Inovance(SZ:300124) Huan Qiu Wang·2025-10-03 02:55Core Insights - Foreign investment institutions are refocusing on the A-share market, particularly in the technology sector, as domestic economic recovery progresses [1] - In September, 23 companies attracted visits from 10 or more foreign institutions, primarily in high-tech fields, with 2024 R&D investment ratios exceeding 5% [1] Group 1: Foreign Investment Interest - Huichuan Technology topped the list with 176 overseas institution visits, followed by Estun and Shenzhen South Circuit with 58 and 54 visits respectively [3] - High R&D investment is a common characteristic among these companies, with Aobi Zhongguang leading at 36.2% R&D investment ratio for 2024 [3] Group 2: R&D Focus and Strategy - Foreign institutions are particularly interested in the R&D directions and technological advantages of these companies [3] - Huichuan Technology plans to invest 8%-10% of its revenue in R&D to maintain technological leadership, focusing on software, overseas market products, and humanoid robots [3] Group 3: Market Performance and Valuation - Among the 23 companies, 15 have a market capitalization exceeding 30 billion yuan, with Huichuan Technology leading at 226.3 billion yuan [4] - The average increase for these companies in September was nearly 12%, outperforming the CSI 300 index by about 9 percentage points [4] - Foreign investors prefer a valuation model based on "price-to-sales ratio + technological leadership" for hard tech companies, indicating potential for valuation restructuring in this sector [4]