With the completion of Q3 earnings disclosures by listed companies, brokerage research activities have become increasingly active.
According to Wind data, at the beginning of November, over 35 brokerages surveyed companies such as Trina Solar in the photovoltaic module supply chain, Anji Microelectronics in the semiconductor materials sector, and Luxshare Precision, a leader in consumer electronics. Meanwhile, more than 25 brokerages visited Xiamen Intretech, a smart IoT terminal manufacturer, and Tongyu Communication, a base station antenna producer.
Over a longer timeframe, brokerages have shown strong interest in the "new quality productive forces" theme, though their research focus has diversified. Since October, stocks in electronics, machinery, pharmaceuticals, and power equipment have all attracted intensive brokerage coverage.
"The brokerage research trend reflects sustained market attention on the tech sector, with semiconductors and industrial automation being key areas of interest. Institutions are also closely tracking pharmaceutical innovation and advanced manufacturing upgrades. Under export control policies, materials-related firms have also become a focal point," noted Sui Dong, a researcher at Paipaiwang Wealth.
**Focus on Tech Sub-Sectors** From October 1 to November 5, 953 A-share companies were surveyed by brokerages. Among them, 42 firms received coverage from at least 40 brokerages. The top three—Imeik Technology, CTI Group, and Jinpan International—were surveyed by 65, 64, and 62 brokerages, respectively.
Though operating in different industries, these companies share the "new quality productive forces" label. Imeik specializes in ophthalmic medical devices, CTI Group provides testing and certification services, and Jinpan International is a global power equipment supplier.
Beyond medical and power equipment, brokerages also focused on semiconductor leaders and advanced manufacturing. Since October, GigaDevice (55 brokerages), Canadian Solar (49), and aerospace firm Aerosun Corporation (50) drew significant attention.
Meanwhile, gaming leader Kingnet Network and e-commerce firm Royalwasen each attracted 49 brokerages, matching interest in "new quality productive forces" stocks. Sanhua Intelligent Controls, Hanon Systems, snack maker Qiaqia Food, and gaming operator G-bits also saw strong coverage, with 48 brokerages each.
Other firms like Montage Technology, Ganyuan Foods, Roborock, Ninebot, Crystal Optech, Shanghai Jahwa, and Ronbay Materials were surveyed by over 45 brokerages, spanning ICs, food processing, home appliances, and specialty chemicals.
Chen Xingwen, Chief Strategist at BlackRock Capital, noted that recent brokerage research has concentrated on tech, consumer, and manufacturing sectors, which align with economic transformation and industrial upgrading trends.
"Domestic policies support tech innovation and consumption upgrades, while global capital favors emerging tech and renewables, highlighting these sectors' investment appeal. Brokerage activity reflects market optimism and their proactive stance in identifying opportunities," Chen added.
Sui Dong pointed out that heavily researched firms typically possess strong technological moats and growth potential, with some benefiting from global expansion or policy tailwinds.
Notably, many of these companies also drew attention from other institutions. For instance, Imeik, Sanhua, GigaDevice, Jinpan, and CTI were surveyed by 306, 284, 276, 254, and 249 institutions (including funds, insurers, and private equity), respectively.
**Stock Performance** Since October, Jinpan, Canadian Solar, and Longsys surged 65.01%, 58.33%, and 45.48%, respectively, leading gains. Conversely, Imeik, Kingnet, Royalwasen, G-bits, Roborock, and Montage Tech fell over 10%.
In tech surveys, institutions prioritized innovation, R&D progress, and product roadmaps, alongside cost controls and external impacts on profitability. For example, Longsys was queried on memory price effects, enterprise storage products, and controller chip plans, while Jinpan discussed solid-state transformer (SST) advancements.
**Investment Strategies** Brokerage strategies largely target high-growth sectors. CITIC Securities highlighted strong Q3 performances in AI-related PCBs, domestic computing chips, and memory/logistics chips, foreseeing sustained electronics sector momentum driven by AI and semiconductor expansion.
CICC’s strategy team recommended focusing on AI computing, telecom equipment, semiconductors, robotics, biotech, and batteries in November, noting rotation potential within these sectors. They also highlighted export-driven opportunities in machinery, grid equipment, home appliances, and commercial vehicles, alongside financials like insurers and brokers.
CaTong Securities suggested a domestic-focused November allocation: in new economy, sentiment-driven consumption (e.g., Hong Kong internet, F&B, gold) and self-sufficiency themes (AI software/chips, semiconductor equipment, aero-engines); in traditional sectors, anti-overcapacity plays (e.g., silicon, coal, steel, copper).
Chen Xingwen advised year-end investors to weigh policy direction, sector trends, valuations, and risk management, avoiding hype for balanced long-term returns. Sui Dong emphasized monitoring annual earnings expectations and avoiding overvalued stocks amid holiday-driven sector rotations.
