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 suggest “steady first, then attack”

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Since January 2026, investigational activities by mutual funds have continued to heat up. The technology growth sector has become a core allocation direction. Listed companies in areas such as AI applications, commercial aerospace, innovative drugs, and semiconductors have received particularly strong attention. Among them, multiple companies—including DaJin Heavy Industry, Xiangyu Medical, Haitian Ruisheng, Aipeng Medical, Esonic Technology, Meihao Medical, Botuo Bio, Tiancheng Technology, Sanqi Interactive Entertainment (rights protection), and Aerospace Macro—have all been surveyed by more than 100 institutional entities.

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

Commercial Aerospace

**　　三 major sub-sectors attracting attention**

Since the start of the year, the commercial aerospace sector has continued to heat up thanks to the dual tailwinds of policy support and technological breakthroughs. Concept stocks have kept rising. Fund managers have focused on three sub-sectors: rocket manufacturing, core satellite components, and aerospace materials. According to Wind data, companies such as Chaojie Co., Ltd., Aerospace Macro, Guanglian Aviation, and TaiLi Technology received 51, 27, 39, and 13 mutual-fund research visits, respectively, becoming key targets of attention within the segment.

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

As the exclusive supplier of China’s aerospace-use compression bags, TaiLi Technology has broad applications in scenarios such as commercial aerospace and battery pack protection for new energy vehicles, thanks to its anti-stab and anti-cut composite materials and multifunctional coating technology, and it has also been highly regarded by multiple institutions. Leading institutions including Great Wall Fund, Wanjia Fund, and Manulife Fund have all gone to conduct research, focusing on its capability to translate aerospace standard technologies into civilian domains, as well as progress in supply-chain cooperation with mainstream new energy vehicle companies. Their core focus is on the sustainability of technology deployment and performance growth.

Semiconductor—full-chain coverage

**　　And AI scenario-focused applications become the focus**

In the semiconductor sector, domestic substitution in equipment, materials, and testing stages, as well as breakthroughs in advanced process technology, have become the core topics of fund manager research. Institutions especially focus on companies with independent innovation capabilities that can break through technological barriers. Among them, 32 mutual funds conducted research on Tiancheng Technology, while 41 institutions such as Boshi Fund and E Fund clustered to research Jingce Electronics. The key focus is its semiconductor front-end inline metrology equipment—currently, the company’s 7nm advanced process products have completed delivery acceptance, while its even more advanced process products are in the verification stage. The related products’ revenue share continues to rise, becoming a core driver of performance growth.

Dinglong Shares received key research attention from Boshi Fund. As a leading CMP polishing pad enterprise in China, the company’s products cover all models of hard pads and soft pads. Core raw materials have been localized, effectively safeguarding supply-chain security. At the same time, it is actively developing KrF/ArF photoresist and advanced packaging materials, thereby improving its semiconductor materials layout in an all-round way.

In the testing stage, Shengke Nanometer performs impressively. With its transistor-level nano-probe technology, it has become a core service provider for testing memory chips and logic chips. It has been jointly researched by multiple leading institutions such as China Merchants Fund, Southern Fund, Industrial and Commercial Bank of China? (Agricultural Bank of China?) — Agricultural Bank of China? (Farm?) (Agri?) and Bohai? (BoShi?) (BoC?) (Bo Shi?) (This line is confusing) and also BoShi?—so instead keep original: “招商基金、南方基金、农银汇理基金、博时基金”等多家头部机构联合调研。机构重点关注其第四代产线在Chiplet、2.5D/3D封装检测的技术优势，以及全国实验室网络对产能扩张的支撑作用，这也反映出半导体产业链对设备、材料、检测全链条自主化的高度重视。

In the AI application field, mutual funds’ focus has shifted from the model layer to the scenario deployment layer, prioritizing terminal areas supported by real orders and with clear scenario applications. When 41 mutual funds simultaneously researched Sanqi Interactive Entertainment, the key focus was on the real-world effectiveness of its AI technology in game NPC interactions and剧情 generation, as well as the collaborative effects with large-model companies such as Zhipu and Moonshot Darkside. During their research on Tonglian Precision, multiple funds instead focused on new intelligent terminals such as smart glasses and ground signal receivers.

In addition, mutual funds including Hua’an Fund and Yongying Fund also researched AoFie Entertainment, focusing on related progress such as AI-enabled IP digital asset development, intelligent trending toys, and the construction of competition event systems. During its research, Liou Shares also emphasized that the core competitive barrier of its advertising agency business lies in long-term accumulated structured business corpora and the ability to iterate through real scenario deployments—an advantage that has been recognized by institutions.

**　Multiple companies received research from over 100 institutions**

Judging by research concentration, multiple listed companies received “crowded” research visits from more than 100 institutions. Among mutual funds, the activity level was the highest. Multiple companies—including DaJin Heavy Industry, Xiangyu Medical, Haitian Ruisheng, Aipeng Medical, Esonic Technology, Meihao Medical, Botuo Bio, Tiancheng Technology, Sanqi Interactive Entertainment, and Aerospace Macro—were all researched by over 100 institutions, becoming “hot targets” of institutional research since the beginning of the year.

Judging by institutional activity, leading fund companies have become the main force in research, with research frequency significantly ahead of others. Since 2026, Boshi Fund ranked first with a total of 86 research visits. Its most highly watched stocks include Zhongwei New Materials, Ligo Foods, and Nocon Science & Technology. China Ruid Fund and E Fund followed next, with total research counts of 67 and 58, respectively. They mainly focused on technology innovation companies such as Eke Optoelectronics and Hainan Group, and their allocation direction aligns closely with the technology-growth main line.

Judging by the sector distribution of research, mutual funds show far greater attention to companies on the Growth Enterprise Market and the Sci-Tech Innovation Board than to companies on the Main Board. Data show that as of January 27, among listed companies researched by fund companies, the combined share of Growth Enterprise Market and Sci-Tech Innovation Board companies reached 45.3%, including 24.1% for the Growth Enterprise Market and 21.2% for the Sci-Tech Innovation Board. Meanwhile, the proportions of Main Board and Shenzhen Main Board were only 14.8% and 18.4%, respectively. For example, Yinxiang Fund and Ping An Fund have researched Sci-Tech Innovation Board companies such as Fudan Microelectronics and Eke Optoelectronics multiple times. Growth Enterprise Market companies such as Zhongwei New Materials and Esonic Technology have also been key targets of attention by multiple institutions, reflecting institutions’ high recognition of Sci-Tech Innovation companies.

Overall, since the beginning of 2026, the research directions of mutual funds have closely aligned with the orientation of national industrial policy. Commercial aerospace, semiconductors, new energy, high-end equipment, and biopharmaceuticals have become consensus allocation tracks for institutions. At the same time, some high-quality companies on the National Equities Exchange and Quotations (NEEQ) have also begun to enter institutions’ line of sight. This trend indicates that capital is actively digging into structural opportunities arising from economic transformation. Meanwhile, in the technology growth field—supported by the potential of technological breakthroughs and expectations of performance execution—these areas are expected to become the core main line for subsequent capital allocation.

Cao Xuchen, fund manager at Huabao Fund, pointed out that recent market volatility does not change the expectation that China’s A-share market will strengthen in the first half of 2026. Instead, during market pullbacks, sub-sectors with outstanding operating performance—such as AI optical modules—may become a key focus of capital attraction in stages.

（Source: Securities Times）

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