As digital transformation accelerates and various digital application scenarios emerge, the importance of computing power continues to be highlighted. China Aluminum International (601068) saw its stock price surge in the afternoon today (October 22), with a spike around 14:26, quickly flipping from red to green, locking in the limit-up status within 10 minutes. By the end of trading, the stock had a limit-up order volume of 63,100 shares, with the latest closing price marking a nearly two-year high. The major shareholder of China Aluminum International is China Aluminum Group Co., Ltd., a new type of engineering technology enterprise providing advanced technologies, complete equipment, and integrated service solutions for non-ferrous metals. Its main business includes design consulting, EPC general contracting, construction, and equipment manufacturing. In the first half of this year, the company's total operating revenue reached 9.698 billion yuan, with a net profit of 103 million yuan.
In the market today, besides China Aluminum International, other construction stocks like China Communications Construction Co., Ltd. and North New Road Bridge also reached their limits. Zhongyan Dadi, Shenwater Engineering, Beifang International, Jian Ke Institute, and Wenkek shares saw increases of over 5%.
The Ministry of Industry and Information Technology recently announced plans to revise and set over 50 standards related to basic general computing power and facilities by 2027. On October 21, the ministry publicly sought feedback on the "Guidelines for the Construction of the Computing Power Standard System (2025 Edition)" (draft for comments). The draft suggests that by 2027, over 50 standards be revised or established in areas such as general computing, computing facilities, equipment integration, computing interconnectivity, computing platforms, applications, security, and green low-carbon practices to effectively promote the construction of a computing power standard system. More than 500 companies are expected to engage in standard implementation and promotion, producing a number of standard application case studies that highlight the effectiveness of standards in supporting corporate innovation and development.
The computing power industry encompasses infrastructure, computing devices, management and services, application empowerment, security assurance, and green low-carbon initiatives. In the context of a new round of rapid technological and industrial revolution, China's computing power industry has formed a diversified supply system that includes general computing, intelligent computing, and supercomputing.
In recent years, China's total computing power scale has grown at an annual rate of about 30%. Driven by the rapid development of artificial intelligence, demand for intelligent computing has surged dramatically. According to Xiong Jijun, Deputy Minister of Industry and Information Technology, as of the end of June 2025, China's intelligent computing scale is expected to reach 788 EFLOPS, accounting for 32% of the world's total and positioning it firmly as second globally.
Zheshang Securities predicts that in the first three quarters of 2025, the global AI boom will continue, with ongoing applications driving demand. OpenAI's launch of Sora2, as well as significant investments by leading companies such as Oracle and Google, will bolster the sector, while the delivery of super-node solutions like Nvidia's GB300 will accelerate, leading to increased shipments of ASICs. Key domestic internet companies are also poised to ramp up investments in AI infrastructure, opening up rapid growth opportunities for local computing power companies.
Nine stocks in the computing power sector reported impressive earnings. Based on the earnings data disclosed thus far, which considers third-quarter reports, earnings previews, and the lower limits of expected net profits (with no lower limit taken as the announced value), nine stocks within this sector have reported a year-on-year increase in net profits, including Shijia Photon, Cambricon Technologies-U, Dingtong Technology, Guangku Technology, and Zhiwei Intelligent, among others. Shijia Photon's net profit for the first three quarters was 300 million yuan, a year-on-year increase of 727.74%. Driven by developments in artificial intelligence, their market in data communications has grown rapidly, enhancing product competitiveness and customer recognition, which significantly increased orders for optical chips, devices, indoor cabling, and polymer materials.
Cambricon Technologies-U achieved a net profit of 1.605 billion yuan for the first three quarters, marking its first profitable period historically for this timeframe. Revenue growth has been robust, spurred by efforts to support the application of artificial intelligence. Dingtong Technology reported a net profit of 177 million yuan during the first three quarters, a 125.39% increase. Its telecommunications connector business saw significant revenue growth, achieving an operating income of 1.156 billion yuan, up 64.45% year-on-year.
Numerous stocks in the computing power sector have experienced significant gains in the secondary market, with many doubling in value this year. According to statistics from Securities Times and Data Treasure, as of October 22, 21 stocks have doubled their cumulative increases, with Shenghong Technology, Xinyisheng, Shijia Photon, Zhongji Xuchuang, and Yuanjie Technology among the top five performers. Shenghong Technology leads with an impressive increase of 564.6% year-to-date.
Looking ahead, the potential for continued increases in these concept stocks is of keen interest. Research reports from over five institutions suggest that there are 38 concept stocks projected to see net profit growth exceeding 20% in the coming two years. Based on closing prices and institutional target price forecasts as of October 22, 14 stocks show an upside potential exceeding 13%, with Shenling Environment leading at 62.16%. Its business focuses on both digital and computing applications in the electricity and energy sectors. According to research from China Merchants Securities, Shenling Environment is expected to rank first in the market for liquid-cooled data centers in China's intelligent computing sector in 2024. From January to August 2025, the company's data service segment witnessed new orders around double those from the same period last year, and with ongoing order fulfillment, sustainable and strong growth in related business is anticipated.
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