Computing Power Mainline Drives Value Revaluation: Comprehensive Review of A-Share AI Leaders in 2025 Earnings Season

Upstream Performance Growth, Market Value Tier Differentiation, In-Depth Analysis of the Entire Industry Chain Capital Performance

From 2025 to Q1 2026, the AI sector in A-shares has experienced a structural bull market driven by policy support, explosive computing power, and domestic substitution. As annual reports for 2025 and Q1 2026 forecasts are released, industry performance realization has significantly improved, with clear differentiation along the industry chain: upstream hardware with deterministic growth leads, midstream chip design hits an earnings inflection point, and downstream applications fluctuate during commercialization exploration. This article focuses on the A-share market, using core financial and market value data to review the performance of leading AI companies and reveal the true capital logic behind this round of market trends.

This AI rally centers on computing power, with upstream hardware companies becoming the preferred investments, and top firms leading in market value and stock price gains across the sector. As of early March 2026, the total market value of the core AI sector in A-shares has increased by over 45% compared to early 2025. The top five leading companies contributed more than half of the sector’s growth, acting as stabilizers for the industry.

Top 5 AI Leaders in A-shares: Market Value and Stock Performance from Early 2025 to March 2026

1. Industrial Fuzhou: Absolute leader in AI servers, with a market value of about 480 billion yuan in early 2025, reaching 1.07 trillion yuan by March 2026, an increase of approximately 123%. In 2025, revenue was 902.887 billion yuan, net profit 35.286 billion yuan, with AI server business growing over threefold year-on-year, doubling both performance and valuation, maintaining its position as a top-tier tech stock.

2. Zhongji Xuchuang: Leader in high-speed optical modules, with a market value of about 180 billion yuan in early 2025, rising to 596.1 billion yuan by March 2026, an increase of approximately 231.1%. In 2025, net profit was 10.799 billion yuan, up 108.81% year-on-year. The volume of 800G and 1.6T products increased, driven by both domestic and overseas demand for computing power, establishing it as a benchmark upstream company.

3. Cambrian: Leading domestic AI chip company, with a market value of about 90 billion yuan in early 2025, reaching 458.4 billion yuan by March 2026, an increase of approximately 409%. In 2025, revenue was 6.497 billion yuan, up 453% year-on-year, with net profit turning profitable at 2.059 billion yuan. Domestic substitution and intelligent computing procurement drove valuation recovery.

4. Hygon Information: Core enterprise in high-end computing chips, with a market value of about 110 billion yuan in early 2025, reaching 562.3 billion yuan by March 2026, an increase of approximately 411.2%. In 2025, revenue was 14.376 billion yuan, net profit 2.542 billion yuan, with dual growth in CPUs and AI acceleration chips, securing orders in government and financial sectors, demonstrating steady growth.

5. Tianfu Communications: Leader in integrated optical devices, with a market value of about 42 billion yuan in early 2025, reaching 257.3 billion yuan by March 2026, an increase of approximately 512.6%. In 2025, revenue and net profit doubled, with new products like optical engines launched, partnering with global optical module manufacturers, fully benefiting from the expansion of computing power.

Industry Chain Performance: Upstream Leading, Midstream Recovery, Downstream Differentiation

Upstream computing hardware was the strongest theme in 2025. Orders for servers, optical modules, storage, and liquid cooling were full, and performance growth was realized. Leading companies like Industrial Fuzhou, Zhongji Xuchuang, and Tianfu Communications saw simultaneous significant increases in revenue and profit, with steadily rising gross margins. Capital concentration effects were evident, and the sector’s average increase exceeded 150%, making it the most certain direction in the entire market.

Midstream chip design benefited from accelerated domestic substitution. Companies like Cambrian and Hygon Information reached profitability inflection points, with substantial narrowing of losses. Policy subsidies and downstream procurement provided dual support, leading to rapid valuation recovery. The sector’s average increase exceeded 80%, with institutional holdings continuously rising, making it a core target for independent controllability.

Downstream applications are in the commercialization ramp-up phase, with clear differentiation. Revenue growth in large models, AI office, and industrial AI is rapid, but profitability remains to be achieved, and stock prices are volatile. Some companies have gained valuation premiums through scenario implementation, but overall performance lags behind upstream, showing a pattern of “earning revenue but not profits.”

Capital Logic and Future Trends

The core logic of the AI sector in 2025 is performance realization. Upstream hardware companies achieved high growth in revenue and profits first, gaining valuation premiums; midstream chip companies shifted from investment to harvest phases, with domestic substitution opportunities opening; downstream companies await mature business models. Capital flows follow a clear “compute power—chip—application” transmission path, forming a tiered market trend.

From industry trends, the global arms race for computing power continues, with domestic intelligent computing centers accelerating construction. Upstream hardware demand remains high. Midstream chip domestic substitution enters a deep stage, with technological breakthroughs and scaled applications driving sustained performance growth. Downstream applications, with iterative large models, are expected to make breakthroughs in finance, manufacturing, healthcare, and other scenarios, opening long-term growth space.

At the same time, the industry faces valuation differentiation and intensified competition. Some upstream companies have experienced short-term corrections due to excessive gains, prompting market focus on performance sustainability. Midstream chip firms need to continue overcoming technical bottlenecks, while downstream applications must accelerate commercialization to support further valuation growth.

2025 is a key year for the A-share AI sector’s shift from hype to value investing. Led by the compute power theme, industry growth is clear in performance and market value differentiation. Leading companies leverage technology, customer base, and scale advantages to dominate. In 2026, the AI sector is expected to continue its structural trend, with steady upstream hardware growth, accelerated midstream chip substitution, and downstream application breakthroughs, jointly driving high-quality industry development.

For investors, focus on performance realization capability and technological barriers. Grasp the certainty of compute hardware, the growth potential of domestic chips, and breakthroughs in application commercialization. Under the accelerated industrialization of artificial intelligence, the AI track in A-shares remains a core market theme, with long-term value worth continuous attention.