After the year, high-tech sectors such as chips, semiconductors, and robots were popular with funds in the market, and a number of foreign investment giants were also quietly acting, conducting intensive research, and releasing signals to the outside world that they were ready to enter the market at any time.

During the two sessions this year, a number of A-share high-tech listed companies were investigated by well-known foreign institutions such as Schroders Investment, Mirae Asset Management, Neuberger Berman Investment, Millennium Assets, Allianz Investments, and Nomura Asset Management Hong Kong, especially in the field of AI, chips, humanoid robots and other hard-core technology fields. According to the Investor Relations Activity Record Sheet, from March 5 to 7, Montage Technology (688008. SH) received research from foreign institutions such as Fidelity Management Investments, Schroders Investments, and Federated Hermes Limited; Wanma Technology Co., Ltd. (300698. SZ) received research from foreign institutions such as AwpiceCapital and IGWT; Similarly, ArcSoft Technology (688088. SH) also received research from a number of foreign institutions such as Neuberger Berman Investment.

Compared with the intensive research of foreign giants, the funds in the market are more active. Wind data shows that after nearly 10 years, the balance of A financing once again stood at 1.9 trillion yuan, and technology stocks such as semiconductors, artificial intelligence, and computing power have been significantly increased. As of March 11, the latest financing balance of A-shares was 1,910.685 billion yuan, and from the weekly data, financing funds have been net bought for 6 consecutive weeks since February, with a cumulative net purchase of 146.1 billion yuan.

Debang Securities released the latest research report, pointing out: "Foreign investors are actively researching Chinese technology stocks, reflecting the attention of overseas capital to the Chinese market. In February, the factors that had a greater impact on the asset allocation behavior of foreign capital mainly included the rise of A-shares, the rise in the yield of China's long-term government bonds, and the attention of foreign investors to Chinese technology companies due to topical AI products. ”

Capital-intensive research is waiting to increase positions

During the two sessions of the National People's Congress, Wu Qing, chairman of the China Securities Regulatory Commission, said in response to reporters' questions: "Continue to promote the implementation of the new 'National Nine Articles' and '1+N' policy systems, and accelerate a new round of capital market reform and opening up with the deepening of the comprehensive reform of capital market investment and financing as the traction, and continue to build a solid foundation for the healthy development of the stock market." Artificial intelligence is the hot word of this year's two sessions, and DeepSeek stands out in the global artificial intelligence field, which not only shocks the AI industry, but also gives the world a new understanding of China's scientific and technological innovation capabilities, driving the revaluation of China's asset value. After the Spring Festival, the performance of A-shares, Hong Kong stocks, and technology stocks in other markets was also driven by related hot spots. The capital market has a unique and important supporting role in promoting industry and scientific and technological innovation, and the more and stronger the scientific and technological innovation enterprises, the stronger the vitality, attractiveness and ability of the capital market to create value for investors. Since September last year, insurance funds and various pensions have bought about 290 billion yuan in the A-share market, and the money for the mayor is significantly more. All these have strongly supported the market to stabilize and improve. ”

During this period, a number of foreign giants such as Schroder Investment and Fidelity Investment are also intensively investigating related sectors, and this batch of incremental funds is "ready to move", aiming at A-shares.

The reporter of this newspaper combed and found that in addition to the above three, Smartway (688213. From February 10 to February 14 this year, SH) received surveys from foreign institutions such as Mirae Asset Management, Allianz Global Investors, HSBC Global Assets, Millennium Asset Management, and Point 72. According to the data, SmartSens is a chip concept stock, and the company focuses on the R&D and production of CMOS image sensor chip products. The company expects operating income to increase by 103% to 113% year-on-year in 2024, and net profit attributable to the parent company in 2024 is expected to increase between 2,512% and 2,830% year-on-year.

On March 7, Optim (688686. SH) announced that from March 6 to March 7 this year, the company received research from many well-known foreign institutions such as the Government of Singapore Investment Corporation (GIC Pte Ltd), Millennium Investment, Nomura Asset Management Hong Kong, Puxin Group, and Janus Henderson Investment.

Similarly, Narei Radar (688522. SH) also received surveys from foreign institutions such as Baoyin Asset Management on March 6 and March 7. Narui Radar is also a technology stock, which focuses on the production of radar equipment. Recently, Narui Radar plans to acquire Sigma. Sigma is mainly engaged in the PC market and continues to expand the market in the fields of robotics, wearables and phased array radar. According to the record of Narui Radar's investor relations activities, Sigma chip products have successfully entered the supply chain system of leading domestic science and technology enterprises such as Huawei, Ecovacs, and iFLYTEK.

Such intensive research has aroused great attention in the industry and the market.

"In view of the attractiveness and growth potential of China's high-quality technology stocks, foreign institutions are expected to further increase their allocation to China's technology stocks, and the gradual return of foreign capital is also expected to further promote the upward movement of China's stock market." On March 12, Geng Bo, investment director of a 10 billion secondary market private equity institution in Shanghai, said frankly in an interview.

In Geng Bo's view, the actions of these foreign giants declare the urgency of their investment in the A-share market. "It's a game, and if you don't add to your position, you're going to have a head start. The A-share market is currently a depression of low valuation and value investment in the world, and the high-tech sector has had a large increase this year, indicating that investors inside and outside the market have formed a consensus that China's technology industry is entering a period of explosion in R&D and application, and there is no reason for these foreign investors not to speed up their actions. ”

According to a research report released by Changjiang Securities, the allocation of global funds to Chinese assets in early February was at a low level in nearly five years, and with the change of China's macro narrative and the improvement of risk appetite, foreign capital began to gradually return, forming an overall upward momentum in the market. Since January this year, the rapid rise in DeepSeek's popularity has attracted widespread attention around the world, and investors' expectations for the development and application of global AI technology may change, which may increase confidence in Chinese technology companies, which may bring incremental overseas capital inflows to invest in A-shares. It is estimated that the scale of RMB assets allocated by overseas institutions will increase by about US$10 billion in February.

Funds in the field to grab the "runway".

Foreign giants are moving a little slowly, and the funds in the market have been "rushing to the runway".

Wind data shows that as of March 11, the latest financing balance of A-shares was 1,910.685 billion yuan, a new high in nearly 10 years since July 3, 2015. Since February (after the Lunar New Year), financing funds in 2025 have been net purchases for 6 consecutive weeks (including this week), with a cumulative net purchase of 146.1 billion yuan. From the perspective of industry, in the first-class industry of Shenwan, the net purchase amount of financing in the computer, electronics, mechanical equipment, power equipment and communication industries is more than 10 billion yuan, of which the computer and electronics two industries with strong scientific and technological attributes have the largest purchase strength, both of which are more than 15 billion yuan.

"Financing funds are leveraged funds. Generally speaking, the scale of the financing balance is higher, which means that the funds are in a strong long mood, the investor mentality is biased towards the buyer, and the market or individual stocks are expected to rise steadily under the consensus expectation of funds. From the perspective of our sales department, it is true that many large customers or institutional funds are pouring into the AI, chip, and semiconductor industries, and the stocks of the Growth Enterprise Market and the Science and Technology Innovation Board are particularly concerned. Zhou Yi (pseudonym), general manager of the Pudong South Road Business Department of a leading brokerage firm in Shanghai, told the China Times.

According to the statistics released by Databao, since 2025, there are 55 shares with a net purchase of more than 500 million yuan, and 11 shares with a net purchase of more than 1 billion yuan. In addition to Guangguang Media, which ranked first in Shanghai and Shenzhen with a net purchase of 2.088 billion yuan due to the good impact of the high box office of "Nezha 2", the rest of the high-tech listed institutions such as Zhongji Innolight, Shenghong Technology, and Haiguang Information all had a net purchase of more than 1.5 billion yuan. For example, Haiguang Information, Cambrian-U, Rockchip, and Guoke Micro belong to the semiconductor or chip design sector; Zhongji InnoLight and Xinyisheng are domestic optical module giants; Topway Information, Yunsai Zhilian, Digital China, and UCD-W are stocks in the software sector, and the net purchase amount of the above stocks during the year is more than 700 million yuan.

In this regard, both domestic brokerage investment banks and international investment banks have expressed optimism about the A-share technology sector without exception.

Huafu Securities issued a view that in the era of accelerated implementation of AI, large infrastructure in the hardware field is needed. In the field of chip design, Huawei and Cambrian are currently leading the way, and after the outbreak of DeepSeek, domestic chips will be fully used in inference scenarios, and then the demand will be strong, and the design capacity of leading chip companies will be focused on in 2025; Huaxi Securities said that AI deployment has also brought unprecedented development opportunities to the optical module market. As 800G growth peaks and cloud service providers are transitioning to single-channel 200G 1.6T solutions, the market size of high-speed digital optical modules is expected to expand from about $9 billion in 2024 to nearly $12 billion in 2026.

Overseas, JPMorgan Chase believes that since 2025, as DeepSeek has exploded around the world, driving technology stocks to lead the comprehensive rebound of A-shares and Hong Kong stocks, and the market's expectations for improving productivity by upgrading the AI ecosystem have greatly increased, and China's technology sector has become the focus of foreign institutions. The revaluation of Chinese technology stocks will continue, with an average annual return of 7.8% over the next 10-15 years.

Citigroup wrote in a note that China's stock market looks attractive even after the recent rally, given DeepSeek's breakthrough in artificial intelligence technology, the Chinese government's support for the tech sector and still-low valuations.