Over 10,000 public fund research visits in the first quarter, with "Specialized, Refined, and Innovative" related stocks being the most favored

Reporter Peng Yansong

This quarter, in the A-share market, structural opportunities are taking shape amid volatility, and the pace of research trips by public fund institutions has continued to accelerate. According to data from Public Fund Pai Pai Network, as of March 31, in the first quarter, 160 public fund institutions participated in research on A-share listed companies, covering 894 individual stocks across 30 industries including electronic and machinery equipment. The total number of research visits reached 10,054 times. In terms of research focus, institutions have been more inclined toward stocks related to “specialized, refined, distinctive, and innovative” enterprises, suggesting that the main investment line for full-year 2026 may revolve around industrial upgrading and self-reliance.

Looking at individual stocks, in the first quarter, the top ten stocks by number of research visits by public fund institutions were all researched at least 67 times. Dajin Heavy Industry in the power equipment sector ranked first with 115 times, becoming the only stock researched more than 100 times. In addition, in the machinery equipment sector, Jinzhi Da and Naipu Mining Machinery; in the automotive sector, Silingzhi Drive and Chaojie Shares; in the biopharmaceutical sector, Aipeng Healthcare and BeiGene also received substantial attention from public fund institutions.

Of note, in the first quarter, public fund institutions’ attention to stocks related to “specialized, refined, distinctive, and innovative” enterprises increased significantly. Among the top ten stocks by number of research visits, seven are related to “specialized, refined, distinctive, and innovative” enterprises: Jinzhi Da, Silingzhi Drive, Haitian Ruisheng, Aipeng Healthcare, Chaojie Shares, Naipu Mining Machinery, and Aladdin. Overall, among the 894 stocks researched by public fund institutions in the first quarter, there were 261 stocks related to “specialized, refined, distinctive, and innovative” enterprises, accounting for 29.19% of the total number of researched stocks.

From an industry perspective, three major sectors—electronics, machinery equipment, and biopharmaceuticals—have been particularly favored by public funds. Both the number of individual stocks researched and the number of research visits are clearly leading.

Specifically, the electronics sector ranked first with 1,848 research visits and coverage of 141 stocks. Stocks such as Dongxin Shares, Juchen Shares, and Zhanwei Semiconductor, B-Way Storage, Shengkong Shares, and OBCO Optical also received research visits more than 40 times each, indicating continued institutional focus on sub-sectors such as storage and optical sensing. The machinery equipment sector ranked second, with 1,258 research visits and coverage of 112 stocks. Institutions have placed emphasis on technology upgrades and order-cycle momentum in areas such as high-end equipment, industrial machine tools, and mining machines. The biopharmaceuticals sector followed closely with 1,256 research visits and coverage of 84 stocks; Aipeng Healthcare, Xiangyu Healthcare, Xishan Technology, and Frontier Bio became key focus areas for public fund institutions.

Zhang Quan, fund manager at Sunian Fund, told reporters from The Securities Daily that looking ahead to 2026, continued overseas licensing (License—out) transactions will remain an important driver for sustained upward momentum in the innovative drug sector. With the sector’s overall valuation having been repaired last year, in the future, innovative drug investment will place even greater emphasis on stock selection and the quality of specific segments. Frontier technology directions such as ADC (antibody-drug conjugates), bispecific antibodies (dual-specificity antibodies), and small oligonucleotide (small nucleic acid) drugs are set to become key highlights.

In addition, in the first quarter, sectors such as power equipment, computers, and automobiles also received strong attention from public fund institutions, with the number of research visits all exceeding 400 times.

From the perspective of research institutions, in the first quarter, the public fund institutions in the top ten by number of research visits all completed no fewer than 161 research trips. Among them, Boshi Fund became the “most diligent” institution in the first quarter with 275 research visits, drawing intensive attention from Huairui Precision, Aladdin, and Haitian Ruisheng. Huaxia Fund ranked next with 229 research visits, focusing on targets such as Chaojie Shares, Aladdin, China Resources Micro, Puruis, and Xiangpiaopiao. In the first quarter, Franklin Templeton Fund, E Fund, and Harvest Fund each conducted no fewer than 200 research visits, demonstrating ongoing investment by leading institutions in their investment research and asset management activities.

(Editor: Wen Jing)

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