Recent market activity has been brisk, with brokerages actively researching A-share companies to uncover the latest opportunities. Data shows that since the beginning of the year, brokerages have collectively researched 440 A-share companies, with the electronics and machinery equipment industries being the most numerous, while the power equipment and chemical sectors have seen a sharp surge in research interest. Concurrently, over 1,000 A-share listed companies have recently released their 2025 performance forecasts or preliminary earnings reports, prompting brokerages to adjust ratings for multiple stocks. Looking ahead, several brokerage asset management institutions expressed that the stock market still holds numerous structural opportunities this year, with a focus on technology growth sectors and resource commodities.
Since the start of the year, brokerages have researched 440 companies, with power equipment and chemicals experiencing a significant surge in popularity. According to Miaoxiang Choice data, brokerages have researched a total of 440 A-share companies so far in 2026. In terms of industry distribution, the electronics and machinery equipment sectors had the highest numbers, each with over 60 companies researched. The pharmaceuticals & biologics, computer, power equipment, basic chemicals, and automotive industries also each had over 30 companies researched. Recently, the State Grid Corporation announced that fixed asset investment during the "16th Five-Year Plan" period is expected to reach 4 trillion yuan, a 40% increase compared to investment during the "14th Five-Year Plan" period. The power equipment industry has consequently become one of the hottest areas for brokerage research, covering sectors like wind power, photovoltaics, grid equipment, and batteries. Dajin Heavy Industry and DK Electronic Materials were researched by 47 and 35 brokerages respectively. Additionally, Shenzhen Hopewind Electric Co.,Ltd., Zhenjiang Power, Trina Solar, Delijia, and Sieyuan Electric were each researched by more than 10 brokerages.
The chemical sector has also seen a sharp rise in research activity recently. Rainbow Chemical and Wote were each researched by over 20 brokerages. Other popular chemical stocks that have been researched by no fewer than 10 brokerages since the start of the year include Aladdin, Xingfa Group, Taibo New Material, and Pret. Benefiting from sustained interest in themes like AI and robotics, the electronics and machinery equipment industries remain the sectors with the highest absolute number of listed companies researched by brokerages. Within the electronics sector, semiconductors and optical/optoelectronics were particularly popular, with companies like Triumph Science & Technology Co.,Ltd, BIWIN Storage, HaloC, Aisen, and Hankun New Material receiving research attention from over 10 brokerages. In the machinery equipment sector, areas like industrial automation and controlled nuclear fusion attracted significant interest, with companies like Naipu Mining, CIMC, CIMC Enric, and Jinwo exhibiting high popularity.
Ranked by the number of researching brokerages, Dajin Heavy Industry, DK Electronic Materials, Naipu Mining, Nancal Technology, Rainbow Chemical, and 37 Interactive Entertainment were recently the most popular, each attracting concentrated research from over 25 brokerages.
With impressive performances, multiple stocks have seen their ratings upgraded. As of January 25th, over 1,000 A-share companies have disclosed their 2025 performance forecasts or preliminary earnings reports. As these financial figures are gradually released, brokerages have adjusted their latest ratings and target prices for individual stocks. Miaoxiang Choice data indicates that since January 20th, several stocks have had their ratings upgraded by brokerages due to excellent performance or reduced losses. For example, BIWIN Storage's performance forecast indicates an expected net profit attributable to shareholders of 850 million to 1 billion yuan for 2025, a year-on-year increase of 427% to 520%. Huaxin Securities recently upgraded the company to a "Buy" rating, believing the company is building an integrated "storage + wafer-level advanced packaging and testing" solution capability, and that its operating performance is expected to continue improving during the memory price recovery cycle.
Jianghuai Automobile's performance forecast indicates an expected net loss attributable to shareholders of approximately -1.68 billion yuan for 2025, a reduced loss of about 104 million yuan compared to the previous year. Sealand Securities recently upgraded Jianghuai Automobile to a "Buy" rating, noting a significant improvement in the company's fourth-quarter 2024 performance. They also cited the launch of the new product cycle for the Zunjie model developed in cooperation with Huawei and an acceleration of high-end strategies, suggesting the company's 2026 new models could replicate the success of previous hit products.
Sealand Securities also upgraded Seres to a "Buy" rating. The brokerage stated that, benefiting from increased deliveries of the AITO new model, Seres sold over 60,000 vehicles in December 2025 alone, with full-year 2025 sales reaching 430,000 units, a 10.5% year-on-year increase. Furthermore, the company is set to launch the new SUV M6 in 2026, which is expected to replicate the success logic of the M9 and M8 models. Additionally, Beijing Stock Exchange-listed Lintai New Material was recently upgraded to a "Buy" rating by Huayuan Securities. Huayuan Securities believes Lintai New Material is a materials solutions provider rooted in friction material technology. Through breakthrough technological processes, the company has successfully transitioned from an "auto parts supplier" to a "platform-type materials enterprise," expanding from passenger car transmission systems into areas like construction machinery, agricultural machinery, commercial vehicles, aircraft, and special equipment, possessing technological scarcity, first-mover advantages in localization, and earnings elasticity from capacity upgrades.
Institutions focus on structural opportunities in tech growth and resources. Recently, interviews were conducted with several brokerage asset management institutions regarding their equity market investment strategies and outlook. The interviewed institutions generally believe that the stock market still holds numerous structural opportunities this year, with a focus on areas like technology growth and resource commodities. A relevant person in charge of Guosen Asset Management indicated that fundamentals are expected to continue improving in 2026, and rising market risk appetite also bodes well for stocks. "However, current stock market valuations have recovered to relatively high levels, largely pricing in many positive factors. The phase of pure valuation expansion has ended, and the stock market is shifting to being driven by earnings. The market may exhibit a volatile upward trend, presenting good structural allocation opportunities overall."
First Capital Asset Management, in an interview, stated that looking ahead to 2026, the focus is on sectors benefiting from the synergy of policy dividends and industrial momentum: first, the technology growth track, emphasizing specific segments within the AI industry chain like optical modules, PCBs, storage, and semiconductor equipment and materials, where accelerated technological iteration is leading related companies into an earnings realization phase; second, the pro-cyclical and advanced manufacturing direction, favoring sectors like non-ferrous metals, lithium batteries (especially energy storage systems and battery materials), and chemicals, which benefit from both domestic industrial upgrading and incremental demand from the global energy transition; third, frontier thematic investments, such as commercial aerospace and nuclear fusion, which are emerging fields supported by national strategy, nearing technological breakthroughs, and possess long-term growth potential.
"A relevant person in charge of Caitong Asset Management expressed in an interview that in 2026, China-US strategic competition is entering a 'platform phase,' with overall tariffs on China expected to remain largely stable. Domestically, as the first year of the '16th Five-Year Plan,' reinforced counter-cyclical adjustments are anticipated, potentially leading to a comprehensive revaluation of Chinese assets in 2026. For A-shares, an economic bottoming-out and recovery could catalyze the market into the second phase of an upward trend. Key focus areas include opportunities for revaluation stemming from technological innovation, resource repricing, the bottoming-out and recovery of fundamentals in excellent enterprises, and corporate expansion overseas."
A relevant person in charge of Everbright Sun Hung Kai Asset Management believes, "The stock market is expected to exhibit structural characteristics in 2026, potentially transitioning from a phase of rapid valuation increases to a phase of moderate upward movement supported by fundamentals. During this process, the logic of technology growth and rising upstream resource prices is expected to intertwine."
