Market Context

The Chinese equity market has been dominated by a surge in CPO (Computer‑Power‑Optimized) themed stocks, a trend that has kept momentum through early December. In the most recent trading session, long‑term growth stocks such as 长光华芯 (Cháng Guāng Huá Xīn) hit a 20 cm limit‑up, reaching a historic peak, while other names in the sector—致尚科技, 永鼎股份, 可川科技, 仕佳光子 (Shijia Photons), 东田微, 太辰光, 光库科技, and 罗博特科—also posted significant gains.

Catalyst: AWS Trainium‑3 Release

On the same day that the CPO concept was rallying, Amazon Web Services announced the launch of its third‑generation custom AI chip, Trainium‑3. The company claimed that the new chip would outperform its predecessor by a factor of four and cut AI model training and inference costs by up to 50 % compared with equivalent GPU systems. The announcement bolstered investor sentiment in the broader compute‑hardware segment, driving up shares of companies such as 致尚科技, 天孚通信, 太辰光, 仕佳光子, and 新易盛.

Shijia Photons – A Beneficiary of the Flow

Shijia Photons, listed on the Shanghai Stock Exchange and valued at approximately 34.8 billion CNY in market capitalisation, benefited from the heightened interest in high‑performance optical and photonic components. The firm’s shares experienced a net inflow of 2.27 billion CNY during the session, the third‑largest cash‑in for any stock with a turnover above 5 %. This inflow coincides with the broader trend of investors chasing AI‑enabled photonics and optical computing solutions, which are expected to play a pivotal role in the next wave of data‑center acceleration.

Performance of the CPO Segment

The CPO theme is continuing to exhibit strength. A review of the sector’s performance shows that, in addition to the limit‑up by 长光华芯, other constituents have posted multi‑digit percentage gains. This surge reflects a growing conviction that China’s domestic chip ecosystem is maturing and can now support advanced AI workloads—an outlook reinforced by AWS’s recent hardware announcement.

Fund‑Level Activity

Active‑equity funds have been closely watching the performance of these high‑growth names. Among the 4,748 actively managed funds tracked, 4527 recorded positive returns for the year-to-date, a 95 % win rate. While the majority earned moderate gains (approximately 23 % median return), a small group of funds—such as 永赢科技智选 and 汇丰香港优势精选—have achieved over 100 % annualised growth. These funds have largely tilted toward the AI, semiconductor, and digital‑economy themes, mirroring the corporate‑level rally.

Market Dynamics on the Science‑Technology Innovation Board

On 3 December, the Science‑Technology Innovation Board (科创板) reported a drop of 0.89 % in the K‑SCI 50 index, closing at 1308.37 points. The board traded 3.04 billion shares, with a total turnover of 138.46 billion CNY, and an average turnover ratio of 1.58 %. Of the 140 tradable stocks, 140 closed higher, with only one stock posting a gain above 10 %. The sector saw significant liquidity, with high‑turnover stocks such as 航天环宇, 恒坤新材, and 仕佳光子 attracting both institutional buying and leveraged funding.

Key takeaway: Shijia Photons’ recent inflows and the continued rally in the CPO segment suggest that investors are increasingly valuing companies positioned at the intersection of photonics and AI computing. The announcement of AWS’s Trainium‑3 has further legitimised the strategic importance of high‑performance compute hardware, reinforcing the narrative that China’s chip and photonic ecosystems are poised for accelerated growth.