近5日机构合计调研139家公司，三花智控、劲仔食品、广联达等被多家机构扎堆调研。 | 002139 | 拓邦股份 | 1 | 73 | 15.53 | -1.08 | 电子 | | --- | --- | --- | --- | --- | --- | --- | | 688458 | 美芯晟 | 1 | 70 | 36.73 | -0.03 | 电子 | | 688323 | 瑞华泰 | 1 | 65 | 14.15 | -1.12 | 基础化工 | | 603477 | 巨星农牧 | 2 | 65 | 20.39 | 8.40 | 农林牧渔 | | 832491 | 奥迪威 | 1 | 65 | 31.81 | 4.71 | 电子 | | 688197 | 首药控股 | 1 | 62 | 31.90 | 5.56 | 医药生物 | | 688008 | 澜起科技 | 1 | 61 | 77.50 | 4.70 | 电子 | | 002683 | 广东宏大 | 1 | 60 | 29.85 | 1.46 | 基础化工 | | 300294 | 博雅生物 | 1 | 56 | 27.20 | -1.16 | ...

Core Viewpoint - The article emphasizes the importance of institutional research in investment decision-making, highlighting that while event effects from institutional research are weak, stocks with high research interest show strong differentiation in returns [1][4]. Group 1: Institutional Research Disclosure - Institutional research information disclosure is timely and has a high coverage rate, with the average lag time for disclosure remaining below 7 days over the past decade, and a coverage rate of 57% in 2024, covering 3,058 listed companies [2][3]. Group 2: Research Preferences - Institutional research tends to favor large-cap companies and focuses on growth sectors, with significant research event counts in industries such as machinery, electronics, pharmaceuticals, computers, basic chemicals, electric vehicles, and automobiles [3][4]. Group 3: Event Effects and Stock Selection - Post-research event analysis shows low win rates and high return-risk ratios, indicating that the positive impact of research events on stock prices is below 50%, suggesting a focus on stocks with high research interest rather than event-driven returns [4][5]. Group 4: Research Heat and Stock Returns - After neutralizing for market capitalization and industry, the research heat shows strong differentiation in stock returns, indicating that high research heat stocks have notable alpha but may have lower returns when market cap is considered [5][6]. Group 5: Performance of High Research Heat Portfolios - A portfolio constructed from high research heat stocks across various market cap segments achieved an annualized absolute return of 13.8% and an annualized excess return of 9.4% relative to the CSI All Share Index from 2013 to January 2025, with a high win rate against the index [7].