Institutional research activity in the A-share market cooled off during the latter half of June.
Data from iFinD shows that by June 29th, 29 listed companies had received research visits from over 30 institutions in the second half of the month.
When the threshold is raised to 50 institutions, only 10 companies remained, a significant drop from the 22 companies that met this criterion in the first half of June.
At the individual stock level, Jiangsu Kuangshun Photosensitivity New-Material Stock Co.,Ltd. (SZSE: 300537) and Acm Research (Shanghai), Inc. (SHSE: 688082) emerged as the most scrutinized targets, attracting 139 and 132 institutional visits respectively.
However, by the market close on June 30th, the stock performance of these heavily researched companies showed a pronounced divergence.
What Institutions Were Actually Bullish On
Concrete data reveals the trends behind the institutional interest.
According to iFinD statistics, by the close on June 30th, the 29 companies visited by over 30 institutions achieved an average gain of 14.46% in the latter half of June.
Those visited by more than 50 institutions saw an even more substantial average increase of 21.03%.
At the stock level, Boe Technology Group Co.,Ltd. (SZSE: 000725), Crystal Growth&Energy Equipment Inc. (SHSE: 688478), and Biwin Storage Technology Co.,Ltd. (SHSE: 688525) surged over 50%.
Acm Research (Shanghai), Inc. (SHSE: 688082) rose more than 40%.
Stocks including Xiamen Hengkun New Materials Technology Co.,Ltd. (SHSE: 688727), Opt Machine Vision Tech Co.,Ltd. (SHSE: 688686), and Tongfu Microelectronics Co.,Ltd. (SZSE: 002156) posted gains of at least 30%.
Classified by primary industry, technology remained the dominant theme among the researched companies in late June, though attention on pharmaceuticals, biotechnology, and chemicals was steadily increasing.
As demand for AI computing power extends from GPU chips to upstream and downstream sectors like PCBs, semiconductor equipment, and display panels, institutional research in the latter half of June was heavily concentrated on domestic substitution and cyclical recovery within the electronic hardware segment.
Jiangsu Kuangshun Photosensitivity New-Material Stock Co.,Ltd. (SZSE: 300537) was the absolute focal point of institutional research in late June.
iFinD data indicates a total of 139 institutions conducted research, including 45 fund companies, with a single session attracting over a hundred participants.
The core focus was the progress of the company's insulating photoresist for photovoltaic BC cells.
The company stated during the research that it is the first domestic and second globally, after a German firm, to achieve mass supply of this product, and is accelerating efforts to scale up production of the insulating photoresist required for HPBC photovoltaic cells.
Amid the wave of BC battery technology iteration, photovoltaic insulating photoresist, as a key auxiliary material, presents broad prospects for domestic substitution.
The stock of Jiangsu Kuangshun Photosensitivity New-Material Stock Co.,Ltd. (SZSE: 300537) rose 29.03% in the latter half of June.
The progress of the photoresist business at Shenzhen Rongda Photosensitive Science&Technology Co.,Ltd. (SZSE: 300576) also garnered attention.
According to research information, the company stated its TFT-LCD array photoresist has achieved mass supply, and semiconductor-grade photoresist is progressing through client validation.
As a leading display panel manufacturer, Boe Technology Group Co.,Ltd. (SZSE: 000725) also attracted institutional interest due to the spillover of AI demand.
The sustained recovery in panel industry sentiment provided a foundation for this interest, but a deeper catalyst came from incremental demand for display panels from AI end-devices.
With the accelerated penetration of AI-powered PCs, AI phones, and other edge AI devices, the adoption rate of OLED panels in smartphones, tablets, and automotive displays continues to climb, directly benefiting Boe Technology Group Co.,Ltd. (SZSE: 000725), one of China's top two panel leaders.
Its stock price surged 55.83% in the latter half of June, bringing its total market capitalization to 319.117 billion yuan.
Varied Reasons for Declines
Among the 29 companies visited by over 30 institutions, only 8 stocks were in a downtrend during the latter half of June.
Bluestar Adisseo Company (SHSE: 600299) fell 22.74%, the steepest decline among all researched companies, even hitting the daily down limit on June 29th.
Looking at a longer timeframe, after reaching a high of 16.48 yuan per share in March 2026, its closing price of 7.85 yuan on June 30th represented a halving of its value.
Operational pressures are the core reason for the stock's continued decline.
In the first quarter of 2026, its net profit attributable to shareholders dropped 34.27% year-over-year, as rising raw material and energy costs squeezed profit margins, with revenue and gross margin for core functional products both declining.
Furthermore, with intensifying competition in the methionine industry, market expectations are that new capacity coming online will further compress industry profitability.
On June 29, 2026, Bluestar Adisseo Company (SHSE: 600299) saw the lifting of restrictions on 398 million shares, representing 12.92% of its total share capital.
This large-scale release of restricted shares significantly increased market float, and financial investors who participated in the private placement have strong incentives to realize profits, creating sustained short-term selling pressure that has weighed on the stock price.
Midea Group Co.,Ltd. (SZSE: 000333) still received research visits from 34 institutions, including 11 fund companies, in the latter half of June.
Based on the research content, institutions were primarily concerned with the operating data of its overseas self-owned brands.
Additionally, amid the spreading technology rally, its data center liquid cooling business also drew institutional attention.
Regarding this segment, the company stated it initiated construction of its Shunde liquid cooling intelligent manufacturing base in March 2026 to scale up production of core products like natural cooling magnetic levitation chillers and CDUs, with operations expected to commence in August 2027.
In terms of stock performance, although it fell nearly 10% in late June, its performance had been strong previously.
On June 11th, its stock price had just hit a recent high, placing the latter half of the month in a correction phase.
Looking at fund flows, net inflows from major funds totaled 280 million yuan over the past five trading days, with outflows occurring on only two of the past seven trading days.
Overall, institutional research activity in the latter half of June exhibited notable structural characteristics.
Sectors like electronics, semiconductors, and display panels, representing technology hardware, became the core battleground for institutional research.
Meanwhile, traditional consumer and basic chemical sectors, while still receiving some attention, showed noticeably weaker stock performance, indicating capital continues to accelerate its migration from traditional industries into specific segments within the technology growth track.
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