**VNA Concept Stocks Surge in China on AI Data Center Demand and Supply Tightness**
Vector Network Analyzer (VNA) concept stocks surged in China starting September 23, with leading stock Dingyang Technology rising nearly 70% since September 16. The rally follows reports of supply tightness for high-frequency VNAs, driven by AI data center upgrades to 800G and 1.6T interconnects. Multiple companies issued volatility announcements clarifying their VNA business exposure. Dongfang Zhongke stated its VNA products are distributed, not self-manufactured, with VNA revenue of 124 million yuan in 2025 (3.84% of total). Uni-Trend noted its 67GHz VNA is in R&D with uncertain outcomes. The global VNA market is projected to grow from $901 million in 2025 to $1.275 billion by 2035.
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Cross-source coverage
Common ground
- Keysight's 12-month delivery delays and US export controls are creating a real, long-term supply gap for high-frequency VNAs in China.
- China's domestic VNA capability is genuine, with companies like Ceyear already shipping 120GHz products.
- The global VNA market is a relatively small niche, around $901 million, growing at a modest 3.5% CAGR.
- Validation cycles for new VNA equipment take 6-12 months, which slows down immediate market share shifts.
Points of contention
- Eastern Agent sees the stock surge as the market correctly pricing a permanent structural shift, while Neutral Agent views it as a speculative frenzy disconnected from company fundamentals.
- Eastern Agent argues Chinese data centers will standardize on domestic VNAs once validated, but Neutral Agent believes they will dual-source, limiting market share gains to 10-15%.
- Eastern Agent claims the VNA market's strategic importance as an AI bottleneck justifies high valuations, while Neutral Agent insists the tiny market size cannot support exponential growth or current stock prices.
- Eastern Agent uses analogies to solar panels and EVs to predict exponential growth, but Neutral Agent counters those are massive consumer markets, unlike the tiny VNA niche.
Blind spots
- Both sides overlook how quickly Chinese procurement habits might shift if domestic VNAs prove reliable and cheaper, potentially accelerating market share gains beyond linear projections.
- The debate ignores the role of government subsidies or policy mandates in directly boosting domestic VNA adoption, which could bypass normal market dynamics.
- Neither agent fully addresses the risk that Keysight or other Western firms might adapt by relocating production or forming joint ventures to bypass export controls.
WorldAttention’s read
Both agents agree that US export controls have created a genuine, long-term supply gap for high-frequency VNAs, and that China's domestic capability is real—especially with Ceyear shipping 120GHz products. However, they clash sharply on what this means for investors. Eastern Agent argues the market is correctly pricing a permanent structural shift, where Chinese data centers will standardize on domestic VNAs, leading to exponential market share growth. Neutral Agent counters that the tiny $901 million market size and long validation cycles make this a speculative frenzy, with stocks like Dongfang Zhongke (a distributor with 4% VNA revenue) wildly overvalued. The blind spots include ignoring how government policy could accelerate adoption, and the possibility that Western firms might adapt to bypass export controls. Ultimately, Eastern Agent wins the structural argument about China's rising capability, but Neutral Agent wins the valuation argument—the direction is real, but the market has likely overshot on timing and magnitude, risking a correction for latecomers.
Reporting timeline
VNA Concept Surges in China; Dongfang Zhongke Clarifies It Only Distributes, Does Not Manufacture
On September 27, the VNA (Vector Network Analyzer) concept topped Tonghuashun's popularity rankings, driven by market interest in testing equipment for high-speed data centers. Dongfang Zhongke (002819.SZ), which saw its stock price rise for two consecutive sessions, issued an announcement clarifying that its VNA products are all distributed, not self-developed or manufactured. The company reported VNA-related revenue of 124 million yuan in 2025 (3.84% of total revenue) and 48.43 million yuan in H1 2026 (3.62% of total revenue), stating the impact on performance is limited. Huatai Securities forecasts the global VNA market will grow from $901 million in 2025 to $1.275 billion by 2035 (CAGR 3.5%), with domestic firms like Dingyang Technology, Ceyear Technologies, and Puyuan Jingdian potentially gaining share. Other concept stocks including Youlide, Ceyear, and Dingyang also issued volatility announcements. Youlide noted its 67GHz VNA is still in R&D with uncertain outcomes. The article concludes with a disclaimer that it does not constitute investment advice.
Read sourceVNA Concept Surges in China; Eastern Zhongke Clarifies Products Are Not Self-Developed
On September 27, the VNA (Vector Network Analyzer) concept became the top trending topic in China's stock market. Eastern Zhongke (002819.SZ), a stock that had risen for two consecutive trading days, issued a volatility announcement clarifying that its VNA products are all agency-distributed, not self-manufactured. The company stated that VNA-related sales revenue in 2025 was 124 million yuan, accounting for 3.84% of total revenue, and in the first half of 2026 was 48.43 million yuan, or 3.62% of revenue, indicating limited impact on performance. Huatai Securities noted that VNA is a core instrument for measuring RF and microwave device parameters, with demand growing as data center networks evolve to 800G and 1.6T. The global VNA market is forecast by Future Market Insights to grow from $901 million in 2025 to $1.275 billion by 2035, a CAGR of 3.5%. Other concept stocks like Unilend, Ceyear Technologies, and Siglent Technologies also issued volatility announcements, with Unilend stating its 67GHz VNA is still in R&D and Ceyear and Siglent confirming their VNA production capabilities.
Read sourceVector Network Analyzer Concept Stocks Surge as Supply Tightens, Huatai Says
On September 23, Chinese VNA (Vector Network Analyzer) concept stocks surged, with leaders like Uni-Trend and RIGOL hitting the 20% daily limit, and Siglent Technologies rising nearly 70% since September 16. The rally follows reports of supply tightness for high-frequency VNAs. Huatai Securities released a report on September 22 stating that as data center networks evolve to 800G and 1.6T, demand for VNA testing is growing due to higher signal integrity requirements. The global VNA market is forecast by Future Market Insights to grow from $9.01 billion in 2025 to $12.75 billion by 2035, a CAGR of 3.5%. Chinese firms are gaining market share through technological breakthroughs. Key company updates include Siglent's new oscilloscope and probes, Uni-Trend's VNA products (under 1% of revenue), and other firms' product developments.
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Vector Network Analyzer Concept Stocks Surge on Supply Tightness and AI Data Center Demand
A new concept in the stock market, Vector Network Analyzer (VNA), has suddenly gained traction, with related stocks surging on September 23. Leading stock Uni-Trend and Rigol Technologies hit the 20% daily limit, while others like Ceyear Technologies and Transcom Instruments rose over 10%. The rally was triggered by reports of supply tightness for high-frequency VNAs, which are critical for testing signal integrity in high-speed data centers. Huatai Securities released a research report on September 22, stating that as data center networks evolve to 800G and 1.6T, demand for VNA testing is increasing due to higher requirements for signal integrity and yield control in high-speed connectors, cables, and PCBs. The report also noted that upgrades to higher frequencies, more ports, and automation could drive both volume and price growth for VNAs. According to Future Market Insights, the global VNA market is projected to grow from $901 million in 2025 to $1.275 billion by 2035, a CAGR of 3.5%. While overseas leaders like Keysight and Rohde & Schwarz dominate the high-end market, Chinese firms are gaining share through technological breakthroughs. Key listed companies include Siglent Technologies, which has seen its stock rise nearly 70% since September 16, Uni-Trend (which noted VNA products contribute less than 1% of revenue), Ceyear Technologies, Rigol Technologies, and Kunheng Shunwei.
Read sourceVector Network Analyzer Concept Stocks Surge as Supply Tightens, Led by 70% Rally
Vector Network Analyzer (VNA) concept stocks surged on September 23, with leading stocks like Unilend and RIGOL hitting the 20% daily limit, while Dingyang Technology rose nearly 70% since September 16. The rally follows reports of supply tightness in high-frequency VNAs. Huatai Securities released a research note on September 22 stating that as data center networks evolve to 800G and 1.6T, demand for VNA testing is increasing due to higher signal integrity requirements. The global VNA market is projected to grow from $901 million in 2025 to $1.275 billion by 2035, a CAGR of 3.5%, according to Future Market Insights. Chinese companies are gaining market share through technological breakthroughs. Key players include Dingyang Technology, which launched new high-resolution oscilloscopes and probes; Unilend, whose VNA products account for less than 1% of revenue; and other firms like Puyuan Jingdian, Dianke Siyi, and Kunheng Shunwei, which are developing or have released VNA products.
Read sourceVector Network Analyzer Concept Stocks Surge as Supply Tightness and AI Data Center Demand Drive Rally
A new concept in the Chinese stock market, Vector Network Analyzer (VNA), has suddenly gained traction, with related stocks surging on September 23. Leading stock Youlide and Puyuan Jingdian hit the 20% daily limit, while Dingyang Technology has risen nearly 70% since September 16. The rally is attributed to reports of supply tightness for high-frequency high-speed VNAs. Huatai Securities released a research note on September 22, forecasting that as data center networks evolve to 800G and 1.6T, demand for VNA testing will grow due to higher requirements for signal integrity and yield control in high-speed connectors, cables, and PCBs. The upgrade to higher frequencies, more ports, and automation is expected to drive both volume and price increases for VNAs. The article notes that VNAs are essential for characterizing RF devices in high-frequency scenarios, as they measure both amplitude and phase. Global VNA market is projected to grow from $901 million in 2025 to $1.275 billion by 2035, per Future Market Insights. Chinese companies like Dingyang Technology, Youlide, Dianke Siyi, Puyuan Jingdian, and Kunheng Shunwei are highlighted for their product releases and technological progress.
Read sourceVNA Concept Stocks Surge in China on AI-Driven Demand for High-Speed Testing Equipment
On September 24, A-share VNA (Vector Network Analyzer) concept stocks surged, with leading firms like Ceyear Technologies and东方中科 hitting daily price limits. The rally is driven by AI computing infrastructure demands, which require high-speed interconnects for PCBs, connectors, and chip packaging. These components now function as high-frequency transmission channels, necessitating VNA test frequencies from several GHz up to 110 GHz. Increased PCB layers and signal distortion issues are boosting demand for more test parameters and sampling. The global VNA market, dominated by Keysight Technologies and Rohde & Schwarz, faces supply gaps, with Keysight's delivery lead times for 67GHz+ VNAs exceeding one year. This presents opportunities for Chinese firms with technical and channel capabilities. According to Future Market Insights, the global VNA market is projected to grow from $901 million in 2025 to $1.275 billion by 2035, a CAGR of 3.5%, with Chinese firms expected to gain market share as their technology advances.
Vector Network Analyzer Concept Stocks Surge; Multiple Chinese Firms Disclose Product Status
Vector network analyzer (VNA) concept stocks have surged for consecutive days, drawing market attention, according to a report by People's Financial News on September 25. The report, citing Securities Times, summarizes responses from several Chinese companies on investor interaction platforms regarding their VNA businesses. Uni-Trend (优利德) stated that its 67GHz VNA is in the R&D stage at its Tianjin center, with significant uncertainty in progress, commercialization, and market adoption, and it will not materially impact near-term performance. The company already sells VNA4000 and VNA3000 series for RF testing in wireless communications, automotive electronics, and semiconductors. Ceyear Technologies (电科思仪) noted its terahertz VNA, signal generators, and spectrum analyzers are used in semiconductor testing, aerospace, and communications, but cautioned investors to refer to official announcements for financial impact. Siglent Technologies (鼎阳科技) highlighted its comprehensive product line including VNAs, oscilloscopes, and spectrum analyzers, positioning itself as one of the few global manufacturers capable of producing all four major general-purpose electronic test instruments.
Read sourceVector Network Analyzer Concept Stocks Surge; Multiple Companies Respond on Platforms
Vector network analyzer concept stocks have surged, drawing market attention. According to Securities Times, several companies have responded on interactive platforms. Ulead stated that its 67GHz vector network analyzer is in R&D, with significant uncertainty regarding progress and market impact, and it currently sells VNA4000 and VNA3000 series for wireless communications, broadcasting, automotive electronics, semiconductors, and medical devices. Ceyear noted its terahertz vector network analyzers, signal generators, and spectrum analyzers are used in semiconductor testing, aerospace, and communications, with business impact subject to official announcements. Siglent Technologies highlighted its core business in general-purpose electronic test and measurement instruments, including vector network analyzers, and noted it is one of the few global manufacturers capable of developing and producing four major instrument types: digital oscilloscopes, signal generators, spectrum analyzers, and vector network analyzers.
Read sourceAI Data Center Buildout Drives Vector Network Analyzer Demand from Lab to Production Line
This article analyzes how the shift from 800G to 1.6T in AI data centers is pushing vector network analyzers (VNAs) from laboratories into production lines for high-speed PCBs, connectors, and optical modules. The transition is not a short-term supply-demand mismatch but a structural shift driven by AI compute infrastructure demands. As data rates rise from 112Gbps to 224Gbps, testing frequency requirements increase to 56-110GHz, and sampling inspection is moving toward full inspection for high-end PCBs. Key supply-side signals include Keysight Technologies reporting record orders ($20.91B, +56% YoY) with delivery lead times exceeding one year for 67GHz+ VNAs. The global VNA market is estimated at $9.01B in 2025, with Chinese microwave/millimeter-wave instrument market at 77.9B yuan. Domestic Chinese manufacturers hold only ~4.1% market share in PCB VNAs, with CETC Ceyear leading at 120GHz capability. The article notes that while a replacement window has opened due to tight foreign supply, full validation cycles of 6-12 months are required before large orders materialize.
Read sourceVector Network Analyzer Concept Surges in China; Leading Stock Jumps Nearly 70%
The Vector Network Analyzer (VNA) concept has suddenly gained traction in Chinese markets, with related stocks surging on September 23. Leading stock Siglent Technologies has risen nearly 70% since September 16. The surge follows reports of supply tightness for high-frequency high-speed VNAs. Huatai Securities expects that as high-end PCB layers increase and transmission rates rise, demand for VNAs will accelerate. According to Future Market Insights, the global VNA market is projected to grow from $9.01 billion in 2025 to $12.75 billion by 2035, a CAGR of 3.5%. VNAs are critical for testing signal integrity in AI computing clusters and 6G millimeter-wave applications. Among listed companies, Siglent Technologies announced new high-resolution oscilloscopes and probes. Uni-Trend noted its VNA product revenue accounts for less than 1% of total revenue. Rigol Technologies released a new VNA series in June, while Kunteng Shunwei is still in the prototype development stage.
Read sourceVector Network Analyzer Concept Stocks Surge on Supply Tightness and AI Data Center Demand
Vector Network Analyzer (VNA) concept stocks surged in China on September 23, with shares of Siglent Technologies rising nearly 70% since September 16. The rally follows reports of supply tightness for high-frequency VNAs, which are critical for testing radio frequency components in AI data centers, 6G, and high-end radar. Huatai Securities forecasts that increasing PCB layer counts and transmission speeds will drive VNA demand. According to Future Market Insights, the global VNA market is projected to grow from $9.01 billion in 2025 to $12.75 billion by 2035, a CAGR of 3.5%. Several companies announced new products: Siglent released a high-resolution oscilloscope and probes; Uni-Trend noted its VNA products account for less than 1% of revenue; Rigol launched a new VNA series; and Kunteng Shunwei is developing a VNA prototype. The article attributes the demand surge to AI computing clusters upgrading to 800G and 1.6T interconnects, requiring precise signal integrity testing.
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