Three major factors catalyze! The CPO concept gains strength again, with multiple concept stocks favored by funds ( list )

On the morning of March 11, the computing hardware sector continued its upward trend, with CPO concept stocks rising collectively. ReesKanda hit two consecutive daily limit-ups, Woge Optoelectronics surged to the limit, and multiple stocks such as Huagong Technology, Changxin Bochuang, Tiantong Shares, and Guangxun Technology also followed the rally.

Some analysts believe that the surge in demand for computing power, the upcoming NVIDIA GTC conference, and the large order for 1.6T optical modules are the direct catalysts for the sector’s continued activity.

China’s Large Model Weekly Usage Surges 35% Month-over-Month

According to OpenRouter monitoring data, last week (March 2 to March 8), the weekly usage of China’s large models reached 4.19 trillion tokens, a significant increase of 34.9% compared to the previous week, and once again surpassed the U.S. after a week.

In terms of rankings, MiniMax’s M2.5 model led globally with 1.87 trillion tokens used weekly, up 15% from the previous period. DeepSeek V3.2 ranked third with 0.83 trillion tokens, while the Step 3.5 Flash from Zhaoxingxingchen reached 0.75 trillion tokens, a 69% increase week-over-week, successfully entering the global top five.

“Token explosion drives overload in computing demand, benefiting hardware manufacturers deeply,” said Zhongtai Securities. They noted that domestic model token consumption continues to grow, the export logic for tokens is gradually materializing, and internet companies may revise capex upward, creating opportunities for hardware vendors.

Hualong Securities also believes that the competitiveness of domestic models in overseas markets has been validated. Under the trend of domestic giants competing for C-end traffic and multimodal commercial applications, the inference computing power demand curve is expected to steepen further, benefiting all segments of the computing infrastructure.

NVIDIA GTC Conference Approaching Boosts Sector Sentiment

From March 16 to 19, the NVIDIA annual developer conference (GTC 2026), known as the “Spring Festival Gala of AI,” will be held in California, USA.

Industry insiders expect that after the Vera Rubin platform was confirmed for mass production at CES 2026, GTC 2026 may feature the official debut of its enhanced Rubin Ultra version and possibly reveal preliminary technical routes for the next-generation Feynman architecture.

Guosheng Securities predicts that this GTC could be a key milestone for the commercialization of CPO technology. NVIDIA’s CPO switch product lineup (Quantum X, Spectrum X series) is expected to be showcased, driving demand for core components such as optical engines, external laser sources, and fiber optic connection units.

The firm further states that as a global benchmark in AI computing power, this conference will showcase multiple frontier breakthroughs, potentially marking the start of a new technological iteration in the AI computing industry chain, further boosting sector enthusiasm. It recommends continued attention to companies involved in the computing power industry chain.

Additionally, NVIDIA recently announced plans to invest $2 billion each in optical communication giants Lumentum and Coherent to strengthen R&D pipelines and supply chains. This move further highlights its focus on CPO technology and upstream components.

1.6T Optical Modules Receive First Large-Scale Commercial Orders

U.S. optical communication technology company Applied Optoelectronics Inc. (AOI) recently announced that it has received its first mass production order for 1.6T data center optical transceivers from a major long-term client, valued at over $200 million. This marks the official entry of this new generation of high-speed optical interconnect products into large-scale commercial use.

The order confirms the ongoing demand for AI workloads to increase data center network bandwidth. AOI’s CFO and Chief Strategy Officer stated that as AI cluster sizes expand, the need for network capacity expansion will continue, and 1.6T optical modules are expected to become the mainstream choice for large-scale data center operators.

According to Huaxi Securities, CPO/NPO may be introduced into Scale Up interconnection, which is expected to expand the optical interconnection market. With current orders and demand still steadily rising, related optical module manufacturers’ performance is also expected to grow rapidly.

CITIC Construction Investment’s latest report indicates that 800G optical modules began volume production in 2023, with rapid growth expected from 2024 to 2026; 1.6T modules are expected to start shipments in 2025 and ramp up in 2026, bringing a boom cycle of volume and price increases across the entire optical module industry chain. In terms of competition, domestic optical module giants are deeply integrated with North American cloud providers, holding major market shares globally. Focus should be on silicon photonics and CPO.

Multiple Concept Stocks Gaining Financing Support This Month

According to Eastmoney’s concept sector data, over 40 A-share stocks are involved in the CPO concept, with a total market value exceeding 3 trillion yuan. Zhongji Xuchuang leads with a market cap of over 600 billion yuan, followed by XinYisheng, Lixun Precision, Tianfu Communications, Zhongtian Technology, and Hengtong Optoelectronics, each exceeding 100 billion yuan.

Since the beginning of the year, the CPO concept sector has risen steadily, with the sector index increasing by over 30%. About 80% of the stocks have seen their prices rise, with Huiguo Ecology and Hengtong Optoelectronics more than doubling. Kexin Technology and Juguang Technology increased by over 90%, while Robotech, Zhongtian Technology, and Tianfu Communications all gained over 60% in the period.

In terms of funding, data from Eastmoney’s Choice shows that since March, 14 CPO concept stocks have received net financing inflows, with 6 stocks exceeding 100 million yuan in net buy-ins. Huagong Technology attracted a massive 2.066 billion yuan in financing, Hengtong Optoelectronics saw leveraged funds increase by 839 million yuan, and XinYisheng’s net financing was as high as 671 million yuan.