Gao Yi, Freshwater Capital, Jinglin, Fusheng... What are the private equity giants eyeing?

The investment directions for private equity firms after the Spring Festival holiday can be gleaned from their pre-holiday research patterns. According to the latest statistics from Private Equity Data Platform, as of February 14, 2026, over 800 private equity firms have participated in A-share research activities this year, with more than 2,800 research visits in total. In terms of industry distribution, sectors such as machinery equipment, computers, and electronics are the most favored by private equity firms. Meanwhile, well-known billion-level private equity firms like Fresh Water Spring, Jinglin Asset Management, Gao Yi Asset Management, and Fusheng Asset Management have also intensively researched stocks in machinery, electronics, and computers.

Industry insiders believe that the bottoming of China’s economic cycle combined with ample liquidity provides strong support for the capital market. Structural market trends are expected to continue post-holiday, with timing less important than positioning. From an investment opportunity perspective, AI-related targets with broad growth potential and Chinese manufacturing companies increasing their global market share are worth paying attention to.

Private Equity Firms Favor Three Major Sectors in Research

The latest data from Private Equity Data Platform shows that as of February 14, 2026, a total of 874 private equity firms have participated in A-share research activities this year, covering 501 stocks across 28 first-level industries in Shenwan’s classification, with a total of 2,845 research visits.

In terms of industry distribution, machinery equipment is the most favored, with 452 research visits and 67 stocks researched. Following closely is the computer industry, with 40 stocks researched and 432 visits this year. The electronics sector ranks third with 374 research visits but has the highest number of stocks researched at 78, leading all industries. Additionally, sectors such as power equipment, pharmaceuticals and biologicals, automobiles, and basic chemicals have each been researched over 100 times by private equity firms.

Looking at individual stocks, Daikin Heavy Industries in the power equipment sector has been the subject of 64 private equity research visits this year, including participation from billion-level firms like Pankang Investment, Nichido Investment, and Jinglin Asset Management. Specifically, investors are paying close attention to the long-term growth certainty of European offshore wind power, the high electricity prices associated with the UK’s AR7 offshore wind bidding mechanism (led by the UK government), and how large-scale bidding results may impact company operations.

Billion-Level Funds Intensively “Turning Stones”

It is noteworthy that billion-level private equity firms with substantial capital are also intensively “turning stones” just before the Spring Festival, focusing on sectors such as electronics and machinery.

According to Private Equity Data Platform, as of February 14, 2026, 61 private equity firms have conducted more than 10 research visits this year, with 20 of them being billion-level funds.

Harmonious Huiyi Fund Manager Lin Peng told Shanghai Securities Journal that after a phase of overheated market sentiment, the short-term A-share market may face some volatility and adjustments, but large risks are unlikely. Currently, there are many high-quality targets with sufficient safety margins, and short-term fluctuations may create opportunities for long-term positioning.

Specifically, Zhengyuan Investment has conducted 53 research visits this year, with 10 stocks in the computer sector among its researched targets. Following are Fresh Water Spring and Gao Yi Asset Management, each with 38 research visits this year. Fresh Water Spring’s research focuses on machinery, electronics, computers, and pharmaceuticals/biotech, while Gao Yi Asset Management concentrates on machinery, pharmaceuticals/biotech, and electronics.

Additionally, billion-level private equity firms such as Pankang Investment, Harmonious Huiyi Asset, and Fusheng Asset Management have ranked among the top ten in research frequency this year. Pankang Investment’s research targets mainly include electronics (7 stocks), machinery (4 stocks), computers (4 stocks), and pharmaceuticals/biotech (4 stocks). Fusheng Asset Management’s research focuses on machinery and textiles/apparel sectors.

Balancing Technology and Manufacturing

The research patterns of billion-level private equity firms before the holiday reveal their strategic focus for post-holiday market entry.

Yuan Lesheng Asset Management publicly stated that in 2026, the company will seek opportunities from the perspective of improving industry supply and demand. Specifically, the AI industry is experiencing rapid development, with many subfields already forming commercial closed loops. As long as underlying technologies continue to iterate and improve, companies’ capital expenditures should be viewed with moderate tolerance. There is no need to worry about “AI bubbles” at this stage. Opportunities in computing power, AI applications, energy storage, and power equipment are all worth close attention. Meanwhile, as China’s industrial chain increases its global market share, investment opportunities will continue to emerge, such as in engineering machinery, building materials, consumer goods companies expanding into Asian and African markets, and innovative Chinese pharmaceutical companies.

Fresh Water Spring also analyzed in an interview that in 2026, the evolution of core assets will mainly revolve around technological innovation and Chinese companies’ globalization. For example, investment in AI this year is expected to shift from a total investment logic to a structural investment approach. Segments with tight supply, obvious constraints, and underappreciated market potential—especially opportunities arising from breakthroughs in advanced process and supply chain independence in domestic computing infrastructure—are worth monitoring. Additionally, the deep integration of AI across various industries will continue to generate new business opportunities, which are currently areas of ongoing focus for the company.

(Article source: Shanghai Securities Journal)