Data on institutional research activity for the latest week has been released.
According to Wind data, a total of 187 listed companies received institutional visits during the most recent week from June 29 to July 3.
Boe Technology Group Co.,Ltd. (000725) attracted the highest level of interest, with 238 institutions participating in its research session. Participants included well-known securities firms like CITIC Securities and GF Securities, major banks such as ICBC, prominent public fund houses including ChinaAMC, Southern Asset Management, and Fullgoal Fund, global institutions like J.P. Morgan, and leading private equity firms such as Greenwoods Asset Management, Gaoyi Asset Management, Springs Capital, Chongyang Investment, Zhongou Ruibo, and Panjing Investment.
On July 3, Boe Technology Group Co.,Ltd. released a record of its investor meeting. John Z. C. Tseng, President and General Manager of Corning Display Technologies China, shared insights on the foundation of their collaboration, core cooperation directions, and the respective strengths of both parties. The cooperation between Boe Technology Group Co.,Ltd. and Corning has now entered a substantive phase. The two companies aim to combine Boe Technology Group Co.,Ltd.'s advantages in display and optoelectronic integration with Corning's expertise in optical materials and connectivity products. They plan to address key aspects from materials and manufacturing to application in areas like glass-based packaging substrates and optical interconnect applications, enhancing overall advanced packaging manufacturing capabilities and yield rates. They will also jointly explore integrated optical engine solutions and system-level solution validation. Regarding perovskite technology, the collaboration aims to improve UV light conversion performance and optimize the adaptability of photovoltaic modules. For foldable glass, the goal is to achieve a better balance between crease visibility, reliability, and cost to enhance product competitiveness.
Addressing institutional interest in its glass-based packaging substrate business, Boe Technology Group Co.,Ltd. stated that the commercialization of this technology relies on industry-wide collaboration. The company will continue to pursue technological exploration and breakthroughs based on customer requirements while deeply analyzing defect mechanisms, implementing improvement measures, and continuously enhancing product yield rates.
In the area of optical interconnect, Boe Technology Group Co.,Ltd. indicated that its long-term accumulated technology in the display industry, glass substrate processing capabilities, and large-scale intelligent manufacturing expertise will effectively support its R&D in optical interconnect technology and glass substrate CPO (Co-Packaged Optics) technology. The company has already established a project team focused on Micro LED optical interconnect systems and glass substrate CPO technology, conducting forward-looking research with ecosystem partners to accelerate technological breakthroughs.
Since the start of its recent market rally, Boe Technology Group Co.,Ltd.'s stock price has doubled in just over a month. As of the close on July 3, the company's total market capitalization reached 307.9 billion yuan.
In addition, Boe Hc Semitek Corporation (300323) and Zhejiang Crystal-Optech Co.,Ltd. (002273) each received research visits from over 200 institutions during the past week. Companies like Wanrun Co.,Ltd., New Guangyi, and Ligong Navigation also received visits from more than 50 institutions. In terms of stock performance, both Boe Hc Semitek Corporation and Zhejiang Crystal-Optech Co.,Ltd.
Looking at private equity firms that participated in listed company research, Gaoyi Asset Management was the most active this week, conducting a total of 8 research visits. Firms including Harmony Investment, Panjing Investment, Fusheng Asset Management, Ruijun Asset Management, and Yuanxin Investment each conducted more than 4 visits.
Electronics Sector Attracts Significant Private Equity Interest
Data for private equity research activity in June shows the electronics sector was particularly favored by institutions. According to data from Simuwang.com, as of June 30, a total of 680 private equity firms participated in A-share research activities during the month, covering 356 individual stocks across 28 Shenwan primary industries, resulting in a combined total of 1,506 research visits.
By industry, private equity institutions conducted over 100 research visits each in five sectors: Electronics, Machinery Equipment, Computers, Electrical Equipment, and Basic Chemicals. The electronics sector led significantly, with 72 individual stocks receiving visits from private equity institutions, totaling 455 visits. This accounted for 30.21% of the total research activity, with both the number of stocks researched and the visit count substantially outpacing other sectors, making it the clear favorite for private equity research.
The performance of electronics stocks researched by private equity in June was notable. The 72 stocks collectively gained 25.11% during the month. Among them, five stocks, including ACM Research (Shanghai), Inc., MEMSensing Microsystems Co.,Ltd., Kangqiang Electronics, Boe Technology Group Co.,Ltd., and Bluetrum, saw gains exceeding 60%.
On an individual stock basis, Dajin Heavy Industry became the most researched stock by private equity in June, attracting 65 institutions. TCL Technology Group Corporation and Zhejiang Crystal-Optech Co.,Ltd. tied for second place, each receiving 45 private equity research visits. Jereh Group, Guangxin Materials, Rongda Photosensitive, and Wanrun Co.,Ltd. followed with 36, 33, 28, 26, and 18 private equity visits, respectively. Notably, seven of the top ten stocks by private equity research visits in June belonged to the electronics sector.
Analyzing portfolio adjustments among subjective long-only equity private equity managers in the first half of the year, relevant analysts noted that managers focusing on growth-style investments, with significant allocations to sectors like communications and semiconductors, achieved strong performance. Conversely, some value-oriented managers, finding that valuations of relevant targets had not yet reached undervalued levels, chose to maintain positions in low-valuation, high-dividend stocks. Currently, the valuations of many value-oriented stocks have returned to levels seen at the beginning of 2024 or even the end of 2023, which has reinforced value investors' confidence in a subsequent market style rotation and a return to fair value for these stocks.
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