In early June 2026, several orders appeared at the same time, and they were not placed by the same group of people.
Zhongbei Communications won the bid for the Yichang Intelligent Computing Hub Center project worth 740 million yuan, while Data Port won the bid for the 400 million yuan scientific research computing platform project.
Looking at them together, it does not point to the luck of a certain company, but to an accelerating industrial wave: computing infrastructure has moved from policy planning to project implementation, while the home decoration track has shifted gears from new home additions to inventory renewal.
The investment logic released by these two seemingly unreachable fields is actually highly consistent – The prosperity of the policy-driven track is rapidly increasing, and the value of segmented leaders is being redefined by orders.
The super cycle of the computing power track is being told by orders
China Bay Communications’ 740 million yuan computing power hub center project accounts for 22.8% of its revenue in 2025. Together with the 429 million yuan three-year computing power service contract signed at the beginning of the year, the company’s public computing power order reserve has exceeded 3.6 billion yuan.
In 2025, its intelligent computing business revenue has reached 620 million yuan, a year-on-year increase of 130%, with a gross profit margin of 33.85%, making it the second largest revenue segment.
Dataport is taking another route – not engaging in conventional GPU computing power, but aiming at AI4S (AI for Science) scientific computing. It won the bid for a scientific research computing platform project for a certain regional customer with a quotation of 400 million yuan and a service period of 2 years. It also plans to purchase non-GPU computing power services of no more than 800 million yuan to “supply ammunition” for this new business.
From a capital market perspective, Shanxi Securities believes that the AI-driven computing power super cycle will last for 3 to 5 years, and high-end hardware, supporting materials and engineering services have long-term investment value.
Driven by the dual drive of orders and performance, the leader in computing power is no longer just a “concept stock”, but has real income support.
The logical switch in the home decoration track, from “selling new houses” to “repairing old houses”
Leading companies in the field of home decoration did not disclose the “winning bid of RMB
During the “14th Five-Year Plan” period, the country’s investment in the renovation of old communities is about 4 trillion yuan, and the market size in 2026 will still remain between 800 billion and 1 trillion yuan.
The scale of the prefabricated decoration market will reach 343.15 billion yuan in 2025, with a compound annual growth rate of 114%. The construction period is more than 70% shorter than traditional decoration, and construction waste is reduced by 90%.
The proportion of home decoration demand in new first-tier cities will soar to 45.7% in 2026, becoming the industry’s largest growth pole.
From the perspective of investment signals, the growth logic of the home decoration industry has shifted from “combining the growth rate of new homes” to “combining the existing capacity for renovation.”
Leading decoration companies (such as Shanghai Jutong, etc.) have a natural competitive advantage in batch transformation projects through 108 standardized processes, their own industrial worker system and ERP full-process control – Assembled decoration and standardized service capabilities are becoming new competition barriers in this track.
The differentiation signal behind the order: Who is eating meat and who is being beaten?
The centralized bid winning in the two major tracks does not mean that all relevant companies will be equally affected.
On the contrary, behind the concentration of orders, the signals of industry differentiation are clearer.
On the computing power side, the average utilization rate of GPUs in intelligent computing centers across the country is only 30%, and the utilization rate of newly built small clusters in third- and fourth-tier cities is even lower than 22%. Some kilo-calorie projects in the west have annual losses of more than 39 million yuan.
The binary contradiction between the shortage of high-end computing power and idle low-end computing power is still intensifying.
Those who can really get large orders are companies like Zhongbei Communications that have already operated 22000P computing power and have full-stack delivery capabilities, rather than followers who blindly build clusters.
On the home decoration side, the industry’s cold winter has already appeared in the financial report: Zhibang Home’s revenue in the first quarter of 2026 dropped nearly 30% year-on-year, with a net loss of 94.34 million yuan; the overall net profit growth rate attributable to the parent company of 63 listed home appliance companies was only 0.08%.
Under the dual pressure of cost squeeze and sluggish demand, it is difficult for small and medium-sized decoration companies to compete with leading companies for bulk orders such as renovation of old residential buildings.
A comprehensive judgment: investment anchors the leader that “can fulfill orders”
The four companies concentrated on disclosing large-amount bid winning announcements. The clearest signal released is not that “XX track is going to be popular”, but: No matter how big the policy dividend is, it ultimately depends on who can turn orders into revenue and revenue into profits.
The computing power infrastructure is moving from the “planning period” to the “realization period”, and the leading companies with a double click of orders + performance are more certain; the home decoration industry has entered the era of deep stock cultivation, standardization and digitalization capabilities are watershed, and the concentration of leading decoration companies will continue to increase; there is an obvious “ice and fire” in both tracks – high-end products and services are in short supply, and low-end homogeneous supply is seriously oversupplied.
What investors need to pay attention to is not whether there is light in this track, but whether you are standing in the light or in the shadow.
