June 28, 2026 News This weekend, information related to high-end manufacturing subdivision exports that significantly exceeded expectations has become a core hot topic in market discussions. It is completely different from the previously flat external demand that was generally expected by the market. In the context of the recent overall shrinkage adjustment of the market, the high-end computing hardware export industry chain has emerged from an independent defensive market and received a large inflow of main funds against the trend.
Looking back at the market on June 27, it was the MPA bank assessment window at the end of the first half of the year, and the overall liquidity in the market was tightening. The two cities’ full-day transaction volume was only 723.7 billion yuan, which was more than 30% smaller than the peak in early June. Most of the high-end pure-theme small tickets saw fund redemption callbacks, and only high-end computing hardware export-related tracks received funds to continue to increase their positions.
When the General Administration of Customs released total foreign trade data for the first five months on June 9, the market paid more attention to the overall growth rate of imports and exports and ignored the internal structural differentiation of mechanical and electrical products. It was not until CCTV Finance visited Wuhan Optics Valley Industrial Park on June 27 to release field survey data that the export boom of the high-end optical module segment was fully presented to the public.
Public data from the General Administration of Customs shows that in the first five months of 2026, the total import and export value of national trade in goods was 20.68 trillion yuan, a year-on-year increase of 15.3%; of which exports were 11.91 trillion yuan, a year-on-year increase of 11.8%; imports were 8.77 trillion yuan, a year-on-year increase of 20.5%.
Behind the overall stable exports, structural differentiation is extremely obvious: traditional labor-intensive products such as clothing, home furnishings, and small commodities have a flat growth rate, while the export of mechanical and electrical products is 7.58 trillion yuan, a year-on-year increase of 18.4%, accounting for 63.6% of the country’s total export value, and is the core force driving export growth.
Among them, hardware related to artificial intelligence computing power contributed more than half of the increase in electromechanical products. The export growth rate of integrated circuits increased from 9.1% in the same period last year to 100.7% in the first five months. The export growth rate of automatic data processing equipment parts reached 58.2%. The continued increase in capital expenditures of overseas data centers and cloud manufacturers is the core driving force.
According to the Wuhan Optics Valley Industrial Park survey data disclosed by CCTV Finance’s “Economic Information Broadcast”, the overseas shipments of 800G and above high-end high-speed optical modules from the park enterprises have increased by more than 100 times year-on-year since 2026. They were still in the small batch sample delivery stage in the same period last year. This year, they will directly enter the million-level batch supply. Overseas orders have been scheduled to the fourth quarter, and the factory has started a 24-hour two-shift production model to ensure delivery.
It should be noted that the 100-fold growth is only for 800G and 1.6T high-end data communication optical modules, not all types of optical modules. The export growth rate of ordinary low-end communication optical modules remains within the normal range, and there is no industry-wide surge.
From the demand side, the four major cloud vendors in North America, NVIDIA, and the European Intelligent Computing Center continue to expand computing power rooms. The agency has raised the total global demand for 800G optical modules in 2026 to 33.5 million units. The annual demand for 1.6T high-end products has exceeded 25 million units. Overseas customers generally sign long-term contract orders for 2-3 years and prepay goods in advance to lock in the production capacity of domestic manufacturers. Industry growth is long-term and sustainable, not a short-term one-time impulse market.
At the policy level, the China Securities Regulatory Commission recently issued a new policy to support hard technology, shortening the refinancing review cycle of technology companies, and guiding long-term funds such as social security and insurance to increase the allocation of hard technology; the Ministry of Industry and Information Technology simultaneously introduced a supporting plan for computing power interconnection to encourage domestic computing hardware to go overseas to expand overseas markets, and continue to support the long-term prosperity of high-end manufacturing exports from the policy level.
At present, in the entire optical module industry chain, two hard-core manufacturing leaders that are deeply involved in overseas markets and tied to the world’s leading cloud manufacturers have obtained the vast majority of overseas long-term contract orders by virtue of their technical barriers and production capacity scale. They have also recently received the focus of funds.
The first one is the world’s leading datacom optical module machine. Its overseas customers cover the world’s top cloud manufacturers. The global market share of 800G products exceeds 42%, the market share of 1.6T high-end models is 50%-70%, NVIDIA’s supply chain share exceeds 70%, and overseas revenue accounts for more than 70% of the company’s total revenue. It directly benefits from the substantial increase in exports of high-end optical modules.
The second company is a leader in the local optoelectronics industry, covering the integrated industrial chain of optical chips and optical modules. It independently produces core components and has an independently controllable supply chain. It is the core enterprise that “exports of high-end optical modules increased 100 times year-on-year” in this CCTV survey. Last year, it mainly focused on sample testing overseas. This year, batch shipments have opened up room for growth, and new overseas customers in Europe and the Middle East have been added. The semi-annual report has clear performance growth expectations.
However, it should be noted that the tightening capital environment at the end of the short-term half-year will not be immediately reversed by export data alone, and there will not be a unilateral rise in the market across the entire sector. It will be more about leaders with strong performance fulfillment certainty going out of structural repair.
At the end of June, there were still multiple short-term suppressive factors in the market: the half-year MPA assessment was only completed on the 30th, the half-year performance of institutional funds was settled, and there was still a need for funds to cash in on locked-in returns at high levels; the Federal Reserve’s June interest rate meeting maintained a hawkish tone, and U.S. bond yields
The rate remains high, and northbound funds have short-term pressure to reduce their holdings on growth tracks with higher growth rates in the first half of the year; the Shanghai and Shenzhen Stock Exchanges continue to crack down on speculation on pure themes without performance, and funds will only concentrate on leading companies with certain performance, while small tickets on unpopular themes are still under pressure.
There are also corresponding risk control ideas for investors with different positions: investors with heavy/full positions give priority to optimizing the position structure, reducing the concentration of a single track, reducing holdings of small tickets with no performance support, and reserving cash to buffer market shocks; investors with half positions focus on optimization of position adjustments, and keep idle cash on the sidelines, waiting for the market turnover to rebound and the continuity of the main line to be confirmed before considering again
Consider the layout; investors with short positions can keep their bottom positions to observe the strength of the main line, and use up to 10% of the total account funds for small trial and error, and never take heavy positions at one time; investors with short positions mainly focus on observing records throughout the day, and are not in a hurry to create new positions. They will wait for the transaction volume to increase steadily for two consecutive trading days and the high-end computing power export segment to stabilize the main line for two consecutive days.
This article only objectively combs open foreign trade and market transaction data, shares industry boom observations, general position management and risk control logic, and does not involve any stock recommendations, index point predictions, or income commitments.
