Commercial Spaceflight, Lithium Batteries, AI Applications... A-Shares Surge at Start of Year; Which Directions Are Top Hot Money Funds Focusing On?

On the first trading day of 2026, the A-share market welcomed an "auspicious start," with the Shanghai Composite Index reclaiming the 4000-point level. More than 4,100 stocks across the market rose, and 127 stocks hit strong limit-ups.

On that day, well-known hot money funds in the market were active, appearing on the dragon-tiger lists of many popular thematic stocks.

Wind data shows that on January 5th, a total of 25 securities firm branch trading seats had dragon-tiger list turnover exceeding 200 million yuan. Among them, the frequently used seats of several prominent hot money funds were "on the list": Xiaoxianpai's commonly used seat at Guotai Haitong Securities Yichang Yanjiang Avenue, Xu Xiao's commonly used seat at Guoyuan Securities Shanghai Hongqiao Road, Zuoshouxinyi's commonly used seat at Guotai Haitong Securities Nanjing Taiping South Road, Chen Xiaoqun's commonly used seat at China Galaxy Securities Dalian Huanghe Road, Sangtian Road's commonly used seat at Guosheng Securities Ningbo Sangtian Road, Zhang Mengzhu's commonly used seats at Guotai Haitong Securities Shanghai Changning District Jiangsu Road and Guotai Haitong Securities Ningbo Guangfu Street, among others.

Table: Securities Firm Branch Seats with Dragon-Tiger List Cumulative Turnover Exceeding 200 Million Yuan on January 5th
Data Source: Wind, Interface News compilation

Interface News analysis found that the stocks with higher dragon-tiger list turnover involving well-known hot money funds that day were mainly concentrated in three popular market directions: commercial spaceflight, lithium batteries, and AI applications.

Over the past month or so, the commercial spaceflight sector has remained consistently active. According to Tongdaxin data, from November 24, 2025, to January 5, 2026, the Commercial Spaceflight Sector Index (880548) has gained 29.87%.

On January 5th, the dragon-tiger lists of several commercial spaceflight concept stocks featured the "presence" of commonly used seats of well-known hot money funds.

For example, for Aerospace Electromechanical (600151.SH), Xiaoxianpai's commonly used seat at Guotai Haitong Securities Yichang Yanjiang Avenue topped the buyer's list, purchasing 261 million yuan; Zhang Mengzhu's commonly used seat at Guotai Haitong Securities Shanghai Changning District Jiangsu Road ranked third on the buyer's list, purchasing 143 million yuan. However, another well-known hot money fund's commonly used seat, Dongwu Securities Suzhou Xiangcheng Avenue, appeared as the second seller, offloading 107 million yuan.

*Figure: Dragon-Tiger List Data for Aerospace Electromechanical on January 5th*
Source: Tonghuashun Finance

Xiaoxianpai's aforementioned commonly used seat also appeared alongside another well-known hot money fund's seat, Zhongtai Securities Hubei Branch, among the top five buyers on the dragon-tiger list for Haige Communications (002465.SZ), purchasing approximately 184 million yuan and over 80 million yuan respectively. Hujialou's commonly used seat at CITIC Securities Beijing Hujialou sold 162 million yuan of the stock.

Furthermore, on the 3-day dragon-tiger list disclosed by China Satellite Communications (601698.SH) for that day, Zuoshouxinyi's commonly used seat at Guotai Haitong Securities Nanjing Taiping South Road ranked fourth on the buyer's list, purchasing a substantial 341 million yuan. Xu Xiao's commonly used seat at Guoyuan Securities Shanghai Hongqiao Road both bought and sold, purchasing 275 million yuan and selling 273 million yuan.

Xu Xiao's above-mentioned seat also purchased over 76 million yuan worth of BDStar Navigation (002151.SZ) on January 5th.

On January 5th, all four of these commercial spaceflight concept stocks, which attracted active participation from well-known hot money funds, closed at their limit-up prices. Among them, China Satellite Communications recorded a total daily turnover as high as 11.389 billion yuan.

In stark contrast, another commercial spaceflight concept stock, Luxin Venture Capital (600783.SH), faced concentrated selling by multiple hot money funds, with its stock price closing limit-down. Among the sellers, Xiaoxianpai's seat at Guotai Haitong Securities Yichang Yanjiang Avenue sold 155 million yuan; Zuoshouxinyi's seat at Guotai Haitong Securities Nanjing Taiping South Road sold 120 million yuan; and another first-tier hot money fund's seat at Guotai Haitong Securities Beijing Zhichun Road sold over 54 million yuan.

Luxin Venture Capital stated on the interactive platform on December 18, 2025, that aerospace is one of its focused investment areas. Its invested funds have projects in this field including LandSpace, Hongxia Technology, Weihan Technology, Zhongke Jilian, and Microwave Vacuum Electronics Technology. From December 24 to December 31, 2025, the stock achieved five limit-ups in six trading days, with a price increase of 56.03%.

The lithium battery direction also attracted the attention of several well-known hot money funds on January 5th.

Among them, the dragon-tiger list for Tianji Co., Ltd. (002759.SZ) was the most "lively," with four of the top five buyer seats being commonly used by well-known hot money funds.

Specifically, Xiaoxianpai's seat at Guotai Haitong Securities Yichang Yanjiang Avenue ranked second on Tianji's buyer list with a purchase of 222 million yuan; Chen Xiaoqun's seat at China Galaxy Securities Dalian Huanghe Road appeared simultaneously as the third buyer and second seller, buying 174 million yuan and selling 152 million yuan respectively; Zhang Mengzhu's seat at Guotai Haitong Securities Shanghai Changning District Jiangsu Road also both bought and sold, purchasing 110 million yuan and selling over 49 million yuan; furthermore, Yuewang Avenue's seat at Guotai Haitong Securities Heyuan Yuewang Avenue bought 103 million yuan.

Tianji's main products include lithium hexafluorophosphate and related fluorine chemical products, sodium hypophosphite and related phosphorus chemical products, and small household appliance series. Lithium hexafluorophosphate is an important raw material for lithium batteries, primarily used in power batteries, energy storage batteries, and digital/lighting series lithium battery products.

*Figure: Dragon-Tiger List Data for Tianji Co., Ltd. on January 5th*
Source: Tonghuashun Finance

Salt Lake Co., Ltd. (000792.SZ) received joint buying support from Zhang Mengzhu and Fang Xinxia on January 5th. Their respective commonly used seats, Guotai Haitong Securities Shanghai Changning District Jiangsu Road and CITIC Securities Xi'an Zhuque Street, purchased 118 million yuan and over 91 million yuan respectively. Another well-known hot money seat, Huatai Securities Shenzhen Yitian Road Rongchao Business Center, bought over 14 million yuan while selling over 93 million yuan of the stock.

Salt Lake Co., Ltd. is primarily engaged in potassium chloride and lithium carbonate-related businesses. According to its performance forecast, in 2025, the company's main business remained stable. Potassium chloride product prices increased compared to the same period last year, and although lithium carbonate product prices fluctuated significantly, they gradually recovered in the second half of the year, driving overall year-on-year performance growth. The company expects 2025 net profit to be between 8.29 billion and 8.89 billion yuan, an increase of 77.78% to 90.65% year-on-year.

In terms of AI applications, on January 5th, BlueFocus Communication (300058.SZ) surged by a 20% limit-up, with a total daily turnover as high as 17.491 billion yuan. At the close, there were still 362,700 lots of buy orders at the limit-up price.

However, the two well-known hot money seats appearing on its dragon-tiger list were primarily sellers. Among them, Ningbo Sangtian Road's seat at Guosheng Securities Ningbo Sangtian Road sold 311 million yuan and bought over 20 million yuan; Zhang Mengzhu's seat at Guotai Haitong Securities Ningbo Guangfu Street sold 259 million yuan and bought over 64 million yuan.

*Figure: Dragon-Tiger List Data for BlueFocus Communication on January 5th*
Source: Tonghuashun Finance

On the same day, the two well-known hot money seats appearing on the dragon-tiger list for Leo Group Co., Ltd. (002131.SZ) both engaged in day trading (T+0). Among them, Xiaoxianpai's seat at Guotai Haitong Securities Yichang Yanjiang Avenue bought 102 million yuan and sold 118 million yuan; another well-known hot money seat, Dongwu Securities Shanghai Xizang South Road, bought over 92 million yuan and sold 100 million yuan.

Guangdong-based hot money fund manager Huang Guangyao told Interface News that commercial spaceflight, lithium batteries, and AI applications all belong to "cross-year" themes. Related stocks generally performed well before the holiday. Against the backdrop of active overall market trading on the first trading day of the year, it was easy to attract multiple well-known hot money funds to continue entering the market for trading. However, many of these stocks have already seen significant short-term price increases. Moreover, judging from dragon-tiger list data, market hot money funds have some degree of divergence in their attitudes towards related stocks. Investors need to be aware of risks and avoid blindly following the crowd.

Apart from the above three hot themes, the brain-computer interface (BCI) related concept stocks, which saw a comprehensive surge on January 5th, also attracted participation from some hot money funds. However, according to Interface News analysis, among them, only Dawn Technology (300409.SZ), which also has lithium battery concepts, saw significant transaction amounts from well-known hot money seats on its dragon-tiger list.

Among them, Northeast Securities Foshan Branch and Dongwu Securities Suzhou Xiangcheng Avenue purchased over 96 million yuan and over 66 million yuan of Dawn Technology respectively that day. Another well-known hot money seat, Caitong Securities Shaoxing Jiefang Avenue, bought over 18 million yuan and sold over 51 million yuan.

Huang Guangyao explained to Interface News that brain-computer interface belongs to a newly fermented theme after the holiday. Although it sparked a limit-up surge on January 5th, most were first-time limit-up stocks, and the leading stocks were mostly limit-up from the opening bell. Many other stocks also quickly rallied to limit-up after significant opening gains. This actually didn't leave investors with comfortable entry points, so the attractiveness of related stocks to well-known hot money funds was relatively limited. However, if this theme can continue to strengthen in the future, it will also attract more attention and participation from hot money funds.