Computing Power Dual-Track: State-Owned Capital Holds Base, Private Sector Rides the Wave

A-shares Deep Dive into Computing Power Ecosystem: Patterns, Barriers, and the 2026 Decisive Battle

As AI large models sweep across global industries, computing power is no longer just a tech concept but has become the true core energy of the digital economy. A industry reshaping driven by computing power is unfolding in A-shares: on one side, state-owned enterprises (SOEs) holding the lifelines of energy, power grids, and infrastructure firmly underpin the sector; on the other, private companies tightly integrated with top global technology ecosystems are rapidly advancing at the forefront of marketization. These two camps have clear divisions of labor and formidable barriers, jointly supporting a super track with a total market value exceeding 4.5 trillion yuan. This is not only a capital frenzy but also China’s most authentic battlefield for new productive forces.

1. Trillion-Level Computing Power Rise: Rebuilding the A-Share Landscape with a Market Cap of 4.5 Trillion Yuan

With the full deployment of AI large models and the elevation of computing and electricity coordination to a national strategy, computing power is irreversibly reshaping the structure of the A-share market. As of March 2026, 182 listed companies in core computing sectors have a total market value of 4.51 trillion yuan, accounting for over 5.2% of the entire market, establishing themselves as a pillar track. Annual investment in computing infrastructure is expected to reach 450 billion yuan, with intelligent computing accounting for over 58%. The convergence of capital clustering, high-performance growth, and policy support has turned computing power from a tech concept into a “hard currency” of the digital economy. In this industry wave, SOEs and private companies each hold their positions with clear divisions, jointly forming the foundation of China’s computing power industry.

2. Dual Leadership of SOEs and Private Giants: Clear Emergence of Top Companies and Moats

The SOE camp is backed by national heavyweights, securing the computing power foundation with control over power grids, energy, infrastructure, and safety qualifications, creating resource barriers that are hard to replicate. State Grid Corporation of China (600406), as the absolute leader in power dispatching and intelligent regulation, is the core hub for power and computing control; China Energy Construction (601868) undertakes national-level new infrastructure projects in computing and electricity, with integrated engineering delivery capabilities; Baoxin Software (600845) and Three Gorges Energy (600905) occupy core positions in high-grade IDC and green power supply. SOEs do not pursue short-term high elasticity but firmly control power supply rights, dispatching rights, and access rights, serving as the ballast for stable industry operation.

The private sector deeply integrates with NVIDIA’s ecosystem, leveraging technological iteration and market efficiency to seize growth dividends, with leading companies demonstrating strong explosive power. Foxconn Industrial Internet (601138) is a core OEM for NVIDIA AI servers, maintaining a solid position in the global supply chain; Inspur (000977) remains the domestic leader in AI servers; ZTE Xunhua (300308) dominates the global high-speed optical module market; Kehua Data (002335) and GCL Energy Technology (002015) have formed unique advantages in power supply supporting and green power computing integration. Private firms, with rapid response, technological iteration, and innovative business models, have become the sharpest blades in expanding computing power.

3. The 2026 Computing Power Decisive Battle: Dual Upgrades of Power-Grid Collaboration and Autonomous Control

2026 will be a critical year for China’s computing industry to shift from scale expansion to high-quality development. On the policy front, power-grid collaboration is fully promoted, with direct green power supply and intelligent dispatching becoming industry standards; on the demand side, the explosion of inference computing power drives full-chain performance realization, with NVIDIA’s technological ecosystem continuously catalyzing hardware upgrades; in terms of pattern, SOEs will continue to strengthen their foundational and security advantages, while private companies lead in global supply chains, technological innovation, and market-driven delivery. The two camps will move from disjointed competition to deep collaboration—SOEs setting the baseline, private firms pushing the limits—jointly pushing China’s computing power to dominate in global competition. It is foreseeable that in 2026, the computing track will see both performance and valuation double down, becoming the most certain investment mainline in A-shares.