Ge Weidong's latest heavy holdings revealed! Who will be the next ten-bagger stock based on the Q1 report?

At the end of the first quarter, amid the broader environment of ongoing Middle East conflict and the postponement of rate cuts, volatility in the A-share market intensified. This week started by dipping and then turned upward, and the Shanghai Composite Index ultimately closed above 3,900 points. Judging by the level, this is a relative high point over the past decade, with both upside and downside possibilities existing at the same time. So, how should we position ourselves next?

Emphasize the first-quarter reports

As time moves into the last full trading week of March, under the impact of multiple factors such as the external environment, the A-share market has seen wild swings. The rotation among leading sectors has also become even more frequent. Traditional industries like coal, and high-growth tech sectors such as copper-clad laminate, optical communications, and optical modules (CPO), alternate as leaders in the A-share market, but the persistence of the uptrend is generally not high. At the same time, the author has noticed that a certain traditional main theme has entered the speculation period and has relatively strong continuity—namely, the earnings theme.

Typical companies include Fuxiang Pharmaceutical, which released its 2026 Q1 earnings forecast on March 24. During the reporting period, benefited by the continued improvement in the new energy industry’s outlook, steady growth in demand for power batteries in the market, and a rapid surge in demand for energy storage batteries, leading to a sustained rise in upstream lithium battery materials demand. As a result, the company’s lithium battery electrolyte additive business has performed well, with core products such as VC and FEC seeing both volume and pricing rise, thereby driving a large year-over-year increase in the company’s performance. The company’s profit forecast achieved 52 million yuan to 75 million yuan, a year-on-year increase of 2,222.67% to 3,250.01%. On the same day, the company recorded a “20CM” limit-up, and afterward it continued to collect multiple consecutive closes in the red lines.

In this regard, senior industry insider Bian Huizong pointed out that after entering April, the market will shift to an earnings-driven focus. “In particular, when trading the first-quarter reports, the first-quarter reports must be taken seriously. Often, starting from the first-quarter reports, some ‘bull stocks’ emerge within the year and even across the year-end. My experience: an industrial trend + a company earnings inflection point + potential for business growth. If you want to look at upside elasticity, you can’t do without company size, expectation gaps, and positioning. Don’t look down on small companies with high barriers. If they catch the industrial trend and supply-demand gaps, they are likely to grow from small to big.” Bian Huizong said.

11 stocks with all-around earnings growth

Actually, there has long been a tradition in the A-share market of “pretty girls getting married first.” The earnings forecast performances for the first quarter of this batch of listed companies are also generally strong. According to the author’s statistics, as of now, including Fuxiang Pharmaceutical, 11 listed companies have already released their 2026 Q1 earnings forecasts, and compared with the performance in the same period last year, they have all achieved growth to varying degrees—especially Fuxiang Pharmaceutical, whose growth rate is the highest.

Closely following Fuxiang Pharmaceutical is Wanbangde. Against the backdrop that its transformation from generic drugs to an innovation-drugs strategy has shown initial results, and that business expansion during the reporting period has made positive progress, the company’s March 6 earnings forecast shows that it achieved net profit of 165 million yuan in the reporting period, up 985.4% year over year. Similar to Fuxiang Pharmaceutical, since March 6 to date, Wanbangde’s share price has continued to move upward, with a cumulative gain of more than 50%. In particular, in the most recent four trading days, three trading days saw limit-ups of “10CM,” delivering “3 limit-ups in 4 days.”

In addition, stocks with leading forecast earnings growth rates also include Fulingwang, AolaiDe, Weierli, and others. Their earnings growth rates are all over 100%, and after the earnings forecasts were released, they have generally also shown solid market performance (see the appendix table).

Ge Weidong makes an appearance

Worth noting is that while releasing the 2026 Q1 earnings forecasts, some companies also released their 2025 annual reports, and the latest list of top ten shareholders has also come to light, with some well-known investors among them.

For example, Fulingwang: the company also achieved earnings growth in 2025. Total operating revenue was 1.972 billion yuan, up 53.46%; attributable net profit was 55 million yuan, up 1.26%. The latest list of the top ten tradable shareholders as of the end of 2025 shows that the “national team” National Social Security Fund 117 portfolio and the Basic Pension Insurance Fund 903 portfolio are both included, ranking as the seventh and eighth largest tradable shareholders, respectively (see Figure 1).

Muxi Group Co., Ltd.-U, meanwhile, has gained the favor of well-known investor Ge Weidong. Although the company recorded earnings losses in both 2025 and the first quarter of 2026, the magnitude of the losses has narrowed significantly, while revenue has risen sharply. In the latest top ten shareholders list as of the end of 2025, Ge Weidong and the Chaos Investment he leads have all appeared, ranking as the company’s fifth and sixth largest shareholders, respectively (see Figure 2).

And besides Muxi Group Co., Ltd.-U, Haiguang Information, which has already released its 2026 Q1 earnings forecast, has not published its 2025 annual report, but it has also been a company heavily held by Ge Weidong. During the 2025 interim report period, Chaos Investment held 17.4981 million shares, with a market value of 2.472 billion yuan.

(Individual stocks mentioned in the article are for illustrative purposes only and do not constitute recommendations to buy or sell.)

(Editor: Wang Zhiqiang HF013)

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