Survey activities for several billion-dollar private equity firms in June have been revealed.
Data from a private equity research platform shows that as of June 30th, a total of 680 private equity firms participated in A-share surveys during the month, covering 356 individual stocks across 28 primary Shenwan industries, with a combined total of 1,506 survey visits.
Industry Breakdown and Key Sectors
From an industry perspective, private equity institutions surveyed five sectors more than 100 times each in June: electronics, machinery equipment, computers, power equipment, and basic chemicals. The electronics sector stood out, with 72 individual stocks receiving survey attention from private equity firms, totaling 455 survey visits. This accounted for 30.21% of the total survey volume. Both the number of stocks surveyed and the frequency of visits significantly led other sectors, making electronics the clear favorite for private equity research.
The machinery equipment, computer, power equipment, and basic chemicals sectors each received between 100 and 200 survey visits. The number of stocks surveyed in most of these sectors was also over 20, with only the machinery equipment sector reaching 42 stocks.
Active Participation from Major Funds
Looking at individual stocks, the electronics sector nearly dominated the top ten most popular stocks, with a remarkable 7 stocks making the list. TCL Technology and Crystal Optech were each surveyed 45 times by private equity institutions, tying for second place. TCL Technology attracted participation from six billion-dollar private equity firms, including Gao Yi Asset, Guoyuan Xinda, Harmony Huiyi Asset, and Renqiao Asset. Crystal Optech drew five billion-dollar private equity firms, including Fushing Asset, Harmony Huiyi Asset, Juming Investment, and Jinglin Asset.
ACM Research (Shanghai) led in share price performance for June with a gain of 88.61%, while also ranking ninth in popularity. It attracted a cluster of 22 private equity institutions for surveys, including two billion-dollar firms: Jinglin Asset and Yuanxin Investment.
Other electronics sector stocks in the top ten included Guangxin Materials, Rongda Photosensitive, Wanrun股份, and Sanfu New Materials, receiving 33, 28, 26, and 18 private equity surveys respectively.
In June, billion-dollar private equity firms showed heightened survey activity, with 45 such firms participating. This represents over 30% of the total number of billion-dollar private equity firms. These major funds conducted a combined 234 survey visits, accounting for 15.54% of the total private equity survey count.
Among the top ten private equity institutions by survey count in June, billion-dollar firms occupied half the spots. Five billion-dollar private equity firms made the list: Gao Yi Asset, Juming Investment, Springs Capital, Harmony Huiyi Asset, and Panjing Investment.
Gao Yi Asset surveyed 20 stocks in June, with the electronics sector having the highest count at 6 stocks. These were TCL Technology (000100), BOE A (000725), HC SemiTek (300323), MEMSensing (688286), Guangxin Materials (300537), and Wanrun股份 (002643). The machinery equipment sector followed, with three stocks—Fenglong股份 (002931), Jereh (002353), and Yiheda (301029)—receiving Gao Yi Asset's research attention.
Juming Investment conducted 17 surveys covering 17 stocks in June, also showing the strongest preference for the electronics sector. It surveyed 7 stocks in this sector: Lierda Information (300184), FindIC (301563), Dongtian Micro (301183), Bluetrum (688332), Rongda Photosensitive (300576), Crystal Optech (002273), and Wanrun股份 (002643).
Springs Capital surveyed 13 stocks a total of 15 times. Notably, it surveyed Orbbec (688322) and Jereh (002353) twice each during the month. By industry, Springs Capital focused most on the automotive and pharmaceutical/biological sectors. Its automotive picks included Feilong股份 (002536), Keboda (603786), and Ninebot (689009). Its pharmaceutical/biological selections were Huanapharma (688799), Jiudian Pharmaceutical (300705), and Fuyuan Pharma (601089).
Harmony Huiyi Asset also conducted 15 surveys but covered 15 different stocks, with a relatively dispersed industry focus. Its surveyed stocks were spread across 10 industries, with a slight concentration in electronics and non-ferrous metals. The electronics stocks were TCL Technology (000100), HC SemiTek (300323), and Crystal Optech (002273). The non-ferrous metals stocks were Zhongfu Industrial (600595), Yunnan Copper (000878), and Yunnan Tin (000960).
Panjing Investment surveyed 11 stocks a total of 13 times in June. The electronics sector again had the highest count, covering 6 stocks: TankeBlue (688234), Lierda Information (300184), BOE A (000725), Rongda Photosensitive (300576), JSG (688478), and Sunlord Electronics (002138). Furthermore, the two stocks Panjing surveyed twice during the month—BOE A (000725) and Lierda Information (300184)—also belonged to the electronics sector.
Strong Performance of Surveyed Electronics Stocks
The overall performance of the 72 electronics sector stocks surveyed by private equity in June was impressive, with an average gain of 25.11%. Five stocks—ACM Research (Shanghai) (688082), MEMSensing (688286), KONKA (002119), BOE A (000725), and Bluetrum (688332)—saw gains exceeding 60%. An additional 27 stocks posted gains between 30% and 60%, indicating a strong showing of high-performing stocks. It is estimated that this robust share price performance was a key reason the sector attracted significant research attention from private equity.
Relevant sources pointed out that in the first half of this year, most growth-style investment managers held positions in sectors like communications and semiconductors, and these managers have achieved good performance. Balanced-style managers also began increasing allocations to technology stocks early in the year, structuring their portfolios with a value foundation enhanced by technology. As technology holdings rose in price and proportion, they gradually made adjustments to rebalance portfolio weightings.
Structural Market Trends May Persist
Looking at the entire first half of the year, the most distinct feature of the A-share market was undoubtedly the extreme divergence led by AI. How should one view such a sharp divergence?
In a mid-year letter to investors, Gao Yuncheng, Managing Partner and CEO of Jinglin Asset Management, stated that in the short term, AI infrastructure construction is cyclical. Historically, every technological revolution has experienced periods of overheated capital expenditure, valuation bubbles, and阶段性 pullbacks, and the AI industry chain will be no exception. However, over a longer time horizon, this round of change has strong structural characteristics because AI is essentially not a single-point product but a new production system.
"For example, in the past, semiconductors primarily served consumer electronics. In the future, semiconductors will directly participate in knowledge production, content production, decision-making production, and productivity enhancement. The market space behind this is incomparable to the past," Gao Yuncheng wrote.
Regarding the AI-led divergence, Springs Capital believes it is underpinned by solid industrial logic. Firstly, it reflects the concentrated mapping of the global AI industrial revolution in the capital markets. The global AI industry is gradually building a positive cycle from "capital expenditure — computing power demand — application monetization." Secondly, China's technology industry chain is deeply integrating into and benefiting from this wave through dual drivers: overseas and domestic. This dual resonance of overseas demand红利 and the domestic自主化浪潮 has already translated into宏观产业 data—China's integrated circuit exports in May saw year-on-year growth accelerate to 111% on top of a high base in April. Profit growth in AI-related industries has significantly boosted, becoming an important stabilizer for overall industrial enterprise profits.
"In contrast, domestic demand overall remains in a底部蓄势 state. In a market liquidity environment characterized by存量博弈, non-AI traditional sectors have objectively suffered a significant 'siphoning effect' of funds, thus表现承压," Springs Capital noted.
Looking ahead to the second half of the year, Springs Capital believes that although short-term market volatility may increase due to multi-party博弈, the underlying positive factors supporting A-shares have not fundamentally changed. While there are expectations of marginal tightening in the US Federal Reserve's monetary policy overseas, the domestic liquidity environment overall remains relatively ample and宽松. Moreover, the policy tone for maintaining capital market stability continues. Against the backdrop of the macro economy stabilizing at a bottom, the market is expected to延续 the characteristics of a structural行情.
Xingshi Investment indicated that as the semi-annual report预告 disclosure period begins, market focus on performance may increase. Overvalued targets may need to demonstrate better earnings兑现能力, while some undervalued标的 may also perform due to better-than-expected earnings. Market style may see some balance, and the overall market might maintain a震荡 pattern.
Xingshi Investment further pointed out that the中期 capital expenditure logic for the AI industry has not明显 changed at present. Short-term fluctuations have not altered the中期 investment value of the industry chain. Excellent technology companies with sustainable profitability are still值得关注. Furthermore, the演绎 of this bull market style has been quite extreme. The performance of some优质头部 companies in traditional industries has been阶段性地 ignored by the market, and the valuations of some traditional core assets are偏低, already offering high中期投资性价比, which is also值得关注.
Gao Yuncheng believes that in the coming years, the world's most important investment opportunities will likely revolve around AI infrastructure, semiconductors, intelligent manufacturing, energy, AI applications, and the restructuring of global industry chains. Although short-term market fluctuations will persist, from an industrial trend perspective, many directions are becoming increasingly clear.
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