NVIDIA will release its financial report after the US stock market closes (5 AM Beijing time), which will determine whether AI computing hardware stocks can experience a strong rebound. If it does not exceed expectations, further adjustments are likely.
Referring to previous articles
Below are the leading stocks in NVIDIA’s segmented fields:
1. AI Server Manufacturing
Industrial Fulian (601138)
Industrial Fulian is the largest contract manufacturer of NVIDIA AI servers globally, holding 90% of the H100/H800 GPU module market share and exclusively supplying key components for the NVLink Switch of the GB200 system. In the GB200/GB300 series, Industrial Fulian supplies 70% of the DGX systems and 20% of the MGX systems, accounting for 35% of the global AI server contract manufacturing market, with GB300 orders scheduled until 2027. They are also involved in the design verification of NVIDIA’s Blackwell architecture (B100/B200) chip and jointly develop liquid cooling cabinets and advanced Chiplet packaging technology, with their liquid cooling solution reducing PUE (Power Usage Effectiveness) to below 1.1, cutting energy consumption by 40%.
2. Optical Modules and Optical Engines (Core of High-Speed Communication)
InnoLight (300308): A leader in 800G/1.6T optical modules, expected to capture over 40% of the global 800G optical module market share in 2024, ranking first globally for two consecutive years, accounting for 35%-40% of NVIDIA’s GPU-related optical module procurement; NVIDIA’s demand for 1.6T optical modules in 2025 is estimated at about 2.5-3.5 million units, with InnoLight holding an 80% share, becoming a core supplier for the Blackwell GPU platform; self-developed silicon photonic chip yield reaches 95%. Monthly production capacity for the 1.6T module is set to increase from 500,000 units to 1.8 million units (targeting by the end of 2025).
New Fiber (300502): New Fiber’s entire series of 800G/1.6T has been certified by NVIDIA, with over 25% global market share for 800G optical modules, deeply binding with leading clients like NVIDIA and Microsoft. They are collaborating with NVIDIA to develop the 1.6T CPO module, expected to enter mass production in 2028, reducing energy consumption by 50% and seizing the high ground in next-generation data center technology. They plan to issue convertible bonds to raise 1.88 billion yuan to expand their bases in Chengdu and Thailand, enhancing delivery capabilities.
Tianfu Communication (300394): Tianfu is the only company globally to achieve large-scale production of 800G optical engines, breaking through high-speed and low-power barriers with its self-developed LPO (Linear Drive Pluggable Optical) technology, with performance metrics unmatched by competitors, becoming a core supplier of optical modules for NVIDIA’s AI data centers. After NVIDIA’s GTC conference in March 2025, where the CPO switch was announced, Tianfu was listed as a core domestic supplier, having supplied through its subsidiary Mellanox for over three years.
3. PCB (High-Density Circuit Boards)
Shenghong Technology (300476): A core global supplier of NVIDIA graphics card PCBs (50% market share), exclusively supplying HDI boards for the GB200/GB300 servers. The Huizhou Research Institute collaborates with NVIDIA’s Silicon Valley lab to establish a “High-Speed Signal Joint Laboratory,” leading the selection of materials for 224G PAM4 and the design of liquid cooling-circuit integration, suitable for quantum computing chip carriers. 60% of revenue comes from overseas, with clients including NVIDIA, Tesla, Microsoft, Amazon, and other tech giants, making them the “only invited supplier from the mainland” for NVIDIA in 2025.
Huadian Co., Ltd. (002463): Holds about 25% of the global AI server PCB market share, especially over 30% in the high-speed switch sector, and is a core supplier of NVIDIA’s high-layer PCBs, with products applied in AI servers, high-speed switches, and other data center infrastructure, with GB300 orders scheduled for an 18-month production cycle, deeply binding with leading clients like NVIDIA, Cisco, and Arista.
4. Liquid Cooling Systems
Invec (002837): The company masters both cold plate and immersion liquid cooling technologies, with a domestic market share of 42% for cold plates (industry leader), entering NVIDIA’s supply chain through Vertiv, providing a full-chain liquid cooling solution for the GB200/GB300 systems, including cold plates, UQD quick connectors, distributors, and cooling distribution units. They exclusively supply liquid cooling plates for NVIDIA’s GB300 cabinet, with expected revenue contribution from related orders of 600-800 million yuan and a net profit of 150 million yuan by 2025. In July, they announced plans to invest 1 billion yuan to build a precision temperature control R&D base, enhancing the delivery capability of full-chain liquid cooling solutions.
Gaolan Co., Ltd. (300499): Entered the supply chain through Vertiv, indirectly providing liquid cooling modules (including cold plates, quick-change connectors UQD, and distributors) for NVIDIA’s GB200/GB300 systems. Confirmed in August 2025 that thermal management products will enter the North American market, providing quick connectors and other components for data center clients.
5. Power Systems and High-Speed Cables
Wolfe Materials (002130): Its subsidiary, Letin Intelligent, produces high-speed communication cables (copper cables) that indirectly support NVIDIA’s GB200/GB300 servers through international connector giants (Amphenol, Huber+Suhner, Molex, TE Connectivity), covering the high-speed connection needs of data centers. Letin Intelligent has added hundreds of winding machines and dozens of core wire machines to accelerate the ramp-up of 224G/1.6T capacity to meet the surging demand for NVIDIA’s GB300.
Magnum (002851): Designated power supplier for NVIDIA, in October 2024, Magnum was listed among NVIDIA’s core suppliers for over 40 data center components, deeply involved in the design and development of the Blackwell GB200 system, with technical strength recognized by international leading clients.
Jianghai Co., Ltd. (002484): The company masters both lithium-ion supercapacitors (high energy density) and EDLC supercapacitors (high power density), with its supercapacitor products (LIC lithium-ion supercapacitors) exclusively supplying NVIDIA, indirectly supporting GB300 servers through Delta Electronics (NVIDIA’s largest power supplier), with bulk deliveries starting in Q2 2025.
6. Chip-Level Materials and Components
Platinum New Materials (300811): The only supplier of soft magnetic powder cores for NVIDIA chips, leading in global market share, indirectly supporting NVIDIA GPUs (such as H100, GB300) through power management giants MPS (Chip Source Systems) and Infineon. MPS is the core supplier of NVIDIA’s H100 power module, while Platinum serves as MPS’s inductor supplier, deeply binding to the AI chip power system.
Feiliwa (300395): Ultra-low dielectric fiber cloth holds 35% of the global AI server market share, with its ultra-low dielectric quartz fiber cloth indirectly supporting NVIDIA’s GB200/Rubin platform through PCB manufacturers (such as Shenghong, Huadian Co., Ltd.), with only Shin-Etsu Chemical and Feiliwa capable of mass-producing this material globally.
Helin Micro-Nano (688661): Helin Micro-Nano is a core supplier of semiconductor test probes for NVIDIA, with its products achieving large-scale production applications in NVIDIA’s H100, GB200, and other GPU series, covering all aspects of chip packaging and testing.
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