As the golden autumn month of September arrives, major brokerage research institutes are rapidly updating their monthly gold-stock portfolios. Based on data compiled up to September 3rd, 39 brokerages have completed their updates for September, incorporating a total of 243 A-shares into their monthly selection pool. Overall, the allocation strategy leans toward a balanced approach between offense and defense, with extensive positioning across high-prosperity sectors such as electronics and biomedicine. The stock-picking focus is anchored on growth sectors with clear industrial trends, while also considering the foundational value of high-dividend and resource assets.
Two Stocks Tie as Investor Favorites
In terms of recommendation momentum, Zhongji Innolight and WuXi AppTec have emerged as the top two picks for this month, each receiving joint recommendations from seven brokerages. Following closely, Contemporary Amperex Technology Co. Limited (CATL), China Jushi, and Rock Technology each secured recommendations from six brokerages, while Zijin Mining and TFC Optical Communication were each favored by five brokerages. Yu Fenghui, a senior researcher at Pangoal Institution, noted that hot targets recommended by multiple brokerages typically exhibit relatively stable fundamentals, with large market capitalizations, good liquidity, and high earnings predictability, making the associated risks relatively manageable. From a research mechanism perspective, stocks with high consensus recommendations have more verifiable research logic, which is one of the objective factors behind industry-wide alignment. For ordinary investors, the value of gold-stock portfolios lies more in providing a reference for research logic, and they should not be directly used as a basis for investment decisions.
By industry distribution, electronics, biomedicine, machinery and equipment, and non-ferrous metals constitute the four main configuration lines for September's gold stocks. Data from Guosen Securities financial engineering team shows that electronics holds the highest allocation weight in this period's gold-stock portfolios at 13.11%, followed by machinery and equipment at 11.2%, basic chemicals at 8.74%, biomedicine at 6.83%, and non-ferrous metals at 5.74%. In terms of marginal changes, brokerages have increased allocations notably in machinery and equipment, petroleum and petrochemicals, and communications. Stylistically, the current gold-stock portfolios lean toward mid-cap, high-valuation, and strong-momentum characteristics.
Regarding the A-share market outlook for September, most brokerage analysts predict the market could see a favorable autumn recovery. Yang Chao, chief strategy analyst at China Galaxy Securities, stated that heading into September, the market's structural contest requires neither chasing dividend assets that have already rallied excessively at the expense of growth recovery potential, nor overcommitting to tech growth while underestimating the foundational value of high-dividend assets. Following July's sharp volatility and August's consolidation, market risks have been largely released, and with the earnings season concluded, the A-share market may welcome an "autumn rally." Lu Zhe, chief economist at Soochow Securities, believes that as earnings-related disruptions diminish, some funds may seek new trading opportunities, leaving room for improved market sentiment and a potentially sustained rebound.
In terms of allocation strategy, brokerages generally recommend a balanced approach. Dai Qing, chief strategy analyst at Changjiang Securities, suggests the market may extend its rebound in September, maintaining balanced allocation with attention to large-cap growth directions. The strategy focuses on three main themes: first, high-prosperity sectors such as semiconductor equipment and materials and overseas computing power supply chains; second, opportunities for recovery in new and traditional energy; and third, stable assets including coal and power.
Four Gold Stocks Rose Over 50% in August
Brokerage monthly gold stocks serve as a significant demonstration of research capabilities. Reviewing August's market performance, data shows that the vast majority of brokerage gold-stock indices recorded positive returns, with overall strong performance. The Kaiyuan Securities Gold Stock Index led with a 17.21% gain, while indices from Guohai Securities, Huaxi Securities, China Merchants Securities, Soochow Securities, Changjiang Securities, Shenwan Hongyuan Securities, and Guosheng Securities all posted monthly gains exceeding 10%.
At the individual stock level, four gold stocks surged over 50% in August, standing out as bright performers. Among them, Seagull Co., recommended by Huayuan Securities, surged 118.83% in August, ranking first among all gold stocks. Beijing Jiuzhou Yigui Technology Co. (recommended by AVIC Securities), Wote New Materials (recommended by China Galaxy Securities), and Yunnan Germanium (recommended by Soochow Securities) followed with monthly gains of 74.31%, 66.7%, and 50.41%, respectively. Regarding the stronger performance of some smaller brokerages' August picks, Yu Fenghui explained that some targets recommended by smaller brokerages tend toward small-cap, high-flexibility stocks, which benefit from structural market conditions and provide an objective stylistic advantage for their performance.
Additionally, several hidden champion stocks in niche sectors highlighted by brokerages also delivered substantial gains. WuXi AppTec, jointly recommended by 11 brokerages including Ping An Securities and Guosen Securities in August, advanced 20.52% for the month. Inspur Electronic Information Industry, recommended by China Merchants Securities, Zheshang Securities, Hualong Securities, and Guohai Securities, gained 18.62%. Chifeng Jilong Gold Mining, recommended by Guosheng Securities, Founder Securities, CICC, and Caixin Securities, rose 18.33%.