校友故事| 朱元骏：研究“未来”的“硬核”分析师

Yuanjun Zhu: 

Hardcore Analyst of Future

Alumni Story

Given the title of Analyst in Machinery and Military Sectors, Yuanjun Zhu seems really "hardcore", which may trigger curiosity and envy. In fact, as a securities analyst, he has to face hard work and pressure day in day out. Describing himself as a person of optimism and pressure resistance and Yuanjun admitted, "I have limited success stories, yet many failures. However, we must be optimistic about the future."

“机械军工分析师”，朱元骏的这个抬头着实有些“硬核”，这让人们看他的眼光难免有些好奇、又有些艳羡。而实际上，作为一名证券分析师的他，却要经历日复一日的辛苦和压力。朱元骏形容自己是个比较乐观，抗压能力较强的人，并坦言，“成功的经历我没有太多，失败的经历倒不少。但无论如何，我们都要乐观面对未来。”

 朱元骏 （MF2012）

天风证券股份有限公司机械军工分析师

Analyst in Machinery & Military Sectors, 

TF Securities Co., Ltd. 

Part 1

没有被“风暴”吞噬，

便可从中攫取能量   

You can extract energy from a storm 

as long as you are not devoured by it

After receiving a double degree in Finance and Financial Management from Southwestern University of Finance and Economics, Yuanjun joined SAIF recommended by the SAIF MF Summer Camp. Later, he worked as an intern at the Machinery Group of the Galaxy Securities Research Institute. In 2014, he joined Essence Securities as Analyst in Machinery & Military Sectors, before he left for TF Securities in 2017, where he continued to conduct sell-side analysis in the machinery and military industries.

在获得西南财经大学金融学、财务管理双学位之后，朱元骏通过SAIF MF夏令营保送到了高金。之后他在银河证券研究所机械组实习，2014年加入安信证券任机械军工分析师，2017年转投天风证券“门下”，继续在机械军工领域做卖方分析。

Yuanjun confessed that he decided to be an analyst when he was in college. During the internship, he identified the direction of machinery. This study roadmap is consistent with his career development, which is based on analysis in each step and benefitted from grounded forecast, early judgment and gradual implementation.

朱元骏坦言自己在念大学时就决定要当分析师，实习期间确定往机械方向发展，这一条求学与就职道路可谓一脉相承，每一步都是先分析而后行：客观预测、提前判断、逐步落实。

"China's future development calls for powerful manufacturing. In recent years, China's manufacturing industry has progressed significantly. Although labor costs have somewhat grown, the quality of products is improving. Confident in China's manufacturing industry and its future prospects, I chose to focus on the machinery sector. I believe in my judgment," said Yuanjun.

“中国未来的发展需要依靠强大的制造业来支撑，近几年我国制造业的水平有了较大提升，虽然劳动力成本没有原来这么低，但产品质量越来越好。正是看好中国制造业未来的发展前景，我选择了往机械方向发展，我相信自己的判断。”朱元骏说。

In the eyes of others, the analysts engaged in research in the securities market are a group of highly intelligent, solid-minded and practical professionals, who are familiar with the capital market, and Yuanjun’s resume also backs the point. He passed CFA Level II and obtained the qualifications of CPA, Securities Practitioner and Futures Practitioner during his college years. After he started his career, he received the 13th, 14th and 15th New Fortune Best Analyst Award in the Machinery Sector as a team member, which is known as the “Oscar of Capital Market”.

在旁人眼里，在证券市场从事研究工作的分析师，是一群高智商、理论扎实，实战能力强的人，是非常熟悉资本市场的专业人士，而朱元骏的履历也印证了这一点。他在校期间已考过了CFA2级，并获得CPA、证券从业资格、期货从业资格；就职后又在有着“资本市场奥斯卡”之称的新财富最佳分析师评选中，作为团队成员连续获得第十三、十四届、十五届新财富最佳分析师评选机械行业第一名。

It is said that a sell-side industry analyst is one of the three careers studying the future, other than meteorologist and fortune teller. The only thing unchanged in the future is that it changes all the time. After experiencing fierce ups and downs in the stock market in 2015 and the circuit breaker in 2016, Yuanjun “grew painfully”. “You can extract energy from a storm as long as you are not devoured by it, knowing more about the truth behind the hotspots as well as the laws behind the changes. You will learn how to grasp the tipping points, rather than simply following the waves.”

有一种说法，卖方行业证券分析师，是研究未来的三种人之一（另外两种是气象员和算命先生）。而未来唯一不变的，就是它时时刻刻都在变化。经历了2015年股市异常波动，以及2016年熔断带来起起伏伏，朱元骏感慨“痛，并成长着”。“没有被‘风暴’吞噬，便可从中攫取能量——更懂得挖掘热点背后的真相、洞悉变化背后的规律，把握住拐点，而不是人云亦云，随波逐流。”

With the gradual recovery of the stock market downturn in 2018, Yuanjun believes that China's economy still has strong resilience in 2019. In the medium and long term, there is no need to be pessimistic and we shall have confidence in its future.

随着2018年股市低迷情况的逐渐转好，进入2019年朱元骏认为中国经济依旧具有很强的韧性，中长期看，没有必要过度悲观，应当对其发展抱有信心。

Part 2

最初决定读研，

高金就是不二选择

SAIF MF as the go-to option

"At the SAIF MF Summer Camp, I received offers from other leading schools, but rejected all of them. Although SAIF was not as reputable as it is now, after careful consideration, I was quite optimistic about its prospect." Yuanjun’s evaluation of SAIF was based on three reasons. First of all, Shanghai will definitely become an international financial center in the future and will outpace other cities. Second, SAIF’s international vision and premium faculty can provide participants with outstanding education. And third, a variety of services offered by SAIF, including employment counseling, are of great help to participants.

“参加SAIF MF夏令营那会儿，同时收到了其他知名院校的offer，但都直接拒绝了。虽然当时高金名气没现在那么大，但经过仔细考量，非常看好高金的发展前景。”朱元骏对高金的判断基于三个方面：一是上海未来肯定会成为国际金融中心，发展步伐超越其他同类型城市；二是学院的国际化视野和高质量的教授团队能为学生提供优质教育；三是学院提供的包括就业辅导在内的各类服务对学生帮助很大。

Yuanjun was impressed by SAIF faculty, who described them as experienced and distinctive, most importantly, who know all the answers.

聊起高金的教授，朱元骏印象深刻。他用了八个字来概括老师们的特点：经验丰富，特色鲜明。而最重要的是：问不倒。

Prof. Feng Li’s course combines theories with practices, which is both lively and interactive. The participants are actively engaged in classroom discussions. Prof. Zhan Jiang’s “Corporate Finance” is highly popular, with profound theories and thorough case studies. Moreover, she can easily answer every and all questions raised by participants. Although "Financial Mathematics" is touch yet practical, Prof. Tan Wang focuses on practical applications, without limited to the textbook. "SAIF faculty are largely experienced in both teaching and case studies, demonstrating the remarkable quality of professorship."

李峰教授的课程上通理论，下接地气，既生动又有互动，学生提问踊跃，课堂气氛活跃；美女教授蒋展的《公司金融》课人气很高，理论讲得深刻，案例分析得透彻，再“刁钻”的问题也难不倒她；《金融数学》是一门难度很大但实用性很强的课，王坦教授并未局限于课程本身就事论事，而是结合实际谈运用，深入浅出……“既有授课的经验，又有案例的经验，这样的教授在高金比比皆是，充分说明学院的教授水平整体非常高。”

In addition, Yuanjun also benefitted a lot from Business English and Wine Tasting courses as well as celebrations and events, leaving numerous fond memories. After graduation, he still keeps a close eye at SAIF’s progress. "Today, SAIF is known as a gathering of elites. Whenever I participant in forums and research activities, everyone knows SAIF, which makes me both proud and stressed, because I really want to win honor for SAIF."

此外，商务英语课、红酒鉴赏课、节日庆典活动等，都让朱元骏受益匪浅，留下了许多美好回忆。毕业后，他始终关注着高金的发展，“如今的学院已达到精英荟萃的阶段，出去参加论坛调研等活动，提起高金几乎无人不晓，既自豪又‘压力山大’，不说为学院争光，总不能拖学院后腿吧。”

Part 3

人文知识不丰富，

做投资输在起跑线上

Without multidisciplinary knowledge, 

you will lose in investment

Everything in the world is connected and interacted. All human knowledge is part of the study on the entirety. Only by combining such knowledge into a framework, can we achieve correct learning and decision-making. As Buffett’s best partner and a top-notch investor, Munger’s “multidisciplinary thinking” has a profound impact on Yuanjun. To put it simple, it is important to absorb multidisciplinary knowledge.

事间万物都是一个相互作用的整体，人类所有的知识都是对这一整体研究的部分尝试，只有把这些知识结合起来，并贯穿在一个思想框架中，才能对正确的知识和决策起到帮助作用。巴菲特的黄金拍档、投资家芒格所提出的“多学科思维”对朱元骏产生了深刻影响。简单点说，就是得吸收多学科的知识。

"Without multidisciplinary knowledge, you will lose in investment. For example, if you only concentrate on engineering, without knowing history and geography, it is impossible to see the big picture and it is prone to errors." Yuanjun has finished the list of books recommended by Munger and realized that comprehensive thinking is a kind of “super power”. More importantly, it evolves from quantitative change to qualitative change, creating a “diversity bonus”.

“人文知识不丰富，做投资输在起跑线上。打个比方，只会工科，历史地理都不懂，看待问题不可能全面，也容易出现差错。”朱元骏把芒格推荐的书单全看了一遍，深感综合思维是一种“超常力量”，不仅仅是1+1=2，更重要的是能从量变到质变，给人带来一种“多样性红利”。

Over the years, in the Chinese classics, Yuanjun has read and digested Confucius’s Analects over and over. The statement of “the accomplished scholar is not a utensil” is a requirement for the compound talents in the new era. This book condenses China’s tradition and wisdom, which will benefit us in lifetime. “It’s valuable for both life and investment. What’s important is that you have to be well versed in it.”

这些年，在中国古典书籍中，朱元骏反复看的书是孔子的《论语》，《论语》中的“君子不器”就是对新时代复合型人才提出的要求，这本书凝聚了中华民族传统智慧，可以终身咀嚼，学用不尽。“对于生活，对于投资都是有帮助。重要的是，自己得融会贯通。”

Perhaps because of his calm and rational way of thinking, Yuanjun's optimism is based on reality and logic. He recognizes the cruelty of reality and the value created by struggles. As an analyst, he has absorbed extensive knowledge in specific fields, built credit and became an opinion leader. At the same time, he has also forced himself to continuously learn know-how and expertise to better serve his clients.

或许正是具备了冷静且理性的思维模式，朱元骏的乐观主义是建立在现实和逻辑的基础上的，既认识到现实的残酷，更认识到理性奋斗创造的价值。作为分析师，在特定领域学到非常详尽的知识，建设信用，成为意见领袖；同时又倒逼自己不断学习行业知识，更好地为客户提供服务。

"It is not easy to apply what I have learned, but first of all, we must establish such a mindset to intentionally develop it. In the end, most of the practice in the financial sector depends on oneself." As a message to SAIF’s future graduates, Yuanjun carefully made his thoughtful advice.

“学以致用不是件容易的事，但首先得确立这样的理念，才能刻意去培养。说到底，金融行业的修行大多是靠自己的。”关于对高金学弟妹的寄语，朱元骏再三思索，谨慎提出了这一点。

Yuanjun is imprinted by years of practices as an analyst, namely in-depth thinking and careful analysis, followed by decisive actions. He has been concentrated and rigorous in his study and career similarly. For changes and twists in life, he is remarkably calm and patient. In the long journey of an analyst, Yuanjun will continue to be “hardcore” in his career development with the energy he absorbed from SAIF.

在朱元骏身上，有着多年分析师留下的烙印：深入的思考、谨慎的分析，而后是果决的行动。对待学业与职业，他始终抱有同样的专注和严谨；对于变化与曲折，他又有着和常人不一样的淡定和耐心。分析之路漫漫，朱元骏将带着他从高金吸取的能量，继续“硬核”，继续开疆拓土。

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