Soaring prices, domestic large models, new historical highs! Both volume and price are rising together, and domestic computing power is at its prime (see list)

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Data Treasure

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Domestic computing power is in a favorable cycle with strong momentum.

Domestic large models—at historical highs

Two domestic large-model stocks saw their share prices surge. Among them, MINIMAX-W jumped more than 17% intraday, reclaiming above 1,000 Hong Kong dollars; Zhipu surged by as much as 35% at one point, reaching 938 Hong Kong dollars and setting a new historical high, with its market cap briefly exceeding 400 billion Hong Kong dollars.

On the news front, on the evening of March 31, Zhipu’s first financial report after its listing showed that in 2025 the company recorded total revenue of RMB 724 million (the same below), up 131.9% year over year; its adjusted net loss for the year was RMB 3.18 billion, versus RMB 2.46 billion in 2024; and its full-year comprehensive gross margin was 41%, far above industry benchmarks.

By segment, the company’s enterprise intelligent agent business revenue rose from RMB 47 million last year to RMB 166 million, up 248.8%, with revenue share reaching 22.9%, becoming a new growth engine. Its open platform and API platform business increased from RMB 48 million last year to RMB 190 million, a jump of 292.6%.

Domestic computing power is right now

Notably, in the first quarter of 2026, Zhipu raised its API call pricing by 83%. Even so, the market still shows a situation of tight supply and high demand, with call volume growing by 400%.

In Zhipu’s released annual report, the strength of user activity and willingness to pay is evident, indicating that its business model has initially gained market recognition. It also highlights the market competitiveness of domestic large models, as well as the strong momentum across the entire domestic computing power chain.

In a recent research note, Guojin Securities stated directly that the overall-industry-chain momentum of domestic computing power is accelerating, and that it may lead to both volume and pricing increasing in tandem. Under the pressure of strong logic on both the supply and demand sides, the outlook is that the 2026 computing power industry chain will enter an “all-chain inflation” cycle, and industry momentum will spill over comprehensively—from core chips to AIDC, cloud and computing power services, as well as supporting power equipment and servers, among other areas.

West China Securities also said that domestic computing power is right now. The firm believes that, with recent improvements in domestic large models catching up to overseas large models, their high cost-performance advantages are expected to fill the gap in current demand, enable them to take advantage of the trend to export Tokens, and further drive related domestic computing power demand.

Concept stocks see soaring performance

On the morning of April 1, the entire computing power industry chain surged across the board. By the close of trading that morning, concepts such as GPUs and copper-clad laminates rose more than 3%; CPO, ASIC chips, circuit boards, servers, and computing power leasing all rose more than 2%. Some leading stocks with market values in the hundreds of billions also climbed sharply: Core Semiconductor surged nearly 10%, while Cambricon, Hygon Information, and other stocks rose more than 4%.

Among the computing power concept stocks, a batch of high-growth companies are hidden. According to Data Treasure statistics from Securities Times, among Dongshu Xichuan (east data, west computing) concept stocks with ratings from 5 institutions or more, 22 stocks have unanimous institutional forecasts that net profit growth rates in both the current and coming years will exceed 30%. Among them, Unifiber, Orbbec OBI-UW, Cambricon, Far East股份, and Shenghong Technology, among others, have unanimous institutional forecasts that their net profit growth rates in both the current and coming years will exceed 50%.

As a leading domestic computing power player, Cambricon has long been a focus of market attention. Donghai Securities said that the company’s cloud-side Siyuan series products’ large-scale commercial rollout drove its performance and profitability upward. Benefiting from the fact that the product performance is leading domestically and that demand for CSP localization is rising, the company’s performance is expected to continue growing.

Shenghong Technology is a leader in AI PCBs. CMB Securities believes the company has been deeply involved in the PCB field for many years. Currently, it has successfully entered the supply chains of internationally well-known enterprises such as NVIDIA, Google, AMD, Intel, Tesla, Microsoft, Amazon, and Delta. The growth in demand for orders driven by a high-quality core customer group will increase. The company’s product structure is also expected to be further improved. Domestic and overseas capacity expansion is accelerating, and the firm expects the company’s long- and medium-term trends of expansion of high-end capacity and product upgrades to continue.

Judging from share price performance, Far East股份 rose more than 67% year-to-date to the top. The main driver is a rise in fiber optic prices. In addition, Hesheng New Materials and Cohero Data, among others, rose more than 20%. The stocks with the largest declines mainly include Lens Technology, Cambricon, and Soft Power.

Worth mentioning is that Softcom Power recently released an announcement stating that the company plans to use its own funds and/or funds raised to repurchase some of the shares held by public shareholders through centralized competitive bidding transactions. The repurchase price in this case will not exceed RMB 68.57 per share. The total repurchase funds will be no less than RMB 100 million and no more than RMB 200 million.

Statement: All information published by Data Treasure does not constitute investment advice. The stock market is risky; investment requires caution.

Editors: Zhou Sha

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