Liu Xin, Assistant General Manager of Tianfeng Research, Deputy Head of the TMT Industry Research Group, and Chief Analyst for Media, Internet, and Overseas Research. She has previously conducted TMT industry research at China International Capital Corporation Limited (CICC), Haitong Securities, and Minsheng Securities, and served as Chief Analyst for Media and Internet at Huachuang Securities (2020–2025). She has long focused on the media and internet sectors, developing a systematic methodology that combines trend forecasting with company analysis. Her research capabilities have been repeatedly recognized by industry authorities: she has frequently ranked at the top in selections such as New Fortune, Crystal Ball, Sina's Golden Kirin, Shanghai Securities News, Golden Bull Award, and 21st Century Gold Medal Analyst. In 2025, she led her team to win fifth place in the Communication and Culture category of Securities Times' New Fortune Magazine's Best Analyst and third place in the 21st Century Gold Medal Analyst awards. Her research motto: Cherish the market rally.
As an analyst who entered the industry to cover media in 2015, many people called me lucky at the time, given that this sector was in the golden period of a media and internet bull market, a highly sought-after position that countless new graduates fiercely competed for. However, after entering the industry, what awaited me was a prolonged winter lasting seven years. I personally experienced the sustained downturn of the media index showing negative returns for 13 consecutive quarters without a single quarterly rebound, and I endured the lonely situation of consistently ranking among the bottom three in annual gains and losses across all A-share industries for many years. But an industry trough is never a reason for slackness; instead, it demands even more focus on delving into fundamentals, reviewing industry cycle patterns, and rigorously honing basic research skills. Gradually, I refined my core work logic: "Be sensitive to捕捉, cherish the行情, and grasp opportunities with precision." In 2023, the wave of AI technology swept in, and the media industry finally welcomed a new round of investment fervor. My team and I also seized this opportunity to come into the view of more investors. Some call us "bull market players," but only we ourselves understand that it is precisely the沉淀 from that long bear market that makes us格外珍视 every market rally. Accurately anchoring the main trend and decisively seizing opportunities when the wind arrives—this is the core value of being a media industry analyst. Holding firm and building internal strength during bear markets, and seizing opportunities during bull markets—this is the profound insight I have gained from years of being rooted in media research. I firmly believe that with the continuous empowerment of AI technology, the media industry is destined to welcome a new, magnificent bull market.
Q1: Why did you choose to join Tianfeng? A1: My decision to join Tianfeng Securities核心源于 two key motivations: First, I was deeply moved by the research culture philosophy of "discovering industry trends and挖掘优秀 companies" introduced by Director Tang Haiqing. In my view, as a sell-side analyst, discovering and recommending truly high-quality listed companies is a far more valuable high-level service than单纯的 service-oriented or information-dissemination businesses. Tianfeng's recognition and support for analysts to "discover industry trends and挖掘优秀 companies" highly aligns with my professional aspirations. Second, it stems from firm confidence in Tianfeng's current development model. After becoming state-owned asset-controlled, the company combines the stability of a state-owned身份 with the flexibility advantages of a market-oriented mechanism. This unique institutional structure not only provides a solid foundation for analysts to conduct research but also reserves ample space for value挖掘 and business expansion, making me confident that I can better realize my professional value here.
Q2: Against the backdrop of the AI era, what qualities do you think an excellent media analyst should possess to grasp the opportunities? A2: 1. A keen perception of technological development and market trends. 2. Solid research capabilities regarding industry development and individual stock fundamentals. 3. Precise discernment in筛选优质标的 and understanding company development logic.
Q3: Having深耕 the media field for many years, what insights or challenges have you encountered in building a深度 research framework? A3: Having researched media for over a decade, I have witnessed the transformation of many companies in the industry from growth-stage to mature-stage, and my research methods have迭代优化 accordingly. For instance, in the early days, we often used valuation tools like PS and PEG suited for growth attributes, whereas now we转向 more suitable methods like PE and SOTP for mature enterprises. As a highly distinctive sector within TMT, media possesses both consumer attributes and technological growth characteristics. This dual nature has also given rise to a unique research methodology that融合 the logics of both types of sectors.
Q4: What style does the Tianfeng Research Media & Overseas team you lead possess, and what areas are your team members proficient in? A4: Our style is不拘一格. Because sell-side analysts never need to be constrained by the barrel effect, we don't demand members to be all-rounders; we only value and amplify each individual's strengths. For example, covering the gaming sector requires becoming the person who understands gaming the best in the market; covering the AI field requires keeping up with the most前沿的技术趋势 and industry dynamics. We enable every team member to leverage their strengths as a fulcrum to发挥最大价值 within the team.
Q5: You are an excellent analyst in the eyes of clients and the best mother in your child's heart. How do you balance these two important roles? A5: It's actually very difficult to achieve a true balance in terms of tasks between these two roles. Due to the nature of sell-side analyst work, it's inherently challenging to completely separate work from life, inevitably allowing work to渗透 into family life. What can truly be adjusted is never the roles themselves, but one's own mindset. Rather than纠结于 pursuing a perfect state of balance, it's better to choose to be a mother with a sense of松弛感, learning to forgive oneself for occasional inadequacies. This approach反而 allows for a more从容 response to both identities.
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