Zhang Zhihan from GF Electric Power: In The Vastness Of MountainsAnd Rivers, Exploring The Unknown Through Mist
Introduction: ZhangZhihan, asenioranalyst at GF ElectricPower, graduated from Nanyang Technological University in Singapore and Sun Yat-sen University, bringing three years of research experience in the securities industry With the passion and straightforwardness of a girl from Northwest China, paired with the curiosity and independence of an Aquarian, she has pursued her studies across various locations, building a solid foundation in primary market research before unexpectedly encountering sell-side analysis Just six months into her role, she began independently covering the photovoltaic sector, quickly evolving from a novice to a formidable presence, marked by a steep growth trajectory Emphasizing a research style focused on uncovering high-quality companies and relying on factual evidence, she is set to continue exploring the unknown and delivering exceptional insights in the future.
I. Flowing like clouds and water, staying true to oneself while exploring the world 01 From the vast northwest to the colorful Lingnan, finding brilliance in diversity
Zhang Zhihan hails from Baiyin City in Gansu Province, located in northwest China, along the upper reaches of the Yellow River and in the central part of Gansu Province. This area, where Gansu, Shaanxi, Ningxia, and Qinghai converge, is characterized by vast lands, the rushingYellow River, and a rich cultural heritage. This unique environment has fostered Zhang Zhihan’s innate straightforwardness and sincerity. In conversations with her, one can easily sense the passionate and genuine nature typical of a girl from the northwest, along with her strong influence on those around her.
Influenced by her family environment, Zhang Zhihan developed a nascent understanding of wealth management from an early age: assessing situations, seizing opportunities, and amplifying value. With her aptitude for mathematics, she decided to pursueafinance-related majorafterthecollegeentranceexam. However,to gain amore well-rounded and diverse education and experience a broader life, she set her sights on the "Four Comprehensive Universities" (Wuhan University, Zhongshan University, Xiamen University, and Fudan University). She laughed and said, "Because Zhongshan Universityis farfromGansu, locals aren't veryfamiliarwith it.Asaresult,its renowned Lingnan College is often mistaken for a third-tier school, and its value is severely 'underestimated,' with lower admission scores in Gansu compared to Guangdong.After thorough research, I seized this opportunity, capitalizing on the potential benefit of this 'misjudgment'." With this, she set off for Lingnan, 2,000 kilometers away from her hometown, opening a new chapter in her life.
02 Curiosity leads to self-discovery and exploring new horizons
As an Aquarius, Zhang Zhihan is filled with curiosity about the unknown. After leaving her hometown,shestudiedin Guangdong,Vienna,and Singapore, experiencing
various cultures and traditions. In her professional life, she tried both primary and secondary market roles and buy-side jobs, covering industries such as consumer electronics, medical devices, and advanced manufacturing. This curiosity has become the driving force behind her career. "To satisfy my curiosity, I constantly peel back the layers during research, analyzing every detail and thinking deeply about the industrial logic from different angles. I strive to become the most knowledgeable sell-side analyst in my niche sector."
Those familiar with Zhang Zhihan know that she always speaks with a smile. "I tend to smile often, and sometimes I look at people with wide eyes, like a curious cat. As a result, people say I come across as approachable, and many colleagues naturally strike up conversations with me. This has allowed me to build connections with many listed companies, industry experts, buy-side professionals, and even other sell-side analysts in theenergyand technologysectors.Weexploreresearchtogether, andinstead of letting differences in opinion cause tension, these exchanges have deepened our friendships and fostered mutual growth."
Alongtheway, ZhangZhihanhas also beensubtlyinfluencedbyhersurroundings. Before entering the sell-side research industry, she described herself as a pure "introvert" who often felt nervous speaking to strangers. In fact, during her early days in the field, the prospect of organizing research involving unfamiliar clients kept her awake all night. However, as her experience grew, frequent communication with listed companies and institutional clients became routine, gradually transforming her from an introvert to an extrovert. Now, she excels at building bridges of communication and facilitating information exchange, turning these into her key strengths.
II. Standing Tall in Prosperity, Walking in the Light, and Constructing a Steep Growth Curve
01 From Primary Equity Investment to Secondary Sell-Side Research: Continuously Pursuing Cognitive Evolution
Zhang Zhihan began her first internship in her senior year of college, which marked the beginning of her deep connection with "research." At that time, she interned at a primary investment firm and was deeply involved in an investment project focused on lithium battery cathode materials. From upstream resources like lithium, cobalt, and nickeltodownstreamelectricvehicleconsumptionpatternsandcarbonneutralitytrends, "I transformed from a complete novice into a 'semi-expert' with knowledge across the entire value chain. The sense of accomplishment brought by cognitive evolution made me fall in love with industry research." Due to her outstanding performance, she received a retention offer from the research department of an equity investment firm. However, as she continued her master's studies at Nanyang Technological University, her research in the primary market came to a temporary halt.
In February 2021, six months before graduating with her master's degree, she faced a crossroads in her career path and received an internship offer from GF Electric Power. At that time, the secondary market was still an unknown territory for her, but her curiosity and solid foundation in primary research allowed her to navigate it with ease. During her internship, she fully experienced the professionalism and rigor of Guangfa Research. "Guangfa has high standards for research reports. Not only do the chief analysts strictly control report quality, but even the compliance and quality control
reviewers, who are often experienced analysts themselves, are meticulous about the logic and data sources in the reports, ensuring that the research maintains a solid foundation." This pursuit of professionalism aligned perfectly with her own research philosophy. Through mutual efforts, she successfully passed the internship defense and officially joined the GF Electric Power team.
02 A Novice's Bold Entry into the Secondary Market: Rapidly Developing a Distinctive Research Style
Six months after joining, Zhang Zhihan gradually began to independently cover certain listed companies and even took on independent coverage of the photovoltaic sector.As a cyclical growth industry, the photovoltaic sector was in a moment of glory when she entered the field, with several stocks rising tenfold. The industry and investment boom forced Zhang Zhihan to quickly grow and stand on her own.
Following the team, she rapidly developed herthinking forsecondary market research. Through continuous interactions with Chief Analyst Chen Zikun, Co-Chief Analyst Ji Chengwei, and mentor Li Meng, she came to understand the concept of "expectation gap" investment in the secondary market. "Secondary research not only requires thinking about long-term trends like primary research but also demands attention to short-term dynamic changes and the shifts in expectations triggered by catalytic events. Secondary research allows for rapid testing of right or wrong through market transactions, enabling analysts to grow much faster." The team not only providedsystematicmentorshipbutalsoconstantlyremindedZhangZhihantomaintain independent thinking and avoid blindly following others' opinions. This had a significant impact on the formation of her research style.
Looking inward, she gradually developed her own investment research style. In additiontocompletingtasksassignedbyhermentor,shebegantocombineherstrengths and experiences, exploring the formation of her own analytical framework: patiently piecing together clues, thinking through industry development logic, and boldly proposing ideas while seeking verification within the industry. "During roadshows, when faced with sharp questions from buy-side researchers and fund managers, I evolved from initially agreeing out of lack of confidence to daring to express independent opinions. I used logical analysis and data support to validate my views, aiming to provide valuable insights for clients in every roadshow."
After nearly three years of honing her skills, Zhang Zhihan summarizes her style as: focusing on industry and stock researchwith thegoal of uncovering quality companies and adhering to fact-based analysis. "Industry research is a journey of self-cultivation. I willcontinuetofocusonstockdiscoveryandobjectiveanalysisasmycore,quietlyrefining my skills."
III. Life is a Wilderness, butAlso a Track, with Its Own Unique Splendor
"To me, life is a process of experience and experimentation, using limited time to explore infinite choices, constantly venturing into the unknown and expanding the boundaries of life." Starting from the northwest, Zhang Zhihan pursued her studies acrossvarious regions andexperienced researchin both primaryandsecondarymarkets. Maintaining curiosity and passion drives her forward, while cherishing opportunities
and giving her all are her guiding principles. "Life is a wilderness, but also a track." In the wilderness, she discovers different versions of herself, and on the track, she shares her journey with others, making life richer and more interesting. This is the gift that sell-side research has given Zhang Zhihan.