This week (December 15–19), 165 listed companies disclosed institutional research records. In terms of returns, half of the surveyed stocks rose, with about 50% of the companies posting positive weekly gains. The top performer among surveyed stocks was Zhenyou Technology, which surged 21.89% this week. Nine other companies, including Aerospace Intelligent Manufacturing, Jingwei Hengrun-W, Nanjing Commercial Travel, and Hongmian Co., saw gains exceeding 10%, with Hongmian Co., Snowman Group, and Delian Group hitting their first weekly limit-up.
Among the most sought-after stocks, Chongqing Changan Automobile Company Limited (000625), Yipinhong, BoYing Special Welding, and Huatong Wire & Cable each received over 100 institutional surveys. Chongqing Changan Automobile attracted the most investors, while BoYing Special Welding hosted four institutional surveys in a single week.
**Chongqing Changan Automobile Secures First L3 Access Approval** Chongqing Changan Automobile (000625) welcomed 214 institutional investors this week after the Ministry of Industry and Information Technology announced China’s first batch of L3 conditional autonomous driving vehicle approvals on December 15. Two pure electric sedans—one from Arcfox and another from Chongqing Changan Automobile—received permits for road tests in designated areas of Beijing and Chongqing. The approved model from Chongqing Changan Automobile is its Shenlan SL03.
During the survey, executives explained that the company’s early R&D efforts in L3 technology—starting in 2017—paved the way for this milestone. The Shenlan series adopted L3 capabilities in 2021, with approval applications submitted in November 2023. By June 2024, Chongqing Changan Automobile became one of the first automakers to enter the L3 road-testing phase, and by November 2024, it was the first to undergo product testing and safety evaluations.
Regarding safety, the company stated that its approved model features industry-leading 4D imaging millimeter-wave radar, which can replace lidar within ODC (Operational Design Conditions) and delivers top performance in 17 extreme scenarios (e.g., obscured pedestrian crossings, sudden braking, and harsh weather).
When asked why L3 functionality is limited to 0–50 km/h, Chongqing Changan Automobile cited real-world user needs and safety considerations. As a pioneer, its primary goal is to validate safety and refine industry standards rather than push technical limits. Urban traffic analysis showed this speed range suffices for congested scenarios.
The company plans to begin road tests with its affiliate, Changan Connected Technology, in Q1 2026. Commercial L3 offerings for consumers will follow once regulations are formalized.
**BoYing Special Welding Hosts Four Institutional Surveys** BoYing Special Welding, another hot pick, engaged 107 institutions across four surveys this week. Specializing in anti-corrosion and wear-resistant overlay welding equipment, its products serve industries like waste-to-energy, biomass power, and heavy manufacturing.
Key discussion points included welding techniques (MIG, TIG, laser) and Vietnam operations. BoYing highlighted its proprietary digital pulse MIG high-frequency oscillation welding for high deposition rates and stability, alongside laser overlay and remelting tech for extreme environments.
Its Vietnam facility produces two HRSG (Heat Recovery Steam Generator) units annually for gas turbine projects, with output dependent on scheduling and supply chains.
**Yipinhong Divests Stake in U.S. Partner** Yipinhong, surveyed by 119 institutions, announced plans to sell its stake in Arthrosi on December 15. Post-deal, it retains full Chinese rights to AR882 (Arthrosi’s gout drug) and global supply priority. Patents in China (held by subsidiary Ruianbo) extend to 2037, potentially to 2042 post-launch.
The transaction, pending U.S. antitrust review, is expected to close in Q1 2026. Yipinhong’s 220,000 sqm formulation and 50,000 sqm API facilities will support AR882’s global supply.
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