From January to April 2026, the research focus of securities firms experienced three distinct shifts. At the start of the year, the approach was diversified and balanced. By March, the spotlight was on the technology sector, and in April, the focus returned to value defense. According to Choice data, defensive sectors like power equipment and machinery regained institutional attention in April. This change in research focus reflects how institutions adjust their portfolios in response to external environmental shifts.

In January, research efforts were fueled by both cyclical and growth sectors. Industries such as machinery, electronics, and power equipment drew significant attention. In February, industry popularity was more evenly distributed, with electronics, machinery, and power equipment all ranking highly. By March, the technology sector took center stage, with electronics research far outpacing that of other sectors. However, in April, the research focus shifted towards defense. Electronics research declined, while the power equipment and machinery sectors saw similar levels of attention, creating a balanced tripartite situation.

Multiple securities firms recommend that, given the rising uncertainties in the external environment, priority should be given to defensive sectors. These sectors boast strong earnings certainty and reasonable valuations, such as power equipment, machinery, and pharmaceutical biology.