During the recently concluded summer period, China's A-share market witnessed intensive research activities by private funds. According to statistics, a total of 1,336 private funds participated in this large-scale "due diligence" of listed companies, with research footprints covering 897 individual stocks across 29 SWSSC Level-1 industries, totaling 7,816 research sessions.

In summer research activities by private funds, the pharmaceutical and biotechnology sector received 1,301 research sessions, ranking first among all industries and becoming the most watched sector during the summer. At the individual stock level, Mindray Medical was researched 117 times, making it the most attention-grabbing stock among private funds. Additionally, other pharmaceutical stocks such as Anges, Aibo Medical, Micro-Tech Medical, Bailitian Heng, and Anke Biotechnology also ranked high in private fund research frequency.

Another highlight at the industry level was the electronics sector, which alongside the pharmaceutical and biotechnology industry became one of only two sectors to receive over 1,000 research sessions during the summer, totaling 1,152 research sessions. Meanwhile, the computer, machinery equipment, and power equipment sectors were all researched over 500 times, also representing hot sectors for private fund summer research.

Comparatively, small and medium-sized private funds showed higher activity levels in research participation. Industry insiders believe that smaller-scale private funds have greater capital flexibility and adopt a "cast wide nets" strategy to seek elastic opportunities, establishing performance advantages by uncovering "small but beautiful" targets. In contrast, billion-yuan private funds tend to be more selective, focusing on verifying the logic of industry leaders and core holdings, as well as exploring new long-term allocation directions.

On the summer research lists of listed companies, prominent investment managers from billion-yuan private funds frequently appeared. At Hikvision's video conference on August 2, Feng Liu and Zhang Xinhe from Gaoyi Asset Management, and Lin Peng, Han Dong, and Ling Chen from Harmonic Capital all participated. Additionally, Sun Qingrui from Gaoyi Asset Management appeared on the summer research lists of Hongfa Technology, Mayer Optical, Luxshare Precision, and Sanhua Intelligent Controls. Dong Chengfei and Du Changyong also researched Ding Long and Wing Tech respectively.

**Pharmaceutical Sector Most Popular, Mindray Medical Receives Over 100 Research Sessions**

From the perspective of research industries, the pharmaceutical and biotechnology sector received the most attention from private funds during summer, with related stocks being researched 1,301 times. Electronics, computer, machinery equipment, and power equipment sectors also received significant attention, with corresponding industry stocks being researched 1,152, 864, 752, and 670 times respectively.

Statistics show that a total of 8 industries received over 500 private fund research sessions during summer, including automotive, basic chemicals, and non-ferrous metals sectors.

Looking at individual stocks, 10 stocks received over 50 private fund research sessions during summer, with Mindray Medical being researched the most at 117 times. Private funds conducted 75, 74, 72, and 71 research sessions on Crystal Optech, Defond, Yoken, and Desay SV respectively.

According to statistics, among the 1,336 private funds that researched A-shares during summer, funds with 0-500 million yuan in assets under management were the most numerous, conducting the most research sessions and covering the most individual stocks, with a total of 3,552 research sessions covering 670 stocks. In terms of research frequency, funds with 500 million-1 billion yuan, 1-2 billion yuan, 2-5 billion yuan, near-10 billion yuan, and over 10 billion yuan conducted 982, 824, 1,058, 601, and 799 research sessions respectively during summer.

It can be observed that funds with 0-500 million yuan and 2-5 billion yuan both conducted over 1,000 research sessions during summer, indicating higher research activity among small and medium-sized private funds.

The top ten private funds by summer research frequency were: Zhengyuan Investment, Shangcheng Asset Management, Tianni Investment, Gaoyi Asset Management, Qingli Investment, Minghe Investment, Xuanbu Investment, Tuling Asset Management, Panjing Investment, and Harmonic Capital, with only Gaoyi Asset Management, Panjing Investment, and Harmonic Capital being billion-yuan private funds.

In terms of individual stocks researched, funds with 500 million-1 billion yuan, 1-2 billion yuan, 2-5 billion yuan, near-10 billion yuan, and over 10 billion yuan researched 455, 392, 465, 326, and 402 stocks respectively during summer.

**Feng Liu, Dong Chengfei, and Lin Peng Also Active in Summer Research**

The aforementioned 47 billion-yuan private funds conducted a total of 799 research sessions during summer, covering 402 stocks across 28 SWSSC Level-1 industries. Among these, Gaoyi Asset Management, Panjing Investment, Harmonic Capital, Rui Jun Asset Management, and Hillhouse Investment led in research frequency, conducting 86, 71, 61, 47, and 45 sessions respectively during summer.

Overall, pharmaceutical and biotechnology, electronics, machinery equipment, power equipment, and computer sectors were also core "battlegrounds" for billion-yuan private fund summer research. In terms of individual stocks, those receiving the most research sessions were Mindray Medical, Neosemi Technology, Micro-Tech Medical, and Desay SV.

According to statistics, Gaoyi Asset Management researched 79 individual stocks across 18 industries during summer. Over these two months, Gaoyi Asset Management conducted two research sessions each on Desay SV, Cofoe Medical, Liugong, Neptune Mining, STO Express, Neosemi Technology, and Accelink Technologies, while all other stocks were researched only once.

Wind data shows that Feng Liu, Zhang Xinhe, and three others participated in Hikvision's video conference on August 2. In July, Sun Qingrui and Zhang Xinhe jointly participated in a video conference with Hongfa Technology. In August, Sun Qingrui successively researched Mayer Optical, Luxshare Precision, and Sanhua Intelligent Controls through video conferences. Notably, Feng Liu also appeared on Hikvision's research list in April.

Harmonic Capital researched 60 individual stocks across 15 industries during summer, conducting two research sessions only on Westar New Materials, while all other stocks were researched just once. Lin Peng, along with Han Dong and Ling Chen, were also listed on Hikvision's research list on August 2. The previous day, Ling Chen attended an on-site meeting at Ezviz Network.

Rui Jun Asset Management researched 44 individual stocks across 12 industries, conducting two research sessions each only on Chongda Technology, Desay SV, and Shenggong, while all other stocks were researched once. In August, Dong Chengfei first participated in an on-site research activity at Ding Long, followed by Du Changyong and Wang Xiaoming appearing on Wing Tech's research list at month-end.