Accustomed to the steady reign of Kweichow Moutai as the 'stock king'? Recently, the crown of the 'new stock king' has been changing hands frequently. On May 18th, the recently listed Lianxun Instruments (688808.SH) officially replaced Kweichow Moutai (600519.SH) as the new highest-priced stock in the A-share market with a closing price of 1,344.99 yuan per share. This marks another instance where tech stocks have wrested the 'throne' from consumer stocks, following the brief reigns of Yuanjie Technology (688498.SH) and Cambricon (688256.SH) in April. Currently, the A-share 'Thousand-Yuan Stock Club' has five members, with four seats occupied by newcomers from the tech sector. However, this is not merely a celebration for individual stocks. Data shows that the number of A-share stocks that have doubled in price this year is approaching 200, with the electronics sector alone accounting for 60 of them. Simultaneously, public funds have already shown divergent stances: some have made precise bets, others exited early, and some consumer-themed funds have quietly 'drifted' into the tech sector. As a 'new stock king' emerges once again, can this tech frenzy continue to ride the wave, or is it time to adjust the pace and fasten the seatbelt? Nearly 200 'Doubling Stocks' Surge Forward On May 18th, optical chip testing equipment manufacturer Lianxun Instruments touched an intraday high of 1,361 yuan per share, surpassing Kweichow Moutai to become the highest-priced A-share stock in less than a month since its listing. This is another change at the top of the A-share 'stock king' throne, following the successive ascents of Yuanjie Technology and Cambricon in April. By the close that day, its stock price was 1,344.99 yuan per share, officially crowning it the 'new king'. As a 'newcomer' that only debuted on the STAR Market in April, Lianxun Instruments has demonstrated a remarkable ability to attract attention since listing. Its stock price soared past 1,000 yuan per share within just five trading days, not only joining the A-share 'Thousand-Yuan Stock Club' but also surpassing Kweichow Moutai's price of 1,323 yuan on May 18th. Its stock price has since risen more than 15-fold (including gains on its first trading day). This seemingly sudden 'change of throne' is the result of capital flows. As of May 18th, Lianxun Instruments attracted net inflows from main funds for eight consecutive trading days, with a cumulative total of nearly 2.8 billion yuan over the past 20 days, while small orders saw a net sell-off of 27.31 million yuan during the same period. Concurrently, the scale of its margin financing balance has continued to climb post-listing, reaching 2.255 billion yuan by May 15th. Currently, the A-share thousand-yuan stock club has expanded to five members: Yuanjie Technology, Kweichow Moutai, Cambricon, Lianxun Instruments, and Zhongji Xuchuang. Apart from Kweichow Moutai, the other four are all from the tech sector. Since April, the top position among Yuanjie Technology, Kweichow Moutai, and Cambricon has changed multiple times. Regarding the astonishing performance of Lianxun Instruments post-listing, a macro analyst in North China stated: "This is mainly attributed to the high popularity of AI-related stocks, the company's own scarcity, and the fact that being a new stock with a smaller market cap requires less capital to drive up the price, making it easy for a profitable effect to create a resonance." The rise of Lianxun Instruments is merely a significant wave within the broader tech surge. Wind data shows that as of May 18th, the number of 'doubling stocks' in the A-share market this year is approaching the 200 mark (197), an expansion of nearly 70% from 117 at the end of April. In terms of industry distribution, these doubling stocks cover 20 Shenwan primary industries, but resources are clearly tilted towards the tech side. The electronics industry has the highest concentration of doubling stocks, with 60, accounting for over 30%. The machinery and electrical equipment sectors follow, with 33 and 20 stocks respectively. These three sectors together contribute nearly 60% of all doubling stocks. Among the 38 stocks that have more than tripled in value this year, the electronics sector alone accounts for 14, with the top performer, Litong Electronics, surging over 555% year-to-date. It has been observed that various funds have engaged in fierce battles with real money over the past month. Data shows that 74 stocks have risen over 60% during this period. Among them, 57 stocks (77%) have appeared on the dragon and tiger list (list of stocks with significant price or volume changes) in the past month. Fifteen stocks have appeared more than five times (inclusive), with companies like Saiying Electronics (920181.BJ) and Dapu Micro-UW (301666.SZ), which listed in April, appearing over 10 times, indicating extremely high trading activity. Funds Face Different 'Exam Questions' Alongside the growing number of doubling stocks, the soaring profit-making effect of tech stocks has led many investors to exclaim: "One must stand in the light, not just stand there." Meanwhile, facing this rapid and intense tech rally, public funds, as one of the main market forces, have presented a varied picture. According to statistics, as of the end of the first quarter, excluding QDII products, 137 doubling stocks were heavily held by funds, accounting for nearly 70%. Among these, 45 were from the electronics sector, representing the highest proportion of doubling stocks. The related holdings' market value was 150.2 billion yuan, also ranking first. Communications, and machinery and equipment followed with holdings market values of 47.8 billion yuan and 17.6 billion yuan, respectively. This aligns with the leading performance of tech-themed funds this year. For those public fund products that successfully 'placed their bets,' this period has undoubtedly been one of smooth sailing. Their precise sector allocations have led to rising net asset values for the products they manage, making them the 'other people's funds' in the eyes of fund investors. For example, GF Yuansight Select A, the only actively managed equity fund to have doubled this year, has four electronics sector stocks among its top ten holdings. In Q1, it significantly increased its positions in Biwin Storage (688525.SH) and Demingli (001309.SZ). As of May 18th, these two stocks have risen 188.44% and 217.31% year-to-date, respectively. Taking Biwin Storage as an example, it was only heavily held by 94 public funds in Q4 last year. By the end of Q1 this year, it was heavily held by 233 funds under 73 fund management companies, with a combined increase of over 12.64 million shares in a single quarter. Among these, 82 products placed it among their top three holdings, such as Yongying Pioneer Semiconductor Select A, which achieved a year-to-date return of 74.65% as of May 15th. However, not all public funds have been able to grasp this tech rally. Many products exited early, either at the start of the tech stock surge or during its ascent, with some even liquidating their positions. Data shows that 63 funds removed Biwin Storage from their top ten holdings. For instance, the Xingquan Herun fund managed by renowned fund manager Xie Zhiyu removed it, whereas it was the sixth-largest holding at the end of Q4 last year. Furthermore, 36 stocks that have more than doubled this year, such as Hangdian Shares, Huasheng Chang, and Minbao Optoelectronics, showed no signs of heavy fund holdings in Q4 last year, but funds began positioning in them in Q1 this year. For example, Hangdian Shares was already heavily held by 13 funds in Q1, with a combined increase of over 36 million shares in a single quarter. More interestingly, as the tech rally continues to show strength, some products have chosen to 'style drift' towards this direction. For instance, in the latest top ten holdings of Zhongjia Emerging Consumption, half of the positions are in electronics and machinery equipment sector stocks, such as Cambricon and Hygon Information (688041.SH). Pacing is Crucial After the Rally On May 18th, the same day Lianxun Instruments reached the top, the three major A-share indices collectively closed lower. The Shanghai Composite Index lost the 4,150-point integer关口, closing at 4,131.53 points. Although signs of high-level market volatility have begun to appear, the electronics sector still led gains that day with a 1.56% increase, with 17 sector stocks including Litong Electronics and Demingli hitting record highs. So, how long can the tech feast last? "Technology is the main theme, but pacing is crucial." This has become the consensus among most interviewed institutions. "The current market has entered a phase of high-level volatility. We should seize structural opportunities during this consolidation phase and avoid high-priced, high-valuation thematic stocks lacking performance support," said Jin Dalai, a macro strategy researcher at the equity research department of Golden Eagle Fund. On the offensive side, tech growth may still be the main theme. Jin Dalai suggested focusing short-term on areas with orders, performance realization, and industrial trend support, such as computing power, semiconductor equipment, and materials. In terms of operations, she revealed plans to increase cyclical and manufacturing sector allocations for balance to cope with market fluctuations in the short term, while paying mid-term attention to tech industry trends. Additionally, new景气 directions in energy and supply chain security are also worth attention and verification. Huang Liang, Professional Deputy Director of the Market Support and Management Department at China Merchants Fund, analyzed from a global perspective that the AI行情 has completed a clear一轮轮动. Currently, the US market is演绎ing a trend of 'optical communications consolidating at high levels, semiconductors taking over the upward move,' while the A-share market's reaction to this扩散 phenomenon is not yet充分, potentially becoming room for potential修复 in the domestic computing power chain in the next stage. "Referencing overseas market patterns, pay attention to the辐射 effects on corresponding A-share industry chains. By 2026, with expectations for domestic computing power demand being revised upward and the爆发 of AI call volumes and token scale,景气度 may扩散 along two main lines: the semiconductor industry chain and AIDC (Artificial Intelligence Data Center) computing power infrastructure," Huang Liang said. In his view, this year's tech rally has mainly concentrated on upstream computing power hardware, while midstream and downstream sectors like computers, media, and industry application software have remained relatively weak. Within sectors, some细分领域 have already率先走出修复行情,集中 in AI端侧 hardware extensions and cloud service增值赛道. "These tracks combine hardware attributes with AI赋能 logic, have high景气度 and relatively low拥挤度, and may become structural safe havens within future AI application directions," Huang Liang stated. Standing at the current point, he believes the structure of this year's AI industry chain行情 is already quite clear, but建议 against一味追逐 high-priced热门赛道. Instead,挖掘细分 opportunities under the premise of确定景气. Simultaneously, 'standing in the light' remains a key focus for fund managers. "Whether considered from景气度 or valuation levels, the overall development direction of the光行业 remains稳健向好," a North China equity fund manager revealed, stating they would still focus on细分领域 within the光行业 with actual performance support, but have recently made more审慎 choices regarding investment节奏. Tian Guangyuan, manager of the Harvest SSE STAR Market Chip ETF, continues to focus on storage chips. He believes the market is currently in the纵深 stage of the second wave of行情, and the investment logic may have already fully switched from 'price expectations' to 'substantive performance realization based on corporate fundamentals.' Addressing market concerns that stock price increases have透支 growth expectations, he stated that assessing '透支' risk requires strictly separating 'price expectations' from 'demand volume放量.' "The biggest认知盲区 in the market currently lies in严重低估ing the爆发力 and持久性 of storage 'volume' driven by AI." In his view, at this point, investment节奏 should perhaps focus more on companies' ability to consistently exceed profit expectations.
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