Shenwan Hongyuan Securities·2025-06-21 14:26Investment Rating - The report maintains a positive outlook on the computer industry, highlighting strong trends in AI server technology and 3D printing, indicating potential investment opportunities [2][3]. Core Insights - The report emphasizes the trend towards "super nodes" in AI servers, driven by Huawei's CloudMatrix 384, which expands the scale-up capabilities beyond traditional single-server limitations [2][4]. - The 3D printing sector is transitioning from industrial to consumer-grade applications, with a significant increase in demand expected, particularly for entry-level products [2][28]. - Key company updates include New Guodu's advancements in AIGC and overseas payment solutions, Haiguang Information's merger with Zhongke Shuguang to create a domestic computing powerhouse, and Beisen Holdings' integrated HR SaaS solutions [2][3][51]. Summary by Sections AI Server Trends - The report discusses the evolution of AI servers, focusing on the scale-up and scale-out approaches, with Huawei's CloudMatrix 384 exemplifying the shift towards super nodes that enhance GPU interconnectivity and efficiency [4][17]. - The CloudMatrix 384 has been successfully deployed in Huawei Cloud's Wuhu data center, capable of forming clusters of up to 160,000 cards, showcasing its commercial viability [25]. 3D Printing Market - The report notes a 40% year-on-year increase in 3D printing equipment production in China as of May 2025, indicating a robust growth phase for consumer-grade 3D printing products [28][50]. - Companies like Tuozhu Technology are leading the charge in making desktop 3D printers more accessible, with prices dropping to around 1499 yuan, thus lowering the entry barrier for consumers [28][50]. Key Company Updates - New Guodu is positioned as a leader in overseas local payment solutions and has seen positive returns from its investments in AIGC companies, with expectations of continued growth in the domestic payment sector [51][52]. - Haiguang Information's merger with Zhongke Shuguang is expected to enhance its capabilities across various computing domains, solidifying its position in the domestic market [53][55]. - Beisen Holdings continues to lead the HR SaaS market in China, with its iTalentX platform evolving to include over 2000 features, further enhancing its competitive edge [56][60].