Once associated with AI, the stock prices skyrocket. How powerful are this batch of concept stocks?

"Perspective" is a newly launched lightweight data graphic column by 36Kr - using data to analyze trends and pictures to present key points. "Talk is Cheap. Show me the data."

Author: Ding Mao

Since the emergence of ChatGPT, the global AI craze has swept the capital market. In the Chinese market, three major AI investment themes have gradually taken shape: "Hardware First, Computing Power Follow - up, and Self - Reliance and Control."

Theme 1: Hardware First, Focus on the "Shovel Sellers"

In 2023, the accelerated iteration of overseas large - language models drove an explosion in computing power demand, and NVIDIA's AI chips were in short supply. The market quickly focused on its local supply chain. Leading supply - chain companies such as Zhongji Innolight, Shenghong Technology, and Megmeet, as high - certainty "shovel sellers," saw their stock prices take off first, giving rise to the first round of AI market trends.

Take Zhongji Innolight, the leading company in the optical module field, as an example. Its stock price rose by more than 300% in 2023, and the cumulative increase to date has been nearly 25 times.

Chart by 36Kr

Chart by 36Kr

Theme 2: Computing Power Follow - up, Overseas Projections of Domestic Cloud Providers

In 2024, DeepSeek was launched, and Chinese domestic large - language models entered the world's leading ranks. Market sentiment then shifted to the explosion of domestic computing power demand.

Chart by 36Kr

The market believes that cloud providers such as Alibaba are expected to replicate the growth path of overseas giants in 2023 and experience a surge in cloud business. Meanwhile, under the open - source model, the advancement of AI - native applications has accelerated. Internet giants, with their full - stack AI capabilities and entry - point advantages, are expected to break through first.

Chart by 36Kr

Benefiting from this, the investment logic for companies like Alibaba has shifted to technological growth, leading to a re - evaluation of their value. Since the second half of 2024, Alibaba's Hong Kong - listed shares have risen nearly 1.5 times.

Chart by 36Kr

Chart by 36Kr

Theme 3: Self - Reliance and Control, the Rise of Domestic Chips

Meanwhile, NVIDIA's dominance and intensifying frictions have raised risks in the computing power supply chain, and the substitution of domestic chips has gained momentum. In addition, in the second half of 2025, leading chip companies achieved technological breakthroughs, laying the foundation for substitution. At this time, NVIDIA has been losing ground in the Chinese market due to security issues.

Chip leaders such as Cambricon and Hygon Information have clear performance expectations, driving their stock prices to soar. Since the second half of 2025, Cambricon's cumulative increase has exceeded 150%, and it has risen nearly 6 times since October 2024.

So far, the Chinese AI investment landscape is clear. The three themes are progressive and cross - verified, jointly constructing a complete investment framework.