Data from the Private Fund Ranking Network reveals that in May, securities private fund institutions maintained a high level of interest in researching A-share listed companies. Sectors such as semiconductors, medical devices, and general equipment (classified under Shenwan’s secondary industry classification, hereinafter the same) emerged as the focal points of these research efforts.
Bullish Stance Reflected in Positions
From the perspective of portfolio positions, as of the end of May, the average position of private equity funds adopting a subjective long – only stock strategy stood at 77%, marking a 1 – percentage – point increase compared to the end of April. This indicates that private equity funds generally hold an optimistic outlook regarding market trends and structural opportunities.
Surge in Research Activities
The total number of private equity research activities in May exceeded 2,500. According to the Private Fund Ranking Network, 876 private securities management firms participated in researching A-share listed companies during the month. They covered 494 individual stocks across 90 Shenwan secondary industry sectors, with a cumulative 2,544 research visits.
Standout Stocks in Research
In May, 25 stocks received significant attention from private equity institutions, each attracting more than 20 research visits. Anji Technology (174.860, -3.48, -1.95%) topped the list, with 75 private equity research visits in May, becoming the most popular stock for private equity research that month. Belonging to the electronic chemicals industry, it drew the attention of over a dozen private equity funds with assets under management exceeding 100 billion yuan, including Dianshu Quan, Gaoyi Asset Management, Panjing Investment, Ruijun Asset Management, and Xingshi Investment, for joint research.
The top 10 most – researched stocks by private equity were Anji Technology, Huichuan Technology (64.870, 0.03, 0.05%), Henghe Da (68.510, 0.21, 0.31%), Baige Shenzhou (236.980, 2.57, 1.10%), Anjeshi (63.940, -0.05, -0.08%), Xidihui (13.280, 0.11, 0.84%), Shengmei Shanghai (106.600, -0.01, -0.01%), Xiangxin Technology (42.130, 3.16, 8.11%), Anke Innovation (100.100, 1.94, 1.98%), and Jiahe Intelligent (16.370, 0.19, 1.17%). Among them, Henghe Da witnessed an 89.66% increase in its stock price in May, making it the best – performing stock among the top 10 most – researched stocks by private equity that month.
Industry – Level Attention
In May, 30 industries received at least 20 visits from private equity institutions, and six industries were visited more than 100 times. The semiconductor industry led the way, with 30 stocks receiving a total of 226 visits from private equity institutions, making it the most – researched industry in May. Following closely were medical devices, general equipment, automation equipment, special equipment, and chemical pharmaceuticals, all of which were visited by private equity institutions more than 100 times in May, and the number of stocks visited in each of these industries was also above 10.
Active Researching Firms
In May, 48 private equity institutions conducted more than 10 research visits to A-share listed companies. Zhengyuan Investment led the pack with 72 research visits in May. Additionally, Panjing Investment, Dunhe Asset Management, Gaoyi Asset Management, Ruijun Asset Management, and Tianjin Quanquan Asset Management, all managing assets of over 10 billion yuan, also ranked among the top ten in terms of research visit frequencies in May.
High Private Equity Position Levels
While private equity firms’ enthusiasm for researching A-share listed companies remained high, their average position levels also stayed at a relatively elevated state. As of the end of May, the average position of domestic stock – based subjective long – short strategy private funds was 77%, a 1 – percentage – point increase from the end of April and relatively high within the year.
Regarding the specific distribution of position sizes, as of the end of May, the proportion of subjective long – position strategy private equity funds with positions of 50% or more reached 94%, an increase of 1.8 percentage points from the previous period. The proportion of private equity funds with positions of 80% or more (excluding full positions) was 43.3%, a significant 5.5 – percentage – point increase compared to the previous period.
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