2025‑September‑18: A Surge in China’s Computing and Cooling Sectors

The Shanghai Stock Exchange opened on a day of strong buying pressure that pushed the benchmark index close to its 3,900‑point ceiling, while the Shenzhen Component Index and the ChiNext Index also posted gains. Market turnover exceeded 3 trillion RMB, a record‑setting figure that underscored a broader rally across technology‑related sectors.

1. Market backdrop

At 10:00 GMT, the Shanghai Composite Index had already reached 3,899.96 points, the highest level of the day. By the close, the index fell 1.15 percent to 3,879.27 points, but the overall market volume of 313.5 billion RMB was still the largest ever reported on a single day. The momentum was largely driven by gains in the computing, semiconductor, and optical‑technology subsectors. Leading names such as Industrial富联, Zhongke曙光, and Sino光刻机 all broke new highs during trading.

2. Computing‑hardware rally

Among the most pronounced moves was the performance of Zhongke曙光 (Shenzhen:603019). The company’s shares traded above 114 yuan per share, up more than 5 percent from the previous close, and its market value surpassed 166 billion yuan. Trading volume for the stock climbed to 56.3 billion yuan, giving it a turnover ratio of 3.41 percent. In the same session, other players in the high‑performance computing space—such as Haoyue股份, Liheng兴, and Sailor股份—also reached intraday peaks, signalling renewed investor confidence in the sector’s growth trajectory.

Zhongke曙光’s rise is part of a larger trend in which the liquid‑cooling server concept has become a key theme. The company, which develops high‑end computers, general‑purpose servers, and storage products, has been actively deploying liquid‑cooling solutions to manage the thermal load of increasingly powerful processors. Earlier in the week, reports indicated that the liquid‑cooling server sector had experienced a surge in institutional interest, with multiple stocks such as BoJie股份, YuanDong股份, and HengTong光电 hitting the 10‑percent limit upward.

3. Semiconductor and optical‑technology surge

The semiconductor cluster, bolstered by advances in storage chips, advanced packaging, and photolithography equipment, posted gains across the board. HuaWei海思, Quantum科技, and 6G概念 stocks were among those that moved higher. The 光模块 (optical module) and 光刻机 (photolithography machine) subsectors were especially buoyant, reflecting the ongoing push for faster data transmission and more efficient manufacturing processes.

4. Digital transformation and policy support

Parallel to the market dynamics, a policy‑level endorsement arrived on the day. China Communications Research Institute (信通院) announced that a hybrid‑cloud computing platform developed by 天翼云 and Zhongke曙光 had been selected as one of its 2025 half‑year “high‑quality digital transformation” case studies. The platform, dubbed “Smart Government Application Wing‑Government,” demonstrates how liquid‑cooling servers can be leveraged to deliver reliable, scalable cloud services for public sector applications. This recognition is likely to enhance Zhongke曙光’s brand reputation and potentially open doors to further government contracts.

5. Implications for Dawning Information Industry

While the above developments focus on other high‑tech firms, they carry important implications for Dawning Information Industry Co., Ltd. (Shanghai:603019). As a company that designs, manufactures, and sells high‑end computers and storage products, Dawning operates in many of the same market segments that are now experiencing heightened demand:

  • High‑performance computing: The increasing appetite for AI workloads and large‑scale data analytics translates directly into a need for more powerful servers and storage solutions—core products in Dawning’s portfolio.
  • Liquid‑cooling technologies: With the growing emphasis on efficient thermal management, Dawning could benefit from integrating liquid‑cooling designs into its product lines, mirroring the strategies adopted by Zhongke曙光 and its peers.
  • Software and system integration: Dawning’s offering of software development and system integration services positions it well to support customers seeking end‑to‑end solutions that combine hardware, cooling, and cloud services.

In a market environment where sectoral momentum is coupled with policy validation, Dawning’s focus on advanced computing infrastructure could provide a competitive advantage. Investors will likely monitor how the company capitalizes on the liquid‑cooling trend and whether it can secure new contracts within the rapidly evolving digital‑transformation ecosystem.

6. Conclusion

The trading day of September 18, 2025, underscored the resilience of China’s technology and computing sectors amid a backdrop of record market volume. Rising shares in high‑performance computing, liquid‑cooling servers, and semiconductor equipment highlighted the sector’s growing importance, while policy endorsements reinforced confidence in the underlying technology. For firms like Dawning Information Industry, these dynamics offer both challenges and opportunities as the industry continues to evolve toward more efficient, high‑capacity computing solutions.