346 Stocks Receive First-Time Institutional Coverage as Earnings Disclosures Reshape Valuation Logic

Earnings Season Triggers Wave of Institutional Ratings

As A-share listed companies enter the peak disclosure window for annual and Q1 earnings reports, the true picture of corporate fundamentals is gradually coming into focus, and institutional research ratings are experiencing their most intensive adjustment period of the year. According to Securities Times statistics, as of April 28, 55 institutions have collectively issued 5,240 "buy-type" ratings (encompassing buy, overweight, recommend, strong recommend, and strong buy) since April, covering a total of 1,449 individual stocks.

The core driver behind this ratings wave is that the release of actual earnings data has transformed previously vague market expectations into quantifiable valuation anchors, prompting institutions to reassess the investment value of individual stocks.

Leading Names Attract Concentrated Attention as Consumer and Tech Sectors Run in Parallel

From an individual stock perspective, 125 stocks have received buy-type ratings from 10 or more institutions since April. Among them, Kweichow Moutai leads by a wide margin with coverage from 60 institutions, followed by Yanjing Beer with 29 and Shanxi Fenjiu with 26. The consumer sector remains the foundational pillar of institutional research.

Notably, beyond these leading names, what carries even greater signal value is the shift in institutions' "first-time coverage" lists — these often represent the potential direction of incremental capital flows and the expansion of research horizons.

346 Stocks Receive First-Time Coverage; AI and Hard Tech Become Incremental Focus

Data shows that 346 stocks have received first-time institutional attention since April, meaning these names have officially entered the research radar of mainstream institutions. Among them, VeriSilicon leads with first-time coverage from three institutions. Hangyu Technology, Ganfeng Lithium, Liande Shares, and Valin Steel also received first-time coverage from three institutions each. Additionally, 32 stocks including Spreadtrum Communications (Zhuoyi Information), Han's Laser, and Giant Network each received first-time coverage from two institutions.

As a leading domestic semiconductor IP and chip custom design platform, VeriSilicon has been deeply expanding its AI chip IP licensing business in recent years, with its core IP products including GPU and NPU widely deployed in edge AI inference scenarios. The first-time institutional coverage reflects a significant increase in market attention to the upstream chip design segment against the backdrop of continuously expanding AI computing demand.

Zhuoyi Information holds a scarce position in the AI server BIOS/BMC firmware space. Han's Laser continues to advance AI technology integration in intelligent manufacturing and laser processing automation. Giant Network is actively exploring AI applications in game development. The first-time institutional coverage of these names collectively points to one trend: As AI technology transitions from concept speculation to earnings realization, institutions are searching along the industrial chain for undervalued "earnings anchors."

Valuation Logic Is Undergoing Structural Transformation

From a broader perspective, this wave of institutional rating adjustments reflects three important trends:

First, earnings verification is replacing narrative-driven investing. After the significant volatility in AI thematic investing during 2023–2024, institutions are assigning higher weight to companies with "real earnings and sustainability," while pure concept plays are gradually being filtered out.

Second, research coverage is spreading to small- and mid-cap stocks. A considerable proportion of the 346 first-time coverage stocks are small- and mid-cap names that previously received limited attention, indicating that institutions are proactively broadening their stock selection boundaries to uncover hidden champions in niche sectors.

Third, industrial chain pricing logic is deepening. From VeriSilicon's chip IP to Han's Laser's intelligent manufacturing equipment, institutional focus is extending from the AI application layer to the infrastructure and manufacturing layers, creating a more multi-dimensional valuation framework.

Outlook: Divergence and Opportunities After the Earnings Window

As the disclosure of annual and Q1 reports nears completion, the market is about to enter an earnings "vacuum period." Whether the 346 stocks that have received first-time institutional coverage can continue to attract follow-up research resources will depend on their ability to deliver earnings in subsequent quarters.

For the AI technology sector, the current moment represents a critical juncture in the shift from "expectation-based pricing" to "earnings-based pricing." Companies that can translate technological advantages into financial results amid the AI wave are poised to stand out in this round of valuation logic restructuring. Investors may want to pay close attention to names on the first-time institutional coverage list that combine strategic positioning within the AI industrial chain with earnings growth certainty.