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

The Securities Times reporter Chen Jiannan

As the pace of domestic large model commercialization continues to accelerate, the performance of relevant companies has been impressive. It has not only driven the sector’s stock prices higher, but has further boosted demand throughout the computing power industry chain, pushing domestic computing power steadily forward from breakthroughs in core technologies toward coordinated development across the entire industry chain.

Among them, Zhipu and MINIMAX-W—two major domestic large model-related companies—are moving first.

On April 1, Zhipu closed up nearly 32%. Its first set of financial reports since listing was impressive: in 2025, total revenue saw a significant year-over-year increase. Core business revenue climbed at a doubled pace; both API call volume and pricing rose, showing a strong pattern of supply exceeding demand. This not only highlights strong user engagement and willingness to pay, indicating that its business model has gained preliminary market approval, confirms the core competitiveness of domestic large models, and also underscores the overall high level of optimism across the domestic computing power chain. On the same day, MINIMAX-W’s stock price surged more than 14%, forming a linkage with Zhipu and jointly igniting investors’ enthusiasm in the market for domestic large models and the computing power industry.

In China’s A-share market, this investment enthusiasm further spreads to the computing power industry chain. On April 1, the computing power sector surged across the board. By the close, related concepts such as optical modules all rose by more than 4%. Among them, optical module stocks including Runhe Optics and Wavelength Optoelectronics rose by more than 11%. Millennium Semiconductor, Cambricon, and Hygon Information also moved up in sync, with large-cap “top” stocks with market values in the trillions. Millennium Semiconductor rose 10.23%, Cambricon climbed 6.96%, and Hygon Information increased 4.78%, fully reflecting the high level of optimism in the computing power industry.

A recent research report from Guojin Securities said that enthusiasm across the entire domestic computing power industry chain is accelerating, and it is expected that both volume and price will rise together. 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, and industry optimism will spill over comprehensively—from core chips to stages such as AIDC, cloud and computing services, and supporting power equipment and servers.

West China Securities also said that domestic computing power is “the right time.” The firm believes that, against the backdrop of recent improvements in domestic large models and their gradual catching up to overseas large models, their high cost-performance advantage is expected to fill the gap in current demand. Seizing the opportunity, it can realize token overseas expansion and further drive demand for domestic computing power-related needs.

Hidden within the subdivided areas of the computing power sector is a group of high-growth companies.

According to statistics from The Securities Times·Data 宝, among computing-power allocation across east and west (“East data, West computing”) concept stocks that have received ratings from more than 5 institutions, 22 stocks have been unanimously predicted by institutions that the growth rate of their attributable net profit over the coming two years will exceed 30%. Among them, stocks such as Yunda Shares, Orbbec Zhongguang-UW, Cambricon, Far East Shares, and Shenghong Technology have been unanimously predicted to have attributable net profit growth rates of more than 50% in the coming two years.

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

Shenghong Technology is the AI PCB leader. CMB Securities believes that, after years of deep cultivation in the PCB field, the company has successfully entered the supply chain of internationally well-known enterprises such as NVIDIA, Google, Intel, Tesla, and Microsoft. Its strong base of high-quality core customers drives growth in order demand. The company’s product structure is also expected to improve further, and with accelerated capacity expansion both domestically and overseas, it is optimistic about the company’s trend of expanding high-end capacity over the medium to long term and upgrading products.

Judging by the performance of these stocks’ prices within the year, the above-mentioned stocks show differentiation. Among them, Far East Shares has the biggest gain within the year, up more than 72%, mainly benefiting from rising fiber-optic prices. Gensheng New Materials and Syncor Data both rose by more than 30%. Stocks with larger declines mainly include Lens Precision, Cambricon, and Softbank Power.

In response to share price fluctuations, Softbank Power recently released a share repurchase announcement, clarifying that the repurchase price in this buyback will not exceed RMB 68.57 per share. The total repurchase funds will be no less than 100 million yuan (inclusive) and no more than 200 million yuan (inclusive).

（Source: The Securities Times）

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