Over 1,300 companies received institutional research in the first quarter; four major industries are particularly favored.

Major investment institutions, including brokerage firms and fund companies, have revealed the routes for research visits to listed companies during the first quarter.

According to Wind data, in the first quarter of 2026, a total of 1,351 A-share listed companies received institutional research visits. 大金重工, 迈瑞医疗, and 天顺风能 each received more than 300 institutions for research visits, with comparatively higher levels of attention. Judging from secondary-market performance, some listed companies that were researched saw their stock prices double in the first quarter, carving out an independent uptrend.

In terms of industry distribution, the four major sectors—electronics, machinery and equipment, biopharmaceuticals, and power equipment—are the “favorites” for institutional research. Within each of these industries, there are more than 110 companies that received institutional research visits in the first quarter. Regarding future investment opportunities for the related segments, sub-sectors such as innovative drugs, innovative medical devices, storage chips, and passive components are worth investors’ attention.

Dajin Heavy Industry was the most closely watched in the first quarter

After hitting a historical high during intraday trading on March 16, 大金重工’s stock price has recently experienced a certain degree of pullback. However, over the entire first quarter, the company’s stock price still rose cumulatively by 34.22%. From the perspective of institutional research visits, according to Wind data, in the first quarter, 大金重工 cumulatively received 394 institutions for research, making it the most-watched listed company for the same period. Research meeting summaries show that during the visits, topics such as the company’s expectations for bidding progress for offshore wind tenders in Europe and other overseas markets in 2026 were given significant attention.

Dajin Heavy Industry said it has a high market share in Germany’s offshore wind foundation infrastructure sector, has strong project delivery performance, and has already locked in the piers at Cuxhaven Port in Germany; these will be used in the future to carry out localized services. Some offshore wind projects in Japan that have already been approved are expected to be finalized and awarded gradually this year. Due to limited production capacity for local foundation structures, the company sees a strong opportunity to enter the market and is currently actively taking part in the bidding process. The company has already completed its setup in the Polish market, has a reserve of employees, and has project experience in localized installation and inspection.

Besides 大金重工, both 迈瑞医疗 and 天顺风能 also received more than 300 institutions for research visits in the first quarter, with similarly high levels of attention. According to the research meeting summaries disclosed by the companies, 迈瑞医疗 was asked about reasons behind the significant decline in profit margins in 2025, while 天顺风能 was asked questions including what the nominal production capacity situation in 2026 will be. In the first quarter, among the research institutions visits received by 80 companies, the number of research institutions was all above 100.

Looking back at the overall performance of A shares in this year’s first quarter, the three major stock indices all saw adjustments to varying degrees. However, judging from the first-quarter institutional research visits to listed companies, some companies’ stock prices rose against the trend, even forming an independent uptrend where the share price doubled.

On April 1, 欧科亿’s stock price rebounded by nearly 10%. In the just-passed first quarter, it surged by 147.22%, making it the best-performing target among the listed companies that received institutional research visits in the same period. The company’s disclosed research meeting summaries show that topics such as what applications AI has in the tooling sector and what plans the company has in the robot-related industrial chain attracted institutional attention.

Apart from 欧科亿, among the listed companies that received institutional research visits in the first quarter, four doubling stocks also emerged: 宏景科技, 美诺华, 可川科技, and 百川股份. Their stock price gains in the first quarter were 131.21%, 112.58%, 107.99%, and 102.23%, respectively. In terms of industry distribution, these four companies belong to the computer, biopharmaceutical, electronics, and basic chemical industries, respectively. The research meeting summaries disclosed by these companies show that topics attracting institutional attention include the progress of the companies’ overseas business, the development history and current trends of the small-nucleic-acid drug market, views on the prospects of the industry the companies operate in, and whether the companies’ chemical products are increasing in price, among others.

Four major industry targets received dense institutional research

Judging from the industry distribution of listed companies that received institutional research visits in the first quarter, electronics, machinery and equipment, biopharmaceuticals, and power equipment are the “favorites” of institutions. Within the above industries, there are more than 110 companies receiving institutional research visits. Meanwhile, industries such as basic chemicals, computers, and automobiles also had more than 80 companies receiving institutional research visits in the first quarter, with high attention levels as well.

On April 1, the three major A-share stock indices rose collectively, delivering a strong start for April. Judging from the performance of industry sectors, the biopharmaceuticals sector ranked first among 31 Shenwan Level-1 industries with a gain of nearly 4%; the electronics sector also performed strongly, gaining nearly 3% for the full day, ranking fourth among the 31 Shenwan Level-1 industries.

The previously released “15th Five-Year Plan and 2035 Vision” outline clarified the need to “accelerate the development of strategic emerging industries such as new-generation information technology, new energy, new materials, intelligent connected new-energy vehicles, robotics, biopharmaceuticals, high-end equipment, and aerospace.” In the view of 程培, Chief Analyst in the biopharmaceutical sector at China Galaxy Securities, the biopharmaceutical industry has been classified as a national “emerging pillar industry,” further elevating its strategic positioning. It is expected that supporting industrial policies will be rolled out one after another, continuously promoting the development of the biopharmaceutical sector. From an investment perspective, after experiencing recent volatility and adjustments, the valuation of the pharmaceutical sector has fallen back to a relatively low level and is expected to restart its upward trend. We look for 2026 industry investment opportunities and recommend focusing on innovative drugs (leaders in the BIC and FIC pipelines), innovative medical devices (imaging, high-value consumables, consumer devices, etc.), the medical AI direction, as well as opportunities from the recovery in pharmaceutical consumption and independent third-party ICL.

In terms of the electronics sector’s overall performance since the beginning of this year, its cumulative gain is only 0.43%, which is not standout among the 31 Shenwan Level-1 industries. The market has been more inclined toward cyclical-style sectors such as coal and oil & petrochemicals. For future investment opportunities in the electronics sector, 许亮, Chief Analyst for the electronics industry at Everbright Securities, specifically recommends the storage chips segment. China’s storage chip industry chain is expected to usher in a round of historic development opportunities. Specific segments in the industry chain include storage chip modules, packaging and testing, manufacturing, as well as upstream related equipment and materials. In addition, the enabling effect of the artificial intelligence industry chain on the PCB and passive components sectors is also gradually becoming visible. Investors are advised to pay attention to investment opportunities related to the passive components industry chain.