Zhongji Xuchuang's market value exceeds one trillion—the Suzhou standing in the light has hit the jackpot!

```

AI computing power demand ignites the optical module track, and people suddenly realize—Suzhou has long been standing in the light.

On April 23, Zhongji Xuchuang's market value broke through one trillion yuan during trading, becoming the first trillion-yuan company in the optical module industry. Almost all of this leading company's core performance comes from its wholly-owned subsidiary, Suzhou Xuchuang, which contributes over 95% of the parent company's revenue. The rise of Zhongji Xuchuang is not only a victory for one company, but also the concentrated realization of thirty years of deep cultivation in Suzhou's AI industrial chain.

Among the three giants of optical modules, Suzhou occupies two seats. In addition to Zhongji Xuchuang, TFC Communication is also rooted here. And other AI industrial chain companies in Suzhou such as Dongshan Precision, Shudian shares, also had impressive quarterly reports, with stock prices rising over 50% this year. In the past year, the top ten Suzhou chip concept stocks have risen on average by as much as 152.90%. From optical chips and optical devices to optical modules and PCB boards, Suzhou enterprises occupy key positions in each link of the AI computing power industrial chain, forming a complete industrial ecosystem.

This collective eruption is no accident. Over the past thirty years, Suzhou started from a single optical fiber in Wujiang, and has woven the "digital veins" that support global AI computing power. Today, this ancient Jiangnan city is shedding its old shell as a "city of manufacturing" and accelerating its transformation into a "city of intelligent manufacturing."

Trillion market value, rooted in Suzhou

Zhongji Xuchuang's roots are deeply planted in Suzhou. As the global leader in optical modules, its performance pillars rely almost entirely on its wholly-owned subsidiary, Suzhou Xuchuang: Of the company's 38.24 billion yuan revenue in 2025, Suzhou Xuchuang alone contributed 36.447 billion yuan, over 95%.

This is the result of nearly twenty years of industrial cultivation. In 2007, Suzhou International Science Park brought optical communication technology expert Liu Sheng back from overseas to start a business. With support from institutions such as Yuhe Holdings' predecessor, Suzhou Xuchuang was born. The company subsequently developed China’s first 40G optical module sample and successfully entered Google’s supply chain. In 2017, Zhongji Equipment acquired Suzhou Xuchuang for 2.8 billion yuan and was renamed Zhongji Xuchuang, transforming into the optical module business. This acquisition ultimately became a classic case on the A-shares market.

From being the first to mass-produce 400G optical modules in 2018, to launching 1.6T products in 2023, Zhongji Xuchuang has kept pace with every generation of technology nodes. With the AI revolution erupting, high-speed optical modules are in short supply. In the first quarter of this year, the company’s revenue reached 19.496 billion yuan, up 192% year-on-year; net profit attributable to parent was 5.735 billion yuan, up 262% year-on-year, with single quarter profit already exceeding 2024's full year.

The seed planted in Suzhou back then has grown into a trillion-yuan market value today.

AI computing power wave, Suzhou breeds bull stocks in batches

TFC Communication is another proof of Suzhou breeding bull stocks. This company was founded by Zou Zhinong, who came to Suzhou in 1995, and later became the first listed company in China’s optical communication component industry, with stock price rising more than six-fold in the past year and market value once exceeding 290 billion yuan.

Interestingly, in the first half of last year, Suzhou had no companies with a market value of more than 100 billion yuan. As AI computing power demand exploded, since July 2025, Suzhou has added TFC Communication, Dongshan Precision, and Shudian shares as three 100-billion-yuan companies; in February this year, Hengtong Optoelectronics also broke through 100 billion yuan; today, Sengke Communication entered the 100-billion-yuan threshold. Suzhou now boasts five companies with market values over 100 billion yuan, firmly ranking first in the province.

Not only giant companies, but also the ranking of stock gains is full of Suzhou appearances. Changguang Huaxin, Sengke Communication, Qiangyi shares, Hengtong Optoelectronics, and several others, all rising several times or even tens of times, point to the same coordinate. Market jokes are coming true: “Suzhou is the biggest winner in the A-share market this year.”

Industrial cluster, “half-hour supply chain circle” takes shape

Suzhou’s industrial advantages were not driven by the trend, but “grew” from deep manufacturing roots. According to Weixun Jiangsu citing a semiconductor entrepreneur in Suzhou High-Tech Zone, "In Suzhou, if you need a ceramic package substrate, or a high-end PCB board, or even a very tiny test probe, you don’t need to leave the province, or even the city; you can drive for half an hour to find a world-class supplier."

Suzhou’s industrial competitiveness stems from a “half-hour-accessible” supply chain network. More than 400 photonics companies are densely distributed throughout the city, with links from optical chips to optical fibers and cables, forming an interconnected industrial chain. On April 3, a 5-billion-yuan optical communication industry base landed in the industrial park, led by Zhongji Xuchuang and jointly built by multiple companies, with expected annual new output value of over 15 billion yuan.

The origin of all this traces back to the optical fiber industry in Wujiang. The manufacturing capacity accumulated for global communication cables then has found a new battlefield in the era of AI computing power—as the “veins” connecting data centers. Hengtong Optoelectronics’ submarine optical cables exceed 130,000 kilometers, supporting the backbone of trans-oceanic communication.

Beyond optical modules, Suzhou's industrial landscape continues to expand: PCB leader Dongshan Precision, optical chip leader Changguang Huaxin, optical fiber and cable companies Yongding shares and Hengtong Optoelectronics... From core devices to supporting materials, Suzhou has built a unique barrier across the entire AI computing power infrastructure chain.

Policy boost, aiming at “5-trillion industrial city”

Suzhou, this "strongest prefecture-city," is accelerating its leap from "city of manufacturing" to "city of intelligent manufacturing." In 2026, Suzhou clearly stated its goal to exceed 5 trillion yuan in total industrial output value above the designated size, and is expected to become the second 5-trillion “industrial city” nationwide after Shenzhen.

Policy support continues to increase. Suzhou released the "Accelerate the Construction of 'AI+' City Action Plan," aiming to gather more than 3,000 AI companies by the end of 2026, and build a group of AI funds exceeding 50 billion yuan. Individual core technology R&D projects can receive up to 20 million yuan support; enterprises leading national major projects can get up to 100 million yuan.

Industrially, results are already evident. In 2025, Suzhou’s core AI industry revenue reached 346.66 billion yuan, with over 3,100 relevant companies gathered, constructing a full industry chain covering the basic layer, framework layer, model layer, and application layer. Suzhou Industrial Park, as the core carrier, has gathered over 1,800 AI companies, with industrial scale breaking through 100 billion yuan.

As AI moves from concept to reality, what truly determines competitiveness is not just algorithms and applications, but the solid, complete and sustainable manufacturing system behind them. Suzhou has answered with the collective performance of a group of enterprises: this is not a short-lived boom, but the compound payoff from thirty years of industrial deep cultivation.

Risk warning and disclaimerThe market has risks, investment needs caution. This article does not constitute personal investment advice, nor does it take into account individual users’ special investment objectives, financial status, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their specific conditions. Investment based on this is at your own risk. ```