China A-share VNA concept stocks surge on AI-driven high-speed testing demand
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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.
Source report
September 24 — A-shares saw a continued rally in the afternoon session for stocks related to Vector Network Analyzers (VNA), with notable gains in Ceyear Technologies, Dongfang Zhongke, Shanke Intelligent, LabTech, Weixing Intelligent, Transcom Instruments, and Tonghui Electronics.
What is a VNA?
A Vector Network Analyzer is a precision testing instrument used to measure network characteristic parameters. By analyzing the amplitude and phase response of signals, it evaluates the transmission and reflection performance of devices under test. VNAs are primarily used in the RF and microwave fields to measure parameters such as impedance, return loss, insertion loss, gain, and scattering parameters (S-parameters).
Key Driver: AI Computing Infrastructure
The current market rally is largely driven by the high-speed interconnect upgrades required for AI computing infrastructure.
According to Soochow Securities, PCBs, connectors, and chip packaging are no longer simple electrical connectors but have evolved into high-frequency transmission channels. Correspondingly, VNA testing frequencies need to expand from several GHz to 26.5 GHz, 50 GHz, 67 GHz, and even 110 GHz. The increasing number of layers in communication PCBs has made the structures under test more complex, making signal distortion harder to control. As a result, downstream customers require significantly more test parameters and sampling iterations, amplifying demand for testing equipment.
Market Landscape and Opportunities
Globally, the VNA market is dominated by foreign leaders. According to Soochow Securities' industry chain research, Keysight Technologies has a delivery lead time of over one year for VNAs with frequencies above 67 GHz. This supply-demand gap, combined with supply chain security concerns, presents growth opportunities for domestic leaders with established technology and channel capabilities.
Market Size Forecast
According to Future Market Insights, the global VNA market is projected to be approximately $901 million in 2025, growing to $1.275 billion by 2035, representing a compound annual growth rate (CAGR) of 3.5%. Historically, overseas leaders such as Keysight Technologies and Rohde & Schwarz have held significant market share in the high-end segment due to strong hardware technology and customer relationships. However, as domestic companies continue to achieve technological breakthroughs, their market share is expected to rise.
Source: 21st Century Business Herald
Source
东方财富网-行业研究Eastern
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