As the disclosure of first-quarter reports for 2026 approaches its conclusion, the performance quality of core assets on the ChiNext board is becoming clearer. Seven leading companies, each with a market capitalization exceeding 100 billion yuan and often referred to as the "Seven Sisters" of ChiNext—Contemporary Amperex Technology Co., Ltd. (CATL), Zhongji Innolight Co., Ltd., Eoptolink Technology Inc., Ltd., Suzhou Tfc Optical Communication Co., Ltd., Victory Giant Technology (Huizhou) Co., Ltd., East Money Information Co., Ltd., and Sungrow Power Supply Co., Ltd.—have collectively reported results showing growth in six companies and a decline in one. The simultaneous release of their institutional holding data further reveals the movement of capital between hard technology sectors.
In terms of sector distribution, the composition of the "Seven Sisters" clearly outlines the industrial structure of the ChiNext board. As of April 2026, these seven companies account for a combined weighting of 50.96% in the ChiNext 50 Index. Among them, the two new energy leaders, CATL (19.72%) and Sungrow Power Supply Co., Ltd. (4.27%), together represent 23.99%. The AI computing power industry chain contributors—Zhongji Innolight Co., Ltd. (9.32%), Eoptolink Technology Inc., Ltd. (7.54%), Suzhou Tfc Optical Communication Co., Ltd. (2.54%), and Victory Giant Technology (Huizhou) Co., Ltd. (2.92%)—collectively account for 22.32%. The financial technology leader East Money Information Co., Ltd. completes the picture with a 4.65% weighting.
The AI computing power industry chain has seen collective rapid growth, with the "Yi Zhong Tian" trio—Zhongji Innolight, Eoptolink, and Tfc Optical Communication—posting strong performance increases. Reviewing first-quarter results, the seven companies showed a pattern of six rising and one falling, with the AI computing power chain emerging as the biggest winner.
Taking the first-quarter report data as an example, Zhongji Innolight led the group with a stunning performance, earning 5.7 billion yuan in a single quarter. The company achieved revenue of 19.496 billion yuan, a year-on-year increase of 192.12%, and net profit attributable to shareholders of 5.735 billion yuan, surging 262.28% compared to the same period last year. Its profit for the quarter has already surpassed the approximately 5.2 billion yuan earned for the full year of 2024.
Zhongji Innolight stated that its performance growth is primarily due to strong investment in computing infrastructure by end customers, driving continuous and rapid increases in shipments of 800G and 1.6T high-speed optical module products. More notably, the company's comprehensive gross margin reached 46.06% in the first quarter, an increase of 9.36 percentage points year-on-year, mainly benefiting from a higher proportion of high-margin, high-speed product shipments and the emergence of scale effects.
Eoptolink and Tfc Optical Communication also delivered impressive performances. Eoptolink reported first-quarter revenue of 8.338 billion yuan, up 105.76% year-on-year, with net profit attributable to shareholders of 2.780 billion yuan, an increase of 76.80%. Tfc Optical Communication achieved revenue of 1.330 billion yuan, growing 40.82% year-on-year, and net profit attributable to shareholders of 492 million yuan, rising 45.79%.
Apart from the three optical module giants, Victory Giant Technology, as a core supplier of AI server PCBs, also achieved steady growth in the first quarter. Data shows that Victory Giant Technology reported revenue of 5.519 billion yuan, up 27.99% year-on-year, and net profit attributable to shareholders of 1.288 billion yuan, an increase of 39.95%.
In fact, the semiconductor industry is currently experiencing a period of performance dividends. SEMI points out that, driven by AI computing power, the global semiconductor industry is expected to enter the "trillion-dollar era" by the end of 2026 ahead of schedule. According to WSTS data, global semiconductor sales increased 25.6% year-on-year to $791.7 billion in 2025, and are projected to grow 26.3% year-on-year to $975 billion in 2026.
While the AI computing power chain generally delivered high-growth report cards, the new energy sector showed significant divergence. As the leading company on the ChiNext board, CATL continued its high-growth trend, achieving revenue of 129.131 billion yuan in the first quarter, a year-on-year increase of 52.45%, and net profit attributable to shareholders of 20.738 billion yuan, up 48.52%. Maintaining nearly 50% growth under a market capitalization exceeding 2 trillion yuan continues to impress the market. Calculated over the 90 days of the first quarter, CATL earned approximately 230 million yuan per day on average.
However, Sungrow Power Supply Co., Ltd., another new energy leader, experienced a significant performance decline, becoming the only one among the "Seven Sisters" to report a decrease. The company's first-quarter revenue was 15.561 billion yuan, down 18.26% year-on-year, with a net profit of 2.291 billion yuan, falling 40.12% year-on-year. Its net profit margin decreased by 5.5 percentage points.
Sungrow provided multiple explanations for the performance decline: the comprehensive gross margin for the first quarter was 33.3%, down 1.8 percentage points year-on-year, mainly dragged down by falling prices for energy storage products. Simultaneously, rising raw material prices, such as lithium carbonate, significantly suppressed returns on large-scale energy storage projects. Although small and medium-sized projects can alleviate pressure through cost pass-through, the overall profit margin for the industry has been compressed. Additionally, the continued depreciation of the euro and the US dollar resulted in a year-on-year increase in exchange losses of approximately 400 million yuan.
Despite short-term performance fluctuations causing market reactions, and several brokerages having lowered growth expectations for Sungrow, optimism remains regarding its long-term development.
Outside the two main themes of AI computing power and new energy, the financial technology leader East Money Information Co., Ltd. has followed a differentiated growth trajectory. In the first quarter, the company achieved revenue of 5.031 billion yuan, an increase of 44.34% year-on-year, and a net profit of 3.738 billion yuan, up 37.67% year-on-year. It maintained close to 40% growth despite a market capitalization of approximately 300 billion yuan.
East Money's growth logic is significantly different from that of traditional securities firms—leveraging its internet traffic advantage, the company can rapidly complete the conversion cycle from new account openings to margin trading activation. Data shows that its net income from fees and commissions reached 2.867 billion yuan in the first quarter, up 46.45% year-on-year, while net interest income was 1.101 billion yuan, increasing 53.60% year-on-year. The company attributed the revenue growth to a year-on-year increase in net securities brokerage fee and commission income.
Against the backdrop of active trading in the A-share market in the first quarter of 2026, East Money's ability to monetize its traffic was fully demonstrated.
However, high performance growth does not necessarily equate to capital追捧. Institutional holding data shows that among the "Seven Sisters," only CATL received a slight increase in holdings, with the number of institutional shares rising by 5 million and the holding ratio edging up 0.11 percentage points to 60.24%. The other six companies all experienced reductions in institutional holdings.
Among them, East Money Information and Sungrow Power Supply saw the largest reductions. The number of institutional shares decreased by 886 million and 166 million shares, respectively, with holding ratios changing by -6.64% and -10.46%. Victory Giant Technology, Eoptolink, Tfc Optical Communication, and Zhongji Innolight also saw varying degrees of institutional selling, with reductions of 84 million, 34 million, 25 million, and 17 million shares, respectively.
The divergence in institutional holdings largely corresponds with the stock price performance of these companies. Against the background of the ChiNext Index rising 12.29% year-to-date, Sungrow Power Supply and East Money Information have fallen 24.06% and 12.59%, respectively.
During the same period as the密集 disclosure of the first-quarter reports for the "Seven Sisters," a far-reaching institutional reform was officially implemented. On April 10, 2026, the China Securities Regulatory Commission issued the "Opinions on Deepening ChiNext Reform to Better Serve the Development of New Quality Productive Forces," introducing targeted reform measures across eight dimensions, including market positioning, listing access, issuance pricing, trading mechanisms, and daily supervision.
This ChiNext reform is seen as a key institutional optimization measure introduced by the capital market based on the new development stage and closely aligned with the requirements for developing new quality productive forces. It is expected to further optimize the structure of new listings on the ChiNext board, broaden direct financing channels for high-quality innovative enterprises, strengthen the capital market's role in empowering strategic emerging industries and future industries, and assist industrial transformation, upgrading, and high-quality development of the real economy.
The行情 of the ChiNext Index since the start of 2026 has displayed distinct structural characteristics, not a broad rise across weighted sectors but rather concentrated拉动 from a few high-volatility directions. At the industry level, the communications sector led the gains among all primary ChiNext industries with an interval increase of 38.87%, followed by the electronics sector with a gain of approximately 18%, and the power equipment sector with a gain of around 17%. These three sectors together form the core support for the current ChiNext market行情.
The excess returns of the ChiNext Index since the beginning of the year have exhibited a characteristic of "falling less and rising more." The relative resilience shown by the ChiNext board under external shocks may be jointly supported by its domestic demand-oriented component structure, policy support for the new energy direction, and the valuation repair logic underpinned by market expectations for the launch of its stock index futures.
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