Zheng Quan Ri Bao·2025-12-02 16:12Group 1 - In November, public fund institutions accelerated their research activities, focusing on hard technology and advanced manufacturing sectors, with 154 institutions participating in over 4,200 company surveys across 30 industries and more than 500 stocks [1] - The research trend showed a concentration on leading firms and specific sectors, with 85 institutions conducting more than 20 surveys each, and Bosera Fund leading with 111 surveys, primarily in the electronics, machinery, and power equipment industries [2] - The electronics sector received the most attention, with 974 surveys conducted, followed by machinery with 819 surveys, and pharmaceuticals with 403 surveys, indicating a strong interest in companies like Luxshare Precision and Industrial Fulian [2] Group 2 - Public institutions are increasingly focusing on long-term value, emphasizing core competitiveness and growth certainty in niche areas, such as automation growth logic for Huichuan Technology and natural gas equipment advantages for Jereh [3] - In the pharmaceutical sector, the focus is on the progress of innovative drug pipelines and commercialization effectiveness, reflecting a market interest in companies' technological innovation and long-term profitability [3] - The investment landscape is shifting towards companies with strong R&D capabilities and integrated supply chains, particularly in electronics, machinery, and power equipment, as institutions prepare for future market opportunities [4] Group 3 - The investment value of hard technology and advanced manufacturing sectors is expected to become more prominent, driven by policy incentives and industry upgrades, with a focus on AI-manufacturing integration, solid-state battery supply chains, and leading firms in high-end manufacturing [4] - The overall liquidity environment remains favorable for mid-term market trends, despite short-term fluctuations as the year-end approaches [4] - Investors are advised to pay attention to three main lines: AI-manufacturing integration in electronics, solid-state battery industry in power equipment, and leading firms in high-end manufacturing [4]