Recently, the dividends of domestic high-end manufacturing overseas have been fully released. The two leaders in the AI computing power industry chain have become the focus of the market with their solid export data, fully-operated production lines and outstanding financial results. This not only demonstrates the global competitiveness of domestic high-tech products, but also drives the market popularity of related sectors.
Optical module exports surged hundreds of times
Domestic computing hardware wins global orders
From the perspective of industry front-line research data, the overseas export volume of 800G and above high-speed optical modules by domestic leading optical module companies has increased 100 times year-on-year this year. This growth rate started in the fourth quarter of last year.
Steady growth is not a short-term pulse growth. In the first quarter of this year, overseas sales of related high-end optical modules increased nearly 140 times compared with the same period last year, and also achieved a 229% growth compared with the fourth quarter of last year, confirming the continued increase in demand for overseas computing power procurement.
The optical module is the core connection component of the AI data center server and is equivalent to the “network cable converter” of the computing cluster. The high-speed interconnection of massive data of thousands of servers in a large computing cluster relies on the photoelectric signal conversion function of the optical module. Without high-speed optical modules, large model training and AI intelligent applications cannot be implemented.
In the past two years, global technology giants have increased their investment in the construction of AI computing power centers. 800G optical modules have become the mainstream configuration in the current computing power scenario, and 1.6T is the next generation upgrade direction. Market demand has directly shifted from moderate growth to short supply.
On the premise that the technical performance of domestic optical modules reaches the standard, they have obvious cost and delivery cycle advantages, and naturally become the first choice for global procurement.
Behind the eye-catching export data is the company’s advanced production capacity and self-developed technical support.
At present, the overall annual production capacity of optical modules of leading companies has exceeded 3 million units. Among them, the stable monthly shipment capacity of high-end models of 800G and above, which is most in demand in the market, remains at more than 600,000 units. Large-scale production effectively dilutes production costs and can also undertake large-volume concentrated orders from overseas.
In terms of core technology, the independently developed single-wavelength 200G silicon photonic chip ranks first in the industry in terms of yield rate and comprehensive performance, and has been used in batches of 800G and 1.6T mass-produced optical modules. At the same time, the company is also the first in the world to complete the research and development of single-wavelength 448G high-speed transmission technology and put it into commercial use, and has secured a position in the technology track of the next generation of computing hardware in advance.
Performance data shows that in the first quarter of 2026, the net profit attributable to the parent company of relevant leading companies reached 638 million yuan, a year-on-year increase of 55.76%. Among them, the optical interconnection sector’s profit increased by nearly 120% year-on-year, becoming the company’s core profit engine. At the same time, the steady growth of new energy laser equipment and intelligent production line business has also formed performance synergy, reducing operating risks caused by cyclical fluctuations in a single industry.
Judging from the trend of the secondary market, the company’s stock price has increased by 379% since April last year. Fundamental data has been continuously realized throughout the process, which is a typical performance-driven market.
Electronic fiberglass cloth is fully produced within 24 hours
The supply and demand of upstream materials for computing power is tight
The field of electronic-grade glass fiber cloth (referred to as electronic cloth), which is further upstream in the AI industry chain, is also booming. Electronic cloth is the core skeleton material of printed circuit boards (PCBs) and is equivalent to the “roadbed” that carries circuit board circuits.
“It not only requires a fixed line structure, but also ensures that high-speed electrical signal transmission does not suffer from loss or interference. It is an indispensable basic material in computing servers and AI terminal equipment. As the global shipments of computing equipment and AI hardware surge, the demand for upstream electronic fabrics is simultaneously driven.
The front-line production workshops operate 24 hours a day without any holiday shutdowns. Even if the production is at full capacity, it still cannot keep up with the order speed. Since the second half of last year, all finished product inventories of relevant leading companies have been completely digested. Even many products have just come off the production line and have not even had time to be registered in the warehouse. Customers directly arrange for vehicles to be taken away. The tight supply and demand situation is very intuitive.
The overall export data of the industry can also confirm the popularity of demand. This year, AI industry chain products contributed more than half of the increase in domestic mechanical and electrical product exports, becoming the core driver of foreign trade growth: Integrated circuit exports year-on-year
The growth rate soared from 9.1% in March last year to 100.7% in May this year; the export growth rate of automatic data processing equipment and its parts also increased from 1.7% to 58.2%. The upstream of these products requires a large amount of electronic cloth as raw materials, and the demand transmission chain is clear and complete.
In the first quarter of 2026, the net profit attributable to the parent company of the leading electronic cloth company was 1.267 billion yuan, a year-on-year increase of 73.48%, achieving both volume and price increases.
In order to accept the continued growth of orders, the company has also launched a production expansion project with a total investment of 4.431 billion yuan, investing in the construction of a production line with an annual output of 50,000 tons of electronic yarn and 320 million meters of electronic cloth. It is not only targeting the incremental demand of the current computing power industry chain, but also laying out the long-term market for downstream scenarios such as consumer electronics and new energy.
From the perspective of the secondary market, the company’s cumulative increase since April last year has reached 531%, far exceeding many industry stocks in the same period. The company also proactively issued announcements to remind investors of the risks of concept speculation, reminding investors to rationally distinguish between the main business and R&D categories that have not yet been implemented, and to avoid the volatility risks caused by theme speculation.
High-end manufacturing overseas has become a trend
Investment needs to clarify the boundary between growth and speculation
The popularity of the two companies is not an isolated case. The profit data of industrial enterprises above designated size released by the National Bureau of Statistics from January to May shows that the profits of the electronics industry surged 103.9% year-on-year, and the contribution rate to the growth of national industrial profits above designated size reached 43.1%. Nearly half of the power of the entire industrial profit growth comes from the electronics industry, and the core of the growth of the electronics industry is the two-way export and domestic demand of the upstream and downstream industrial chains of AI computing power.
Industry tips, ordinary investors need to pay attention to two objective realities: First, industry dividends are cyclical, and the wave of centralized procurement of AI computing power infrastructure will gradually stabilize. After each company expands production intensively, there is a high probability that there will be overcapacity in the future. Product prices will return to a reasonable range, and corporate profit growth will also slow down. Technology is rapid.
Iteration also requires companies to continue investing in research and development to maintain market share; second, they need to separate conceptual enthusiasm and actual business. Many popular subcategories have not yet contributed revenue, and short-term market capital speculation will amplify stock price fluctuations. The core of investment still depends on the company’s long-term production capacity implementation, overseas customer expansion, new technology commercial implementation and other solid fundamental indicators.
