Before writing an encyclopedia of stocks, it is necessary to make clear its basic positioning as a whole.Stock encyclopedia is a popular science article with clear logical structure and close context connection.It is not a simple data set. We can understand the stock encyclopedia as a paper or a story, and the object of the paper or the protagonist of the story is about a listed company, how to introduce the listed company to investors? It depends on the author."storytelling"The ability of.

According to the experience of stock encyclopedia writers, writing an encyclopedia article has rules to follow and is full of routines, nothing more than to grasp two elements: one is how to obtain relevant information, and the other is how to process it ("storytelling"). The former is the material basis of encyclopedia, while the latter determines the spiritual height of encyclopedia.

Due to the different popularity of each listed company, the public information that can be obtained is also different. Generally speaking, according to the level of authority, these materials are roughly divided into official information (official website of listed companies, financial reports, prospectus), government data, industry reports, media surveys, analysts' opinions, and so on.

Next, how to select the relevant data and process it into an encyclopedia for ordinary investors is the time to test the skills of the authors. To this end, based on past experience, we have specially summed up some "routines", that is, the following hundred (Japanese) subjects (earn) write (500) write (yuan) reference (attack) quotation (skimming), hoping that it can provide help and convenience to encyclopedic writers and friends, and write more excellent works for investors. (the guidelines are a bit long, but the practicality is proper)

I. basic guidelines

1, content structure

In order to improve the writing efficiency and create a distinctive encyclopedia column, Futu has specially set a writing template for the stock encyclopedia, and the default structure is a fixed seven sections. the order is as follows: company profile, development history, profit model, industry profile, financial profile, advantages and prospects, risks and crises.

Of course, the encyclopedia content is not limited to this, if the author can dig out more characteristic information that will help investors understand the basic features of listed companies, such as founder profiles, company anecdotes, social evaluations, and so on, please put these contents into the above seven sections reasonably.

The reason why we templated the encyclopedia is not to encourage authors to write mechanical and rigid manuscripts. on the contrary, Futu very much wants to see articles with clear structure, rich content, fluent writing and discussion. This is an important direction of the encyclopedia.

2, content source

Mainly from the company's public information and information, to say the most authoritative, of course, from the company's prospectus and financial reports. However, these public official documents are only used as the material of the encyclopedia, and we do not advocate that they should be directly incorporated into the stock encyclopedia without processing, but should be dealt with as needed. For example, for the company's financial data, the ideal way to deal with it is to draw the relevant data over the years through software such as excel, and then present them to the readers.

In addition to official materials, encyclopedia content sources can also be industry associations, government departments, research institutions, authoritative media, such as objective media reports, brokerage research reports, industry and government information. This information is guaranteed in terms of authority, but it is not necessarily easy for investors to understand, and encyclopedic writers need to do appropriate "transformation" and "secondary processing".

3, language expression

In terms of language expression, we advocate expressions that are easy to understand, colloquial, approachable and suitable for mainland investors, as long as the position is objective and impartial and avoid obvious tendencies and personal feelings. If the author does have a personal opinion, it should also be expressed in combination with objective and neutral information.

Fortune is an Internet company, and many users of Fortune are also from the Internet industry. If the writing style of the encyclopedia is in line with the reading preferences of Internet users, it should be praised. Articles with interspersed discussion, fluent language, pictures and texts, and deep and biased articles are more in line with the requirements of the stock encyclopedia. For this kind of excellent work, the big red packet is the best reward!

4, space requirements

It is better to control the number of words between 3000 and 5000 words. Too little, the introduction is not clear; if there are too many, there may be no distinction between primary and secondary. For some specific information (such as financial data, organizational structure, ownership structure, etc.), we advocate the use of graphic processing, on the one hand, it can save space, on the other hand, it is illustrated and more friendly to readers.

[examples of previous works]:

Https://news.futunn.com/wiki/index

II. Specific guidelines

1Company profile

It mainly focuses on the highlights and selling points of listed companies. If it is really difficult to start, you might as well use the "5W+1H" analysis method, that is, around the main points of what the company is, where it is, who is there, what to do, when to start, and how to do it, to quickly help readers form a basic impression of the listed company.

The core of the "company profile" is that readers can locate a listed company in a very short time (1-2 minutes). So, ideally, as long as investors finish reading the company profile, they will probably know what industry the company does, where its competitive advantage is, what its texture is, and what it attracts investors.

In order to facilitate investors to capture the main information of the company at a glance, it is effective to be good at using "keywords", such as "most", "first", "leader" and "market capitalization". These keywords had better be company-specific. Generally speaking, if the "company profile" can have more than 5 keywords, the company image will basically be three-dimensional.

(the content of "Company profile" can be obtained from the official websites and annual reports of listed companies, focusing on extracting key information and highlighting the image of the company.)

2The course of development

This piece of content is easy to understand, a small biography of how a listed company went from "loser" or "rich second generation" to the pinnacle of life. The growth of the company is often accompanied by a variety of opportunities and challenges, leaving large and small milestones, these milestones are the highlights of the company's development history. How to vividly present the major events that occurred in the process of company growth is the issue to be considered in the "development process" section.

We do not think that the "course of development" is a current account of what the company did in a certain year, and the event and its corresponding time point are of course essential. however, if we do not explain the potential impact of these events on the company and what they mean, it will not be of much help to investors. It is suggested that this part should be elaborated around a number of major events, and the core is still to highlight the "bright spot" of the company. The content of this section tests the author's ability of "storytelling" very much.

(the course of Development can also get the main information from the company's official website and annual report, focusing on the significance and impact of major events on the company's development.)

3, profit model

This part is mainly to explain the main business of the company, including products, services, customers, revenue structure and so on. For example, a company's main business consists of several parts, what each part does, whether it has advantages and how many advantages it has, and how much these businesses account for the company's revenue.

Through the introduction of the "profit model", investors should be able to accurately understand the business situation of a company. Figuratively speaking, the "profit model" is like a compass, pointing out the business direction of listed companies to investors, as to whether this direction is unswerving or drifting from time to time, it depends on each company.

For some special professional industries, such as medicine and bioscience, it is suggested that the author should popularize science with appropriate terms and use words that all neighbors can understand to explain the company's business. As the saying goes, we have an obligation to lower the threshold of understanding for encyclopedia readers.

(the "profit model" is the analysis of the company's business, including the main business and other businesses, and the data and related charts are the most persuasive.)

4General situation of the industry

Usually, listed companies disclose industry-related information in their prospectuses or annual reports. The prosperity of the industry in which the listed company is located is an important factor affecting the development of the company. there is an obvious valuation difference between the emerging industry and the traditional industry. in many cases, although the fundamentals of the company have not changed obviously, because of the changes in the industry, the stock price will react in advance.

When we introduce the "general situation of the industry", we need to be supported by appropriate data, so that it will be more persuasive and will not appear pale. Here is a little secret book, many industries will set up corresponding industry associations, these associations provide a lot of valuable industry information, for example, when we introduce the automobile industry, we can log in the "China Automobile Industry Association" to obtain relevant information. In addition, through government departments, authoritative media, brokerage research and other channels, we can also obtain a lot of valuable information.

Of course, the "industry profile" is not limited to the introduction of the industry itself, only by integrating the target company into the industry introduction can the competitiveness of the company be reflected. Therefore, we can strengthen the depth of the "industry profile" by analyzing competitors and comparing the average level of the company and the industry.

(with regard to the "industry profile", in addition to the relevant information often disclosed in listed companies' prospectuses and annual reports, government data, industry association data, brokerage research reports and media research can provide a lot of valuable information. The key lies in how the author uses it.)

5Financial overview

There is no doubt that the most objective and authoritative information reflecting the financial situation of listed companies comes from the company's financial reports, among which the annual report is the most valuable. For mature enterprises, we can focus on their revenue and profit status; growth enterprises, possible revenue and market share and other indicators have more reference significance; loss-making enterprises, we should also focus on their cash flow and loss reasons.

Generally speaking, the section "Management discussion and Analysis" (taking A-share companies as an example) in the annual reports of listed companies often contains the most important information of corporate financial reports. We can take the management's views on the company as a reference and integrate it into the analysis of the "financial profile".

The Financial profile should at least include key data information such as revenue and net profit, which should be graphed and presented to encyclopedic readers. For annual data, the time span is generally not less than 3 years; for quarterly data, the time span should be at least 2 years.

"Financial profile" should not only analyze the financial data of the latest period of listed companies, but also from a historical point of view, so as to reflect the development trend of the company. The most basic requirement of this section is to clarify whether the company is profitable, whether the profit is healthy and sustainable, and the reasons why it is unable to make a profit. If the author can excavate or analyze the "suspicious" aspects of the company's financial statements, the result will certainly be the icing on the cake.

(if you don't know where to start with the "financial profile", the easiest way is to list, showing the company's revenue, net profit, gross profit and the key data in the three major statements over the past three years (selected according to the specific situation of the company). Financial analysis, company performance report and securities firm research report for reference)

6, advantages and prospects

The content of this section can be understood as a summary of the introduction of the above-mentioned sections. The previous zero always said so much, it is time to have a basic judgment on the medium-and long-term investment value of listed companies. In particular, I would like to remind you that the encyclopedia content had better be based on the medium and long term. After all, if the encyclopedia contains too many short-term messages, it will look out after a while.

To get back to the point, "strengths and prospects" can appropriately add the author's personal views, but these views need to be objective and neutral and can echo the previous content. We propose to use the "total-score" structure to explain the plate, "total" is a summary of the company's medium-and long-term competitive advantages and development prospects, "score" is a brief list of these advantages and prospects, and explain the reasons.

If the author can combine the company's future development strategy to make a prospect, it will be the finishing touch.

(this part and "risk and crisis" mainly explain the factors that potentially affect the company's stock price, and the ultimate goal of the encyclopedia is to judge whether the target company has investment value. It is worth pointing out that "risk factors" often occupy a lot of space in the annual reports and prospectuses of listed companies.)

7, risks and crises

"risk and crisis" corresponds to "advantage and prospect", which is the other side of "advantage and prospect". It is impossible for any enterprise to stay young and survive forever. changes in the internal and external environment may have an impact on the production and operation of the enterprise. We can combine the listed company itself and its industry to analyze which factors may have a negative impact on the enterprise in the short, medium and long term. The writing method of this section can refer to "advantages and prospects".