In May 2026, the A-share market will fluctuate upward as a whole, and sector differentiation will intensify.
However, the overall enthusiasm for institutional research has not diminished. Public equity, private equity, foreign capital, securities firms and other institutions have intensively visited listed companies and actively explored structural investment opportunities.
Overall, hard technology tracks such as semiconductors, PCBs, and industrial automation driven by the AI industry chain have become the core focus of institutional research in May.
Wind data shows that in May this year, the A-share market continued to rise as a whole, but the upward trend slowed down and differentiation also intensified. However, institutional research activities remained relatively high, with a total of more than 700 A-share listed companies receiving institutional research that month.
In terms of the number of research institutions, according to Wind statistics, nearly 20 A-share listed companies, including Inovance Technology, Anker Innovation, Montage Technology, Shennan Circuits, Xinrui Technology, Shenghong Technology, and Guangli Technology, received more than 100 research institutions in May.
Inovance Technology was surveyed by more than 400 institutions in May this year, ranking at the forefront of the market.
According to the Investor Relations Activity Record of Inovance Technology, in May this year, the company accepted on-site surveys from a number of well-known Chinese and foreign institutions, including Ping An Asset Management, GF Funds, Lazard Asset Management, BlackRock, etc., and also accepted surveys from many institutions including Invesco Great Wall Fund, Taikang Assets, Eastspring, etc. in the form of conference calls.
In addition, during the above-mentioned period, the company also received institutional surveys in the form of securities dealer strategy meetings on many occasions.
During the research activities, Inovance Technology responded to multiple questions.
Regarding the reasons for this round of industrial control recovery, Inovance Technology stated that it is mainly driven by three aspects.
First, driven by emerging industries: AI drives demand for the entire industrial chain from materials, PCBs, chips, liquid crystals to machine tools; energy storage, humanoid robots, etc. have also formed new industrial pull; second, driven by the start of the “15th Five-Year Plan”: national investment projects across regions and local governments have increased, such as water conservancy, transportation, energy and other related strategic projects, with stronger investment efficiency and industry pull; third, demand for independent and controllable industries: demand for independent and controllable products in petrochemical, transportation, energy and other fields has increased.
As for the problems of rising prices and tight delivery times in the industrial automation industry, Inovance Technology stated that the supply side of the industrial automation industry has changed significantly this year, with rising raw material prices, tight delivery times and price adjustments in the industrial chain.
The company has made price adjustments based on the increase in raw material prices, and price transmission in the industrial automation field has been relatively smooth.
The company’s orders in the first quarter were good, but due to insufficient production capacity preparations, deliveries fell short of expectations. In the second quarter, the company is accelerating to catch up.
Anker Innovation was surveyed by more than 200 institutions in May, including Boshi Fund, Caitong Securities, Point 72 Asset Management and many other Chinese and foreign institutions.
Regarding the growth of the company’s energy storage business, Anker Innovation stated that the company’s overall energy storage business revenue will exceed 4.5 billion yuan in 2025, with the main growth coming from the two product lines of portable mobile energy storage and balcony photovoltaic energy storage.
From the perspective of demand trends, the core driving force for balcony light storage still comes from users’ needs to reduce energy costs, increase flexibility in electricity consumption, improve product payback cycles, and reduce installation complexity.
Monge Technology also received surveys from more than 200 institutions in May.
Regarding the progress of the iteration of the company’s DDR5 memory interface chip sub-generation, Montage Technology stated that in the first quarter of this year, as the penetration rate of DDR5 increased and the sub-generation continued iteration, the company’s DDR5 RCD chip shipments increased significantly, with the shipment proportion of the third and fourth generation RCD chips further increasing.
In terms of new generation research and development, the company has completed the research and development of the mass production version of the DDR5 fifth generation RCD chip and is currently carrying out engineering research and development of the DDR5 sixth generation RCD chip.
The company is the leading developer of the international standard for DDR5 RCD chips. At the same time, the company’s products have always maintained a high level of quality, stability and reliability, allowing the company to continue to maintain a global leading position in the competition of the DDR5 generation.
From the perspective of industry distribution, according to the Shenwan first-level industry classification, among the listed companies with more than 100 participating institutions in the survey in May, there are relatively many companies in industries such as electronics and mechanical equipment.
Looking at further breakdown, semiconductor, PCB, automation equipment and other industry companies are the targets of the agency’s focus in May.
Judging from the number of surveys, many companies received institutional surveys multiple times in May.
According to Wind statistics, in May this year, a total of more than 40 A-share listed companies received more than 5 institutional surveys (including 5 times). Among them, companies such as Liangwei, Hanlun Environment, Inovance Technology, Sidik, Shanwaishan, Taihe New Materials, and Youngor ranked among the top companies in receiving institutional surveys.
From the perspective of industry distribution, among the companies with the highest number of institutional surveys in May, there were relatively many companies in mechanical equipment, electronics, power equipment, basic chemicals and other industries.
For example, according to Wind statistics, Leon Micro received more than 10 institutional surveys in May this year, and even received institutional surveys twice on some days in May.
