Domestic large models accelerate commercialization, and the computing power industry chain fully erupts

Securities Times reporter Chen Jian’nan

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

Among them, two domestic large-model players—Zhipu and MINIMAX-W—have taken the lead.

On April 1, Zhipu’s closing price rose nearly 32%. Its first quarterly report after listing was remarkable: in 2025, total revenue grew sharply year over year. Core business revenue climbed in a “doubling” manner. Both API call volume and pricing rose, showing a supply-and-demand imbalance with demand outstripping supply. This not only highlights strong user activity and paying intent, indicating that its business model has initially won recognition from the market, confirming the core competitiveness of domestic large language models, and also underscoring the high level of optimism across the entire domestic computing power chain. On the same day, MINIMAX-W’s share price surged more than 14%, in tandem with Zhipu, together igniting investor enthusiasm in domestic large language models and the computing power industry.

In the 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, related concepts such as optical modules all recorded gains of more than 4%. Among them, optical module stocks such as Runruen Optical and Wavelength Optical all rose more than 11%. Meanwhile, trillion-yuan market-cap leaders such as iCore, Cambricon, and Hygon Information also advanced in sync. iCore rose 10.23%, Cambricon rose 6.96%, and Hygon Information rose 4.78%, fully reflecting the high momentum in the computing power industry.

A recent research report from Guojin Securities said that the domestic computing power industry chain is accelerating in optimism across the full value chain, with the expectation that both volume and price will rise. Under strong logical pressure from 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 momentum will broadly spill over from core chips into segments such as AIDC, cloud and computing power services, as well as supporting power equipment and servers.

West China Securities also said that domestic computing power is “right on time.” The firm believes that, against the backdrop of recent capability improvements in domestic large language models and their gradual efforts to catch up with overseas models, their high cost-performance advantage is expected to fill the current gap in demand. Riding this trend, they can achieve Token outsea, and further drive demand for domestic computing power.

Within the subdivided areas of the computing power sector, a batch of high-growth companies are hidden.

According to statistics from Securities Times·Data Treasure, among computing-over-data-center and computing-to-the-west (东数西算) concept stocks that have received ratings from more than five institutions, 22 stocks have been unanimously predicted by institutions to have parent-company net profit growth rates of more than 30% over both this year and next. Among them, stocks such as Yunda Shares, Orbbec Middle? (奥比中光-UW), Cambricon, Far East Holding, and Shenghong Technology have been unanimously predicted to have parent-company net profit growth rates exceeding 50% over both this year and next.

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-end Siyuan series products has driven improvements in both performance and profitability. Benefiting from the leading product performance in China and the rising demand for CSP localization, the company’s performance is expected to continue growing.

Shenghong Technology is an AI PCB leader. Founder? (招商证券) believed that the company has spent many years deeply in the PCB field. It has successfully entered the supply chains of internationally renowned companies such as NVIDIA, Google, Intel, Tesla, and Microsoft. Growth in order demand is driven by its high-quality core customer base. The company’s product mix is also expected to be further improved. In addition, with the acceleration of expansion of domestic and overseas production capacity, it is optimistic about the company’s mid-to-long-term trend of high-end capacity expansion and product upgrades.

Judging from share price performance so far this year, the above-mentioned stocks show differentiated trends. Among them, Far East Holding led with a more than 72% surge year to date, mainly benefiting from rising fiber-optic cable prices. Yousheng New Materials and Creative Data both rose more than 30%. The stocks with the largest declines mainly include Yangying Precision, Cambricon, and Softlink Dynamics.

In response to share price volatility, Softlink Dynamics recently released a share repurchase announcement. It clearly states that the repurchase price in this round will not exceed RMB 68.57 per share. The total repurchase funds range from no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive).

(Data in this issue is provided by the Securities Times Center database) Image source: AI generated