Latest developments in the trillion-yuan private equity sector revealed, with electronics, pharmaceuticals and biotech, machinery and equipment, and other sectors becoming the focus

According to Private Equity Ranking Network, as A-share first-quarter earnings disclosures come to a close, April once again becomes the “golden month” for private equity firms’ research activities.

According to Choice data, in April more than 1,000 private equity firms flocked to conduct research. Research frequency increased significantly, covering 26 Shenwan first-level industries and 676 listed companies. Sectors such as electronics, biomedicine, and machinery equipment became the focus, while the moves of billion-level private equity firms such as Gao Yi Asset and Fresh Water Spring reveal a new logic behind market layout. Behind this research boom and its paths, one may be able to glimpse an investment compass for the second quarter and even the second half of the year.

From the perspective of industry distribution, the electronics sector ranked first with 1,604 research visits, followed by biomedicine (961 visits) and machinery equipment (694 visits).

At the individual stock level, more than 200 targets were researched at least 10 times. Thirteen stocks—including Lankou Technology (688008.SH), Zhongkuang Resources (002738.SZ), Juguang Technology (688167.SH), Lixun Precision (002475.SZ), Huaqin Technology (603296.SH), among others—were researched more than 50 times. Most of these are in the semiconductor and consumer electronics fields, reflecting private equity firms’ strong attention to technology directions.

From the perspective of fund managers, these 13 stocks were also co-researched by multiple billion-level private equity firms. Among them, Lankou Technology attracted research from six billion-level private equity firms—China Europe Rebo, Fresh Water Spring, Shanghai Dapu Asset, Gao Yi Asset, Rui Jun Asset, and Kai Si Private Equity—creating a concentrated research push.

Gao Yi Asset conducted 61 research visits, covering 59 A-share listed companies. It led among billion-level private equity firms in terms of research frequency. Its research list spans multiple main lines including technology, manufacturing, and biopharma, and it shows an investment logic that uses technology hardware as the “sharp spear,” high-end manufacturing as the “shield,” and also takes biopharma into account. In the technology direction, Gao Yi visited multiple semiconductor and AI hardware targets, including Jiejie Microelectronics (300623.SZ), Lexin Technology (688018.SH), Shennan Circuit (002916.SZ), and Pengding Holdings (002938.SZ), focusing on the implementation progress of AI computing infrastructure and domestic substitution. In addition, Gao Yi also covered 10 biopharma targets, including Maiwei Biotech and Xinmai Medical (688016.SH), further reflecting its parallel focus on biopharma innovation.

In addition, in April, Fresh Water Spring conducted research on 33 listed companies. In April, the average stock price increased by 14.58%. Among them, Hengyi Petrochemical (000703.SZ), Youxun Shares (688807.SH), CSIC Special Gas (688146.SH), and Shennan Circuit—four companies researched in April—each saw stock price gains exceeding 40%.

In terms of research industries, Fresh Water Spring’s research in April had broad coverage, horizontally spanning sectors such as technology, biopharma, consumer, and cyclicals. In the biopharma direction, Fresh Water Spring focused on innovative drug and medical device targets such as Yifang Biotech and CanSino (688185.SH), potentially betting on opportunities for clinical breakthroughs and valuation reconfiguration. In the technology direction, Fresh Water Spring also researched semiconductor and electronics targets such as Sangfor Technologies (300661.SZ) and Lixun Precision.

In addition, Fresh Water Spring also covered consumer and gaming targets such as Anker Innovation (300866.SZ), Guaibao Pets (301498.SZ), Giant Network (002558.SZ), and Stone Technology (688169.SH), as well as cyclicals and public utilities targets such as Hengyi Petrochemical. This “multi-point net casting” research rhythm reflects its contrarian layout thinking: it broadly probes areas with major market divergence, then locks in the key focus areas to bet on in the next stage based on expectation gaps.

In April, Jinglin Asset researched only 9 listed companies. In April, the average stock price increased by 13.17%. Among them, Lixun Precision and ShuDi Co., Ltd. (002463.SZ) led the gains, rising 36.01% and 35.01% respectively in April. In terms of the industries involved, Jinglin’s April research targets spanned technology hardware and biopharma devices, continuing its preference for “technology barriers + globalized capability.” It also covered targets such as Transsion Holdings (688036.SH), Betta Pharmaceuticals (300558.SZ), and others, with an investment perspective that balances structural opportunities in both domestic and international markets.