Institutional research activity across A-shares has surged notably since September began. Data from Tonghuashun iFinD reveals that 1,716 listed companies were visited by institutions a combined 2,127 times as of September 20. This marks a sharp escalation compared with the previous two months, when only 786 companies received 1,050 visits in August and 1,160 firms drew 1,378 visits in July.
Looking at visitation frequency, BYD Company Limited (SZSE: 002594) and Moon Environment Technology Co., Ltd. (SZSE: 000811) led the pack, attracting 13 and 10 research visits respectively within just 20 trading days. Following closely behind, eight companies—Gf Securities Co., Ltd. (SZSE: 000776), Pourin Special Welding Technology Co., Ltd. (SZSE: 301468), Haoxiangni Health Food Co., Ltd. (SZSE: 002582), Yantai Jereh Oilfield Services Group Co., Ltd. (SZSE: 002353), Wus Printed Circuit (Kunshan) Co., Ltd. (SZSE: 002463), Xingyun Technology Co., Ltd. (SZSE: 300209), Huabao Technology Co., Ltd. (SZSE: 300741), and Ningbo Hicon Industry Technology Co., Ltd. (SZSE: 001237)—each recorded more than five institutional visits during the period.
In terms of institutional coverage breadth, the top five most sought-after companies were Anker Innovations Technology Co., Ltd. (SZSE: 300866), Anji Microelectronics Technology (Shanghai) Co., Ltd. (SSE: 688019), Huaming Power Equipment Co., Ltd. (SZSE: 002270), Orbbec Inc. (SSE: 688322), and Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. (SZSE: 000636), each drawing participation from 245, 194, 191, 185, and 181 institutions respectively throughout September's research activities.
Beyond those mentioned above, an additional 16 companies also commanded significant market attention, each attracting over 100 participating institutions. These include Delton Technology (Guangzhou) Inc. (SZSE: 001389), Allied Machinery Co., Ltd. (SSE: 605060), Beijing Worldia Diamond Tools Co., Ltd. (SSE: 688028), Shennan Circuits Co., Ltd. (SZSE: 002916), Cig Shanghai Co., Ltd. (SSE: 603083), Amlogic (Shanghai) Co., Ltd. (SSE: 688099), Mabwell (Shanghai) Bioscience Co., Ltd. (SSE: 688062), Hymson Laser Technology Group Co., Ltd. (SSE: 688559), Titan Wind Energy (Suzhou) Co., Ltd. (SZSE: 002531), Jiangsu Aisen Semiconductor Material Co., Ltd. (SSE: 688720), Guangdong Shenling Environmental Systems Co., Ltd. (SZSE: 301018), Jiangsu Shemar Electric Co., Ltd. (SSE: 603530), Xiamen Kingdomway Group Company (SZSE: 002626), Proya Cosmetics Co., Ltd. (SSE: 603605), Xi'An Eswin Material Technology Co., Ltd. (SSE: 688783), and JHT Design Co., Ltd. (SSE: 603061).
Notably, among these 31 highly sought-after companies, the majority operate within popular sectors such as the AI computing power supply chain, new energy overseas expansion, and domestic substitution of semiconductor materials. A prime example is Moon Environment Technology Co., Ltd. (SZSE: 000811). This low-temperature equipment manufacturer, which played a significant role in constructing the Beijing Winter Olympics venues, completed its controlling acquisition of Dunham-Bush Holding B.V.—one of the five leading brands in the North American compressor refrigeration market—back in 2015.
Additionally, multiple PCB and optical module supply chain companies, including Wus Printed Circuit (Kunshan) Co., Ltd. (SZSE: 002463), Shennan Circuits Co., Ltd. (SZSE: 002916), and Cig Shanghai Co., Ltd. (SSE: 603083), also attracted close institutional scrutiny during September. Against the backdrop of rapid global data center construction, Moon Environment Technology Co., Ltd. (SZSE: 000811) recorded approximately 800 million yuan in revenue from its data center cooling equipment business in the first half of 2026, marking a 43% year-on-year increase and lifting this segment to 22% of total revenue. During its research meetings, the company disclosed that Dunham-Bush's data center cooling equipment orders surged nearly 500% year-on-year in the first half. Regarding its revenue structure, overseas revenue surpassed 1.49 billion yuan for the period, accounting for 40.6% of overall revenue and growing approximately 47% year-on-year.
Against this backdrop, numerous institutions probed Moon Environment Technology Co., Ltd. (SZSE: 000811) about its progress in the North American data center liquid cooling market. In response, the company stated: "The practical conditions for entering the North American market are quite demanding, with entry barriers stemming from three primary levels. First, UL/ETL certifications are time-consuming and impose stringent requirements on product power consumption. Second, North American clients tend to favor well-established local brands with long histories—Dunham-Bush, with its century-long presence and North American legal entity status, has built deep product reputation and channel advantages. Third, Chinese products exported to the United States incur substantial tariffs."
Beyond hot-topic sectors, several companies also drew attention due to earnings-related exchange rate fluctuations. A case in point is Anker Innovations Technology Co., Ltd. (SZSE: 300866), where multiple institutions repeatedly inquired about the impact of exchange rate volatility, raw material price swings on profitability, and the growth outlook for its energy storage business. The company responded: "In the first half, we achieved net profit attributable to shareholders of 1.702 billion yuan, up 45.86% year-on-year, with gross margin reaching 49.82%, an improvement of 5.09 percentage points compared with the same period last year." It also revealed that it received refunds during the period related to a portion of IEEPA tariffs previously paid, which served to offset some operating costs. Regarding portable energy storage products, Anker Innovations Technology Co., Ltd. (SZSE: 300866) further noted: "These were previously sold primarily in the United States, Europe, and Japan; this year, we have begun gaining traction in Australia and Southeast Asia."
Similar to Anker Innovations Technology Co., Ltd. (SZSE: 300866), Jiangsu Shemar Electric Co., Ltd. (SSE: 603530) faced questions beyond exchange rate concerns, including the pathway to raising composite material adoption rates in North American transmission lines and the potential impact of recent U.S. executive orders on power equipment exports.
Some institutions also sought management's perspective on industry development. For instance, with Orbbec Inc. (SSE: 688322) having seen its stock price swing from a dramatic surge to a sharp decline following Unitree Technology's listing, one institution posed this question during its research session: "What is the core criterion for judging the commercialization of robotics, and in which scenarios will humanoid robots achieve initial large-scale deployment?" In response, the company explained: "It does not depend on whether the equipment itself is humanoid in form, but rather on whether application scenarios have clear demand, whether technological maturity meets standards, and whether safety and fault tolerance capabilities are controllable. We are optimistic about the development opportunities for multi-form robots."
In terms of stock price performance, 22 of the 31 highly sought-after companies recorded positive year-to-date gains, with Xingyun Technology Co., Ltd. (SZSE: 300209), JHT Design Co., Ltd. (SSE: 603061), Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. (SZSE: 000636), Guangdong Shenling Environmental Systems Co., Ltd. (SZSE: 301018), Moon Environment Technology Co., Ltd. (SZSE: 000811), and Delton Technology (Guangzhou) Inc. (SZSE: 001389) all successfully doubling their value. Their year-to-date gains stand at 526.79%, 260.63%, 258.04%, 131.90%, 124.65%, and 107.80% respectively.
On the earnings front, Haoxiangni Health Food Co., Ltd. (SZSE: 002582), Huabao Technology Co., Ltd. (SZSE: 300741), Xingyun Technology Co., Ltd. (SZSE: 300209), Cig Shanghai Co., Ltd. (SSE: 603083), JHT Design Co., Ltd. (SSE: 603061), Titan Wind Energy (Suzhou) Co., Ltd. (SZSE: 002531), and Hymson Laser Technology Group Co., Ltd. (SSE: 688559) all achieved year-on-year doubling in first-half net profit attributable to shareholders, recording growth rates of 3851.85%, 720.09%, 540.15%, 171.08%, 125.21%, 115.57%, and 107.33% respectively.
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