Analysis of the Impact of Post-Moore Era Computing Power Breakthroughs on A-Shares Semiconductor and AI Computing Power Industry Chain Investments

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On January 9, 2026, a research team from Peking University published an important research achievement in Nature Electronics [1]. The team, composed of Researcher Tao Yaoyu from the Institute of Artificial Intelligence and Professor Yang Yuchao from the School of Integrated Circuits, created an innovative

that can use post-Moore new devices to support Fourier transform, increasing computing power by nearly 4 times — from approximately 130 billion operations per second to approximately 500 billion operations per second [1].

This technological breakthrough’s core innovations include:

• Device Innovation
  : System integration of “volatile vanadium oxide devices” and “non-volatile tantalum/hafnium oxide devices” under the multi-physics domain fusion architecture
• Computing Paradigm Breakthrough
  : Enables multiple computing methods to operate in their suitable physical domains (current, charge, light, etc.), significantly improving computing efficiency
• Application Scenario Expansion
  : Applicable to cutting-edge fields such as embodied intelligence, edge sensing, neuromorphic computing, and communication systems

Even more noteworthy is that the research team led by Researcher Sun Zhong from Peking University successfully developed a

, which for the first time increased analog computing precision to . Relevant performance evaluations show that when solving key scientific problems such as large-scale MIMO signal detection, the chip’s computing throughput and energy efficiency are than those of current top-tier digital processors (GPUs) [2].

This achievement marks:

• A “century-old problem” that has plagued the global scientific community has been solved
• Analog computing with both high precision and scalability has become a reality
• Has revolutionary application prospects in fields such as 6G communications, large AI model training, and edge computing

The core characteristic of the post-Moore era is that traditional silicon-based devices are approaching physical limits. New devices represented by memristors and optoelectronic devices are regarded as the hope to break the dilemma of computing power and energy efficiency due to their unique computing performance [1]. However, these new devices can only support a single computing method, making them unable to adapt to the diverse computing needs in practical applications, which severely restricts the improvement of computing power and efficiency. The technological breakthrough by Peking University just solves this core bottleneck, providing an innovative path for the expansion of the operator spectrum of post-Moore new devices.

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The computing power revolution in the post-Moore era will reshape the entire semiconductor industry chain, and a relatively complete investment map has been formed in the A-shares market:

Industry Chain Segment	Core Segment	Key Listed Companies	Beneficiary Logic
Computing Power Chips	AI Training/Inference Chips	Hygon Information, Cambricon, Loongson Technology	Surging demand for domestic substitution
Optical Modules	High-Speed Optical Communication Modules	Zhongji Innolight, NeoPhotonics, Accelink Technologies	Rigid demand for AI computing power interconnection
Advanced Packaging	2.5D/3D Packaging, Chiplet	Changjiang Electronics Technology (JCET), Tongfu Microelectronics, Huatian Technology	Breaking process limitations
Servers/Infrastructure	AI Servers, Liquid Cooling Systems	Dawning Information Industry, Inspur Information, Foxconn Industrial Internet	Explosive demand for computing power infrastructure
Storage and Interfaces	Memory Interfaces, Memory Chips	Montage Technology, GigaDevice Semiconductor	Upgrade of data transport capacity

According to Frost & Sullivan forecasts, by 2029, the scale of China’s AI chip market will surge from RMB 142.537 billion in 2024 to

, with a compound annual growth rate (CAGR) of as high as from 2025 to 2029 [4]. The global AI chip market is expected to reach USD 92 billion in 2025, a year-on-year increase of 29.58% [5].

Company	2025H1 Revenue	YoY Growth	2025H1 Net Profit	YoY Growth	Key Highlights
Hygon Information	RMB 5.464 billion	+45.21%	RMB 1.201 billion	+40.78%	DCU matches international mainstream products; dual-drive of CPU + DCU
Cambricon	RMB 2.881 billion	+4347.82%	RMB 1.038 billion	Turned profitable	Officially escaped years of losses; leading domestic AI chip provider
Loongson Technology	RMB 244 million	+10.9%	RMB 294 million loss	Narrowed loss	Recovery of traditional security application market; launch of “Three Musketeers” products

Hygon Information is a leading enterprise in the field of domestic high-end processor R&D, with a product roadmap similar to NVIDIA and AMD:

• DCU Products
  : Based on a “CUDA-like” general-purpose parallel computing architecture, with low migration costs for CUDA users and operator coverage exceeding 99%. It has established in-depth cooperative relationships with leading internet companies such as ByteDance, Tencent, Alibaba, and Baidu, achieving full adaptation with mainstream domestic large models
• Product Iteration
  : The Deep Computing No. 3 was launched in 2025, and the R&D of Deep Computing No. 4 is progressing smoothly
• Strategic Integration
  : Business integration with Dawning Information Industry to promote systematic collaborative development of “hardware - software - ecosystem”

Cambricon achieved a historic breakthrough in its first-half 2025 performance:

• Revenue increased by 4347.82% year-on-year, mainly driven by market expansion facilitating AI application implementation
• Contract liabilities surged by 61,223.22%, indicating sufficient order reserves
• Inventory reached RMB 2.69 billion, accounting for 31.95% of total assets, with strategic stockpiling to prepare for explosive demand

Optical modules are core components of AI computing power infrastructure, and the market showed a trend of both volume and price growth in 2025:

Company	2024 Revenue	YoY Growth	2024 Net Profit	YoY Growth	Gross Margin
Zhongji Innolight	RMB 23.862 billion	+122.64%	RMB 5.171 billion	+137.93%	33.8%
NeoPhotonics	RMB 8.647 billion	+179.15%	RMB 2.838 billion	+312.26%	44.72%

Zhongji Innolight, relying on technological leadership and market dominance, has become one of the core global suppliers of AI computing power infrastructure:

• Technology Layout
  : Has R&D capabilities for 3.2T products, and is actively deploying cutting-edge directions such as LPO/LRO, CPO, and Optical Circuit Switches (OCS)
• Production Capacity Guarantee
  : 1.6T optical modules began mass shipments in the second quarter, and the Thailand factory’s production capacity supports zero-tariff delivery to North America
• Market Position
  : Its stock price surged from RMB 66.70 per share to a high of RMB 448.00 per share in the last 5 months, with its market capitalization once approaching RMB 500 billion

NeoPhotonics focuses on the niche market of short-distance high-speed transmission in data centers:

• Technology Route
  : Bets on LPO technology, sacrificing transmission distance to reduce costs and improve efficiency, and has obtained NVIDIA’s exclusive LPO certification
• Cost Advantage
  : Vertical supply chain integration reduces costs by approximately 30%, with a gross margin of 44.72% significantly higher than that of Zhongji Innolight
• Growth Potential
  : Net profit growth rate of 312.26%, the highest in the optical module sector

According to Yole Group forecasts, the global advanced packaging market will exceed

by 2030, with a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030. Demand for AI and high-performance computing has become the primary driver of recovery [6].

Company	Technological Advantages	2025H1 Performance Highlights
Changjiang Electronics Technology (JCET)	XDFOI Chiplet Platform, 2.5D/3D Heterogeneous Integration	Automotive electronics business grew 34.2% YoY; industrial and medical businesses grew 38.6% YoY
Tongfu Microelectronics	Deeply bound to AMD, mass production of large-size FCBGA	Revenue reached RMB 13.038 billion, up 17.67% YoY; net profit reached RMB 412 million, up 27.72% YoY
Huatian Technology	Advanced packaging technologies such as SiP, FC, TSV, WLP	Advanced packaging accounts for over 50% of revenue

JCET, with its independently developed “XDFOI Chiplet Platform” as the core, has built an advanced packaging system covering multi-dimensional heterogeneous integration scenarios such as 2.5D and 3D:

• Made breakthroughs in key technologies such as glass substrates, CPO photoelectric co-packaging, and large-size FCBGA in the first half of 2025
• The main construction of the automotive-grade chip packaging and testing factory in Lingang, Shanghai has been completed

Tongfu Microelectronics, relying on its in-depth cooperative relationship with AMD, has unique advantages in advanced packaging layout for AI and HPC fields:

• Large-size FCBGA has entered mass production, and extra-large-size FCBGA has passed engineering verification
• Solved the problems of product warpage and heat dissipation for extra-large-size products

Montage Technology is one of only three companies worldwide capable of mass-producing server memory interface chips. In 2024, it ranked as the world’s largest memory interconnect chip supplier by revenue, with a market share of

[7].

Financial Indicator	2024	YoY Growth	2025Q1	YoY Growth
Operating Revenue	RMB 3.639 billion	+59.20%	-	-
Net Profit Attributable to Parent	RMB 1.412 billion	+213.1%	-	-
New Products such as PCIe Retimer	RMB 422 million	8-fold growth	RMB 135 million	+155%

• Increasing DDR5 Penetration
  : The penetration rate of DDR5 in server DRAM reached 40% in 2024, and is expected to exceed 60% in 2025
• Explosive Demand for AI Transport Capacity
  : Demand for PCIe Retimer chips has surged, with an 8-GPU AI server requiring 8-16 chips
• CXL Memory Expansion
  : Test data shows that GPU utilization can be increased by 72%, and inference time can be reduced by 35%

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According to statistical data, at least

emerged in the 2025 bidding market, of which 37 projects had winning bids exceeding RMB 1 billion [8].

• Regional Distribution
  : Covers over 87 prefecture-level cities in 29 provinces and cities, with the densest projects in Beijing, Xinjiang, Shanghai, Anhui, Ningxia, and Sichuan
• Construction Model
  : Prefabricated and modular construction methods are accelerating in popularity, reducing the 1-2 year construction cycle to within six months
• Liquid Cooling Technology
  : Has shifted from an “optional” to a “mandatory” option, aligning with the trend of green and efficient computing power

In the first half of 2025, 23 listed companies in edge-side AI chips achieved a total revenue of

, a year-on-year increase of 12.3%; their net profit attributable to parent companies reached , a year-on-year increase of 9% [9].

Company	Jan-Sep 2025 Revenue	Jan-Sep 2025 Gross Profit	R&D Expense Ratio
Amlogic	RMB 5.071 billion	RMB 1.883 billion	-
Ingenic Semiconductor	RMB 3.437 billion	RMB 1.175 billion	-
Rockchip Semiconductor	RMB 3.141 billion	-	-
Bluetrum Technologies	-	RMB 1.130 billion	-

In 2025, China achieved a series of major breakthroughs in the integrated circuit field [3]:

Breakthrough Field	Institution	Significance of the Achievement
ISSCC 2026	Tsinghua University (18 papers, world’s first)	Global leader in integrated circuit design
2D Semiconductors	Fudan University (“Wuji” Chip)	World’s first 32-bit RISC-V architecture microprocessor
Analog Computing	Peking University	Precision increased to 24 bits, energy efficiency 100 times higher than GPUs
Quantum Computing	University of Science and Technology of China (USTC)	“Zu Chongzhi 3” set a new record
Optical Computing	Shanghai Jiao Tong University	All-optical large-scale semantic generation chip

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Core Targets: Hygon Information (dual-drive of CPU + DCU), Cambricon (leading AI chip provider that turned profitable), Loongson Technology (self-controllable CPU)

Core Targets: Zhongji Innolight (leading optical module provider, 1.6T products in mass shipment), NeoPhotonics (exclusive NVIDIA LPO certification for LPO technology), Foxconn Industrial Internet (leading AI server foundry)

Core Targets: Changjiang Electronics Technology (JCET) (leading advanced packaging provider), Tongfu Microelectronics (benefiting from AI via partnership with AMD), Huatian Technology (advanced packaging accounts for over 50% of revenue)

Core Targets: Montage Technology (world’s top memory interface chip provider), GigaDevice Semiconductor (multi-category layout of memory chips)

Investment Style	Strategy Recommendations	Focus Targets
Aggressive	Focus on core targets benefiting from technological breakthroughs	Cambricon, Zhongji Innolight, NeoPhotonics
Conservative	Allocate to industry leaders and high-certainty opportunities	Hygon Information, Changjiang Electronics Technology (JCET), Montage Technology
Long-Term	Focus on targets with strong technical reserves and reasonable valuations	Loongson Technology, Huatian Technology, Accelink Technologies

• Downward pressure on the global macroeconomy may affect capital expenditures
• Risk of cyclical fluctuations in the semiconductor industry
• Short-term stock price volatility caused by market sentiment fluctuations

• Competitive pressure from international giants (NVIDIA, AMD, etc.)
• Uncertainty in technological routes (e.g., evolution of CPO vs LPO technologies)
• Supply chain risks caused by restrictions on advanced manufacturing processes

• Restrictions on the procurement of advanced equipment and materials
• Production capacity expansion progress falls short of expectations
• Risk of high customer concentration

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The breakthrough in post-Moore era computing architecture published by Peking University in Nature Electronics marks China’s important position in the global computing power revolution. This breakthrough will reshape the investment pattern of the A-shares semiconductor and AI computing power industry chain from the following dimensions:

1. Technology Spillover Effect
   : The multi-physics domain fusion computing architecture will accelerate the industrialization of new devices, benefiting upstream segments such as new materials, device preparation, and EDA tools

2. Application Scenario Expansion
   : Emerging scenarios such as embodied intelligence, edge sensing, and neuromorphic computing will bring incremental demand for computing power, benefiting niche tracks such as edge-side AI chips and sensor chips

3. Increased Value of Advanced Packaging
   : As a core path to break process limitations, technologies such as 2.5D/3D packaging and Chiplet will receive more capital attention

4. Upgrade of Computing Power Infrastructure
   : Supporting segments such as liquid cooling and modular data centers will see deterministic growth

From the perspective of industry trends, 2025 is ushering in a historic investment opportunity driven by the resonance of three cycles: demand, production capacity, and inventory. As the main investment line for the chip design sector in 2025, the cloud-side AI computing power chip market has broad space. Driven by the dual engines of independent innovation and AI, the A-shares semiconductor and AI computing power industry chain will usher in historic investment opportunities.

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[1] Xinhua News Agency - Let New Devices “Run”: Chinese Scientists Create a New Computing Architecture to Improve Computing Power (https://www.news.cn/tech/20260110/3a3516486b154f01b1eb66308289b630/c.html)
[2] Xinhua News Agency - Breaking the Century-Old Problem of Analog Computing: High-Precision Scalable Analog Matrix Computing Chip Comes Out (http://www.news.cn/auto/20251017/843e5e268856424f98d88871b5d4ce46/c.html)
[3] JW Insights - Top 10 Breakthroughs in China’s Integrated Circuits in 2025 Open Up a Multi-Paradigm Era in the Post-Moore Era (https://jiweipreview.laoyaoba.com/html/news/newsdetail?news_id=971852)
[4] Eastmoney - Computing Power Chip Concept Rebounds Volatilely, Hygon Information Rises Over 7% (https://finance.eastmoney.com/a/202511063556836557.html)
[5] Securities Times - 2025 Outlook for the Semiconductor Industry: Dual Engines of AI and Independent Innovation Drive Industrial Recovery (https://www.stcn.com/article/detail/1486267.html)
[6] Sina Finance - In the Post-Moore Era, Advanced Packaging Moves to the “Center Stage” (https://cj.sina.cn/articles/view/5953190035/162d67893019017454)
[7] 21st Century Business Herald - Unigroup Guoxin Launches IPO Tutoring, AI Ignites IPO Wave of Memory Chips (https://cj.sina.cn/articles/view/1651428902/626ece)