As the new year of 2026 begins, institutional research in the A-share market has notably intensified. Data shows that as of January 18th, a cumulative total of 1,357 institutions (including securities firms, funds, foreign capital, and banks) have conducted research on A-share listed companies this year, with the total number of research sessions reaching approximately 4,897.
From an industry perspective, the focus is concentrated on three core sectors: information technology, industrial machinery, and healthcare. The research emphasis centers on the commercialization of cutting-edge technologies, capacity expansion, and the realization of policy dividends. Notably, areas such as brain-computer interface (BCI), semiconductors, robotics, and solid-state batteries have become key focal points for institutional positioning.
The focus of attention is highly concentrated. Looking at the companies researched, Henan Xiangyu Medical Equipment Co., Ltd. (Xiangyu Medical), Beijing Haitian Ruisheng Technology Co., Ltd., Jiangsu Aipeng Medical Technology Co., Ltd., Shengbang Technology Co., Ltd., and Super Hi-Fi Fastening System (Shanghai) Co., Ltd. rank at the top in terms of the number of researching institutions, each having been investigated by over one hundred institutions—specifically 208, 207, 142, 132, and 128 respectively.
Institutional attention is intensely focused on technological feasibility, commercialization timelines, and policy alignment. Within the brain-computer interface and AI healthcare fields, Xiangyu Medical was questioned about the commercial rollout of its BCI products, specific plans in the invasive BCI sector, and the progress of rehabilitation robot development.
In the semiconductor sector, companies such as Hainan Junda New Energy Technology Co., Ltd. and Wuxi Deke Electronic Materials Co., Ltd. (Deke Co., Ltd.) have been subjects of intensive institutional research. When asked about the current status and future plans for its memory business, Deke Co., Ltd. stated: "In response to the current market situation of tight supply and strong demand, the company plans to increase its shipment target to between 30 million and 50 million units by 2026, fully utilizing existing capacity to ensure supply. Coupled with price increases, this will further expand revenue and net profit attributable to shareholders."
In the commercial aerospace field, companies like Super Hi-Fi Fastening System (Shanghai) Co., Ltd. and Guanglian Aviation Industry Co., Ltd. (Guanglian Aviation) have been heavily researched. Guanglian Aviation was questioned about its delivery pace and value contribution under the accelerated mass production of the C919, as well as its core strategy and competitive advantages in the commercial aerospace sector. When asked about its applications in the aerospace field, the Beijing Stock Exchange-listed Suzhou Bearing Factory Co., Ltd. replied: "Our company's needle roller bearings have been used in the aerospace sector for many years. Going forward, we will further intensify product R&D and market expansion in this area."
Foreign institutional research is frequent. From the perspective of institutional types, not only are domestic securities firms and fund companies conducting intensive research, but foreign institutions have also been very active in their research activities since the start of the year.
In terms of the frequency of research on individual stocks, companies such as Anji Microelectronics Technology (Shanghai) Co., Ltd. (Anji Technology), Guangdong Opt Machine Vision Co., Ltd., and Shanghai Jiaocheng Ultrasonic Technology Co., Ltd. (Jiaocheng Ultrasonic) have attracted high-density research from foreign institutions. These companies operate in sectors like semiconductor materials, ultrasonic welding equipment, and core machine vision components, reflecting foreign institutions' deep recognition of China's capabilities in domestic substitution for core high-end manufacturing parts.
A closer look reveals that these companies share common characteristics: high R&D investment, high gross margins, and strong order visibility. Crucially, they hold orders from industry leaders and have clear upstream and downstream clients in the supply chain. For instance, Anji Technology is closely linked to Semiconductor Manufacturing International Corporation (SMIC), while Jiaocheng Ultrasonic has entered the supply chain of Contemporary Amperex Technology Co., Limited (CATL).
Internationally renowned institutions like Goldman Sachs, Morgan Stanley, Nomura Securities, BlackRock, and Citigroup have appeared on the research lists of numerous A-share companies. For example, Jiaocheng Ultrasonic was intensively researched by 17 foreign institutions, fielding questions about its business and strategy in the semiconductor sector, overseas expansion, and applications in the liquid cooling plate field.
Yu Jia, a China Technology Semiconductor Analyst at UBS Securities, commented that, based on investment logic, semiconductor equipment companies are typically the first to receive orders resulting from the ramp-up of advanced process nodes, with related capacity preparation cycles lasting approximately 2 to 4 quarters, or even 4 to 8 quarters. Although semiconductor equipment companies are earlier in the sequence of market reaction, in terms of stock market preference, investors often pay more attention to sectors with larger market potential; thus, segments like computing power and wafer manufacturing also receive widespread attention.
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