Domestic large models accelerate commercialization, and the computing power industry chain is experiencing a comprehensive boom.

The Securities Times reporter Chen Jiannan

As the commercialization and implementation of domestic large language models continues to accelerate, the performance of related companies has been impressive. This has not only strengthened the market trend of individual stocks in the sector, but also further boosted sustained demand across the computing power industry chain, pushing domestic computing power to move steadily from breakthroughs in core technologies toward coordinated development across the entire industry chain.

Among them, Zhipu and MINIMAX-W, two leading domestic large-model-related companies, took the lead.

On April 1, Zhipu closed up nearly 32%. Its first set of financial statements after going public was astonishing. In 2025, total revenue grew sharply year over year. Core business revenue surged in a doubling-like manner. Both API call volume and pricing rose, showing a supply-and-demand situation of tight supply. This not only demonstrates strong user activity and payment willingness, indicating that its business model has initially gained market recognition, and confirms the core competitiveness of domestic large language models. It also highlights the overall high level of enthusiasm across the domestic computing power chain. On the same day, MINIMAX-W’s share price jumped more than 14%, forming a linkage with Zhipu, and together stoked investors’ enthusiasm in the market for domestic large language models and the computing power industry.

In China’s A-share market, this investment enthusiasm further spread to the computing power industry chain. On April 1, the computing power sector surged across the board. By market close, gains in related concepts such as optical modules were all more than 4%. Among them, optical module stocks including Sinrun Optics and Wavelength Optoelectronics all rose more than 11%. Meanwhile, mega-cap leader stocks such as Corechip, Cambricon, and Hygon Information also rose in sync. Corechip rose 10.23%, Cambricon rose 6.96%, and Hygon Information rose 4.78%, fully reflecting the industry’s strong momentum.

A recent research report from Guojin Securities stated that enthusiasm across the entire domestic computing power industry chain is accelerating, with the potential for simultaneous increases in both volume and price. Under the pressure of strong logic on both the supply and demand sides, it is expected that in 2026, the computing power industry chain will enter a “full-chain inflation” cycle. Industry enthusiasm will spill over comprehensively from core chips to segments including AIDC, cloud and computing power services, supporting power equipment, servers, and more.

West China Securities also said that domestic computing power is right on time. The firm believes that against the backdrop of recent capability upgrades of domestic large language models and their gradual efforts to catch up with overseas large language models, their advantages in high cost performance are expected to fill the current gap in demand, seize the opportunity to drive Token overseas expansion, and further stimulate demand related to domestic computing power.

Within the computing power sector’s subdivided areas, there is a group of high-growth companies hidden.

According to statistics from The Securities Times·DataBao, among the “East Data and West Computing” concept stocks with ratings from more than 5 institutions, 22 stocks have been unanimously predicted by institutions to have year-on-year growth rates in net profit attributable to the parent over the next two years exceeding 30%. Among them, stocks such as Yunda Shares (300772), Orbbec Zhongguang-UW, Cambricon, Far East Communication (Group), and Shenghong Technology (300476) have all been unanimously predicted to have net profit attributable to the parent growth rates over the next two years exceeding 50%.

As a domestic computing power leader, Cambricon has long been a focus of market attention. Donghai Securities said that the scale commercialization of the company’s cloud-based Siyuan series products has driven improvements in performance and profitability. Benefiting from the product’s leading performance domestically and rising demand for CSP localization, the company’s future performance is expected to continue growing.

Shenghong Technology is the AI PCB leader. CMB Securities (600999) believes that the company has been deeply engaged in the PCB field for many years and has successfully entered the supply chains of internationally well-known companies such as NVIDIA, Google, Intel, Tesla, and Microsoft. The customer base of high-quality core clients drives growth in the company’s order demand. The company’s product structure is also expected to be further improved. In addition, as domestic and overseas capacity expansion accelerates, it is optimistic about the company’s medium-to-long term trend of high-end capacity expansion and product upgrades.

Judging from the share price performance so far this year, the above stocks show a pattern of divergence. Among them, Far East Communication (Group) is up more than 72% year-to-date, ranking first, mainly benefiting from rising optical fiber prices. Hesheng New Material and Co-creator Data both rose more than 30%. Stocks with relatively larger declines mainly include Changying Precision (300115), Cambricon, and Softtrans Power.

In response to share price fluctuations, Softtrans Power recently released a share repurchase announcement, clarifying that the repurchase price for this round will not exceed RMB 68.57 per share. The total repurchase funds will range from not less than 100 million yuan (inclusive) to not more than 200 million yuan (inclusive).

(Editor: Zhang Yang HN080)

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