As the end of January approaches, the profitability of tech stocks is dominating the market spotlight. On January 27th, sectors like semiconductors (memory chips) and computing power (CPO) staged strong rebounds. Stocks such as Puram, Yuanjie Technology, Kechuan Technology, Zhongci Electronics, Shijia Technology, and Xiechuang Data surged collectively, with some hitting limit-ups or continuously setting new highs.

So, how should investors position themselves in semiconductors, computing power, and other tech stocks next? Which sectors offer excess opportunities? Where will the next strong performer emerge?

Memory chips, CPO, and other leading stocks are spearheading the gains. Yuanjie Technology and Dazu Digital Control have seen their share prices repeatedly hit new highs.

Recently, a clear rotation has emerged between resource stocks, represented by gold, and tech stocks, led by semiconductors. On January 27th, after several days of concentrated surges, the gold theme retreated, and tech stocks reclaimed center stage. Semiconductors and computing power led a robust rebound across tech themes. Analyzing recent trends, the tech rally is unfolding around several core areas, including but not limited to the following:

Within the semiconductor theme, automotive chips led over 360 concept sectors with a 3.5% gain for the day. Concepts like EDA (Electronic Design Automation), memory chips, MCU chips, and advanced packaging also showed strong performance. Numerous concept stocks exhibited high alpha returns on January 27th. For instance, Dongxin secured a "20cm" limit-up to a record high, Puram surged up to 18% intraday also hitting a new peak, Xinyuanwei rose over 10%, while Kangqiang Electronics and Dianke Chip both closed with "10cm" limit-ups.

In the computing power产业链, areas like CPO (Co-packaged Optics), optical communication, and PCB (Printed Circuit Board) also saw powerful moves. Stocks such as Yuanjie Technology climbed over 11%, continuing its record-breaking run. Notably, as a high-profile annual leader, Yuanjie's stock has surged nearly 800% since its low on April 8, 2025. Additionally, Zhongci Electronics and Kechuan Technology closed with "10cm" limit-ups, while Shijia Technology, Xiechuang Data, Huilv Ecological, Zhaochi Co., Ltd., and Luoboteke all reached new highs.

From an industrial chain perspective, semiconductors and computing power are highly interconnected. Semiconductor chips provide the hardware foundation for computational capability, memory chips supply data support for computing power, and computing power itself drives the expansion of the semiconductor market. In secondary markets, semiconductors and computing power often move in tandem.

The recent strong rally in semiconductors and computing power is fueled by a mix of industry catalysts and individual stock drivers, encompassing factors from large language model software to semiconductor and computing hardware. Catalysts include Alibaba's release of the Qwen3-Max-Thinking flagship inference model, Tianshu Zhixin's fourth-generation architecture roadmap (aiming to surpass NVIDIA's Rubin architecture by 2027), Samsung Electronics raising Q1 NAND flash supply prices by over 100%, and SK Hynix planning to sample HBM1 as early as 2026. These product iterations and price hikes have provided further stimulus to the sectors.

Bian Huizong, a familiar analyst, has conducted long-term, in-depth research on semiconductors (memory chips) and computing power (optical communication, CPO, PCB), accurately judging sector inflection points and individual stock entry opportunities. Key case studies from his analysis, like Yuanjie Technology featured on June 18, 2025, and Dazu Digital Control (an AI computing PCB concept), which hit a limit-up and new high on January 21st after being covered on July 28, 2025, subsequently delivered strong performances.

PCB sector companies are reporting clusters of significant earnings growth, with many stocks forecasting doubled profits.

Benefiting from increased investment in AI computing center infrastructure and improved market demand, various computing power sub-sectors are seeing accelerated earnings realization, such as PCB (Printed Circuit Board). The PCB产业链 involves upstream raw materials like CCL and copper foil, midstream PCB manufacturing, and downstream applications spanning consumer electronics, servers, automotive electronics, and aerospace. As a critical foundation for stable computing system operation, growing demand from AI and computing power is strongly boosting the PCB industry, leading to faster earnings delivery for PCB companies.

Taking the aforementioned Dazu Digital Control as an example, the company's main business is PCB specialized equipment. According to its January 13th earnings preview, it expects 2025 net profit attributable to shareholders of 785 million to 885 million yuan, a year-on-year increase of 160.64% to 193.84%. This growth is linked to robust demand for high-layer and HDI boards used in AI servers and a significant expansion in the PCB specialized processing equipment market.

Looking broader at the PCB theme, the overall earnings performance of concept stocks is commendable. Among 45 PCB concept stocks that have issued 2025 earnings forecasts, 29 have positive upper limits for forecasted growth, accounting for over 60%. Jin'an Guji leads with forecasted growth exceeding 600%. Its January 21st preview expects 2025 net profit of 280 million to 360 million yuan, a year-on-year surge of 655.53% to 871.4%. In the secondary market, the company's stock achieved four "10cm" limit-ups in the seven trading days from January 15th to 23rd, hitting a near 10-year high, and continued rising to set another new high on January 27th.

Beyond Dazu Digital Control and Jin'an Guji, other stocks like Huazheng New Material, Bai'ao Intelligent, and Shenghong Technology also reported impressive earnings performances.

Besides earnings, another factor confirming the improving景气度 of the PCB industry is product iteration. For instance, Kexiang Co., Ltd., primarily engaged in PCB manufacturing, recently indicated it mass-produces and supplies PCB products for memory devices like RAM modules. It also supplies PCBs for aerospace applications. Furthermore, the company has begun small-batch supplies of 800G optical module PCBs and server-use PCBs. Reflecting this, the company's share price has recently accelerated to new highs.

(The mentioned stocks are for analysis purposes only and do not constitute investment advice.)