HK Stock Market Move | Rigol Technologies (00537) surged over 25% intraday; AI computing power construction drives accelerated upgrading of high-speed interconnects; vector network analyzers are expected to see opportunities.

Rigol Technologies (00537) surged over 25% intraday, rising 17.53% as of press time to HK$27.36, with turnover of HK$135 million. On the news front, AI computing power construction is driving accelerated upgrading of high-speed interconnects, and vector network analyzers (VNA) are expected to see development opportunities. Huatai believes that as data center networks evolve toward 800G and 1.6T, high-speed connectors, cables, and high-end PCBs continue to raise requirements for signal integrity and yield control, driving growth in VNA testing demand; meanwhile, testing is upgrading toward higher frequencies, more ports, and automation, which is expected to drive both volume and price increases for VNAs. It is bullish on domestic manufacturers achieving growth through their accumulated RF and microwave technology expertise and continuous product iteration, against the backdrop of expanding downstream demand and domestic substitution. Public information shows that in October 2025, Rigol Technologies released the DNA5000/6000 series vector network analyzers, offering a frequency range from 5 kHz to 26.5 GHz. In the first half of this year, Rigol Technologies achieved operating revenue of approximately RMB 487 million, a year-on-year increase of 37.15%; net profit attributable to shareholders of the listed company was approximately RMB 37.1477 million, a year-on-year increase of 129.08%. The revenue growth was mainly due to steady sales growth of electronic measurement and testing instruments such as digital oscilloscopes during the reporting period, as well as growth in solution sales revenue.