Inovance(SZ:300124) 证券时报·2025-10-03 01:17Core Viewpoint - The article discusses the increasing interest of foreign institutions in China's A-share market, particularly in technology stocks, driven by the steady recovery of the domestic economy and high R&D investments by companies [3][4]. 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 [3]. - 汇川技术 (Inovance Technology) led with 176 foreign institution visits, followed by 埃斯顿 (Estun Automation) and 深南电路 (Shennan Circuits) with 58 and 54 visits, respectively [3][4]. Group 2: R&D Investment - High R&D investment is a common characteristic attracting foreign investment, with 奥比中光 (Obi Technology) at 36.2% and 东芯股份 (East芯) at 33.3% [4]. - 汇川技术 plans to allocate 8% to 10% of its revenue to R&D, focusing on software, overseas market products, and strategic business investments [4]. Group 3: Market Performance - The average stock price increase for the companies on the September list was nearly 12%, outperforming the沪深300 index by about 9 percentage points [6]. - The stock of 晶盛机电 (Jingsheng Mechanical) surged by 50.8%, marking it as a "technology dark horse" [6]. Group 4: Valuation Trends - Foreign investors are shifting their valuation models for hard technology, favoring a combination of price-to-sales ratios and technological leadership rather than traditional PEG models [6].