With the completion of Q3 earnings disclosures by listed companies, brokerage research activities have become increasingly active. Statistics show that since the beginning of November, over 35 brokerages have conducted research on companies such as Trina Solar in the photovoltaic module supply chain, Anji Technology in the semiconductor materials sector, and Luxshare Precision, a leading consumer electronics stock. Similarly, research on XCC Data, a smart IoT terminal manufacturer, and Tongyu Communication, a base station antenna producer, has attracted over 25 brokerages each.

In recent months, brokerages have shown strong interest in the "new quality productive forces" theme, though their research focus has diversified. Since October, stocks in electronics, machinery, pharmaceuticals, and power equipment sectors have seen concentrated brokerage attention.

"The brokerage research trends reflect sustained market interest in the tech sector, with semiconductors and industrial automation as key sub-sectors. Institutions are also closely tracking pharmaceutical innovation and advanced manufacturing upgrades. Under export control policies, material-related firms have also become focal points," noted Sui Dong, a researcher at Paipai Wealth.

**Tech Sub-Sectors in Focus** From October 1 to November 5, 953 A-share companies received brokerage research. Among them, 42 companies were surveyed by over 40 brokerages. The top three—Icare Medical, CTI Testing, and Jinpan Technology—were covered by 65, 64, and 62 brokerages, respectively. These firms, spanning different industries, all align with the "new quality productive forces" theme.

Icare Medical specializes in ophthalmic medical devices, covering surgical treatments, myopia prevention, and vision care. CTI Testing offers global testing, inspection, and certification services, while Jinpan Technology is a power equipment supplier focusing on transformers and energy storage solutions.

Beyond medical and power equipment, brokerages have also prioritized semiconductor leaders and advanced manufacturing firms. Since October, GigaDevice (a memory chip leader) and Canadian Solar (a top photovoltaic module maker) were researched by 55 and 49 brokerages, respectively. Aerospace stock Hangyu Technology drew 50 brokerages.

Notably, gaming leader Kingnet Network and e-commerce firm RoyalNest also attracted 49 brokerages each, matching interest in "new quality productive forces" stocks. Other heavily researched firms include Sanhua Intelligent Controls (air conditioning components), Han's Laser (compressors), snack maker ChaCha Food, and gaming operator G-bits, each covered by 48 brokerages.

**Market Trends and Strategies** Chen Xingwen, Chief Strategist at Kuroki Capital, noted that recent brokerage research has concentrated on tech, consumer, and manufacturing sectors, which align with economic transformation and innovation trends. "Domestic policies support tech and consumption upgrades, while global capital flows into emerging tech and renewables highlight their investment appeal," he added.

Sui Dong emphasized that heavily researched firms typically possess strong technological barriers and growth potential, with some benefiting from international expansion or policy tailwinds.

**Performance and Institutional Interest** Among the top-researched stocks, Jinpan Technology, Canadian Solar, and Longsys surged 65.01%, 58.33%, and 45.48% since October, while Icare Medical, Kingnet Network, and RoyalNest declined over 10%.

Institutional research often focuses on innovation, R&D progress, and cost control. For example, Longsys was queried about memory price impacts and enterprise storage product plans, while Jinpan Technology faced questions on solid-state transformer advancements.

**Investment Strategies** Brokerage strategies largely target high-growth sectors. CITIC Securities highlighted Q3 outperformers like PCB for computing, domestic AI chips, and memory/logistics chips, foreseeing sustained electronics sector growth driven by AI and semiconductor expansion.

CICC recommended focusing on AI computing, semiconductors, robotics, and biotech in November, noting export-driven opportunities in machinery, power equipment, and home appliances.

Zheshang Securities suggested a "domestic-focused" November strategy: prioritizing sentiment-driven consumption (e.g., internet, F&B, jewelry) and self-reliance themes (AI software, chips, aerospace), alongside traditional sectors like silicon and metals.

**Investor Caution** Chen Xingwen advised investors to weigh policy direction, valuations, and risk control amid year-end market fluctuations. Sui Dong stressed monitoring annual earnings expectations and avoiding overvalued stocks amid sector rotations.