
Core Viewpoint - The article discusses the strong interest of foreign institutions in China's technology stocks, particularly in the context of the country's economic recovery and high R&D investments by these companies [1][2]. Group 1: Foreign Investment Interest - In September, 23 companies attracted visits from 10 or more foreign institutions, primarily high-tech firms with R&D expenditures exceeding 5% of their revenue [1]. - Huichuan Technology led with 176 foreign institution visits, followed by Estun and Shenzhen South Circuit with 58 and 54 visits, respectively [1]. - High R&D investment is a common characteristic attracting foreign interest, with companies like Aobi Zhongguang and Dongxin Co. having R&D ratios of 36.2% and 33.3%, respectively [1]. Group 2: R&D Focus Areas - Huichuan Technology plans to allocate 8% to 10% of its revenue to R&D, focusing on software, overseas market products, and humanoid robots [2]. - Siwei-W is recognized for its leadership in machine vision, with products widely used in various industries, showcasing significant technological influence [2]. Group 3: Market Capitalization and Performance - Among the 15 companies listed, 5 have market capitalizations exceeding 300 billion yuan, with Huichuan Technology leading at 226.3 billion yuan [3]. - Foreign investment is strategically focused on "high-end manufacturing + core components," with companies like Huichuan Technology and Shenzhen South Circuit positioned in critical domestic replacement sectors [3]. Group 4: Stock Performance - The average stock price increase for the listed companies in September was nearly 12%, outperforming the CSI 300 index by about 9 percentage points [4]. - The stock of Jing Sheng Electric saw a remarkable increase of 50.8%, marking it as a "technology dark horse" [4]. - A shift in valuation logic is noted, with foreign investors favoring a sales-to-valuation model combined with technological leadership rather than traditional PEG models [4].