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

In this year’s first quarter, China’s A-share market has been nurturing structural opportunities amid market fluctuations, while fund managers’ research and field-trip pace has continued to accelerate. Data from Gongmu Paipai.com show that as of March 31, in the first quarter, 160 public funds participated in research on A-share listed companies. They covered 894 individual stocks across 30 industries, including electronics and machinery and equipment, for a total of 10,054 research visits. Judging by research focus, institutions have placed relatively more emphasis on stocks related to “specialized, refined, distinctive, and innovative” , suggesting that the investment main line for all of 2026 may revolve around industrial upgrading and independent, controllable capabilities.

Looking at individual stocks, the top 10 most researched stocks by public fund institutions in the first quarter were all researched at least 67 times. Dajin Heavy Industry in the power equipment sector ranked first with 115 research visits, becoming the only stock with more than 100 research visits. In addition, in the machinery and equipment sector, Jingzhida and Neptune Mining Machinery; in the automotive sector, Suling Zhi Drive and UJie Shares; and in the pharmaceutical and biological sector, Aipeng Medical and BeiGene were also drawing significant attention from public fund institutions.

What is particularly noteworthy is that in the first quarter, public fund institutions’ interest in stocks related to “specialized, refined, distinctive, and innovative” rose significantly. Among the top 10 most researched stocks, there were 7 stocks related to “specialized, refined, distinctive, and innovative”: Jingzhida, Suling Zhi Drive, Haitian Ruisheng, Aipeng Medical, UJie Shares, Neptune 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,” accounting for 29.19% of the total number of researched stocks.

From an industry perspective, the three major sectors—electronics, machinery and equipment, and pharmaceutical and biological—were especially favored by public funds. Whether measured by the number of stocks researched or by the number of research visits, they clearly led the pack.

Specifically, the electronics sector ranked first with 1,848 research visits and coverage of 141 stocks. Stocks such as Dongxin Shares, Juchen Shares, Nanos Microsystems, BOWEI Storage, SHTech, and Oupi Zhongguang were all researched more than 40 times, indicating continued institutional attention to sub-sectors such as memory and optical sensing. The machinery and equipment sector ranked second, with 1,258 research visits and coverage of 112 stocks. Institutions focused on technological upgrading and order-sector momentum in areas such as high-end equipment, industrial mother machines, and mining machinery. The pharmaceutical and biological sector came next with 1,256 research visits and coverage of 84 stocks; Aipeng Medical, Xiangyu Medical, Xishan Technology, and Frontier Biotech became the focus of public fund institutions.

Zhang Quan, fund manager of Xiangcai Fund, told reporters from The Securities Daily: Looking ahead to 2026, ongoing overseas licensing (License—out) transactions will remain an important engine for sustained upward momentum in the innovative drug sector. As the sector’s overall valuation has been repaired last year, future innovative drug investments will place even more emphasis on stock selection and the quality of industry tracks; frontier technology directions such as ADC (antibody-drug conjugates), dual-antibody therapies (bispecific antibodies), and small-nucleic-acid drugs will become core highlights.

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

From the perspective of research institutions, the top 10 public funds by research visit count in the first quarter all completed no fewer than 161 research visits. Boshi Fund became the “most diligent” institution in the first quarter with 275 research visits, receiving intensive attention on HuaRui Precision, Aladdin, and Haitian Ruisheng. Huaxia Fund came next with 229 visits, focusing on stocks including UJie Shares, Aladdin, China Resources Micro, Puruis, and Xiangpiaopiao. In the first quarter, Fidelity Fund, E Fund, and J. C. Flowers all had research visits of no less than 200 times, demonstrating continued commitment from leading institutions in investment research and management.

(Editor: Wen Jing)

Keywords:

                                                            Fund
                                                            Publicly raised funds