Losses exceed 4.7 billion, Hong Kong stocks surged 35% in a single day! Why is Zhipu so magical? | 0401

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(Source: Huxiu APP)

1. Daily Market Analysis

2. Market Observation—Has the Pricing Logic Started to Change?

Today’s A-shares opened high and fluctuated, with the market rising against the backdrop of a strong overnight rally in U.S. and Asia-Pacific markets. By the close, the Shanghai Composite rose 1.46%, the Shenzhen Component gained 1.7%, the ChiNext Index increased 1.96%, and the STAR Market 50 Index performed the strongest, up over 3%. Nearly 4,500 stocks in the market rose, showing good profit-taking effects. Total market turnover was about 2.01 trillion yuan, only slightly higher than the previous trading day, indicating weak willingness to chase higher prices.

The main theme of technological growth exploded: semiconductors and computing hardware chains led the rebound, with storage chips and CPO (optical modules) leading the gains, reflecting a rebound in AI computing demand and positive industry cycle expectations. Concepts such as GPUs, AI computing power, semiconductors, robotics, and consumer electronics were collectively active, confirming the core logic that “tech growth is the key to breaking the deadlock,” resonating with industry trends and policy support.

The pharmaceuticals and biotech sector strongly followed: becoming another major highlight today, especially in CRO (contract research organization) and innovative drug sectors, leading the market gains. In Q1 2026, China’s innovative drug licensing transactions exceeded $60 billion, with accelerated realization of the value of domestic innovative drugs’ global cooperation. The upcoming American Association for Cancer Research (AACR) annual meeting, a global oncology benchmark, will feature over 100 Chinese pharmaceutical companies showcasing nearly 400 research results. This heavyweight academic conference is expected to ignite sector enthusiasm.

Special Reminder: The US-Iran war has not truly eased yet

Since late January 2026, the U.S. has conducted its largest military buildup in the Middle East since the Iraq War in 2003. According to multiple authoritative sources, as of March 30, 2026, U.S. forces in the Middle East exceeded 50k, including the following main deployments:

• 31st Marine Expeditionary Unit: 2,500 Marines and 2,500 support sailors, arrived in the Middle East on March 28;

• 82nd Airborne Division: approximately 2,000-3,000 paratroopers, gradually deploying;

• Special Operations Forces: several hundred elite members;

• “Bush” Carrier Strike Group: over 6,000 crew members, deployed on March 31.

For poorer countries, the situation is becoming desperate. The Philippines became the first country last month to declare a nationwide energy emergency; Sri Lanka shortened the workweek to four days; Myanmar restricted car drivers to travel every other day.

New regional energy cooperation models: Rise of fuel swaps

Vietnam seeks Japanese help to supply energy, and the Philippines announced on Monday that it has obtained diesel from Japan. Indonesia and Japan are exploring a liquefied natural gas (LNG) to liquefied petroleum gas (LPG) swap, a typical case. This model breaks through traditional energy trade methods and, amid global supply chain disruptions, becomes a pragmatic solution to specific energy shortages. Japan is also discussing similar swaps with India (using LPG to exchange naphtha and crude oil), indicating regional energy cooperation shifting from mere aid to mutual benefit.

Deep Impact and Future Trends

As Iran war pushes up crude oil prices and the U.S. relaxes long-standing restrictions on Russian oil exports, Russia has become one of the big winners of this conflict. Recent reports indicate Russia earns up to $150 million daily from oil sales.

On March 5, the U.S. announced a 30-day exemption allowing Indian refiners to resume Russian oil purchases. Subsequently, the exemption was expanded to other countries and updated to permit the purchase of crude oil already shipped before March 12. The Philippines received a batch of ESPO (Eastern Siberia-Pacific Ocean pipeline) crude oil for the first time in six years. Meanwhile, South Korea’s first batch of Russian naphtha has arrived at Dalian Port, awaiting unloading. Other countries, including Sri Lanka, are negotiating with Moscow on oil transportation.

Before the exemption policy, Russian oil buyers in Asia were mainly limited to Indian refineries.

Update:

1. Zhipu Soars

Zhipu announced its 2025 performance last night, exceeding expectations. The financial report shows the company’s full-year revenue was 724 million yuan, up 132% year-over-year, making it the largest domestic large-model company by revenue; gross margin reached 41%, far above industry standards. Zhipu’s MaaS commercialization exploded, with the MaaS API platform achieving an ARR of about 1.7 billion yuan (~$250 million), a 60-fold increase year-over-year.

2. UCloud Updates

UCloud is a deep strategic partner tightly bound to Zhipu AI, with the rapid growth of Zhipu’s business directly translating into increased demand for UCloud’s computing power services.

After Zhipu released its latest GLM-5 model, UCloud’s model service platform UModelVerse was deployed immediately. This quick response not only deepens cooperation with Zhipu but also attracts more clients seeking high-performance model services.

On March 31, 2026, NVIDIA announced a $2 billion investment in Marvell Technology to establish a strategic partnership. The two plan to collaborate in silicon photonics technology, with NVIDIA providing support technologies including Vera CPUs, ConnectX network cards, BlueField DPU, NVLink interconnects, and Spectrum-X switches. Stimulated by this positive news, A-shares and CPO (co-packaged optics) related sectors surged across the board on the afternoon of April 1.

Juguang Technology is upgrading from a single component supplier to a photonic solutions platform company.

Its core capabilities are twofold: generating photons and controlling photons.

Why is this important? Because at the end of AI computing power, it’s increasingly not just about chips but about light.

High-speed transmission relies on light, advanced manufacturing depends on light, and advanced packaging also depends on light. Those who can position themselves upstream in the photonics supply chain will more easily benefit from the next industry upgrade.

First main line: CPO and optical communication are the strongest expectations

This is the most worth re-evaluating part of Juguang Technology now.

The company has entered the micro-optics core component track through acquiring Swiss company SMO, with products used in optical modules, silicon photonics modules, and CPO (co-packaged optics). This means it is no longer a traditional “small parts company,” but a supplier of the most critical high-speed interconnection solutions for the AI data center era.

With the continuous volume of 800G and 1.6T high-speed optical modules, CPO is becoming a key direction for next-generation computing infrastructure. Juguang Technology has entered the supply chain of globally renowned optical communication and AI computing clients. In the first three quarters, optical communication revenue grew 109% year-over-year, with products like V-grooves and molded lenses already mass-delivered.

What does this indicate? It’s not just “storytelling,” but order fulfillment, delivery, and volume growth are beginning to materialize.

Second main line: Core components of lithography machines, extremely valuable

Juguang Technology has long supplied uniformity devices for top global optical companies like A company (i.e., ASML) and major domestic lithography R&D projects.

This track’s characteristic isn’t size but extremely high thresholds, certification difficulty, and tough customers. Being part of this supply chain already shows the company’s high-end optical manufacturing capability has reached the top tier globally.

Third main line: Advanced packaging + HBM, opening a second growth curve

The company’s layout of laser-assisted bonding (LAB) technology has received prototype orders from Chinese and Korean clients, applicable in advanced packaging.

AI-driven HBM demand is exploding, and behind HBM is essentially an upgrade in advanced packaging processes. As this direction continues to penetrate, Juguang Technology has the chance to shift from “making components” to “providing process solutions,” significantly increasing its value.

What to watch in 2026?

One sentence: concentrated volume growth after strategic focus.

First, optical communication business will continue high growth—this is the most certain incremental.

Second, the company will redirect about 133 million yuan of fundraising to a high-end optical component platform project, with a total investment of 270 million yuan, directly increasing key capacity.

Third, LAB will continue breakthroughs in the broader semiconductor field, potentially contributing additional revenue.

Therefore, Juguang Technology’s core isn’t “many concepts,” but that it happens to stand at the intersection of high-growth areas like AI computing power, CPO, lithography machines, and advanced packaging.

Many still see it as a traditional wind power component company, but in fact, this company has quietly shifted to a more exciting track: “Precision manufacturing + computing power” dual core business.

First, look at the traditional core business. The company’s legacy is precision manufacturing, with key products including wind turbine flange, forged flange, free forging parts, and wind turbine bearings, used in wind power, gas turbines, nuclear power, pressure vessels, and other fields. Especially in the 12MW and above offshore wind turbine flanges, the company has established a position in the global high-end supply chain, with clients including Vestas, GE, Siemens Gamesa, and others. This business appears “not hot,” but has high barriers.

What truly re-prices the market is its second growth curve—the computing power business.

The company entered the AI infrastructure track through its subsidiary Shanghai Runliuchi, focusing on intelligent computing leasing, high-performance computing cluster construction and delivery, and AI computing services. Simply put, it has moved from traditional heavy asset manufacturing into the hottest GPU computing business today, not just riding the concept but already generating revenue.

The 2025 annual report clearly illustrates this: revenue reached 3.96 billion yuan, a 129.43% YoY increase; net profit attributable to shareholders was 83.48 million yuan, turning profitable from loss. More importantly, revenue from computing power reached 1.668 billion yuan, accounting for 42.11%, becoming the company’s largest income source. In other words, this company is no longer “wind power with some computing,” but shifting toward “computing-led, manufacturing supporting” structure.

Its concepts are also clear: computing leasing, East Data West Computation, NVIDIA chain, offshore wind, state-owned enterprise reform. Especially in the computing line, the team has deep cooperation with NVIDIA, Inspur, and other upstream vendors, with certain “card-holding” capabilities, which is very critical today. Backed by Jining Urban Investment + state-owned assets, the company has stronger financing and resource coordination capabilities.

What to watch in 2026? The core is the volume increase of the Greater Bay Area computing base.

In January 2026, the company’s Shenzhen Runliuchi inference computing base officially launched, with an initial capacity of over 3,000 PFlops and a planned total of 10,000 PFlops. This means the company is no longer just in the Yangtze River Delta layout but has begun entering the core computing demand region of South China. If cluster utilization continues to rise, computing revenue still has room to grow.

Of course, there are issues. The company’s overall gross margin is only 8.98%, net profit margin just 2.11%, with computing business gross margin at only 5.01%, indicating it’s still in the “scale first, profit later” stage. Conversely, traditional free forging has a gross margin of 50.72%, a real profit engine. This also means that the biggest future focus isn’t just on computing revenue growth but whether the computing business can improve its gross margin.

In summary: This is a company with traditional high-end manufacturing providing safety margins, and AI computing power unlocking valuation elasticity. Wind power provides the foundation, computing power fuels the dream, and state assets provide credit.

Special Statement:

This article has an audio interpretation available; consult Huzi Ge;

The stocks mentioned are only for investment logic, with no buy or sell recommendations.

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