Core Insights - The private equity research activity has shifted, with non-billion private equity firms dominating the top ten rankings, leaving only Gao Yi Asset as the sole billion-level firm [1][2] - Shangcheng Asset has emerged as a leader in research activity, conducting 228 research sessions and covering 219 stocks, making it the only firm to exceed 200 in both categories [1][2] - The increase in research activity among smaller private equity firms does not indicate a lack of engagement from billion-level firms, but rather reflects a strategic differentiation in the current market environment [1][7] Research Activity Rankings - As of November 23, non-billion private equity firms occupy nine out of the top ten spots in research activity, with Gao Yi Asset being the only billion-level firm [2][4] - Shangcheng Asset leads both the total number of research sessions and the number of stocks researched, followed by Zhengyuan Investment with 168 sessions and 158 stocks [2][3] Industry Focus - Billion-level private equity firms are concentrating on hard technology sectors, with notable interest from Gao Yi Asset in Hikvision and multiple firms jointly researching Luxshare Precision [1][7] - Shangcheng Asset's research has predominantly focused on industries such as medical devices, electronic components, and industrial machinery, with a significant number of stocks from the Shenzhen market [6][7] Notable Research Sessions - Shangcheng Asset has conducted the most research on Rongbai Technology, with three sessions, highlighting its position as a leading supplier of lithium battery materials [5][6] - Other billion-level firms like Zhongyang Investment and Hesheng Huiyi have shown interest in various sectors, including integrated circuits and medical devices, with multiple stocks being researched more than twice [7][8]

本报记者 方凌晨 其中，创金合信基金调研次数多达427次，"领跑"一众公募机构。从Wind行业分类来看，其调研标的主要集中于工业机 械、电子元件、医疗保健设备等行业，金石资源、欧科亿、华锐精密是其关注度较高的个股。平安基金、华夏基金分别以256 次、231次的调研次数紧随其后。平安基金调研标的主要集中于工业机械、电子元件、集成电路等行业，对博盈特焊、凯格精 机等个股关注度更高。华夏基金调研标的则更多分布在工业机械、医疗保健设备、集成电路等行业。 整体来看，科创板与创业板个股成为公募机构调研的焦点，公募机构对这两大板块相关标的的调研频次位居全市场前列。 朱润康认为，在监管部门各项政策的引导和推动下，科创板与创业板市场包容性持续提升，成为支撑科技创新、助力产业 升级的重要阵地。今年前三季度，科创板与创业板上市公司整体业绩显著改善，成长韧性凸显。在AI（人工智能）、新能源等 前沿需求的拉动下，科创板与创业板个股已成为机构资金配置高成长资产的核心选择。 今年四季度以来，公募机构进一步加强调研，其中科创板、创业板成长型标的成为调研重点。 这也与业内人士的投资观点相契合。在近期市场震荡调整、AI主题投资分化等背景下，业界 ...

随着新经济动能加速积聚，外资机构不断加仓中国资产。 据瑞银投资银行最新统计，2025年三季度，外国机构投资者进一步增持中国股票。投资范围不同的基金 （全球/新兴市场/亚洲）均小幅提高中国仓位。全球前40大投资机构的中国股票持仓也升至1.1%，为 2023年一季度以来的最高水平。 加仓方向上，国际投资者增持最多的行业包括医疗保健、保险、能源和材料以及互联网。 今年四季度以来，外资机构依旧对A股上市公司保持密切关注。据Wind统计，10月1日—11月14日，外 资机构调研A股上市公司的总次数接近1300次。其中，高盛（亚洲）证券有限公司、花旗环球金融亚洲 有限公司、摩根士丹利亚洲有限公司的调研次数排名靠前，分别为44次、30次、23次。 在外资机构看来，A股市场中长期表现的核心逻辑根植于中国制造优势，随着政策对部分产业"内卷 式"竞争的调控，中国制造优势最终能够在盈利能力上得以体现。 加仓中国资产 今年三季度，部分外资机构对包括A股、港股在内的中国资产展现出浓厚兴趣。 瑞银投资银行中国股票策略研究主管王宗豪近日发表中国股票策略称，2025年三季度，外国机构投资者 进一步增持中国股票，本季度低配比例从-1.6%升至 ...

Group 1: Foreign Investment Trends - Foreign institutional investors have increased their holdings in Chinese stocks, with the allocation rising from -1.6% to -1.3% in Q3 2025, marking the highest level since Q1 2023 at 1.1% for the top 40 global investment institutions [1][2] - The sectors with the most significant increases in foreign investment include healthcare, insurance, energy, materials, and the internet, while automotive and technology sectors saw reductions [2][3] Group 2: A-Share Market Research - From October 1 to November 14, foreign institutions conducted nearly 1300 research visits to A-share listed companies, with Goldman Sachs, Citigroup, and Morgan Stanley leading in the number of visits [1][5] - The most researched companies included Huaming Equipment, Optoelectronics, and United Imaging, indicating strong interest in sectors like electrical components, medical equipment, and industrial machinery [5] Group 3: Investment Focus Areas - Foreign institutions are optimistic about opportunities in AI, engineering machinery, non-ferrous metals, and the advantages of Chinese manufacturing, with a belief that the overall valuation of the A-share market remains reasonable [6][7] - The shift in investor sentiment reflects a growing recognition of the resilience and advantages of the manufacturing sector amid the transition from old to new economic drivers [7] Group 4: Future Outlook - There is an expectation that foreign capital inflow into Chinese assets will continue, supported by anticipated monetary easing from the Federal Reserve and a favorable environment for A-shares in the context of global capital rebalancing [8]

Group 1 - Foreign institutions have conducted research on 309 A-share listed companies since October, focusing on high-growth industries such as artificial intelligence, industrial automation, new energy, semiconductors, and consumer electronics [1][3] - As of the end of Q3 this year, the market value of A-shares held by QFII institutions reached 150.4 billion yuan, an increase of over 33 billion yuan compared to the end of 2024, representing a growth rate of 28.4% [1][10] - Notable companies receiving significant foreign interest include Huaming Equipment, United Imaging Healthcare, Lens Technology, and Luxshare Precision, primarily in high-growth sectors [6][7] Group 2 - Goldman Sachs has raised its forecasts for China's export growth and actual GDP growth, indicating a positive outlook for the "14th Five-Year Plan" period [12][14] - The focus of foreign institutions is on the development of a strong domestic market and enhancing the competitiveness of advanced manufacturing, which is expected to positively impact A-shares [13][14] - The research interest from foreign institutions includes a variety of sectors, with a notable emphasis on companies involved in AI, industrial automation, new energy, and semiconductors [5][6]

Core Viewpoint - Foreign investment in A-shares is increasing, with significant focus on high-growth sectors such as artificial intelligence, industrial automation, new energy, semiconductors, and consumer electronics [1][2][9]. Group 1: Foreign Investment Trends - As of the end of Q3 this year, the market value of A-shares held by QFII institutions reached 150.4 billion yuan, an increase of over 33 billion yuan compared to the end of 2024, representing a growth rate of 28.4% [2][7]. - In Q3, QFII entered the top ten shareholders of 687 A-share companies and increased holdings in 141 companies [8]. Group 2: Company Research Focus - Since October, foreign institutions have conducted research on 309 A-share companies, primarily in industries such as industrial machinery, electrical equipment, electronic components, and healthcare [3][6]. - Notable companies receiving significant foreign interest include Huaming Equipment, United Imaging, Lens Technology, and Luxshare Precision, with many being in high-growth sectors [5][6]. Group 3: Economic Outlook and Predictions - Goldman Sachs has raised its forecasts for China's export growth and actual GDP growth, indicating a positive outlook for the "14th Five-Year Plan" period [9][11]. - The firm expects China's export volume to grow by 5% to 6% annually over the next few years, contributing to overall economic expansion [11].

Group 1: Foreign Investment Focus - Since October, foreign institutions have conducted research on 309 A-share listed companies, primarily focusing on high-growth industries such as artificial intelligence, industrial automation, new energy, semiconductors, and consumer electronics [1][3] - Notably, 35 companies received attention from more than 10 foreign institutions, indicating a strong interest in companies like Huaming Equipment, United Imaging Healthcare, Lens Technology, and others [3] - Major foreign institutions involved in the research include Goldman Sachs, UBS, and Morgan Stanley, with Goldman Sachs alone researching over 50 A-share companies since October [5][6] Group 2: Company-Specific Insights - Huaming Equipment was the most researched company, with 82 foreign institutions focusing on its Q3 performance and future export orders [3][4] - United Imaging Healthcare attracted 71 foreign institutions, which were particularly interested in its performance in overseas markets and project deliveries [4] - Other companies like Lixun Precision, Han's Laser, and Jereh Group also received significant attention, reflecting a trend towards sectors like industrial machinery and medical equipment [1][3] Group 3: Economic Outlook and Policy Implications - Foreign institutions are optimistic about China's "14th Five-Year Plan," with Goldman Sachs raising its forecasts for China's export growth and GDP growth [2][6] - The focus on building a robust domestic market and enhancing advanced manufacturing capabilities is expected to positively impact A-shares, particularly in sectors related to self-sufficiency and emerging industries [6][7] - Goldman Sachs predicts that China's export volume will grow by 5% to 6% annually over the next few years, contributing to overall economic expansion [7]

Group 1 - The core viewpoint is that bank wealth management subsidiaries are increasing their research efforts in the equity market, driven by policy guidance to channel wealth management funds into the market [1][4] - In the first three quarters of this year, 25 bank wealth management subsidiaries conducted research on a total of 1,762 A-share listed companies, with over 2,100 research instances, and more than 50% of these companies are from the Sci-Tech Innovation Board and the Growth Enterprise Market [1][3] - The focus of the research is primarily on sectors with strong technological attributes, including industrial machinery, electronic components, electrical parts and equipment, medical devices, and integrated circuits [1][3] Group 2 - Notable banks such as Ningyin Wealth Management, Zhaoyin Wealth Management, and Xingyin Wealth Management led in the number of research instances and companies researched, with 301, 288, and 241 instances respectively [2] - These subsidiaries are actively participating in various equity market activities, including private placements, IPO projects, and increasing the supply of rights products, indicating a proactive approach to equity asset investment [2][4] - The enthusiasm for researching companies on the Sci-Tech Innovation Board and the Growth Enterprise Market is high, with 458 and 426 companies researched respectively, accounting for 50.17% of the total [3] Group 3 - The current low yield environment for bank wealth management products has prompted these subsidiaries to enhance their equity market layouts to increase product returns and meet client demands [4][5] - Strengthening research capabilities and industry analysis is a long-term goal for bank wealth management subsidiaries, as it helps improve asset management capabilities and risk control [4][5] - The focus on technology-driven companies reflects a strategic judgment towards sustainable, high-growth, and quality assets, aligning with national policies to support the real economy and innovation industries [5]

Group 1 - The A-share market has shown active performance in the second half of this year, with foreign institutions frequently conducting research and closely monitoring the latest developments of A-share companies [1][7] - A total of 442 foreign institutions conducted nearly 2100 research sessions on A-share companies since the beginning of the second half of the year, with a focus on high-end manufacturing and technology innovation sectors [1][2] - The net inflow of cross-border funds reached 3.2 billion USD in August, indicating a general net purchase of domestic stocks and bonds by foreign capital [1][7] Group 2 - Foreign institutions are particularly focused on sectors related to China's industrial upgrade, especially in globally competitive technology and high-end manufacturing [2] - Specific industries such as electrical components and equipment, industrial machinery, electronic components, and medical devices have received over 200 research sessions each from foreign institutions [2][3] - Companies like Huichuan Technology and Estun have been highlighted for their advancements in robotics and AI integration, attracting significant foreign interest [3][4] Group 3 - Prominent foreign institutions such as Point72, Goldman Sachs, and IGWT have been actively involved in research activities, with Point72 leading with 70 research sessions [4][5][6] - Point72's research has included companies like Obsidian Optics and Weisheng Information, focusing on their developments in the robotics sector [4] - Goldman Sachs and IGWT have also shown significant engagement, with 63 and 52 research sessions respectively, indicating a strong interest in A-share companies [5][6] Group 4 - The influx of foreign capital reflects a long-term confidence in the Chinese market, with a notable interest in sectors like AI and technology development [7][8] - Observations indicate that international investors are increasingly interested in Chinese stocks, with discussions around policies and industry trends gaining traction [7] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting a favorable outlook for private enterprises and sectors like AI [8]

Group 1 - Foreign institutions have shown a high frequency and broad coverage in their research of A-share listed companies, with 415 foreign institutions conducting a total of 1,885 research sessions since the second half of the year [1][2] - Key sectors of focus for foreign institutions include industrial machinery, electronic components, integrated circuits, electronic instruments, and medical care equipment, with companies like Huichuan Technology, Estun, Huaming Equipment, and Optoelectronics receiving over 80 research sessions each [1][2] - Notable foreign institutions such as Point72, Goldman Sachs, Bank of America Securities, and Citigroup have been particularly active, with Point72 leading with 63 research sessions [2] Group 2 - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, with China being viewed as a stable environment amidst complex geopolitical trends [2][3] - Significant trends such as the rise of emerging consumption, strong demand for export trade, and investments related to artificial intelligence (AI) are boosting market confidence in China's economic growth prospects [3] - Foreign institutions are optimistic about the long-term growth resilience of the Chinese economy and the trend of industrial upgrading, with a focus on technology, high-end manufacturing, and healthcare sectors [6] Group 3 - The healthcare equipment sector has also attracted significant attention from foreign institutions, with companies like United Imaging, Mindray, and Aohua Endoscopy seeing high research activity due to long-term growth drivers such as aging population and increased health awareness [5] - Foreign institutions are strategically positioning themselves in sectors like technology, high-end manufacturing, and healthcare, while also exploring structural opportunities in consumption and new energy [4] - The investment outlook for Chinese stocks remains positive, particularly for companies that continuously invest in R&D and possess core technologies with international competitiveness [4][6]