AI computing demand drives surge in Chinese vector network analyzer stocks and Huatai report
On September 23, shares of Chinese vector network analyzer (VNA) concept stocks surged, with Puyuan Jingdian, Labtech, and Uni-Trend hitting daily limits. Huatai Securities released a report stating AI computing infrastructure is accelerating high-speed interconnect upgrades, driving demand for VNAs used in testing RF components, high-speed connectors, and PCBs. The report forecasts testing upgrades toward higher frequencies and automation will boost VNA volumes and prices. Puyuan Jingdian reported H1 revenue up 37.15% year-on-year.
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Vector Network Analyzer Stocks Surge on AI Computing Demand, Huatai Says
On September 23, shares of vector network analyzer (VNA) concept stocks surged in China, with companies like Puyuan Jingdian, Labtech, and Uni-Trend hitting the 20% daily limit, and Chuangyuan Xinke rising over 20%. Huatai Securities released a report stating that AI computing construction is driving demand for VNAs, which are core instruments for measuring the amplitude and phase characteristics of RF and microwave components. As data center networks evolve toward 800G and 1.6T, and single-channel SerDes rates reach 112Gbps and 224Gbps, requirements for signal integrity, impedance matching, and crosstalk control are increasing, boosting VNA testing needs. The report also notes that high-end PCB testing in AI servers requires higher precision 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%. Risks include lower-than-expected AI investment, delays in product development and customer validation, and intensified competition.
Read sourcePuyuan Jingdian Shares Surge Over 25% on AI Computing Demand for Network Analyzers
Shares of Puyuan Jingdian (HK0537) surged over 25% intraday, closing up 17.53% at HK$27.36, driven by expectations that AI computing infrastructure construction will accelerate high-speed interconnect upgrades. Huatai Securities believes that as data center networks evolve toward 800G and 1.6T, demand for vector network analyzers (VNA) will grow due to higher signal integrity and yield control requirements for high-speed connectors, cables, and PCBs. The broker also expects VNA testing to upgrade toward higher frequencies, more ports, and automation, potentially driving both volume and price increases. Puyuan Jingdian released its DNA5000/6000 series VNA in October 2025, covering 5kHz to 26.5GHz. The company reported H1 revenue of approximately 487 million yuan, up 37.15% year-on-year, and net profit of about 37.15 million yuan, up 129.08%, driven by steady growth in digital oscilloscope sales and solution revenue.
Read sourcePuyuan Jingdian Shares Surge Over 25% on AI Computing Demand for Network Analyzers
Shares of Puyuan Jingdian (00537) surged over 25% in intraday trading, closing up 17.53% at HK$27.36, driven by expectations that AI computing infrastructure construction will accelerate high-speed interconnect upgrades. Huatai Securities believes that as data center networks evolve to 800G and 1.6T, demand for vector network analyzers (VNA) will grow due to higher signal integrity and yield control requirements for high-speed connectors, cables, and PCBs. The firm also forecasts that testing upgrades to higher frequencies, more ports, and automation will drive both volume and price increases for VNAs. Puyuan Jingdian released its DNA5000/6000 series VNAs in October 2025, covering 5 kHz to 26.5 GHz. In the first half of the year, the company reported revenue of approximately 487 million yuan, up 37.15% year-on-year, and net profit of about 37.15 million yuan, up 129.08%, driven by increased sales of digital oscilloscopes and other electronic measurement instruments.
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Huatai Securities: AI Computing Construction Drives Demand for Vector Network Analyzers
A research report from Huatai Securities, published on September 23, argues that the construction of AI computing power is accelerating the upgrade of high-speed interconnects, creating opportunities for vector network analyzers (VNAs). As data center networks evolve toward 800G and 1.6T, higher requirements for signal integrity and yield control in high-speed connectors, cables, and advanced PCBs will drive VNA testing demand. The report also forecasts that testing upgrades toward higher frequencies, more ports, and automation will lead to both volume and price increases for VNAs. Huatai Securities is optimistic that domestic Chinese manufacturers, leveraging their accumulated RF and microwave technology and continuous product iteration, will achieve growth amid expanding downstream demand and the trend of domestic substitution.
Read sourceHuatai Securities: AI Computing Drives Demand for Vector Network Analyzers
A research report from Huatai Securities, published on September 23 via financial news outlet Cailianshe, argues that the construction of AI computing power is accelerating the upgrade of high-speed interconnects, creating growth opportunities for Vector Network Analyzers (VNA). As data center networks evolve toward 800G and 1.6T standards, the demand for signal integrity and yield control in high-speed connectors, cables, and advanced PCBs is rising, which will drive VNA testing demand. Additionally, the shift toward higher frequencies, more ports, and automation in testing is expected to boost both VNA volumes and prices. The report expresses optimism that domestic Chinese manufacturers, leveraging their expertise in RF and microwave technology and continuous product iteration, can achieve growth amid expanding downstream demand and the trend of import substitution.
Huatai Securities: AI Computing Power Construction Drives Demand for Vector Network Analyzers
A research report from Huatai Securities, published on September 23 via People's Financial News, argues that the construction of AI computing power is accelerating the upgrade of high-speed interconnects, creating opportunities for Vector Network Analyzers (VNA). As data center networks evolve toward 800G and 1.6T, the requirements for signal integrity and yield control in high-speed connectors, cables, and high-end PCBs are increasing, which will drive demand for VNA testing. The report also forecasts that testing will shift toward higher frequencies, more ports, and automation, potentially leading to both higher volumes and prices for VNAs. Huatai Securities is optimistic that domestic Chinese manufacturers, leveraging their accumulated expertise in RF and microwave technology and continuous product iteration, will achieve growth amid expanding downstream demand and the trend of domestic substitution.
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