Since December, institutional research activities in the A-share market have remained active, with brokerage analysts—as the main research force—actively conducting on-site visits and exchanges with listed companies to identify year-end investment opportunities.
According to Choice data, over 200 A-share listed companies have been surveyed by brokerages this month, with high interest in sectors such as electronics and machinery equipment. Notably, companies related to the popular memory chip concept have been intensively researched.
As the year-end approaches, brokerages including Guojin Securities and Zhongtai Securities have released their 2026 strategy outlooks this week. Most brokerages believe the technology sector will remain one of the most promising themes for next year.
**Brokerages Focus on Electronics and Machinery Equipment Sectors** Choice data shows that more than 200 A-share companies have been surveyed by brokerages in December.
In terms of sector distribution, the technology innovation board remains highly favored, with electronics, machinery equipment, basic chemicals, power equipment, and automobiles being the most researched industries. Both the electronics and machinery equipment sectors saw 31 companies surveyed, making them the most researched industries. Additionally, basic chemicals, power equipment, and automobiles had 17, 15, and 14 companies surveyed, respectively.
Among the 31 electronics companies surveyed, sub-sectors such as semiconductors, optoelectronics, and consumer electronics attracted attention. Companies like Shanghai V-Test Semiconductor Tech.Co.,Ltd. (688372.SH), Brite Semiconductor(Shanghai)Co.,Ltd. (688691.SH), Victory Giant Technology(Huizhou) Co.,Ltd. (300476.SZ), Suzhou Everbright Photonics Co.,Ltd. (688048.SH), and Shenzhen Vital New Material Co.,Ltd. (301319.SZ) were visited by multiple brokerages.
The machinery equipment sector also saw strong interest, with several high-performing stocks doubling in value this year being surveyed. Examples include Yantai Jereh Oilfield Services Group Co.,Ltd. (002353.SZ), Beijing Worldia Diamond Tools Co.,Ltd. (688028.SH), Pourin Special Welding Technology Co.,Ltd. (301468.SZ), and Zhuhai Bojay Electronics Co.,Ltd. (002975.SZ).
Among the surveyed companies, Yantai Jereh Oilfield Services Group Co.,Ltd. (002353.SZ) received the most attention, with 47 brokerages visiting this month. Discussions focused on its overseas business progress and growth in natural gas equipment orders. The company noted that overseas revenue is increasing and it has recently entered the data center power generation sector.
Other companies attracting over 15 brokerages include Shanghai V-Test Semiconductor Tech.Co.,Ltd. (688372.SH), Cofoe Medical Technology Co.,Ltd. (301087.SZ), Obio Technology (Shanghai) Corp., Ltd. (688238.SH), Zhejiang Fulai New Material Co.,Ltd. (605488.SH), Hengtong Optic-Electric Co.,Ltd. (600487.SH), and Hangzhou Jiebai Group Co.,Limited (600814.SH), covering semiconductors, medical services, and new materials.
**Memory Chips in the Spotlight** Memory chip-related companies have drawn significant brokerage attention in recent surveys.
Shanghai V-Test Semiconductor Tech.Co.,Ltd. (688372.SH) hosted visits from over 20 brokerages, including CITIC Securities and JPMorgan. The company stated it currently tests NorFlash memory chips due to their broader applicability and lower client concentration compared to other memory types. Its stock has surged 135% this year.
Shenzhen Longsys Electronics Co.,Ltd. (301308.SZ), a memory module manufacturer and a key memory chip stock, rose over 200% this year. During surveys, institutions focused on memory price trends and the company’s technological advantages. The firm noted that AI applications will drive demand, with HDD shortages likely supporting NAND Flash price increases in Q4. It also highlighted its enterprise storage products being adopted by top internet firms.
Another leading memory chip designer, East Memory, saw its stock rise nearly 400% this year and was visited by CITIC Securities (Hong Kong), Guojin Securities, and Temasek. The company observed strong demand in networking and security surveillance sectors, stable IoT and automotive demand, and seasonal fluctuations in consumer electronics.
Xu Chi, Chief Strategist at Zhongtai Securities, emphasized that memory chips are a strategic bottleneck in the AI era, supported by policy and sustained industrial demand. He noted explosive growth in memory chip demand due to AI, with prices already rising.
**Brokerages’ 2026 Outlook: Tech Remains the Strongest Theme** As the year ends, brokerages like Guojin Securities and Zhongtai Securities released 2026 strategies, maintaining optimism for tech, AI, and China’s advanced manufacturing.
Mou Yiling, Chief Strategist at Guojin Securities, believes the alignment of asset and liability trends is just beginning. He expects pension and insurance funds to drive equity market growth in 2026, with opportunities arising from China’s earnings recovery rather than global liquidity expansion.
Xu Chi predicts A-shares will see structural rotations amid global realignment and China’s 15th Five-Year Plan. He highlights four themes: AI (memory chips, robotics, HK tech leaders), upstream resources (graphite, lithium hexafluorophosphate, rare metals), new consumption (gaming, pets, collectibles), and high-yield assets.
Zheng Xiaoxia, Chief Strategist at Huaan Securities, expects A-shares to transition from valuation-driven rallies to earnings-supported growth in 2026, with tech remaining dominant. She also recommends supply-demand-driven price increase sectors.
Deng Shubin, Chief Economist at Zhongyuan Securities, advises aligning with the 15th Five-Year Plan, focusing on AI innovation, digital transformation, and consumption recovery driven by human capital investment.
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