Temporada de informes anuales: La cadena industrial de potencia de IA aparece como "estrella", con la tasa de ganancias anticipadas liderando; las empresas de componentes centrales aguas arriba logran alto crecimiento

Central Radio and Television Station Beijing, March 13 (Reporter Wang Ying) — According to the Central Radio and Television Station’s Economic Voice “Tianxia Finance,” the annual report disclosure period for A-shares in 2025 has entered a peak. As of March 10, among nearly 3,000 listed companies that have disclosed performance forecasts or quick reports, a prominent feature has emerged — the AI computing power industry chain has a positive surprise rate of over 50%, far exceeding the overall market level, becoming a shining “star” in the annual report season. What forces are supporting the rise of this sector? Can the high growth logic of upstream core component companies continue?

Recently, the “AI computing power” sector in the A-share market has been very active. A series of positive performance forecasts have pushed the AI computing power industry chain to the forefront. Fields such as optical modules, PCBs, and storage chips, which were not well known to ordinary investors in the past, have now become the most eye-catching “vanguards” during the earnings season.

Is this short-term capital speculation or a substantial reversal of the industry prosperity cycle? Market analyst Gui Haoming believes: “Many companies have achieved high growth. Of course, this high growth mainly reflects sales improvements, some have turned losses into profits, and some have seen significant performance increases. Overall, their situation is better than other industries.”

However, within the industry chain, the degree of performance realization shows clear differentiation. The reporter’s review found that the performance certainty of upstream core component companies is significantly higher than that of downstream application companies. In this regard, Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, analyzed: “In the past two years, the demand for AI computing power has led to differentiation within the AI computing power industry chain. Even with the same computing power, the performance certainty of upstream core component companies is much higher than that of downstream applications. The main reason is that current AI development still relies heavily on demand for upstream components, and it may take more time for this to gradually reflect in applications.”

As AI large models are further developed, market attention to chip equipment and manufacturing links is increasing. In this wave of global AI chip expansion, how much of the pie can domestic companies share? Gui Haoming pointed out: “In the entire industry chain, what stands out most is companies preparing to invest in the AI industry, including those investing in computing power. Additionally, companies producing manufacturing equipment have also received considerable attention. Both upstream and downstream companies are expected to profit. Relative to others, more effort is needed to develop chip manufacturing. As the demand for AI industry computing power continues to grow, chip design may surpass the industry average growth rate.”

For ordinary investors, how to identify “true growth” amid a complex market remains a challenge. Gui Haoming suggests that investment should return to fundamentals and focus on core indicators.

“The first step is to find genuine leaders, which involves many companies, but which are truly strong and which are just riding the trend; second, focus on those with high market share and advanced technology; additionally, companies that have large capital strength and strong management, especially those making big moves in AI computing power deployment, are worth attention. From an investment perspective, we should adhere to fundamentals, so it’s best to base decisions on the performance of listed companies and invest rationally,” Gui Haoming said.

Yang Delong believes that, besides paying attention to net profit growth, order situation and whether a company has entered the supply chain of major global manufacturers are also key “barometers” for selecting quality targets.

“Besides net profit indicators, investors should also pay attention to the order situation of these companies. Some may not yet be able to release profits, but if they have many orders, it indicates good future growth potential and true growth attributes as a computing power leader. Also, check whether these companies can secure orders from large manufacturers and enter supply chains of companies like Nvidia and Tesla, which could lead to future performance growth. By combining the performance of upstream core component companies and the core competitive landscape, investors can choose high-quality targets by selecting industry leaders,” Yang Delong said.

Opportunities often come with risks. In response to signs of overheating in some concept stocks, Yang Delong especially reminds investors: “Some companies are just riding the concept without substantial performance support, and are not industry leaders. There is a risk of bubble burst. Therefore, investing in tech stocks should still adhere to value investing principles, selecting industry leaders based on fundamentals, focusing on companies with R&D capabilities and technological breakthroughs, and avoiding those that hype concepts or themes.”