Towards the end of the year, institutional research is in full swing, and the research map clearly outlines that capital is paying great attention to the transformation and upgrading of the real economy. As of December 18, more than 454 listed companies have received institutional research this month, and many leading private equity and fund managers have appeared on the survey list. In terms of industry distribution, the three major industries of electronics, machinery and equipment, medicine and biology rank in the top three in research popularity, and the hard technology circuit has become the absolute main force in research. Institutional research shows an echelon pattern of “leading by the head and following up from small to medium”. The level of activity in private equity at the 10 billion level is particularly prominent. Relevant sources said that currently, the market is shifting from being valuation-driven to performance-driven, and investment opportunities in 2026 will focus on two major directions: one is a booming circuit supported by policies such as AI technological innovation and semiconductor autonomy and control; the other is a segment where the relationship between supply and demand is improved under the “anti-internal roll” policy. Meanwhile, as annual report forecasts are revealed one after another and the Central Economic Work Conference sets the tone, the agency's in-depth exploration of high-quality standards is expected to heat up further. Companies with “hard technology” attributes and a sustainable profit model are becoming the focus of capital allocation, injecting more structural vitality into the 2026 A-share market.

Towards the end of the year, institutional research is in full swing, and the research map clearly outlines that capital is paying great attention to the transformation and upgrading of the real economy. As of December 18, more than 454 listed companies have received institutional research this month, and many leading private equity and fund managers have appeared on the survey list. In terms of industry distribution, the three major industries of electronics, machinery and equipment, medicine and biology rank in the top three in research popularity, and the hard technology circuit has become the absolute main force in research. Institutional research shows an echelon pattern of “leading by the head and following up from small to medium”. The level of activity in private equity at the 10 billion level is particularly prominent. Relevant sources said that currently, the market is shifting from being valuation-driven to performance-driven, and investment opportunities in 2026 will focus on two major directions: one is a booming circuit supported by policies such as AI technological innovation and semiconductor autonomy and control; the other is a segment where the relationship between supply and demand is improved under the “anti-internal roll” policy. Meanwhile, as annual report forecasts are revealed one after another and the Central Economic Work Conference sets the tone, the agency's in-depth exploration of high-quality standards is expected to heat up further. Companies with “hard technology” attributes and a sustainable profit model are becoming the focus of capital allocation, injecting more structural vitality into the 2026 A-share market.