Innovation Breakthrough, Capital Support: Shenzhen Market Computing Power Leader Stands Firm at the New Digital Economy Frontier

Securities Daily Reporter Tian Peng

Since the beginning of this year, China’s computing power industry has been making steady progress with strong momentum. The scale of intelligent computing power continues to rise, with breakthroughs in key core technologies such as high-end chips and high-speed networks. The domestic computing ecosystem is accelerating its maturity, the “East Data West Computing” initiative is advancing in depth, and clusters of intelligent computing centers are forming more quickly, laying a solid foundation for the construction of Digital China.

These achievements are not only strategic manifestations of the country’s efforts to accelerate the deployment of new productive forces and strengthen the digital economy’s foundation but also vivid practices of various market entities actively participating and continuously optimizing the industry ecosystem. Taking listed companies on the Shenzhen Stock Exchange market (hereinafter referred to as “Shenzhen Market”) as an example, a group of leading enterprises deeply engaged in AI computing hardware have become the backbone of the rise of the domestic computing power industry. With forward-looking deployment, robust R&D, and market-oriented implementation capabilities, they are writing a Shenzhen Market example of how technological breakthroughs and performance growth empower new productive forces in the computing industry.

The 2026 Government Work Report explicitly states the strategy to “create a new form of intelligent economy,” proposing to “implement ultra-large-scale intelligent computing clusters, compute and electricity collaboration, and other new infrastructure projects, strengthen nationwide integrated computing power monitoring and scheduling, and support the development of public clouds.” This provides clear direction and strong impetus for the further high-quality development of the computing power industry. Looking ahead, more enterprises will seize policy dividends and industry opportunities, continue to increase investment in technological innovation and resources, and move forward bravely on the path of autonomous and controllable computing power and ecological collaboration.

Innovation-Driven

Proactive Deployment to Seize Future Opportunities

Core technologies are the key to high-quality development in the computing power industry and are also the core support for breaking bottlenecks and achieving independence and controllability in domestic computing power. In the golden track of AI computing power explosion, leading hardware companies in Shenzhen Market firmly focus on innovation-driven strategies. With advanced deployment, strong technological reserves, and large-scale results transformation, they have built deep competitive barriers in segments such as PCB (printed circuit boards) manufacturing, intelligent computing servers, and network computing infrastructure.

For example, as a global leader in AI computing PCB, Shenghong Technology (Huizhou) Co., Ltd. (hereinafter referred to as “Shenghong Technology”) has invested over 2 billion yuan in R&D since its listing, focusing on core PCB technologies. The company has more than 1,500 R&D personnel and holds over 350 valid patents in the circuit board field. A relevant person in charge of Shenghong Technology told Securities Daily that in intelligent manufacturing, the company has built China’s first AI smart factory integrating “full-process automation + traceability + AI algorithm decision-making” in the PCB industry. The yield rate of high-end HDI products exceeds 80%, achieving a double leap in efficiency and quality.

Beyond breakthroughs in underlying PCB hardware, leading enterprises in the core computing machine field are also accelerating their transformation and upgrading. Inspur Electronics Information Industry Co., Ltd. (hereinafter “Inspur”) is a benchmark in the computing server sector. Relying on 30 years of industry accumulation and cutting-edge engineering innovation in the AI era, Inspur is transforming from a traditional server hardware supplier into a “system-level AI infrastructure and intelligent computing overall solution provider.”

It is reported that Inspur adheres to the core R&D direction of “Token (word unit) speed and token cost,” achieving multiple industry breakthroughs: its SD200 ultra-node AI server achieved a token generation speed of 8.73ms in evaluations by the China Academy of Information and Communications Technology, entering the “10-millisecond era” industry first; the HC1000 ultra-expansion AI server continues to optimize computing power costs, striving to break through the “1 yuan per million tokens” inference cost target, significantly lowering the threshold for large-scale AI computing applications.

Unisoc (Unigroup) has launched innovative DDC (Distributed Decoupled) lossless network architecture in the network field, debuted the world’s first 800G CPO (silicon photonics) switch with commercial use, and released a fully domestically produced 800G intelligent computing switch. In computing and storage, it has launched the G7 series of diverse heterogeneous computing servers, the UniPoD ultra-node server supporting interconnection of thousands of nodes, and the high-performance distributed storage UniStor Polaris series for AI. In the all-in-one machine segment, it introduced the industry’s first “intelligent computing—algorithm—governance” deeply coupled DeepSeek large model all-in-one machine (LinSeerCube), and the LinSeerHub platform supporting over 20 GPU (visual processors) and more than 60 large models.

Behind these impressive technological achievements is Unigroup’s long-term commitment to high-intensity R&D investment, providing a solid guarantee for technological innovation. Data shows that Unigroup’s R&D investments from 2022 to 2024 were 5.299 billion yuan, 5.643 billion yuan, and 5.102 billion yuan respectively, maintaining high levels for three consecutive years. By 2025, the company’s total patent applications exceeded 16,000, with over 90% being invention patents.

Capital Empowerment

Precisely Supporting Industry Integration and Upgrading

Based on persistent innovation, these three leading enterprises also employ a combination of equity incentives, diversified financing, mergers and acquisitions to form an efficient capital operation “combo,” precisely supporting their strategic leap to higher technology levels and broader markets.

For example, Shenghong Technology acquired MFS Group to quickly fill gaps in flexible circuit board technology, forming a comprehensive PCB product portfolio that combines rigidity and flexibility, continuously strengthening its technological moat. It also acquired APCB Electronics (Thailand) Co., Ltd., rapidly establishing overseas production bases to efficiently meet international top-tier customer delivery needs.

A Shenghong Technology executive told Securities Daily that M&A integration generates significant synergy. Relying on the company’s platform advantages, it accelerates product certification for the acquired companies. With scale advantages, it effectively reduces overall procurement costs and operational expenses, enabling dual capacity expansion both domestically and overseas, alleviating domestic capacity pressure and driving domestic supporting orders, thus providing strong momentum for sustained future growth. It is estimated that in 2025, Shenghong Technology will achieve a net profit attributable to shareholders of listed companies of 4.36 billion yuan, a year-on-year increase of 277.68%.

Similarly, Inspur effectively broadens its financing channels and optimizes its capital structure through diversified debt financing tools, providing stable funds for ongoing R&D, global market expansion, and capacity deployment. In 2025, the company accelerated the application of advanced network technologies in server products through mergers and acquisitions, improving its full-stack AI infrastructure solutions.

Unigroup actively leverages capital tools. Since completing the acquisition of New H3C Holdings in May 2016, it increased its stake to 81% by September 2024. Recently, Unigroup’s wholly owned subsidiary Unigroup International, together with several financial and industrial investment institutions, acquired an additional 19% stake in HPE Cayman’s holdings of New H3C.

A Unigroup executive stated that after these transactions, Unigroup’s controlling stake in H3C increased from 81% to 87.98%, further strengthening core asset control. This enhances operational management and business synergy efficiency, while leveraging external strategic resources to better support H3C’s high-quality development.

From technological breakthroughs to industry deployment, from domestic layout to global expansion, the practices of these three leading companies demonstrate that the capital market is a “booster” for driving technological innovation, optimizing resource allocation, and enhancing global competitiveness.

Relying on efficient capital operations and solid technological accumulation, China’s computing hardware industry chain is accelerating toward high-end, intelligent, and global development. Looking ahead, as financial resources continue to precisely support the real economy, more tech enterprises will be driven by both technology and capital, continuously strengthening industry foundations and expanding development space, injecting stronger momentum into the digital economy and the development of new productive forces.