The market hit another turning point in late August, with a relatively solid rebound finally emerging on August 27, marked by a clear pattern of modest index gains alongside robust individual stock rallies. Driven by NVIDIA's earnings report, A-share optical communications, CPO, and storage chip sectors saw collective strength, with a wave of limit-up moves across numerous stocks including Changfei Fiber Optic, Demingli, Dapu Micro-UW, and Hangzhou Cable, a position held by Zhao Jianping.

As listed companies intensively released their interim reports, the well-known retail investor Zhao Jianping has expanded his new heavyweight positions once again. Beyond previously disclosed holdings such as Zhongji Innolight Co., Ltd. and Hangzhou Cable Co., Ltd., Zhao has surfaced in the top ten circulating shareholder lists of several additional companies, many of which belong to the optical communications and computing power supply chains, with multiple heavy positions experiencing significant gains recently. On August 27, NVIDIA shares spiked nearly 10% at one point.

So here's the key question: with NVIDIA's earnings tailwinds on one side and heavyweight retail investors like Zhao Jianping aggressively adding positions on the other, is a new major opportunity brewing in A-share optical communications and CPO? Today's discussion dives into this topic.

Main Capital Piles In as Zhao Jianping Heavily Adds Optical Communications Positions

Toward the end of August, the number of limit-up stocks began to grow, with the AI mainline centered on optical communications, CPO, and storage chips regaining momentum as the market's leading theme. On August 27, the market's keyword was a recovery in bullish sentiment. The major indices all rebounded from the recent weak consolidation, rising over 1% each, with trading volume expanding from 1.8 trillion yuan over the previous two days to 2.14 trillion yuan.

Meanwhile, limit-up stocks increased in number, with several consecutive limit-up stocks reaching new heights. That day, 78 stocks closed at their daily limits, including former market leaders that had pulled back significantly in July but surged back, such as Jin'an Guoji, Huiyuan Communication, Changfei Fiber Optic, and Dapu Micro-UW. Demingli, which had been closely watched by the market, also posted a "bull pullback" style limit-up, while Hangzhou Cable, a Zhao Jianping holding, recorded its second consecutive limit-up on August 27. Looking deeper, most of these belong to the hard-tech mainline of optical communications, PCB, and storage chips.

The broader market recovery is also reflected in main capital flows. On August 27, main capital (large orders of 200,000 to 1 million yuan plus super-large orders exceeding 1 million yuan) saw net inflows of 33.2 billion yuan, a stark contrast to the substantial outflows seen in prior days, such as the 127.4 billion yuan net outflow on August 19. The renewed capital commitment to AI computing power, optical communications, and storage chips is evident in another data set: as of August 24, 25, and 26, the number of stocks rising for three or more consecutive days stood at 449, 353, and 544 respectively, but by August 27, that figure jumped to 1,184, with AI computing power, optical communications, and PCB stocks occupying many of those slots, including Hangzhou Cable, Shengyi Electronics, and Hengtong Optic-Electric Co., Ltd.

Mentioning Hangzhou Cable and Hengtong Optic-Electric inevitably brings up Zhao Jianping, a heavyweight investor. In the second quarter, Zhao newly appeared among the top ten circulating shareholders of both Hangzhou Cable and Hengtong Optic-Electric Co., Ltd., with holding market values of 1.213 billion yuan and 3.763 billion yuan respectively. On the evening of August 27, Zhao again emerged as a new entrant in the top ten circulating shareholder lists of additional companies, namely KeXiang Co., Ltd. and Yunnan Germanium, with holding values of 959 million yuan and 800 million yuan. Combined with his 7.5 billion yuan heavy position in ZJ INNOLIGHT, Zhao's total holdings have surpassed 14 billion yuan.

It's clear from these positions that Zhao has placed substantial bets on AI hardware, spread across optical modules, fiber optics, PCB, and upstream optical communication materials. For instance, KeXiang Co., Ltd. is currently building a high-end server PCB production line with an annual capacity of 100,000 square meters. Notably, KeXiang shares surged 14% on August 27, confirming a reversal breakout.

As many readers know, the recent strong rally in A-share CPO, optical communications, and storage chips is directly tied to NVIDIA's latest earnings report. Lao Bian, a regular contributor followed by many, has long tracked investment opportunities in CPO, optical communications, storage chips, and the NVIDIA supply chain. Earlier in 2025 at lower levels, he highlighted and captured major turning-point opportunities in leaders such as Mid-Atlantic Corporation, Changfei Fiber Optic, and Hengtong Optic-Electric Co., Ltd.

NVIDIA Earnings Ignite AI Computing Power Chain, Triggering Multiple Mainline Rallies

Behind the strong coordinated rebound in A-share CPO, optical communications, and storage chips, NVIDIA's earnings report is a key catalyst. First, NVIDIA released better-than-expected quarterly results, followed immediately by a gap-up surge in its stock price. After the U.S. market close on August 26, NVIDIA reported fiscal 2027 second-quarter results with revenue reaching $96.2 billion, up 106% year-over-year and above the market estimate of $92.38 billion. Adjusted earnings per share came in at $2.22, up 120% year-over-year. Notably, data center revenue alone hit $89 billion, strongly surpassing expectations.

Additionally, NVIDIA guided third-quarter revenue to a midpoint of $108 billion, representing growth of nearly 90% year-over-year. This robust performance has prompted both capital and investment banks to raise their optimistic outlooks, with JPMorgan lifting its NVIDIA target price from $280 to $320. NVIDIA's better-than-expected results have dispelled earlier market concerns about downward revisions to AI's high prosperity, providing a positive and powerful stimulus to the A-share AI computing power supply chain.

More critically, NVIDIA confirmed during its earnings call that Vera Rubin has entered full-scale production. Lao Bian noted that the continued ramp-up of the Blackwell and Rubin platforms is driving increased certainty in demand for 1.6T high-speed optical modules, with CPO volume growth expected next year. So, in which directions will NVIDIA impact the A-share related supply chain? Overall, these include but are not limited to the following areas: optical communications, optical modules, and CPO—NVIDIA's rapid expansion of AI computing clusters will strongly drive global data center fiber and optical interconnect component demand. PCB manufacturing and electronic materials: NVIDIA's next-generation Blackwell and Rubin AI server platforms require significantly higher quality and quantity of high-layer-count PCBs, with the PCB value per AI server being several times that of a standard server. Through supply chain transmission, PCB iterations are raising performance requirements and increasing demand for CCL and specialty resin electronic materials. Storage chips: NVIDIA AI training servers carry far greater DRAM capacity than traditional servers, directly boosting storage chip industry demand. Additionally, impacts extend to AI server contract manufacturing, computing equipment, and liquid cooling solutions.

The industrial benefits driven by NVIDIA, combined with the overall industry prosperity lift in AI computing power and optical communications, are accelerating earnings delivery for A-share listed companies across the supply chain. Based on the latest 2026 interim report results, typical companies across these multiple segments have all achieved solid earnings growth.