Changpeng Wan
Private fund activity surged in June 2025 with heightened research focus on small-cap opportunities amid market volatility. Third-party data reveals key insights:
Key Takeaways: – Over 1,700 private fund research activities targeted A-share companies in June – Electronics, pharmaceuticals, and machinery dominated sector interest – Small-cap stocks represented 70% of top 10 researched companies – Jingbeifang led gains with 45.19% monthly surge – Top funds project continued barbell strategy focusing on tech/pharma/dividends
Surging Small-Caps Dominate Research Focus
June witnessed intensified private fund research activities despite market fluctuations. According to Private Funds Ranking Network (私募排排网) data, 751 private securities firms conducted 1,769 research sessions across 387 A-share stocks spanning 28 industries. The month’s private fund research uncovered distinctive patterns:
Top 10 Researched Stocks Breakdown
Leading the June private fund research roster were these standout performers: – Maiwei Biology (迈威生物): 51 research engagements – Haiguang Information (海光信息): Semiconductor focus – Sugon (中科曙光): High-performance computing – Wanma Technology (万马科技): Communications equipment – Lexin Technology (乐鑫科技): IoT specialists – Baili Tianheng-U (百利天恒): Biopharmaceutical innovator – Rifeng Precision (日发精机): Industrial machinery – Wanyi Technology (皖仪科技): Scientific instruments – Winner Medical (稳健医疗): Healthcare products – Jingbeifang (京北方): Financial IT services provider Notable characteristics defined this private fund research cohort: – Seven of ten had market caps below ¥20 billion – Over 60% were listed on STAR Market or ChiNext – Healthcare/biotech represented 30% of top stocks – Average June gains exceeded 20% across the group
Electronics Sector Emerges as Research Epicenter
Private fund research showed clear industry clustering in June, with electronics receiving overwhelming attention. Sector distribution revealed core targets: • Electronic components: Semiconductor firms led engagement • Pharmaceuticals: Biotech innovators drew heavyweight funds • Industrial machinery: Automation equipment specialists ranked high Comparative analysis with May private fund research showed consistent focus areas:
Sector Continuity & Shifts
Top five sectors maintained positions from preceding month: – Semiconductor devices (consistent #1) – Medical equipment manufacturers – General-purpose machinery – Industrial automation systems Recent private fund research trends indicate durable interest in innovation-driven sectors. The proportion of tech/pharma stocks in research portfolios increased 12% month-over-month.
Active Fund Participation Patterns
June saw record participation in private fund research initiatives: • 85 institutions conducted ≥5 on-site surveys • 31 prominent ‘billion-RMB’ funds were active • Mean research frequency per fund rose 18% MoM Leading institutions demonstrating intense private fund research activity included: – Zhengyuan Investment (正圆投资): Top engagement frequency – Panjing Investment (盘京投资): Healthcare-focused analysis – Qingli Investment (青骊投资): Tech sector specialists Funds applied distinct approaches to stock selection: – Event-driven: Opportunity alerts around earnings shifts – Technical screening: Momentum-based entry timing – Fundamental deep dives: Multi-week assessment cycles
Market Outlook: Structural Opportunities Ahead
Leading private fund managers anticipate extended barbell strategy effectiveness with technology/pharma and dividend stocks anchoring allocations. Shicheng Investment’s Chen Jialin (陈家琳) stated: ‘Healthcare leadership surprised markets, but innovation drug valuations remain compelling—current positions aren’t overcrowded yet.’ Xing Shi Investment highlighted improving sentiment catalysts: – Progressive policy response formation – Economic stabilization trajectory visibility – Attractive equity valuations across segments Sector-specific expectations diverge significantly:
Investment Priority Framework
Three dominant strategies emerged among billion-RMB funds: – Dividend barbell: State-owned enterprises + predictable yields (Dan Yi Investment strategy) – Growth rotation: Valuation-adjusted tech/AI stocks – Pharma consolidation: Focused accumulation post-correction Specific screens applied include: • Patent pipeline robustness in biotech • Generational technology adoption curves • FCF-positive companies with ≥4% dividends Huanruitianze’s Mo Xiaocheng (莫小城) emphasized favorable conditions: ‘Policy tailwinds combine with abundant liquidity at compelling asset valuations. Our research prioritizes policy-backed biopharma firms undergoing brand premium reevaluation.’
June’s private fund research patterns highlight durable opportunities within China’s volatile equity markets. Small-caps demonstrated asymmetric return potential—particularly financial IT firm Jingbeifang’s 45% surge—while electronics/pharma sectors sustained institutional conviction. Forward projections suggest: • Barbell allocations balancing tech/dividends to persist • Uncorrelated healthcare innovators offering portfolio hedges • Event-driven small-cap opportunities emerging quarterly Investors should monitor private fund research movements quarterly via Private Funds Ranking Network reports but conduct independent due diligence. Position sizing should account for liquidity constraints characterizing preferred small-cap selections. Track leading funds’ disclosures including Shicheng Investment and Xing Shi Investment for timely strategy updates.
