Zhongji Xuchuang's net profit doubles by 2025! Cloud computing ETF Huatai-PineBridge (159273) surges over 2%! Institutions: Fiber optic and computing power leasing prices have increased beyond expectations!

Today (4.1), Asia-Pacific stocks collectively rebounded, and the computing power sector surged again! The Harvest Fund (159273) cloud computing ETF, with a high “lobster” concentration, jumped more than 2%, with intraday trading value exceeding 21 million yuan. In terms of capital flows, in the past 60 days cumulative net inflows exceeded 82 million yuan!

On the news front, signs of easing have emerged in the Middle East conflict. Iran for the first time indicated it is willing to hold talks. Driven by expectations that the US-Iran conflict will end earlier, global stock markets surged, and the three major A-share indexes all opened higher.

In terms of performance, JIJI XUCHUANG doubled its 2025 net profit. In a post-market announcement from JIJI XUCHUANG 30 days later, 2025 operating revenue was 38.24 billion yuan, up 60.25% year over year; net profit attributable to shareholders of listed companies was 10.797 billion yuan, up 108.78% year over year; and net profit after deducting non-recurring gains and losses was 10.71 billion yuan, up 111.31% year over year. The company plans to distribute cash dividends of 10 yuan (tax included) for every 10 shares to all shareholders.

Overseas, Anthropic faced an “epic-level” code leakage incident. The complete source code of its Claude Code product was made public due to a low-level mistake at the packaging layer. The leak involved more than 510,000 lines of TypeScript code, more than 40 tool modules, and several core features that had not yet been released. Although the leak did not affect Claude’s core model weights or user data, it has further intensified external doubts about Anthropic’s security maturity.

Recently, OpenClaw has remained intensely hot. According to statistics, the “lobster” concentration of the CSI Shanghai-Hong Kong-Shenzhen Cloud Computing Industry Index tracked by Harvest Fund (159273) is as high as 76.71%, ranking near the top in the whole market. As of March 24, the size of Harvest Fund (159273) was 1.412 billion yuan, leading in scale among similar funds!

Chart: ETF index with high “lobster content”

Cutoff date: 2026/2/28

Most hot stocks in the benchmark index of Harvest Fund (159273) are up: Huasheng Tiancheng rose more than 6%; JIJI XUCHUANG, DNSYSTEMS, and TOWERCOM rose more than 3%; Tencent Holdings, Alibaba Group Holding-S, and Huanhuanxin rose more than 2%; and GDS? rose more than 1%.

Note: Benchmark index constituent stocks are shown for display only and do not constitute stock recommendations.

【JIJI XUCHUANG net profit doubles; optical modules continue to benefit from the computing power boom】

The optical module leader JIJI XUCHUANG delivered an impressive performance, achieving both revenue and net profit growth. In addition to JIJI XUCHUANG, net profit attributable to shareholders for Net Gain? is expected to increase by 231%-248%, and TongFu Communications is expected to increase by 40%-60%. Other excellent performers include FiberHome?; its year-over-year net profit growth rate reached an astonishing 163.76%, and revenue growth was nearly 48%. Runze Technology forecast net profit growth of 179%-196%, and Blue Focus year-over-year increased 161%-175%.

Huatai Securities believes that JIJI XUCHUANG’s high growth in 2025 was mainly driven by the release of global AI computing power demand, which boosted the company’s rapid expansion of high-speed optical module business, along with continuous optimization of product mix, significantly improving the company’s gross margin. Looking ahead, the firm expects the company to continue benefiting fully from development opportunities in the AI computing power industry chain.

Optical module business expands, and overseas revenue rises rapidly. By product, JIJI XUCHUANG’s core business optical communication transceiver module revenue was 37.457 billion yuan, up 63.67% year over year, mainly due to the rapid increase in shipment volumes of 400G and 800G products. Looking toward 2026, 1.6T products are also expected to gradually ramp up. By region, the company’s overseas business achieved revenue of 34.637 billion yuan, up 67.20% year over year, and revenue share reached 90.58%; domestic business revenue was 3.603 billion yuan, up 14.52%.

Overall gross margin improved significantly, and expense control was good. In 2025, the company’s consolidated gross margin was 42.04%, up 8.23 percentage points year over year. In 4Q25, the single-quarter gross margin reached 44.48%, up 1.69 percentage points quarter over quarter, mainly due to optimization of shipment mix, further increases in revenue share of high-end products such as 400G/800G, as well as an increase in the penetration rate of silicon photonics solutions. Regarding expense management, control was good. In 2025, the company’s selling, administrative, and R&D expense ratios were 0.59%/1.99%/4.22%, respectively, down 0.24/0.86/0.99 percentage points year over year, mainly because as revenue grows rapidly, the scale effect becomes fully evident.

The industry leader position is solid, and the company is expected to enjoy AI computing power chain development opportunities in the long term. From the current point in time, the following industry trends in the optical module sector are worth focusing on: 1) GPU cluster scale is still expanding rapidly; million-card clusters may emerge, further releasing demand for high-speed optical modules such as 800G and 1.6T; 2) the trend of “move from optics to copper on the Scale up side” is clear in the future; NPO/CPO may bring new development opportunities for leading optical module manufacturers. In addition, as in the AI era data centers face higher requirements for optical module reliability and shorter iteration cycles, leading optical module companies’ market positions remain solid.

(Source: Huatai Securities 20260331 “High-speed optical modules drive revenue and gross margin to rise rapidly”)

【Optical fiber and computing power leasing prices rise more than expected】

The optical fiber price increase trend is more than expected, and the up-cycle is established. As of March 4, the price of G.652.D single-mode optical fiber rose from 18 yuan per kilometer before New Year’s Day to the current price of 85~120 yuan per kilometer, an increase of nearly 650%; the price of G.657.A1 single-mode optical fiber rose from 23 yuan per kilometer to 115~135 yuan per kilometer, up nearly 487%; and the price of G.657.A2 single-mode optical fiber rose from 35 yuan per kilometer to 210~230 yuan per kilometer, up nearly 557%. Judging from the magnitude and pace of the price increases, since New Year’s Day the increase has already broken out of the historical cycle fluctuation range, indicating that this is not a seasonal or ordinary cyclical adjustment, but a “rise in both quantity and price” market driven jointly by explosive growth in demand and supply-side capacity bottlenecks. Open-source Securities believes that “AIDC construction, DCI interconnection, and drone demand” form a triple resonance in optical fiber demand. On the supply side, optical rods have characteristics such as long expansion cycles and difficulty expanding capacity, leading to a persistent or continuing tight supply-demand situation; optical fiber prices may keep rising.

AI application surge boosts computing power demand, and a wave of leasing price increases sweeps across the entire market. According to industry monitoring, at the beginning of 2026, the surge in AI computing power demand has driven the computing power leasing market into a price-increasing cycle. By late February, the rental prices of premium GPUs such as Nvidia H200 and H100 rose 15%-30% quarter over quarter. The hourly rental of H200 was 7.5-8.0 yuan per card-hour, with a monthly rental of 60,000-66,000 yuan, up 25%-30%; the monthly rental of H100 rose to 55,000-60,000 yuan, up 15%-20%. Delivery cycles extended to 2027 Q2 for H200 and 2027 Q1 for H100. Leading vendors such as Youc? and Senhua Yiteng have already announced across-the-board price hikes of 20%-30% in March. As AI applications become widespread and the OpenClaw framework sparks inference demand, together with Nvidia’s constrained production capacity, rising hardware costs, and a gap in domestic substitution, the market is entering a “seller’s market.” In the short term, price increases may continue. Be sure to pay attention to AI cloud IAAS investment opportunities.

(Source: Open-source Securities 20260307 “Optical fiber and computing power leasing prices rise more than expected”)

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