the Release of Securities Research Reports" formulated by the Securities Regulatory Commission, "the production report of the production of securities shall be compliant, objective, professional, and prudent. The source of information sources is legal and compliant, the research methods are prudent, and the analysis conclusions have a reasonable basis. "

Article 10 states that "securities companies and securities investment consulting institutions shall establish a review mechanism for the issuance of securities research reports, clarify the review process, arrange special personnel, and do a good job of quality control and compliance review before the securities research report releases."

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