Gao Yi and Tamsui Spring are eyeing these stocks! This newly emerged thousand-yuan stock has been surveyed 50 times in a cluster.

In March 2026, against the backdrop of geopolitical conflicts and disturbances, the A-share market exhibited wide fluctuations and significant structural differentiation, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index respectively declining by 6.51%, 7.02%, and 3.79% over the month. Industry performance showed a stark contrast: high-dividend assets such as oil and gas, coal, and banks performed well driven by risk aversion sentiment, while growth and cyclical sectors like computing power and non-ferrous metals experienced noticeable adjustments; meanwhile, concepts like computing-electronics synergy and token economy became phase-specific hot topics.

Despite significant adjustments in technology growth stocks, they remain the focus of private equity research in March. Choice data shows that as of March 30, a total of 724 private equity firms participated in A-share market surveys, with 1,929 survey instances covering 291 A-share companies. From the sector perspective, the sectors with 10 or more survey instances include semiconductors, auto parts, general equipment, medical devices, components, and chemical products.

26 A-share companies were surveyed at least 20 times! Yuanjie Technology attracted collective attention.

From the perspective of A-share companies, the number of companies surveyed 3 times, 10 times, and 20 times or more are 157, 63, and 26 respectively. Among these 26 companies, the semiconductor sector has the most, with 4 companies; wind power and components each have 2 companies. From the March price changes, companies like Dajin Heavy Industry and Yuanjie Technology rose against the trend.

Among them, Yuanjie Technology was surveyed 50 times, ranking among the top. The company’s stock price increased by 37.94% in March, and on March 20, its share price broke through 1,000 yuan, becoming the first new thousand-yuan stock of the year, with a year-to-date increase of 65.42%.

On the news front, at NVIDIA’s GTC conference in 2026, Jensen Huang announced the world’s first mass-produced CPO switch (Spectrum-X), clearly indicating that CPO is the next-generation core route for AI data centers. Yuanjie Technology, as one of the few domestic and globally scarce high-power CW light source chip suppliers, directly caters to 800G/1.6T/CPO/silicon photonics demands.

Additionally, Yuanjie Technology submitted an H-share listing application on March 25. According to the H-share prospectus, in 2025, the company’s global market share in CW laser chip field reached 23.6%, ranking second worldwide (only behind Sumitomo of Japan), and is the only Chinese manufacturer in the top tier globally.

12 surveyed companies, including Minohua, rose more than 20% in March.

From the perspective of March price changes, 55 A-share companies saw gains, accounting for 18.9%. Sorted by the highest to lowest increase, 26 companies gained over 10%, among which Minohua, Jiuan Medical, Hongjing Technology, and others saw increases exceeding 20%. In terms of popular sectors, companies are involved in token economy, computing-electronics synergy, and innovative drugs.

Among them, Minohua was surveyed 5 times, with its stock price soaring 92.58% in March, and it experienced a strong 7-day 6-limit trend within the month, with a year-to-date increase of 124.01%.

On the news front, on March 19, Minohua’s official WeChat announced trial data for the oral weight-loss capsule JH389, showing that BMI and overweight status improved simultaneously, with no adverse effects on glucose and lipid metabolism or safety indicators, exceeding market expectations. Additionally, the 2025 performance forecast shows that net profit attributable to parent company exceeds 1.6T to 95 million yuan, a year-on-year increase of 62.43% to 92.88%.

High Yi Asset and Fresh Water Fountain surveyed over 20 companies each.

From the private equity perspective, the top private equity firms by survey frequency in March include 10 firms: Shenzhen Shangcheng Asset, Zhengyuan Investment, Tuling Asset, Xuanbu Investment, Jushan Asset, Fresh Water Fountain, High Yi Asset, Panjing Investment, Zeming Investment, and Hexie Huiyi Asset. Among them, four are billion-yuan private equity firms: Fresh Water Fountain, High Yi Asset, Panjing Investment, and Hexie Huiyi Asset.

High Yi Asset surveyed 21 A-share companies, including Zhongji Xuchuang. In terms of industry distribution, chemical pharmaceutical companies are the most numerous with four; semiconductor and medical equipment companies each have two.

Founded in May 2013, High Yi Asset focuses on fundamental and industry research, striving to practice long-term, value, and responsible investing. Well-known fund managers such as Qiu Guolu, Deng Xiaofeng, and Feng Liu hold key positions there.

According to the 2025 year-end annual reports of listed companies, Deng Xiaofeng’s private fund has exited Zijin Mining’s top ten circulating shareholders. Since 2019, Deng Xiaofeng’s funds have entered Zijin Mining’s top ten circulating shareholders, holding shares for six years. During this period, Zijin Mining’s stock price rose from just over 3 yuan to about 34 yuan at the end of 2025, achieving over tenfold returns. Notably, due to conflicts in the Middle East leading to a decline in gold prices, Zijin Mining’s stock price also experienced a significant retracement this year.

Besides High Yi Asset, Fresh Water Fountain also surveyed over 20 A-share companies. Although most companies’ stock prices were under pressure in March, their overall performance this year has been impressive, with eight companies like Guanghe Technology and Nanjing Power seeing gains over 30%. From the industry distribution, Fresh Water Fountain’s targets are highly focused on electronic components, semiconductors, and AI computing power industry chains.

Founded in 2007, Fresh Water Fountain is an established subjective private equity firm mainly focusing on investment opportunities related to China, while also engaging in domestic private equity securities, overseas hedge funds, and institutional accounts. Its investment philosophy emphasizes that sustainable investment ability is fundamental to creating long-term value; organizational capabilities that continuously evolve are key to responding to market efficiency improvements.

Its investment system covers all industries in A-shares and Hong Kong stocks, aiming to build long-term sustainable investment capabilities through systematic capacity building, integrating bottom-up stock selection with top-down macro insights.

Fresh Water Fountain believes that although geopolitical conflicts in the Middle East may continue to ferment in the short term, over the longer term, as the earnings disclosure period for A-share listed companies approaches, market focus is expected to gradually shift back to fundamentals-driven phases, with earnings growth certainty becoming the main source of returns. Especially after short-term disturbances, some assets in the current market have further highlighted their investment value.