• Guangyao serves as the co-head of Huatai Securities’ Research Institute. He joined Huatai Securities’ investment banking division in 2012 as Managing Director of the Strategic Clients/Investment Bank. He has more than 13 years of investment banking experience previously working for China International Capital Corporation and the National Development and Reform Commission.
• Guangyao has extensive experience in industry research, corporate listings, sector reorganization, and domestic and foreign mergers and acquisitions. He has a profound understanding of the state-owned capital supervision system and the laws and regulations of the China securities market.
• Guangyao graduated from Renmin University with bachelor’s and master’s degrees.

• Lily serves as the Co-Head and Director of Huatai Research Institute and has more than 10 years of experience in the securities industry. She joined Huatai Securities in 2009 and has held positions as a general manager of the Huatai Securities Shenzhen office, as a supervisor of Huatai Futures, and a director at Huatai Hong Kong.
• Lily graduated from Nanjing University with an undergraduate degree in Law and a master’s degree in Law in Civil and Commercial studies.

Eva Yi joined Huatai Securities as Chief Economist in October 2020. Eva previously worked at CICC as their Chief Economist (March 2015-September 2020). Prior to joining CICC, Eva worked on both the buy side and the sell side. From 2004 to 2009, Eva worked at Goldman Sachs (Asia) in Hong Kong, as an economist covering the greater China and Asia ex-Japan region. From 2009 to 2013, Ms. Yi served as the chief economist and strategist at Keywise Capital Management in Hong Kong. Eva launched Calabas Capital ltd. in 2013 and served as portfolio manager in 2013-2015.

Ms. Yi graduated from Mount Holyoke College (Massachusetts, USA), and majored in both Economics and Studio Arts.

Eva has been one of the top-ranked China Economists at the Institutional Investor China Poll for the past 3 consecutive years.

• Research at Huatai Securities. Louis joined Huatai from CICC in October 2018 where he worked for fourteen years and was most recently the Head of Fixed Income research.
• Louis’ core capability is combining a deep understanding of Chinese and global financial markets and making investment recommendations that have a clear and approachable framework. Louis and his team of twelve analysts are prolific publishers, and topics range from a hierarchical A-share investment strategy approach to convertible bond strategy to detailed guides on monetary and market indicators, financial risk management issues, and capital allocation decisions.
• Louis graduated from Fudan university.
• In the 2020 All-China Institutional Investor research poll, Louis was ranked #2 Top Analyst in All-China research globally, and his team was ranked #1 in Economics and Thematic Research sectors.

• Xinyuan is Huatai’s Lead Strategist for A-share research and leads a team of five analysts. Xinyuan has spent the last six years focusing on top-down A-share strategy, macro policy interpretation, mega-trend research themes, sector allocation and rotation, and the corporate profit cycle. She has published on “Micro-Financials & the Macro-Economy” and “Signals and Noise” among other analytical frameworks of hers, and she has received recognition among her industry peers.
• Xinyuan received her Master of Industrial Economics from the Shanghai Academy of Social Sciences.
• In All-China Institutional Investor research poll, Xinyuan’s team was ranked #1 Best Analyst Team under Thematic Research category (mainland) in 2020, and #2 Best Analyst Team under Portfolio Strategy category (mainland) in both 2019 and 2020.

• Xiaoming serves as the Lead Quantitative Strategist at Huatai Securities with a team of thirteen professionals.
• Prior to joining Huatai in 2015, Xiaoming worked seven years at the quantitative research groups at CITIC Securities Research and the Guoxin Securities Economics Research Institute. Xiaoming also worked on the buyside for one year at a long-short hedge fund. Xiaoming received a master’s degree from Peking University.
• Xiaoming and Team’s work entails multiple areas: 1) Top-down asset allocation models for the Chinese market that have been incorporated into multiple strategies of different major Chinese financial institutions. 2) Top-Down Global Quant Economic Cycle models (see hist team’s HycleS1 Index and SPDBGCS1 Index on Bloomberg), and 3) Bottoms-up Multi-factor stock selection models.
• Xiaoming and his team also perform and write in-depth about Artificial Intelligence stock selection techniques. He and his team regularly create wealth management products that focus on fixed income products combined with index options.
• Xiaoming placed first in the Institutional Investor All-China poll for Quantitative Research (mainland) in two consecutive years in 2019 and 2020.

Jack(Jie) Hou serves as the H-share and US-share Internet Analyst at Huatai Securities since 2020, and covers all major Internet sub-sectors including e-commerce, gaming, online advertisements, cloud computing, etc. He owns a comprehensive understanding of Chinese Internet giants’ business fundamentals and industry growth trends.

Jack holds a Master’s degree in Economics from the University of Hong Kong and a Bachelor’s degree in Management from Tianjin University.

In the 2020 AII-China Institutional Investor research poll, Overseas Internet research team was ranked #1 Best Analyst Team in Internet sector.

• Huanyu holds a Masters of Investment Management from University of Reading, ICMA Centre, in the United Kingdom.
• In the 2020 All-China Institutional Investor research poll, Huanyu’s team was ranked #2 Best Analyst Team in two categories (mainland): Textiles & Retail and Home Appliance.

Key Research Names

Alex Senquan Wang serves as the A-share Home Appliances Analyst. Prior to joining Huatai in 2018, Alex worked for China Securities as a home appliance analyst. He also worked for KPMG Consulting.

Alex graduated from Central University of Finance and Economics, with a Bachelor’s degree in Finance, and holds a Master’s degree in Finance from Freiburg University.

In the 2020 All-China Institutional Investor research poll, household appliance team was ranked #2 Best Analyst Team in Home Appliance category (mainland).

Key Research Names

• Yixin joined Huatai Financial Holdings in 2018 as the Head of the Hong Kong Consumer Team. Prior to joining Huatai, he had accumulated more than 10 years of sell-side research experience in the Consumer industry in a number of financial institutions, such as ICBC International, Fubon Securities, and Furui Financial Group, Jeffrey Financial Group, etc.
• Yixin received his bachelor’s degree of Economics from Shanghai University of Finance and Economics.

Key Research Names

• Xin is the Lead analyst of the Consumer Services team focusing on consumer tourism, cosmetics distribution, and vocational training companies. She joined Huatai Securities in 2015.
• Mei holds a Master’s of Analysis Finance from Lehigh University in Pennsylvania, and a bachelor’s degree in finance engineering from Wuhan University.
• In the 2020 All-China Institutional Investor research poll, Mei Xin’s team was ranked #1 Best Analyst Team under Gaming, Lodging& Leisure category (mainland).

Key Research Names

Yuanyue joined Huatai Securities in 2020 as the Chief Analyst of Food and Beverage. Gong Yuanyu previously worked at BNP Paribas, Hongze Research, and Huachuang Securities. She has five years of consumer product research experience. In the 2020 All-China Institutional Investor research poll, Yuanyue’s team was ranked #2 Best Analyst Team under Food and Beverage category (mainland).

Yuanyue graduated from ESSEC Business School.

In All-China Institutional Investor research poll, Yuanyue’s team was ranked #2 Best Analyst Team under Food & Beverage (mainland) in 2020.

Key Research Names

• Juan serves as Lead Analyst of the China A-share Financials team. She brings to Huatai Securities 8 years of financial industry research experience on a broad range of topics such as capital market reformation, regulatory research topics, and financial holding industry research.
• Prior to joining Huatai Securities in 2014, Juan worked as a non-bank financial analyst at China Merchants Securities for four years. Juan was recognized in the Institutional Investor All-China research survey for both banks and non-bank finance (mainland).
• In the 2020 All-China Institutional Investor research poll, Juan’s team was ranked #2 Best Analyst Team under Banking category (mainland) (#1 in 2019) and Non-banking Finance category (mainland) (#3 in 2019).

Key Research Names

• Jian serves as the Non-bank Financials Lead Analyst in Hong Kong. He joined Huatai in 2019 and has more than ten years of financial market research experience. Prior to Huatai, he was the Head of China Insurance research at Autonomous Research. Prior to that he was an analyst at Macquarie Securities and Standard & Poor’s. Jian also worked for the China insurance regulatory commission.
• Jian holds PhD, master’s and bachelor’s degree in Economics and Finance from Renmin University of China.

Key Research Names

• Shen serves as the Lead Analyst for the Real Estate team. He joined Huatai Securities in 2018 with eight years of experience in real estate research.
• Shen holds a bachelor’s degree in Economics from Shanghai University of Finance and Economics and a Master of Finance degree from the University of Newcastle, UK.
• In the 2019 Institutional Investor All-China Research poll, Shen placed first in his category (mainland). In the 2020 All-China Institutional Investor research poll, Shen’s team ranked #1 Best Analyst Team under Real Estate category (mainland).

Key Research Names

• Jacqueline serves as the Lead Analyst of the China Healthcare team, covering pharma, biotech, devices, Traditional Chinese Medicine (TCM), and health care services, across both H & A shares. Prior to joining Huatai Securities, she worked in the Global Research Department of HSBC and CICC (Shanghai).
• Jacqueline has a Bachelor of Science in Biological Sciences, and a Ph.D. in Nanoscience Technology from Hong Kong University of Science and Technology.
• In the 2020 poll, her team was ranked #2 Best Analyst Team under Healthcare category (mainland). In 2019, Jacqueline placed second in the Institutional Investor All-China poll in her sector (mainland) and runner-up (international). She placed 1st and 2nd in 2017 and 2018, for the institutional investors “All China” category.

Key Research Names

• Bruce is the Lead Analyst of China Basic Materials research and as Head of Hong Kong Research. Prior to joining Huatai Securities, he worked at Bank of America Merrill Lynch, BNP Paribas, and UBS Asia covering the China basic materials and commodities sector.
• Bruce received his Master of Economics from the Tsinghua University School of Finance (PBCSF).
• Bruce placed Top #1 analyst across all sectors among Top 10 Analysts in 2020 (Top #5 in 2019). In 2020, Bruce’s team placed #1 in Building Material (mainland), Non-ferrous Metals (mainland), Public Utilities & Alternative Energy (mainland), Steel, Coal & Iron (mainland), and #3 in Building Material (international), Non-ferrous Metals (international), Steel, Coal & Iron (international). In the 2019 Institutional Investor All-China research vote, Best Analyst Team, Bruce’s team placed #1 in Building Materials (International) and #1 in Metals & Mining (International).

Key Research Names

• Bin serves as the Lead Analyst of the Non-Ferrous Metals team. Bin joined Huatai Securities in 2017 and brings more than 10 years of industry research experience. Prior to Huatai, he worked at Huachuang Securities Research Institute in 2014-2017 as the metals and coal group leader; Minsheng Securities Research Institute in 2011-2014 as the metals and new materials group leader; and Shougang Institute of Technology and CRU from 2005 to 2011.
• Prior to that, Bin worked within the non-ferrous metals industry at the CRU Group, the commodities consulting company based in the UK. Bin holds a master’s degree from Leiden University, Netherlands.
• In the 2020 Institutional Investor All-China Research Poll, Li Bin’s team placed #1 in Non-Ferrous Metals and #1 in Steel, Coal & Iron industries (mainland). In 2019, Bin placed second in his sector (mainland).

Key Research Names

Qunxi joined Huatai Securities in 2011 and mianly engaged in mechanical industry research for 10 years. From 2007 to 2011, Qunxi worked with China Merchant Securities and engaged in quantitative research. Qunxi received her Master of Economics from Shanghai Academy of Social Sciences.

In 2020 Institutional Investor All-China research poll, Best Analyst Team (mainland), Qunxi’s team ranked #2 in Machinery industry.

Key Research Names

Cong Li is Huatai’s lead analyst for defense industry. Prior to joining Huatai, he had 5 years experience at China Aerospace Science and Industry Corporation. He has deep understanding of the defense industry and is good at researching from the perspective of combining the industry and financial opportunities.

Cong Li has a Master’s degree from Harbin Institute of Technology.

Key Research Names

Leping Huang joined Huatai Securities research in 2021 as the Head of TMT Research, and he and his team cover A, H, and N-listed China technology companies in the semiconductor, smart phone, LCD panel, AutoTech , and FinTech value chains. Key areas of research focus also include AI, cloud computing, autonomous driving, and quantum computing.

Prior to joining Huatai, Leping was the head of semiconductor and hardware research at CICC from 2017. Prior to that, Leping was head of China technology and telecom research for Nomura between 2010 and 2017, and was a technology analyst there from 2008 to 2010. Before that, Leping worked as a telecom standardization specialist for Nokia from 2001 to 2007.

Leping has Master’s and PhD degrees in Information & Communications Engineering from The University of Tokyo, and a Bachelor’s degree in Electronic Engineering from Shanghai Jiaotong University.

Key Research Names

• Charlie serves as the Lead Analyst for Computer Software and Hardware. He has more than eight years of computer industry research experience. Prior to joining Huatai Securities in 2019, he covered the computer industry at UBS Securities and Haitong Securities.
• Charlie received a Master of Finance degree from Fudan University.
• In the 2020 Institutional Investor All-China Research Poll, Chunsheng’s team placed #1 in Tech/IT Services & Software sector and #2 in Technology Hardware sector (mainland).

Key Research Names

Jun joined Huatai Securities Research Institute as the Chief Analyst of Media and Internet industry in April 2020. Prior to that, she worked at CICC as a Consumer industry analyst, and China Merchants Securities as the co-chief analyst of the Media and Internet industry.

Jun graduated from Tsinghua University with a master’s degree in accounting.

In the 2020 All-China Institutional Investor research poll, Jun’s team was ranked #1 Best Analyst Team under Communication & Media category (mainland)

Key Research Names

Fred Shen is the Lead Analyst of a five-person team comprehensively covering the China transportation and logistics space. Prior to joining Huatai Securities he worked at CICC, Changjiang Securities, and Shenzhen Airlines.

Fred graduated from Zhejiang University and received his MBA from City University of Seattle, USA.

In 2020 Institutional Investor All-China research vote, Fred was ranked as Top #5 Best Analysts. For 2020’s Best Analyst Team, Fred’s Team placed #1 in Infrastructure, Construction & Engineering, and #2 in Transportation & Logistics (mainland). He and his team also entered as a finalist in Transportation & Logistics (international). Fred’s team placed #3 in 2019 Best Analyst Team (mainland and international).

Key Research Names

• Claire serves as Lead Analyst of the Public Utility and Environmental Protection team. Prior to joining Huatai Securities in 2017, she worked for CICC as a public utility and environmental protection analyst and Goldman Sachs as an environmental protection, coal, steel and cement analyst.
• Claire graduated from Zhejiang University, School of Economics with a bachelor’s degree in Finance, and holds a master’s degree in Operations Research (Finance concentration) from Columbia University.
• Claire placed first (mainland) in two consecutive years in 2019 & 2020 institutional Investor All-China Research Poll under Public Utilities & Alternative Energy industry. Claire also placed as one of the Top Ten China analysts across all sectors in 2019.

Key Research Names