A purported "UBS research report" circulating online recently sparked market discussion. This report downgraded Lead Intelligent Equipment Co., Ltd. to a "sell" rating with a target price significantly below the current market price, leading to debates among investors about its authenticity. Currently, major domestic research report platforms like Choice and Huibo Smart Strategy Terminal have not included this report.
It is understood that research reports from major foreign investment banks are typically provided to clients and paying investors only through official or a few officially certified channels.
An investigation reveals that on various internet platforms such as Xiaohongshu, Taobao, and Bilibili Inc., numerous unverified accounts and shops are selling access to research reports from foreign investment banks like Goldman Sachs, UBS, and Morgan Stanley at low prices ranging from a few yuan to several hundred yuan, forming a gray market transaction chain.
1. A Purported UBS Report Sparks Market Buzz
A "UBS research report" circulating on platforms like Xiaohongshu recently drew investor attention. While the report raised the target price for Lead Intelligent Equipment Co., Ltd. from 27 yuan to 36 yuan, it downgraded the investment rating from "neutral" to "sell." At the time of the report's purported release (May 6 this year), the A-share closing price of Lead Intelligent Equipment Co., Ltd. was 57.01 yuan; the latest closing price as of May 22 was 51.25 yuan.
The report stated that the market's valuation of Lead Intelligent Equipment Co., Ltd. had already over-reflected optimistic expectations for traditional lithium battery equipment orders and the potential incremental demand from new technologies (semi-solid/solid-state batteries, sodium batteries).
However, it was noted that recent reports from other foreign brokerages on Lead Intelligent Equipment Co., Ltd. were mostly positive. For instance, at the end of April, J.P. Morgan issued a report giving Lead Intelligent Equipment Co., Ltd. A-shares an "overweight" rating with a 12-month target price of 62 yuan. Nomura also issued a report with a "buy" rating, maintaining a target price of 73 yuan.
Notably, some investors questioned the authenticity of this bearish report of unknown origin. The report was found in other private sales channels but could not be located on major domestic platforms like Choice or Huibo, nor on UBS's official WeChat account.
Subsequently, it was learned through the UBS website that UBS did indeed issue a "sell" rating for Lead Intelligent Equipment Co., Ltd. on May 7 this year, with a target price of 36 yuan, matching the information in the online report, but the specific report was not found. The title of the online report was found on Wind, but accessing the full text required a paid subscription to UBS Securities Research services, costing tens of thousands of yuan.
This indicates that UBS covers Lead Intelligent Equipment Co., Ltd.. However, the company did not confirm the authenticity of this specific report upon inquiry.
2. Private Sales of Research Reports Pervade Online Platforms
The Xiaohongshu account that posted the aforementioned report was not verified by the related enterprise. Its shop offered a product called "International Research Knowledge Base," claiming "over 70 daily updates" and "mostly from the same day or previous day," with AI-assisted features like full-text translation and summaries. Subscription packages ranged from a 1-yuan 5-day trial to a 365-yuan annual plan, with prices significantly below official foreign institution rates.
In fact, other unverified accounts on platforms like Xiaohongshu were found offering services claiming to provide daily updates of the latest reports from mainstream foreign investment banks for just tens to hundreds of yuan, with some trials costing only a few yuan.
Similar shops selling foreign institution research reports were also found on platforms like Taobao and Bilibili Inc.. On Taobao, searching keywords like "foreign research reports" or specific foreign institution names yields shops privately selling reports.
Many shops claim coverage of all major foreign institutions, with some even asserting they have "exclusive domestic authorization," boasting millions of reports, thousands of daily updates, and over 100,000 platform users.
Marketing strategies vary. Some shops offer "shockingly low prices," with annual access for just tens of yuan, while others charge higher prices. One shop's customer service stated they sell foreign reports individually at 30 yuan per report, emphasizing their uniqueness by claiming to provide "most foreign research reports," unlike cheaper annual subscription services that don't include all reports. When asked about the source, the representative paused before saying, "mainly services purchased from official sources."
Interestingly, some shops explicitly state their reports are "connected to official websites" and warn "resellers to stay away," indicating the potential existence of resellers among the numerous private report shops on these e-commerce platforms.
On Bilibili Inc., some content creators were found making videos interpreting foreign research reports while also promoting sales of these reports.
3. Urgent Need to Clarify Responsibilities of Multiple Parties?
In response to the issue of private research report sales on multiple online platforms, UBS stated that within mainland China, UBS Securities provides its research reports to clients through official channels in accordance with relevant regulations. Since 2021, UBS Securities has collaborated with Wind to offer its digital research services to a broader range of Chinese professional investors through paid subscriptions.
Furthermore, UBS stated, "Within mainland China, the official UBS WeChat public account (primarily for UBS Global Research) is the only official social media platform for sharing UBS research information with the public. We have not authorized any other social media platforms or users not permitted by UBS Group to publish research reports."
A relevant person in charge of a foreign brokerage's research department stated, "According to regulations, the English versions of foreign brokerages' research reports are not allowed to circulate within mainland China. As I understand it, the sources of these foreign research reports circulating and sold privately on various online platforms are mostly small clients of foreign institutions forwarding them privately."
According to relevant regulations, if brokerages ignore infringement of their research reports and fail to take corresponding measures, they may risk non-compliance. The Securities Association's "Practice Standards for Publishing Securities Research Reports" clearly stipulates measures institutions should take to prevent unauthorized publication or forwarding of their reports by public media or other organizations.
However, the aforementioned foreign brokerage personnel noted, "We are also dealing with these infringement issues, but frankly, it's difficult due to the large volume."
From the perspective of lawyer Wang Zhibin of Shanghai Minglun Law Firm, the current chaos in private report sales is also related to the online platforms. "Brokerage research reports are intellectual achievements protected by copyright law. As rights holders, brokerages have the right to demand infringers cease infringement and compensate for losses. Current laws stipulate that network service providers have an obligation to promptly take necessary measures such as deletion, blocking, or disconnecting links after receiving a valid notice from the rights holder. If a platform fails to act after receiving a clear infringement notice, leading to expanded damages, it may bear joint liability for the expanded portion. Additionally, if a platform has actual or constructive knowledge of obvious infringing content—for example, a large number of shops openly selling reports marked with specific brokerage names over a long period—and fails to perform reasonable review and management duties, it may also be deemed as not taking necessary measures and bear corresponding legal liability."
4. How Should Investors Identify Risks in Research Reports?
It is worth mentioning that these online foreign brokerage reports are not only suspected of infringement and have questionable sources, making verification difficult for investors, but their impact on the market cannot be ignored.
For example, in late February 2025, a purported Goldman Sachs report expressing cautious views on Unitree Robotics triggered a short-term sharp decline in the humanoid robot sector. Recently, the domestic liquid cooling leader Envicool Technology Co., Ltd. faced selling pressure due to Q1 results below expectations, partly influenced by a Citigroup exclusive "sell" rating report.
So, how should investors identify risks given the proliferation of online foreign research reports?
Lawyer Wang Zhibin stated, "Private sales channels cannot endorse the completeness or authenticity of research reports. There is a possibility of tampering, splicing, or even complete forgery. Investors relying on such fragmented information for decision-making face extremely high risks of misjudgment. Investors should establish an information acquisition system centered on official channels. For foreign research reports circulating through unofficial channels, they should first verify the issuing entity, complete report number, the practicing qualifications of the signing analyst, and the release time. Report fragments lacking these core identifiers or containing only conclusions without analytical processes should not be used as investment references."
The aforementioned foreign brokerage research department head admitted frankly, "There are no compliance issues with brokerages releasing 'sell' rating reports overseas; these reports are not intended for retail investors anyway. In contrast, domestic tolerance for 'sell' rating reports is lower, indirectly making bearish foreign research reports more conspicuous. I call for all domestic parties, including regulators, to create a more relaxed environment for the release of 'sell' rating reports, which is also a sign of a maturing capital market."
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