Public offering latest research reveals focus on "digging for gold" in technological growth directions

Topic: How will the market move before and after the Spring Festival? Institutions advise: “Consolidate first, then advance”

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Since January 2026, public fund research and survey activities have been heating up continuously. Technology growth sectors have become the core direction for positioning, and listed companies in areas such as AI applications, commercial space, innovative drugs, and semiconductors have drawn key attention. Among them, many companies—including Da Jin Heavy Industry, Xiangyu Medical, Haitian Ruisheng, Aipeng Medical, Ubiquitous Technology, Meiyou Medical, Botuo Bio, Tiancheng Technology, Qiqi Mutual Entertainment (rights protection), and Aerospace Hongtu—have all received research visits from more than 100 institutions.

Multiple fund managers have been conducting dense research on leading companies in specific segments, focusing on high-quality targets characterized by high technical barriers and clear scenario implementation. This clearly reflects institutions’ dual emphasis on technology—“breakthroughs in technology plus performance being realized.”

Commercial Space

**　　Three Sub-Segments Draw the Most Attention**

Since the beginning of the year, the commercial space sector has continued to gain momentum from the double tailwinds of policy support and technological breakthroughs. Concept stocks have kept rising, and fund managers have focused on three key sub-segments: rocket manufacturing, satellite core components, and space aerospace materials. According to Wind data, companies such as Chaojie Co., Ltd., Aerospace Hongtu, Guanglian Aviation, and Tai Li Technology each received research visits from 51, 27, 39, and 13 public funds, respectively, becoming major focus targets within the sector.

Taking Chaojie Co., Ltd. as an example: as a popular target in the commercial space structural components field, fund managers mainly asked about small-batch delivery situations with leading private rocket companies, as well as the market space brought by the structural components’ share of 25% or more of a rocket’s total cost. Guanglian Aviation has also drawn institutional attention due to its acquisition of Tianjin Yuefeng (the core propellant tank supplier for Blue Arrow Aerospace and Tianbing Technology).

As the exclusive supplier of China’s aerospace-grade compression bags, Tai Li Technology’s anti-puncture and cut-resistant composite materials and multi-functional coating technologies have broad applications in scenarios such as commercial aerospace and in battery-pack protection for new energy vehicles, and it has also received high attention from multiple institutions. Leading institutions such as Great Wall Fund, Wanjia Fund, and Manulife Fund have gone to research one after another, focusing on its capability to transform aerospace standard technologies into civilian applications, as well as the progress of supply-chain cooperation with mainstream new energy vehicle companies. The core focus is on the sustainability of technology implementation and performance growth.

Semiconductor—The Entire Chain

**　　And AI Becomes Focused on Real-World Scenarios**

In the semiconductor field, domestic substitution in equipment, materials, and testing stages, along with breakthroughs in advanced processes, has become the core topic for fund managers’ research. Institutions focus on companies that have independent innovation capabilities and can break through technological barriers. Among them, 32 public funds conducted research on Tiancheng Technology, while 41 institutions such as Harvest Fund and E Fund are clustered around Jingce Electronics, with a key focus on its semiconductor front-end wafer inspection equipment progress—currently, the company’s 7nm advanced process products have completed delivery acceptance, and its even more advanced process products are in the verification stage. The revenue contribution of relevant products continues to rise, becoming a core driver of performance growth.

Dinglong Co., Ltd. received key research from Harvest Fund. As a leading CMP polishing pad company in China, the company’s products cover all models of both hard pads and soft pads. Its core raw materials have been localized, effectively ensuring supply-chain security. At the same time, it is actively developing KrF/ArF photoresist and advanced packaging materials, fully rounding out its semiconductor materials layout.

In the testing stage, Shengkenano delivered strong performance. Backed by its transistor-level nano-probe technology, it has become a core service provider for detecting memory chips and logic chips, and it was jointly researched by multiple top institutions including China Merchants Fund, Southern Fund, Agricultural Bank of China Asset Management, and Boshi Fund. Institutions particularly care about the technological advantages of its fourth-generation production lines in Chiplet and 2.5D/3D packaging inspection, as well as the support provided by its nationwide laboratory network for capacity expansion. This also reflects the high importance institutions place on full-chain localization across the semiconductor industry chain—equipment, materials, and testing.

In the AI application area, public funds’ focus has shifted from the model layer to the scenario-implementation layer, prioritizing terminal sectors supported by real orders and with clearly defined scenario applications. When 41 public funds simultaneously researched Qiqi Mutual Entertainment, the key focus was on the practical application results of its AI technology in game NPC interaction and storyline generation, as well as the synergy with large model companies such as Zhipu and Moonshot. Meanwhile, in the research on Tonglian Precision, multiple funds concentrated on new intelligent terminals such as smart glasses and ground signal receivers.

In addition, public funds such as Hua’an Fund and Yongying Fund conducted research on Aofei Entertainment, with a focus on related progress such as AI enabling IP digital asset development, smart collectibles, and the construction of event-and-competition systems. In its research, LEO Group also emphasized that the core moat of its advertising agency business lies in long-term accumulated structured business corpora and the capability to iteratively improve based on real scenarios—an underlying competitive advantage recognized by institutions.

**　Multiple Companies Receive Research Visits from Over 100 Institutions**

Judging by research concentration, multiple listed companies have been crowded with research visits from more than 100 institutions. Among them, public funds were the most active. Companies such as Da Jin Heavy Industry, Xiangyu Medical, Haitian Ruisheng, Aipeng Medical, Ubiquitous Technology, Meiyou Medical, Botuo Bio, Tiancheng Technology, Qiqi Mutual Entertainment, and Aerospace Hongtu all received research visits from more than 100 institutions, becoming “hot targets” for institutional research since the start of the year.

Judging by institutional activity levels, top fund companies have become the main force driving research, with research frequency significantly leading. Since 2026, Boshi Fund ranked first by total research volume with 86 visits. The individual stocks with the highest attention include Zhongwei New Materials, Lìgao Foods, and Neke Technology. Immediately after are Huaxia Fund and E Fund, with research volumes of 67 and 58, respectively. They primarily focus on technology innovation companies such as Eke Optoelectronics and Hai’an Group, and their positioning direction aligns with the technology growth main line.

From the distribution of research sectors, public funds’ attention to companies on the ChiNext and STAR Market far exceeds that on the Main Board. Data shows that, as of January 27, among the listed companies researched by fund companies, the combined share of ChiNext and STAR Market companies reached 45.3%, with ChiNext at 24.1% and STAR Market at 21.2%. By contrast, the shares of the Shanghai Main Board and Shenzhen Main Board were only 14.8% and 18.4%, respectively. For example, Yinhe Fund and Ping An Fund have researched STAR Market companies multiple times, including Fudan Microelectronics and Eke Optoelectronics. ChiNext companies such as Zhongwei New Materials and Ubiquitous Technology have also been key focus targets for multiple institutions, reflecting high recognition of STAR Market and ChiNext companies by institutions.

Overall, since the start of 2026, the research directions of public funds have closely aligned with the orientation of national industrial policy. Commercial space, semiconductors, new energy, high-end equipment, and biopharmaceuticals have become consensus-oriented positioning tracks among institutions. At the same time, some high-quality companies on the NEEQ are also beginning to enter the institutional radar. This trend indicates that capital is actively digging into structural opportunities in economic transformation. In the technology growth area, thanks to the potential for technological breakthroughs and expectations for performance realization, it is expected to become a core main line for subsequent capital positioning.

Cao Xuchen, fund manager at Huabao Fund, pointed out that recent market volatility does not change the expectation of A-share market strength in H1 2026. Instead, during periods of market pullbacks, sub-sectors with strong operating performance—such as AI optical modules—may become a key focus of capital on a phased basis.

（Source: Securities Times）

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