In the past two years, macroeconomic research has become increasingly saturated.

Thematic focuses change rapidly, opinions are updated more frequently, and analytical notes are becoming more “concise and timely.” Many materials are aimed at emotional appeal and instant reactions, while few are willing to delve into and analyze truly complex, boring, but critically important fundamental mechanisms.

However, recently a team has emerged in the market whose style is noticeably different from most.

They rarely chase hype and almost never participate in discussions that generate traffic. Most of the time, they focus on what seems to be a “thankless” task — re-modeling macro mechanisms, analyzing balances, and studying liquidity transfer channels between different markets.

This team is called Tantu Macro, and its key figure is Cheng Tang.

It is noteworthy that this “untimely” approach to research has not gone unnoticed in the market. On the contrary, leading institutional investors are increasingly favoring this “alternative” research team — over the past year, Cheng Tang has held more than three hundred investment-analytical meetings for hundreds of companies.

In an environment of growing information noise, a systematic approach itself becomes a scarcity.