Soochow: An explosion in demand for AI computing power, rapid iteration of testing equipment.

Soochow released a research report stating that the demand for global computing power will surge in 2025, the competition for computing power will continue to intensify, and investment in AI infrastructure will continue to grow. The large-scale deployment of AIDC card clusters of tens of thousands of cards poses higher requirements for full-link bandwidth, latency, and interface density, while testing instruments as key enablers and sellers of AI infrastructure, are deeply integrated into the industry chain, rapidly iterated, and fully benefit. Leading domestic testing instrument and solution manufacturers are accelerating their entry into the market, bringing new opportunities to the testing instrument industry with the AI infrastructure. It is recommended to focus on the leading domestic testing instrument companies that are deeply integrated with the domestic supply chain and have existing technological layout. Soochow's main points are as follows: The demand for global computing power will surge in 2025, with the competition for computing power continuing to intensify and investment in AI infrastructure increasing. The large-scale deployment of AIDC card clusters of tens of thousands of cards presents higher requirements for full-link bandwidth, latency, and interface density, while testing instruments as key enablers and sellers of AI infrastructure, deeply integrated into the industry chain, rapidly iterated, and fully benefit. The global leader in testing instruments and solutions, De Technologies, saw a year-on-year increase in Q1 orders/revenue/net profit of 30%/23%/24% in the 2026 fiscal year, significantly benefiting from the development of the AI industry. At present, De Technologies has initiated the upgrade and iteration of its three core measuring instruments - oscilloscope, spectrum analyzer, and signal source, aiming to build the next generation hardware platform. De Technologies has already launched the XR8 oscilloscope and a new generation software and application platform based on this platform. The XR8 achieves an architectural revolution from discrete components to single-chip integration, solving the core contradiction that high-bandwidth, high-precision, high-efficiency testing could not simultaneously meet, meeting the dual high requirements for accuracy and speed in high-speed signal testing in the AI era. Recommended targets: Rigol Technologies (688337.SH): China's largest electronic measuring instrument manufacturer, the first Chinese company to commercialize a self-developed ASIC digital oscilloscope, with ASIC technology platform as a core competitive advantage. The company has a solid foundation in the optoelectronic communication industry, with a 70% year-on-year growth in sales revenue from core major clients in 2025, full orders for test power supplies, new products such as ultra-high-bandwidth real-time oscilloscopes to be launched, opening up a turning point in performance and valuation. Recommended targets: Uni-Trend Technology (688628.SH): A leading domestic supplier of testing and measuring instruments, announced in March 2026 plans to acquire a 51% stake in Xin Ce Communication for not more than RMB 86 million. Xin Ce Communication's products include communication optical power meters, optical time-domain reflectometers (OTDRs), optical fiber sensors, and electromagnetic measurement, used in the construction and maintenance of fiber optic communication networks and electromagnetic environmental safety testing. Shenzhen Everbest Machinery Industry (002980.SZ): A leading traditional measuring instrument company, announced in February 2026 plans to acquire 100% stake in Shenzhen Galant for RMB 460 million, intensifying its layout in optoelectronic testing. Galant focuses on testing optical modules and chips, offering solutions for micro-optoelectronic testing, automatic testing of optical modules, and testing and aging solutions for high-power semiconductor lasers. Siglent Technologies (688112.SH): A leading domestic supplier of electronic measuring instruments, providing testing instruments for downstream customers such as optical modules, AI chips, and power supplies, used for research and production line testing. Liansun Instruments: A leading electronic measuring instrument company, offering communication test instruments (for optoelectronic communications) and electrical performance test instruments (for communication and semiconductor industries). It is a rare manufacturer in the industry that covers the testing needs of key links in the optoelectronic communication industry chain such as modules, chips, wafers, and is also the second company in the world to launch all-core testing instruments for 1.6T optical modules at the highest level in the industry. It has achieved mass delivery of 400G/800G/1.6T high-speed optical module core testing instruments, with customers including Zhongji Innolight, Eoptolink Technology Inc., Accelink Technologies, Lumentum, Coherent, and other leading domestic and foreign companies. Risk warning: New product launches falling short of expectations, and intensified market competition.