机构投研体系之强:业务逻辑优先
Strength of institutional research: business logic comes first
投研机构的分析资源集中在产业链供需、技术变革与模式创新上,目标公司的业务叙事占用了绝大部分研究精力。
Analytical resources concentrate on the value chain, technology shifts and business-model innovation — the company's story absorbs almost all of it.
