Private equity research path revealed at the beginning of the year! Feng Liu appears, with focus on AI infrastructure and applications

The strategic focus for institutions in 2026 can be inferred from their survey activities in the first month of the new year. According to data from Private Equity Data, nearly 660 private equity firms participated in research activities on A-shares in January, conducting over 1,700 visits in total. Industry-wise, sectors such as computers, machinery equipment, pharmaceuticals and biotech, and electronics attracted the most attention. Notably, several fund managers, including Feng Liu from Gao Yi Asset and Zhu Liang from Danyi Investment, also appeared on the research lists for technology stocks.

Some industry insiders believe that, despite the significant overall rise in the technology sector in 2025, industry trends and corporate profitability indicate we are still far from a “bubble stage,” especially in semiconductors and AI applications, which are worth重点挖掘 (focused exploration).

Private Equity Firms Conduct Intensive Research at the Start of the Year

Latest statistics from Private Equity Data show that in January 2026, 659 private equity firms participated in research activities for A-share companies, covering 332 targets across 28 first-level Shenwan industries, with a total of 1,719 research visits.

Specifically, in January 2026, 48 A-share companies received more than 10 private equity visits. Among these, Dajin Heavy Industry, Haitian Ruisheng, Dike Co., Ltd., and Chaojie Co., Ltd. each received over 40 visits. Industry-wise, the computer and machinery equipment sectors became the focus of private equity research in January 2026.

Data shows that 30 targets in the computer industry received private equity research, with a total of 296 visits. Although the machinery equipment sector had fewer visits at 228, it still had 44 targets receiving private equity attention. Additionally, the pharmaceuticals and biotech, and electronics sectors were also key areas for private equity research in January, each surpassing 190 visits. The number of targets researched in these sectors was no less than 30, with the electronics industry having as many as 48 stocks receiving private equity research, ranking first among all industries.

Fund Managers Favor Technology

It is noteworthy that some renowned private equity fund managers are also highly interested in the technology sector.

Hikvision’s investor relations record released on January 20 shows that Feng Liu, a well-known fund manager from Gao Yi Asset, attended the company’s research activities, along with senior fund manager Chen Fentao from Chongyang Investment. According to the research records, institutions are paying close attention to Hikvision’s progress in AI applications, as well as updates on Hikvision’s robotics上市 (listing) and other developments.

On January 16, Zhu Liang, founder of Danyi Investment, conducted research on Tongfu Microelectronics. Public information indicates that Tongfu Microelectronics is an integrated circuit packaging and testing service provider. A research report from Kaiyuan Securities states that the computing power industry has entered an arms race. Against the backdrop of rapid development of domestic AI computing chips, the related产业链 (industrial chain) is迎来 (ushering in) a development window. Tongfu Microelectronics is expected to benefit deeply from this trend.

AI Infrastructure and Applications Attract Attention

In the eyes of private equity, opportunities will continue to emerge during the rapid development of the AI industry. Technology remains one of the main investment lines in 2026 that cannot be ignored.

Bao Xiaohui, chairman of Changli Asset, analyzed that, as AI infrastructure, the semiconductor equipment field is worth关注 (attention). Specifically, the development logic of the current AI industry has shifted from high-end computing power and cutting-edge chips to scene-based landing and commercialization applications. Ordinary application scenarios do not require extremely high-end dedicated chips; instead, there is a more obvious demand for general-purpose GPUs and basic semiconductor equipment. Therefore, as downstream capacity continues to expand and upgrade, the demand for semiconductor equipment has certain持续性 (sustainability), and the visibility of performance realization is higher. Coupled with the trend of domestic产业链 (industrial chain) being自主可控 (independent and controllable), investment opportunities in semiconductor equipment are more确定性 (certain).

Yang Jianhai, partner at Yuan Lesheng Asset, also believes that the AI industry is in rapid development, with many sub-fields already achieving a business闭环 (closed loop). As long as the underlying technology continues to iterate and improve, companies’ capital expenditure should be maintained at a moderate level of宽容 (tolerance). There is no need to worry about an “AI bubble” for now. Opportunities in computing power, AI applications, energy storage, and power equipment in these sub-fields are worth重点跟踪 (closely tracking).

(Source: Shanghai Securities Journal)