Multiple brokerages are collectively bullish on current A-share oversold recovery opportunities, with hard tech directions such as physical AI gaining attention.
Recently, as the 2026 third-quarter reports for A-shares were fully disclosed, brokerages' third-quarter holdings have surfaced. Meanwhile, multiple brokerages including Orient Securities (600958.SH), Guosen Securities (002736.SZ), and Zheshang Securities (601878.SH) are collectively optimistic about current A-share oversold recovery opportunities, with hard tech directions such as physical AI attracting attention.
According to Simuwang and Choice data, as of September 30, 2026, brokerage institutions appeared in the top ten circulating shareholders of 209 A-share companies, with total holdings of 6.907 billion shares and a combined market value of 54.097 billion yuan. In terms of holding changes, a total of 112 stocks were increased or newly entered by brokerages, accounting for 53.59% of the 209 companies, including 57 new entries and 55 increases. (Note: When the same company is held by multiple brokerages, it is counted only once; holding market value statistics are as of the end of the third quarter.)
From an industry sector perspective, the auto parts sector had the highest number of companies held by brokerages, with 10 companies; the power sector had 9; grid equipment, ordinary steel, apparel and home textiles, and special equipment each had 7.
25 Brokerage Heavy Holdings with Market Value Above 300 Million Yuan
In terms of holding market value, there were 79 A-share companies with holdings of 100 million yuan or more, and 25 with holdings above 300 million yuan. In terms of price performance, among these 25 companies, 11 saw their stock prices rise against the trend this year. In terms of holding changes, 13 companies received buy-ins, accounting for more than half.
Among them, China Resources Jiangzhong (600750.SH) was jointly held by 4 brokerages, with a holding market value reaching 1.042 billion yuan; among them, Orient Securities, Guoyuan Securities (000728.SZ), and Guolian Minsheng (601456.SH) collectively increased their holdings by 1.5255 million shares in the third quarter. China Resources Jiangzhong is a leading OTC traditional Chinese medicine enterprise under China Resources Group with "Jiangzhong Jianwei Xiaoshi Pian" as its core single product, possessing low valuation, high dividend, and weak cyclical attributes.
In a strategy weekly report released on October 30, Orient Securities judged that after the index adjustment, it may enter narrow-range fluctuations, and investors can pay attention to broad-based indices and some industry rotation opportunities on dips. The report believes that overall industry reversal signals are strengthening, and after the index stabilizes, some industries have oversold recovery opportunities, mentioning continued prosperity in oil shipping and refining, as well as structural opportunities in equipment going overseas and physical AI.
Huayu Automotive (600741.SH) was jointly held by Guosen Securities and Guotai Haitong (601211.SH), with a holding market value of approximately 780 million yuan; among them, Guosen Securities significantly newly entered 33.2636 million shares in the third quarter. On October 28, Huayu Automotive's subsidiary Yanfeng International reached a strategic cooperation with the National and Local Joint Humanoid Robot Innovation Center, aiming to jointly build an embodied intelligence scenario data center and training demonstration site for the automotive industry, promoting the implementation of embodied intelligence technology in automotive manufacturing. On October 31, Guosen Securities stated that the adequacy of this round of adjustment has approached historical extreme levels, and the preconditions for a rebound are gradually in place, but for the market to embark on a considerable rebound, new catalysts are needed, such as personal agents and physical AI.
27 New Brokerage Entries with Market Value Over 30 Million Yuan
In terms of new holdings, among the 57 A-share companies that entered brokerages' top ten circulating shareholders for the first time in the third quarter, 27 had holding market values of 30 million yuan or more. Among them, 10 companies saw their stock prices rise against the trend since the third quarter.
Among them, pharmaceutical stock China Resources Sanjiu (000999.SZ), which combines brand consumer attributes and high dividend characteristics, was newly entered by Zheshang Securities with 516.32 shares, with a holding market value reaching 125 million yuan, and its stock price rose 15.48% against the trend since the third quarter. According to Zheshang Securities' latest strategy view, the current approach leans toward "defensive counterattack": using "low valuation + low crowding" value style as the base position, while participating in growth rebounds, with industry focus on consumer-type dividends (food and beverages, etc.), AI applications (physical AI, AI healthcare, AI application computers), and non-bank financials, national defense and military industry, and other directions. In addition, Zheshang Securities also stated that as trading crowding continues to repair and the market's self-reinforcing downward feedback gradually dissipates, once catalytic factors land, risk appetite is expected to steadily recover, and market valuations may usher in a recovery of considerable magnitude and sustainability.
17 Stocks Jointly Heavy-Held by Foreign Capital, Funds, and Brokerages! 9 Rose Against the Trend This Year
If combined with the holdings of long-term major institutions such as foreign capital and funds, among the brokerage heavy holdings in the third quarter, 17 stocks had foreign capital and fund holding ratios both exceeding 2%. Among them, 9 saw their stock prices rise against the trend this year.
Among them, Espressif Systems (688018.SH), a leading edge AIoT company in the semiconductor sector, received a buy-in of 620,300 shares from Shenwan Hongyuan (000166.SZ), with a holding market value of 230 million yuan, and its stock price rose 12.04% against the trend this year. In Shenwan Hongyuan Securities' view, the market's confidence in stabilizing capital market expectations is recovering, which is expected to constitute a direct trigger for a recovery rally. The index space for a short-term rebound may be limited, while a more effective medium-term rebound may appear around the end of the year and the beginning of next year. Shenwan Hongyuan also stated that, combined with the 2026 interim report operating quality, it recommends targets for the "new stage of technology." Companies in the new stage should have these characteristics: chain leader nature, strong operational resilience, and corporate culture and strategy that are relatively long-term oriented. Regarding operating quality, the firm mainly focuses on the cash collection ratio, net cash ratio, and cash flow conditions, and recommends paying attention to semiconductor industry chain companies, integrated hardware-software leaders, brokerage informatization-related companies, some soft tech leaders, and optical module leaders.
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