Shenzhen Gongjin Electn

On August 26, CPO concept stocks fluctuated higher during the session. By midday, Cambridge Technology and Gongjin Electronics hit their daily limit up, while Robotechnik and Dongshan Precision also rose. Cambridge Technology's half-year report shows that in the first half of the year, the company achieved operating revenue of 2.705 billion yuan, up 32.92 percent year on year; net profit attributable to the parent was 328 million yuan, up 171.08 percent; and non-GAAP net profit was 319 million yuan, up 168.42 percent. Gongjin Electronics achieved total operating revenue of 4.821 billion yuan in the first half of 2026, up 16.09 percent year on year; net profit attributable to the parent was 72.63 million yuan, up 26.33 percent; and non-GAAP net profit was 68.21 million yuan, up 34.11 percent. In related news, on August 14, Nvidia announced that its Spectrum-X Ethernet Photonics platform has entered full mass production. Compared with traditional pluggable optical module solutions, it can reduce the number of lasers by about four times, cut power consumption by about five times, and improve mean time between failures by about ten times. A research report from Soochow Securities shows that Nvidia's CPO switch has officially landed, and the industrialization of CPO is expected to accelerate.

Nvidia announced that its Spectrum-X Ethernet silicon photonics switches have entered full mass production, driving a broad rally in A-share CPO concept stocks. On August 17, Jones Tech scored a second consecutive 20 percent daily limit, while T&S Communications and TZTEK Technology rose more than 10 percent. Gongjin Electronics and Tianyang New Materials hit their daily limits, and Shijia Photons and TFC Communication followed higher. The switch is the world's first 200 gigabit per lane CPO Ethernet switch system to enter mass production, cutting the number of lasers to one quarter of traditional designs, reducing power consumption to one fifth, lowering optical loss from about 22 decibels to about 4 decibels, and improving signal integrity by 64 times. Among overseas suppliers, Lumentum expects scale-up products to begin volume shipments in the second half of 2027, while Coherent's scale-out CPO will start contributing revenue in the second half of this year. Both Guolian Minsheng Securities and Sinolink Securities are bullish on the industry opportunities from accelerating CPO adoption.

On August 14, the communication equipment concept rose 3.09% intraday. Allied gained 20.00%, Changyingtong rose 13.38%, Gongjin Electronics rose 10.03%, Datang Telecom rose 9.96%, and Cambridge Technology rose 8.94%. On the news front, according to Xinwen Lianbo, since the beginning of this year China has accelerated the construction of a new generation of communication networks and continued to improve the integrated air-space-ground-sea information and communication layout. A research report from Western Securities pointed out that in 2026, the communication equipment industry is showing a structural expansion trend under the resonance of multiple factors, including the deepening of 5G-A and 6G deployment, a 7% increase in defense budgets, accelerated development of commercial aerospace, and AI-driven data center capacity expansion. A research report from Everbright Securities pointed out that capital expenditure of leading optical module manufacturers in the first quarter of 2026 surged 300% year-on-year, significantly boosting demand for upstream optical communication equipment, high-speed connectors, and precision structural components.

The supernode concept warmed up in early trading on the A-share market, with the switch sub-sector leading gains. Gongjin shares hit the daily limit up less than six minutes after the open, and by midday the limit-up order backlog exceeded 110,000 lots. On the news front, Alibaba Cloud's Lingjun Zhenwu M890 supernode instance officially went live on August 12, with the first batch available for sale in the Ulanqab region. Enterprise customers can activate a 64-card high-speed interconnected computing unit on the cloud, capable of supporting inference for MoE large models with up to ten trillion parameters. Liu Gaochang, chief computer analyst at Sinolink Securities, said the supernode industry has entered a phase of large-scale deployment, with the core incremental opportunities lying in switches and switching chips, servers and cabinets, and connectors. The AI corpus concept was also active, with Dook Media surging in early trading to touch the 20 percent daily limit up, and rising 8.67 percent by midday. CITIC Press and China Publishing were among other stocks that followed higher.

On the morning of July 22, the supernode concept heated up, with many stocks soaring. Gongjin shares hit the daily limit for consecutive days, achieving three boards in four days; Unisplendour secured two consecutive daily limits. Huaqin Technology hit the daily limit, and Ruijie Networks surged over 15%. Driven by associated benefits, many liquid-cooled server stocks performed brilliantly, with Shenglan and Tongfei rising over 10%, and Inspur Information climbing nearly 7%. At the just-concluded 2026 WAIC, major manufacturers launched supernode products one after another, making supernodes one of the most focused product directions. Huatai Securities' latest research suggests that supernodes are expected to become an important product form for domestic intelligent computing infrastructure, driving increased demand for high-speed interconnects and cabinet-level accessories.

At the open on July 20, major A-share indices rallied across the board. The ChiNext Index rose nearly 2%, and the SSE 50 gained over 2%. On the sector front, semiconductors, MLCC concept stocks, CPO concept stocks, memory chips, and optical communications led the gains, while traditional Chinese medicine and white goods were among the laggards. Oil and gas stocks strengthened collectively, with Shandong Molong hitting its daily limit up in a straight line, and Keli Shares and Tongyuan Petroleum following higher. Brent crude topped 91 dollars per barrel, up 3.77% intraday. Computing power leasing concepts were active, with Litong Electronics hitting its daily limit up. In news, Moonshot AI's Kimi suspended new consumer subscriptions to focus on existing subscribers and expand computing power capacity. Kimi concept stocks opened sharply higher, with Jiuan Medical hitting the daily limit up for the fourth time in five sessions, and Mio Exhibition notching its second consecutive limit up. CPO concept stocks fluctuated higher, with Gongjin Shares hitting its daily limit up. Eoptolink Technology expects first-half 2026 net profit of 7 billion to 8 billion yuan, a year-on-year increase of 77.56% to 102.93%. The power sector was repeatedly active, with Huayin Electric Power hitting its second consecutive limit up. Jiangsu's power grid reached a peak load of 157.59 gigawatts, topping the 100-million-kilowatt mark for the tenth consecutive year. In Hong Kong, the Hang Seng Index and Hang Seng Tech Index rose, with Yangtze Optical Fibre and Cable surging over 9% and Alibaba gaining over 5%.