Analysis of Zhishang Technology (301486) Strong Performance and Sustainability Judgment

This event occurred on December 8, 2025 at 18:08 (UTC+8), sourced from tushare_strong_pool data.

The core driving factors behind the strong performance of Zhishang Technology (301486.SZ) can be analyzed from industry and company levels:

• Industry Level
  : The AI hardware sector has regained momentum, with sub-sectors like CPO and high-speed connectivity rising in resonance. NVIDIA’s record-high stock price has transmitted sentiment to the AI computing sector [3][5].
• Company Level
  : It plans to acquire 99.86% equity of Hengyang Data for 1.148 billion yuan to enter the DPU business. As a core component of AI computing infrastructure, DPU, together with GPU/TPU, supports the ultra-large-scale intelligent computing market [2][4].
  In terms of price and trading volume: Since 2025, the stock price has risen by 103.88% cumulatively. On December 8, it closed at 91.85 yuan, with a trading range of 79.38-91.85 yuan, approaching the 52-week high of 106.66 yuan. The daily turnover was approximately 100 million yuan, with a turnover rate of 2.33%, slightly lower than the 3-month average [1][6].
  Market sentiment: Some brokerages have given “Overweight” or “Buy” ratings, and investor community attention is high [2][6].

• The industry resonance in the AI hardware sector is the direct driver of short-term gains, while the DPU business layout provides long-term growth potential, but the effect of acquisition integration remains to be verified.
• Over-reliance on a single customer (Foxconn accounts for over 50% of revenue) [2] may become a potential concern restricting long-term stable growth; attention should be paid to the progress of customer structure optimization.

• Opportunities
  : The growth in AI intelligent computing demand drives the expansion of the DPU market space, and the company’s business expansion is expected to benefit from sector dividends [4].
• Risks
  : High risk of over-reliance on a single customer; uncertainty exists in the integration effect of Hengyang Data’s business; the AI hardware sector is highly volatile due to policy and technological progress impacts [2][6].

Zhishang Technology’s current strong performance is driven by the resonance of the AI hardware sector and its DPU business layout. Technically, it is close to historical highs, and fundamentally supported by the AI computing concept. Investors need to pay attention to changes in sector momentum, acquisition integration progress, and customer structure optimization, while noting sector volatility and single customer risks.