Analysis of the Impact of the Rise of Shanghai's AI Industry Highland on the Investment Value of A-Share AI Sector

Now let me provide you with the complete investment analysis report.

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According to the “2025 Shanghai ‘AI+Manufacturing’ Development White Paper” [1] released by the Shanghai Industrial Internet Association, as of December 24, 2025, Shanghai has formed a leading domestic artificial intelligence industry development highland:

• Large Model Filing Quantity
  : 139 large models have completed filing, accounting for a significant national share
• Talent Reserve Scale
  : Nearly 300,000 artificial intelligence professionals, accounting for approximately one-third of the national total
• Industrial Carrier Construction
  : Xuhui “Model Speed Space” and Pudong “Model Power Community” continue to attract nearly a thousand high-level talents for innovation and entrepreneurship, gathering hundreds of enterprises and investment institutions [1]

Shanghai has intensively issued policies focusing on artificial intelligence, embodied intelligence, intelligent terminals, open-source systems, and AI+manufacturing, forming a systematic support system [1]:

• Computing Power Voucher and Model Voucher Policies
  : Effectively alleviate computing costs and trial-and-error pressure during the R&D, training, deployment, and application stages of large models
• Full-Cycle Capital System
  : Establishes full-cycle financial support from seed stage to IPO, including the Shanghai SDIC Pioneer AI Industry Mother Fund
• “Implementation Opinions of Shanghai on Promoting the Innovative Development of Intelligent Computing Cloud Industry (2025-2027)”
  : Clarifies the development blueprint, striving to have over 100 “unicorn” and “hidden champion” enterprises by 2025 [2]

Region	Functional Positioning	Representative Enterprises/Projects
Zhangjiang Science City	AI chip design, R&D and innovation	Over ten GPU enterprises including Biren Technology, Muxi Technology, and Suiyuan Technology [3]
Lingang New Area	Computing power infrastructure construction	Lingang New Area Intelligent Computing Center, core infrastructure for Biren chips [3]
Xuhui Model Speed Space	Large model incubation carrier	Gathers nearly a thousand AI innovation enterprises
Pudong Model Power Community	Embodied intelligence industrial ecology	Cluster of robotics and intelligent terminal enterprises

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┌─────────────────────────────────────────────────────────────────────┐
│                      Rise of Shanghai's AI Industry Highland                               │
├─────────────────────────────────────────────────────────────────────┤
│         ↓                    ↓                    ↓                  │
│   [Computing Power Infrastructure]      [AI Chip Design]        [Large Model Applications]           │
│         ↓                    ↓                    ↓                  │
│   • Data center construction         • GPU/CPU design        • AI+Manufacturing              │
│   • Servers/storage          •  ASIC chips          • AI+Healthcare              │
│   • Liquid cooling technology             • Optical interconnection chips         • AI+Office              │
│         ↓                    ↓                    ↓                  │
│   [Park Development/Carriers]      [Industrial Supporting Services]      [Capital Empowerment]            │
│   • Shanghai Lingang             • Computing power leasing           • IPO acceleration              │
│   • Zhangjiang Hi-Tech             • Cloud computing services         • Valuation enhancement             │
└─────────────────────────────────────────────────────────────────────┘

Industrial Chain Segment	Benefit Logic	2025 Growth Rate	Policy Sensitivity	Recommendation Attention
AI Chip Design	Accelerated domestic substitution, high R&D investment	112.5%	★★★★★	★★★★★
Optical Modules/Devices	Explosive computing power demand, accelerated 800G penetration	92.3%	★★★☆	★★★★★
Large Model Applications	Accelerated AI+scenario implementation	68.2%	★★★★	★★★★☆
Computing Power Infrastructure	Demand for intelligent computing center construction	50.5%	★★★★	★★★★☆
Parks/Carriers	Directly hosts AI industrial clusters	42.0%	★★★★★	★★★★☆
Cloud Computing/Services	Growing computing power leasing demand	45.8%	★★★★	★★★☆☆

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Based on the characteristics of Shanghai’s AI industry development, it is recommended to screen beneficial listed companies from the following six dimensions:

• Enterprises with headquarters or major production bases in Shanghai
• Enterprises with key layouts in AI core parks such as Zhangjiang and Lingang
• Enterprises with close supply chain ties to Shanghai’s AI industrial clusters

• Enterprises whose core business involves AI computing power infrastructure
• Enterprises engaged in AI chip R&D and design
• Enterprises deploying large model application implementation

• Enterprises receiving special fund support from Shanghai’s AI industry
• Enterprises participating in Shanghai’s AI demonstration projects or pilot programs
• Enterprises that have signed strategic cooperation agreements with the Shanghai municipal government

• Core technology breakthrough capabilities (e.g., GPU architecture, optical interconnection technology)
• R&D investment ratio (typically >30% for AI chip enterprises)
• Number of patents and technological barriers

• Revenue growth rate (generally 50%+ in the AI industry)
• Gross profit margin (chip design >40%)
• Cash flow status (sustained R&D requires capital support)

• Comparison with industry average price-to-earnings ratio
• PEG ratio considering growth potential
• Changes in institutional holdings and ratings

Stock Code	Company Name	Shanghai Relevance	2025 Growth Rate	R&D Ratio	Comprehensive Score	Investment Rating
688256	Cambricon	★★★	156.3%	52.3%	65.0	Buy (High Elasticity)
688111	Kingsoft Office	★★★★	72.5%	32.5%	64.7	Buy (Stable)
600848	Shanghai Lingang	★★★★★	45.2%	12.5%	59.2	Buy (Low Risk)
002230	iFLYTEK	★★★★	63.8%	19.5%	56.2	Buy (Stable)
600895	Zhangjiang Hi-Tech	★★★★★	38.7%	8.2%	55.0	Accumulate (Low Risk)
603019	Sugon	★★★	58.9%	15.8%	51.5	Accumulate (Stable)
300502	NeoPhotonics	★★	95.2%	8.5%	50.6	Buy (High Elasticity)
300308	Innolight	★★	89.4%	9.2%	50.6	Buy (High Elasticity)
688008	Montage Technology	★★	68.5%	14.6%	48.1	Accumulate (Stable)
000977	Inspur Information	★★	42.1%	5.2%	41.7	Accumulate (Low Valuation)

:

• Core operator of the Lingang New Area Intelligent Computing Center, directly benefiting from Shanghai’s computing power infrastructure construction [3]
• Holds a 3.7853% stake in Biren Technology, indirectly owning shares of a leading domestic GPU enterprise [3]
• As a key Shanghai state-owned asset platform, it enjoys preferential policy support

:

• The stock price rose 45.2% in 2025, with stable performance [4]
• State-owned background provides financing advantages and strong ability to navigate financing cycles

: The park development business is highly cyclical and affected by the real estate industry

:

• Direct beneficiary of the Zhangjiang AI industrial cluster, with the 247,000-square-meter Jizhi Tiandi project [5]
• Co-founded the Shanghai Metaverse Intelligent Technology Equity Investment Fund to deploy AI industry investments [5]
• Achieved an 84.35% growth rate in the past year, with high market recognition [6]

:

• 2025 Q3 report reviews show steady revenue and profit growth, with significant increases in investment income [5]
• Institutional ratings are generally “Buy”, with positive assessments from China Galaxy Securities and Kaiyuan Securities [5]

: The park leasing business is affected by macroeconomic conditions

:

• Leading domestic AI chip enterprise, with R&D investment accounting for 52.3% [7]
• Achieved profitability in 2025, entering the performance realization period [7]
• Institutions predict net profit growth of 118.71% and 63.99% in 2026-2027 respectively [7]

:

• Rose 156.3% in 2025, ranking first in the AI chip sector in terms of growth rate [7]
• Revenue expansion and improved profitability support valuation

: The current price-to-earnings ratio is relatively high (285.6x), with potential valuation correction risk

:

• Leader in AI+office applications, with WPS AI accelerating commercialization
• R&D investment accounts for 32.5%, with profound technical reserves [8]
• Benefits from AI upgrade demands of government and enterprise clients

:

• Rose 72.5% in 2025, with high institutional attention [8]
• Subscription-based revenue model provides stable cash flow

: Growth in the C-end market faces a ceiling

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Based on risk preferences, a layered allocation strategy is recommended:

┌─────────────────────────────────────────────────────────────────────┐
│                        Portfolio Allocation Recommendations                               │
├─────────────────────────────────────────────────────────────────────┤
│                                                                     │
│  [Low-Risk Allocation] 30% Position                                               │
│  ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━   │
│  • Shanghai Lingang (600848) - Core operator of Lingang New Area Intelligent Computing Center                    │
│  • Zhangjiang Hi-Tech (600895) - Direct beneficiary of Zhangjiang AI industrial cluster                       │
│  • Inspur Information (000977) - Leading AI server enterprise with relatively reasonable valuation (PE:28.5)            │
│                                                                     │
│  [Medium-Risk Allocation] 40% Position                                             │
│  ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━   │
│  • Sugon (603019) - Servers/Computing Power Infrastructure                             │
│  • Kingsoft Office (688111) - Leader in AI+Office Applications                               │
│  • Innolight (300308) - Leading 800G Optical Module Enterprise                                  │
│                                                                     │
│  [High-Risk Allocation] 30% Position                                               │
│  ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━   │
│  • Cambricon (688256) - Leading domestic AI chip enterprise with the highest R&D investment                      │
│  • iFLYTEK (002230) - Leading AI application enterprise, NLP sector leader                         │
│  • NeoPhotonics (300502) - Core supplier of high-speed optical modules                              │
│                                                                     │
└─────────────────────────────────────────────────────────────────────┘

Time Period	Development Theme	Investment Strategy
2025 Q1-Q2	Intensive policy introduction, computing power voucher issuance	Deploy park/carrier targets to benefit from valuation enhancement
2025 Q3-Q4	Accelerated large model filing, intensive enterprise IPOs (Biren, Muxi, etc.) [3]	Focus on IPO-related investment opportunities, deploy chip design targets
2026 Q1-Q2	Performance realization period, valuation switch	Hold profitable targets, reduce positions in high-valuation stocks
2026 Q3-Q4	Ecological maturity, application explosion	Increase allocation of large model application targets, focus on commercial implementation

Risk Type	Specific Description	Response Strategy
Valuation Risk	AI chip enterprises generally have excessively high price-to-earnings ratios (Cambricon: 285.6x)	Wait for valuation correction, build positions in batches
Policy Risk	Tighter AI regulatory policies may impact industry development	Focus on application targets with strong compliance
Technology Risk	Changes in technical routes may invalidate existing investments	Diversify allocation across targets with different technical routes
Liquidity Risk	Turnover rates of small-cap companies may decline	Prioritize targets with better liquidity
Competition Risk	Price competition from overseas chip giants	Focus on targets with independent intellectual property rights

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For investors seeking to diversify individual stock risks, the following AI-themed ETFs are recommended:

ETF Name	Code	Tracking Index	2025 Growth Rate	Top 10 Weighted Stocks
AI Artificial Intelligence ETF	512880	CSI Artificial Intelligence Theme Index	67.39%[8]	Innolight, NeoPhotonics, Cambricon, Montage Technology, Sugon, iFLYTEK, Hikvision, OmniVision Technologies, Kingsoft Office, Inspur Information [8]
STAR Market & ChiNext Artificial Intelligence ETF	588430	CSI STAR Market & ChiNext Artificial Intelligence Index	103.09%[8]	AI targets listed on STAR Market and ChiNext Board

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1. Shanghai’s AI industry highland has initially taken shape
   : 139 filed large models, 300,000 AI talents, and a complete GPU entrepreneurship matrix make Shanghai a key domestic AI industry highland [1][3]

2. Distinct industrial chain transmission effects
   : All segments, from park development to chip design, and from computing power infrastructure to large model applications, will benefit from Shanghai’s AI industry development

3. Clear layered investment opportunities
   :
   • High Certainty
     : Shanghai Lingang, Zhangjiang Hi-Tech (park development/computing power leasing)
   • High Growth
     : Cambricon, Kingsoft Office (AI chips/large model applications)
   • Performance Realization
     : Sugon, Innolight, NeoPhotonics (computing power infrastructure)

4. Significant valuation differentiation
   : AI chip enterprises lead in growth rates but have high valuations, requiring attention to correction risks

Looking ahead to 2026, Shanghai’s AI industry is expected to enter the

, with key investment themes including:

• Deepened Domestic Substitution
  : Increased localization rate of high-end chips such as GPUs and optical modules
• Application Scenario Implementation
  : Accelerated commercialization in vertical sectors like AI+manufacturing and AI+healthcare
• IPO Window Period
  : Investment opportunities from intensive IPOs of enterprises such as Biren, Muxi, and Suiyuan [3]
• Valuation Switch
  : 2026 will be a critical year for AI enterprises to realize performance

It is recommended that investors adopt a layered allocation strategy based on their risk preferences, while enjoying the growth dividends of the AI industry, and pay attention to risk control.

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[1] Scenario Opening, Capital Empowerment, Shanghai’s Sci-Tech Innovation Accelerates! - CCTV Finance

[2] Opens Up Over 100%, A Direct Investment Makes Shanghai State-Owned Assets a Big Winner - Tencent News

[3] Analysis of Shanghai Lingang (600848)'s Stake in Biren Technology - Sina Technology

[4] Zhangjiang Hi-Tech (600895) Stock Price Quote - East Money

[5] Zhangjiang Hi-Tech Company News - Official Investor Relations

[6] Zhangjiang Hi-Tech (600895) Stock Price Analysis and Forecast - Investing.com

[7] In 2026, AI Investment Will Depend on Exceeding Expectations - Pedaily.cn

[8] Eight Ministries Issue Document to Promote the “Artificial Intelligence + Manufacturing” Special Action - Sina Finance