A recent set of foreign trade data released by customs and authoritative financial research broke the market’s inherent understanding of the domestic export structure: traditional clothing and small commodity exports have grown steadily, while high-end products in the AI computing power industry chain have experienced a breakout. Among them, Wuhan’s leading manufacturer’s overseas shipments of 800G and above high-speed optical modules have increased by more than 100 times year-on-year. The entire industry chain is producing 24 hours a day, and orders from overseas cloud manufacturers and data centers have been scheduled to the fourth quarter of this year.
Data show that in the first five months of 2026, the total export volume of domestic mechanical and electrical products reached 7.58 trillion yuan, accounting for 63.6% of the country’s total export value, setting a record high for the same period for 15 consecutive months. Among them, AI-related hardware contributed more than half of the increase in mechanical and electrical exports.
This hundred-fold increase in the export of high-speed optical modules is not a short-term impulse market, but a sustained demand dividend brought about by the large-scale expansion of global computing power infrastructure. The track boom cycle is expected to last for at least two years.
Industry analysts pointed out that the export of high-speed optical modules has achieved a hundred-fold growth, which is the result of the resonance of the three factors of global industrial cycle, domestic technological breakthroughs, and overseas supply chain reconstruction. Four core supporting logics have been established for a long time: First, the construction of global AI computing power has entered the peak period of capital expenditure, and overseas leading technology companies have launched large-scale
With the expansion of analog computing power clusters, 800G and 1.6T optical modules are irreplaceable as core hardware for server computing power transmission. Domestic companies are ahead of overseas competitors in terms of yield, delivery speed, and cost. Overseas manufacturers have switched to domestic supply chains. Second, there is a breakthrough in the localization of the entire industry chain. Domestic leaders have completed self-research on optical chips, silicon optical packaging, and high-speed connectors throughout the chain, getting rid of the bottleneck of core components.
In the current environment, 800G products are in stable mass production, and 1.6T high-end models have been delivered in batches. The product performance is comparable to the first-tier overseas brands, and the price also has a cost advantage of about 20%. The willingness to purchase overseas continues to increase; thirdly, under the trend of global supply chain restructuring, overseas technology companies, in order to reduce the risk of supply chain interruptions, actively diversify procurement channels, superimpose the domestic complete electronic manufacturing supporting system, and the delivery efficiency is much higher
In other countries, it has further consolidated the overseas order share of domestic manufacturers; fourth, the high value-added attribute allows export growth to be directly converted into corporate net profits. The gross profit margin of 800G and 1.6T high-speed optical modules is much higher than that of traditional export products. Organizations estimate that the gross profit margin of optical module companies’ overseas business is 8 to 12 percentage points higher than that of domestic business. The export explosion will directly drive a substantial increase in the semi-annual performance of relevant companies.
At present, in the domestic AI computing power export industry chain, two hard-core leaders have achieved all-dimensional leadership in terms of technical barriers, overseas customers, and production capacity scale, and have fully reaped the dividends of this round of export growth.
The first one is Zhongji InnoLight, the absolute leader in high-speed optical modules in the world. As a core supplier of NVIDIA and the four major cloud manufacturers in North America, its export scale of high-end products of 800G and above ranks first in the industry. The global 800G optical module market share is stable at 42%-5
5%, overseas revenue accounts for more than 70%. In the first half of 2026, overseas orders have increased significantly year-on-year. 1.6T new generation products have been shipped in batches. Institutions estimate that overseas high-speed optical module business alone can drive annual net profit to increase by more than 50% year-on-year.
The second company is Changying Precision, the dual export leader of optical module structural parts + AI server casing. As an upstream manufacturer of in-demand supporting products in the industry chain, it simultaneously supplies global leading optical module companies and overseas server manufacturers. In the first five months of 2026, the company’s exports of computing power hardware supporting parts increased by more than 90% year-on-year. The superimposed production bases in Southeast Asia and Europe have avoided trade tariffs and shortened the delivery cycle. In the future, with the popularization of high-end optical modules, the logic of both volume and price increases is clear.
Industry insiders also remind ordinary investors that the computing power track is currently very popular and they need to avoid four major cognitive misunderstandings: First, do not buy small-cap concept stocks at will.
It is said that small companies that are in the optical module business only produce low-end and low-speed products, have no overseas head customers, and have very small export scale. The market rise depends entirely on short-term speculation; secondly, do not directly judge that the market has peaked just because the leader has a large short-term increase. The core driver of this round of market is overseas computing.
Strengthen the continuous capital expenditure of infrastructure construction. Short-term adjustments are mostly caused by periodic position adjustments by institutions, and the logic of medium- and long-term increases remains unchanged. Third, don’t just look at the growth rate of domestic business. The gross profit margin and growth rate of the two leading overseas businesses are better than those of domestic business. This round of 100-fold export growth will be reported in the first half of the year.
To cash in, simply referring to domestic data will seriously underestimate the company’s full-year performance expectations; fourth, do not bet on the track with full positions at once. The computing power sector fluctuates greatly. A reasonable allocation method is for the main line leader to control the total position within 40%, and use it with other low-level tracks to smooth account fluctuations.
Overall, the explosion of 800G high-speed optical module exports is a reflection of long-term industry trends. Only by focusing on leading companies with core technologies and stable overseas orders and controlling positions in a balanced manner can we better share the long-term dividends of computing power going overseas.
