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

Topic: Where will the market go before and after the Spring Festival? Institutional analysts suggest “stability first, then a push forward”

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Since January 2026, public fund research activities have been steadily gaining momentum. The technology growth sector has become a core positioning direction. Listed companies in fields such as AI applications, commercial aerospace, innovative drugs, and semiconductors have received particular attention. Among them, many companies—including Datong Heavy Industry, Xiangyu Medical, Haitian Ruizhen, Aipeng Medical, Huitong Technology, Beautiful Medical, Boto Bio, Tancheng Technology, Sanqi Interactive Entertainment (rights protection), and Aerospace Hongtu—have each been researched by more than 100 institutions.

Multiple fund managers have conducted dense research on leading companies in various sub-sectors, focusing on high-quality targets with high technological barriers and clearly defined scenario applications. This clearly reflects institutions’ dual emphasis on “technical breakthroughs + performance delivery” in the technology space.

Commercial aerospace

**　　三 major sub-sectors drawing attention**

Since the start of the year, the commercial aerospace sector has continued to heat up thanks to the double tailwinds of policy support and technological breakthroughs. Concept stocks have kept rising, and fund managers have prioritized three sub-sectors: rocket manufacturing, satellite core components, and aerospace materials. According to Wind data, companies such as Chaojie Co., Ltd., Aerospace Hongtu, Guanglian Aviation, and Taili Technology received 51, 27, 39, and 13 public fund research sessions respectively, becoming key targets of focus within the sector.

Taking Chaojie Co., Ltd. as an example, as a popular target in the commercial aerospace structural components sector, fund managers specifically asked about small-batch deliveries to leading private rocket companies, as well as the market space created by the fact that structural components account for 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 tank supplier of Blue Arrow Aerospace and Tianbing Technology).

As China’s exclusive supplier of aerospace-grade compression bags, Taili Technology uses its anti-puncture/cut-resistant composite materials and multifunctional coating technology in a wide range of scenarios, including commercial aerospace and battery-pack protection for new energy vehicles. It has similarly received strong attention from multiple institutions. Leading institutions such as Great Wall Fund, Wanjia Fund, and Manulife Fund have all gone to conduct research, focusing on its ability to transform aerospace standard technologies into civilian applications, as well as progress in supply-chain cooperation with mainstream new energy vehicle companies. The core focus is the sustainability of technology implementation and earnings growth.

Semiconductor end-to-end chain

**　　and AI scenario-based applications as the focus**

In the semiconductor field, domestic substitution across equipment, materials, and testing stages, along with breakthroughs in advanced process technology, have become the core topics for fund manager research. Institutions particularly focus on companies with independent innovation capabilities that can break through technical barriers. Among them, 32 public funds conducted research on Tancheng Technology, while 41 institutions including Jimax Fund and E Fund piled into research on Jingce Electronics. The key thing being observed is its progress in semiconductor front-end wafer-level quantity measurement equipment—currently, the company’s 7nm advanced process products have completed delivery and acceptance. More advanced process products are in the verification stage. The revenue share of related products is continuing to rise, becoming a core driver of earnings growth.

Dinglong Shares received key research from Jimax Fund. As a leading CMP polishing pad company in China, its products cover all models of both hard pads and soft pads. Its core raw materials have achieved localization, effectively safeguarding supply-chain security. At the same time, it is also actively developing KrF/ArF photoresist and advanced packaging materials, comprehensively improving its semiconductor materials layout.

In the testing stage, Shengke Nano has performed remarkably well. Leveraging its transistor-class nano probe technology, it has become a core service provider for testing memory chips and logic chips. It has been jointly researched by multiple top institutions including China Merchants Fund, Southern Fund, Agricultural Bank of China-Richwin Fund, and Boshi Fund. Institutions primarily focus on its technical advantages of the fourth-generation production line in Chiplet and 2.5D/3D packaging testing, as well as the role of the nationwide laboratory network in supporting capacity expansion. This also reflects the high level of attention the semiconductor industry chain places on end-to-end localization of equipment, materials, and testing.

In the AI application space, public funds’ focus has shifted from the model layer to the scenario implementation layer. They prioritize terminal segments that are supported by real orders and have clearly defined scenario applications. When 41 public funds simultaneously researched Sanqi Interactive Entertainment, they focused on the real application effects of its AI technology in game NPC interactions and story generation, as well as the synergy with large-model companies such as Zhizhi and Moonshot AI. During research on Tonglian Precision, many funds instead focused on new intelligent terminals such as smart glasses and ground signal receivers.

In addition, public funds such as Hu’an Fund and Yongying Fund researched Aofei Entertainment, focusing on related progress such as AI empowering IP digital asset development, intelligent trending toys, and building a competition event system. During the research, Liou Shares also emphasized that the core moat of its advertising agency business lies in structurally accumulated advertising corpora over the long term and its ability to iterate in real-world scenarios—an essential competitive advantage recognized by institutions.

**　Multiple companies received research from more than 100 institutions**

Judging by research concentration, a number of listed companies have attracted more than 100 institutions for research, with public funds being the most active. Datong Heavy Industry, Xiangyu Medical, Haitian Ruizhen, Aipeng Medical, Huitong Technology, Beautiful Medical, Boto Bio, Tancheng Technology, Sanqi Interactive Entertainment, Aerospace Hongtu, and others all received research from more than 100 institutions, becoming “popular targets” for institutional research since the beginning of the year.

Judging by institutional activity levels, leading fund companies have become the main force behind the research, with a clearly higher frequency. Since 2026, Boshi Fund ranked first in total research count with 86 times. Its most closely watched stocks include Great Well New Materials, Lige Foods, and Nanke Technology. Following closely, Huaxia Fund and E Fund reported research totals of 67 times and 58 times respectively, focusing on technology innovation companies such as Aiko Optoelectronics and Hainan Group—its positioning aligns with the technology growth main storyline.

Judging by the distribution across research sectors, public funds show far greater attention to companies listed on the ChiNext Board and the STAR Market than to the Main Board. Data shows that, as of January 27, among listed companies researched by fund companies, the combined proportion of ChiNext Board and STAR Market companies reached 45.3%. Of this, the ChiNext Board accounted for 24.1% and the STAR Market 21.2%. Meanwhile, the proportions of the Shanghai Stock Exchange Main Board and the Shenzhen Main Board were only 14.8% and 18.4% respectively. For example, Yinhe Fund and Ping An Fund have conducted multiple rounds of research on Fudan Microelectronics and Aiko Optoelectronics on the STAR Market; ChiNext Board companies such as Great Well New Materials and Huitong Technology have also been重点 focused on by multiple institutions, reflecting a high level of recognition of STAR Market and ChiNext companies by institutions.

Overall, since the beginning of 2026, the research direction of public funds has strongly aligned with the guidance of national industrial policy. Sectors such as commercial aerospace, semiconductors, new energy, advanced equipment, and biopharmaceuticals have become consensus positioning tracks for institutions. At the same time, some high-quality companies on the Beijing Stock Exchange are also beginning to enter institutions’ field of view. This trend indicates that capital is actively digging into structural opportunities arising from economic transformation. With technology growth areas offering potential from technical breakthroughs and expectations for performance delivery, they are expected to become the core main line for subsequent capital positioning.

Cao Xuchen, fund manager at Huobao Fund, pointed out that recent market volatility does not change the expectation that the A-share market will strengthen in the first half of 2026. Instead, during market pullbacks, sub-sectors with strong operating performance—such as AI optical modules—may become key targets that capital pursues in phases.

(Source: Securities Times)

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