Domestic computing power sector approaches performance critical point; Guiguang Network and Litong Electronics near limit down.

April 2, the computing power leasing concept saw a collective adjustment. Guiguan Network (600996.SH) and Litong Electronics (603629.SH) neared the daily price limit, while Qunxing Toys (002575.SZ), UCloud, Capital Online (300846.SZ), Shunwang Technology (300113.SZ), Wangsu Technology (300017.SZ), Dawell Technology (600589.SH), and Qingyun Technology fell by more than 5%. Merry Cloud (000815.SZ), Chengdi Xiangjiang (603887.SH), and Hongjing Technology (301396.SZ) followed down.

On the news front, at Zhipu’s 2025 results briefing, Zhipu CEO Zhang Peng told reporters that in Q1 2026, Zhipu’s API usage pricing would be increased by 83%. Even so, the market still shows a situation of tight supply and high demand, with call volume up 400%. At present, Zhipu has become one of the domestic paid Token consumption leaders.

CITIC Securities research said that China’s domestic Token amount has broken through 1.4 quadrillion. Domestic computing power companies have entered a performance inflection point, and a new CPU price-hike wave is underway. 1) In March 2026, the average daily token call volume in China exceeded 1.4 quadrillion, growing more than a thousand-fold over two years; domestic AI has risen onto the world stage. From March 23 to 27, among the top ten global AI large-model total call volume rankings, Chinese AI large models held six spots, and domestic computing power demand continues to expand. Against this backdrop, domestic computing power and computing power leasing vendors have already entered a performance inflection point.

Domestic computing power’s full-chain momentum is accelerating. It is expected that volume and price will rise together. Under strong logic pressure from both supply and demand sides, we expect the computing power industry chain in 2026 to enter a “full-chain inflation” cycle. Industry conditions are likely to spill over comprehensively from core chips to AIDC, cloud and computing power services, supporting power equipment, servers, and other segments. In terms of investment strategy, given the fairly clear capital expenditure trends of major players such as ByteDance, Alibaba, and Tencent, their supply chains have higher earnings certainty. Supply-chain companies deeply tied to the supply chains of leading internet firms (CSP) may gain significant excess returns.