Innovative Breakthroughs and Capital Support: The Leading Computing Power Company in the Shenzhen Stock Exchange Market Stabilizes Its Position at the New Front of the Digital Economy

Securities Daily Reporter Tian Peng

Since the beginning of this year, China’s computing power industry has made solid progress with robust momentum. The scale of intelligent computing power continues to rise, with breakthroughs in key core technologies such as high-end chips and high-speed networks. The domestic computing power ecosystem is maturing rapidly, the “East Data West Computing” initiative is advancing deeply, and intelligent computing center clusters are forming more quickly, laying a solid foundation for the construction of a digital China.

Each achievement is accelerating its implementation, reflecting the national strategy of accelerating the layout of new productive forces and solidifying the foundation for the development of the digital economy. It is also a vivid practice of various market entities actively participating and promoting the continuous optimization and improvement of the industrial ecosystem. Taking companies listed on the Shenzhen Stock Exchange (hereinafter referred to as “Shenzhen Market”) as an example, a number of leading enterprises deeply engaged in AI computing hardware have become the backbone of the domestic computing power industry’s rise, thanks to their forward-looking layouts, robust R&D, and market implementation capabilities, writing a new quality productive force empowerment case for the computing power industry in the Shenzhen Market with tangible technological breakthroughs and performance growth.

The 2026 “Government Work Report” clearly proposes the strategy of “building a new form of intelligent economy,” stating, “implementing new infrastructure projects such as ultra-large-scale intelligent computing clusters and computing-electricity synergy, strengthening national integrated computing power monitoring and scheduling, and supporting public cloud development.” This points the way for the further high-quality development of the computing power industry and injects strong momentum. Looking ahead, more enterprises will seize policy dividends and industrial opportunities, continuously increase investment in technological innovation and resources, and bravely advance on the path of self-controlled computing power and ecological collaborative development.

Innovation Leads

Forward-looking Layout Seizing Future Tracks

Core technology is the key lifeblood for the high-quality development of the computing power industry and is also the core support for breaking bottlenecks and achieving self-control in domestic computing power. Situated in the golden track of AI computing power explosion, leading hardware companies in the Shenzhen Market firmly anchor their core strategy of innovation-driven development. With advanced track layouts, robust technological reserves, and large-scale results transformation, they have built strong competitive barriers in niche fields such as PCB (printed circuit board) manufacturing, intelligent computing servers, and network computing infrastructure.

For example, as a global leader in AI computing PCBs, Shenghong Technology (Huizhou) Co., Ltd. (hereinafter referred to as “Shenghong Technology”) has invested over 2 billion yuan in R&D around core PCB technologies since its listing. Currently, the company has over 1,500 R&D personnel and holds more than 350 effective patents in the circuit board field. A relevant person in charge of Shenghong Technology told Securities Daily reporters that in intelligent manufacturing, the company has built the first AI smart factory in the PCB industry that integrates “full-process automation + traceability + AI algorithm decision-making,” achieving a yield rate of over 80% for high-end HDI products, realizing a dual leap in efficiency and quality.

In addition to breakthroughs in the underlying PCB hardware field, leading enterprises in the computing power core machine sector are also accelerating their transformation and upgrading. Inspur Electronic Information Industry Co., Ltd. (hereinafter referred to as “Inspur Information”), as a benchmark enterprise in the computing power server track, is fully transforming from a traditional server hardware supplier to a “system-level AI infrastructure and overall intelligent computing solution provider,” relying on 30 years of industrial accumulation and cutting-edge engineering innovation capabilities in the AI era.

It is reported that Inspur Information adheres to “Token speed and Token cost” as the core direction of R&D, achieving several industry breakthroughs: its SD200 super node AI server reached a Token generation speed of 8.73ms in professional evaluation testing by the China Academy of Information and Communications Technology, leading the industry into the “10-millisecond era”; the HC1000 ultra-expandable AI server continues to optimize computing power costs, striving to break through the inference cost to “1 yuan per million Tokens,” significantly lowering the threshold for large-scale applications of AI computing power.

Unisplendour Corporation Limited (hereinafter referred to as “Unisplendour”) has launched an innovative DDC (Distributed Decoupled) lossless network architecture in the networking field, globally debuting the 800GCPO (Silicon Photonics) switch and achieving commercialization, while also launching a fully domestically produced 800G intelligent computing switch; in the computing and storage field, it released the G7 series of diversified heterogeneous computing power servers, the UniPoD super node server supporting thousand-card interconnection, and the high-performance distributed storage UniStorPolaris series aimed at AI; in the all-in-one machine field, it launched the industry’s first “Intelligent Computing - Algorithm - Governance” deeply coupled DeepSeek large model all-in-one machine (LinSeerCube), as well as the LinSeerHub enabling platform compatible with over 20 GPU (visual processing units) and more than 60 large models.

The impressive technological achievements are backed by Unisplendour’s long-term commitment to high-intensity R&D investment, which provides a solid guarantee for technological innovation. Data shows that Unisplendour’s R&D investments from 2022 to 2024 are 5.299 billion yuan, 5.643 billion yuan, and 5.102 billion yuan, respectively, maintaining a high level for three consecutive years. By 2025, the company’s cumulative patent applications exceeded 16,000, with over 90% being invention patents.

Capital Empowerment

Precise Support for Industrial Integration Leapfrogging

On the basis of relentless innovation, the three leading enterprises mentioned above have also employed equity incentives, diversified financing, mergers and acquisitions, and other means as a combination of strategies, forming an efficient and collaborative capital operation “combination punch” to precisely support the company’s strategic leap to higher-level technologies and broader markets.

Taking Shenghong Technology as an example, the company quickly filled its technical gap in flexible circuit board technology through the acquisition of MFS Group, forming a full series of PCB product combinations that balance rigidity and flexibility, continuously strengthening its technological moat; through the acquisition of APCB Electronics (Thailand) Co., Ltd., it rapidly built an overseas production base to efficiently meet the overseas delivery needs of international leading customers.

The relevant person in charge of Shenghong Technology told Securities Daily reporters that the mergers and acquisitions have produced significant synergies. Relying on the company’s platform advantages, it accelerates the product certification of the acquired companies, effectively reduces overall procurement costs and operating management expenses due to scale advantages, and achieves mutual empowerment between overseas capacity and domestic factories, relieving domestic capacity pressure and driving domestic supporting orders, providing strong momentum for sustained future growth. It is reported that by 2025, Shenghong Technology expects to achieve a net profit attributable to shareholders of listed companies of 4.36 billion yuan, a year-on-year increase of 277.68%.

Similarly, Inspur Information effectively broadened its financing channels and optimized its capital structure through the flexible use of diversified debt financing tools, providing stable funding for continuous R&D investment, global market expansion, and capacity layout. In 2025, the company accelerated the application of advanced network technology in server products through mergers and acquisitions, improving its full-stack solution system for AI infrastructure.

Unisplendour actively utilizes capital tools. After completing the acquisition of the controlling stake in H3C in May 2016, it increased its shareholding ratio to 81% in September 2024. Recently, Unisplendour’s wholly-owned subsidiary, Unisplendour International, teamed up with several financial institutions and industrial investment institutions to acquire a total of 19% of H3C’s shares held by HPE Cayman.

A relevant person in charge of Unisplendour stated that after the completion of the above transaction, Unisplendour’s control over H3C will increase from 81% to 87.98% through Unisplendour International, further strengthening control over core assets, which is conducive to improving operational management and business synergy efficiency while leveraging the strategic resources of external shareholders to better support H3C’s high-quality development.

From technological breakthroughs to industrial landing, from domestic layout to global expansion, the practices of these three leading enterprises fully demonstrate that the capital market is a “booster” for driving technological innovation, optimizing resource allocation, and enhancing global competitiveness.

Relying on efficient capital operations and solid technological accumulation, China’s computing hardware industry chain is accelerating its move towards high-end, intelligent, and globalized development. Looking ahead, as financial resources continue to accurately nourish the real economy, more technology companies will continuously strengthen their industrial foundation and broaden their development space under the dual drive of technology and capital, injecting stronger momentum into the development of the digital economy and new quality productive forces.