计算机行业周报：稳定币加速进入主流领域！超节点实现从单卡突破到集群重构！-20250712

Investment Rating - The report maintains a positive outlook on the computer industry, particularly focusing on the developments in stablecoins and supernodes [5][6]. Core Insights - The report emphasizes that stablecoins are transitioning from speculative concepts to mainstream payment solutions, supported by regulatory developments and strategic initiatives in regions like Shanghai and Hong Kong [7][8]. - The supernode architecture is highlighted as a significant advancement in computational power, with products like Huawei's CloudMatrix 384 demonstrating superior performance compared to traditional single-card systems [5][33]. Summary by Sections Stablecoins - The Shanghai Municipal State-owned Assets Supervision and Administration Commission recognizes the role of stablecoins in enhancing the financial system and encourages the exploration of related technologies [7][8]. - The report outlines that stablecoins are not merely a short-term trend but represent a long-term investment theme, with a shift towards legislative compliance and mainstream payment applications [6][9]. - Key companies involved in stablecoin technology and infrastructure include 恒生电子 (Hengsheng Electronics), 金证股份 (Jinzhen Co.), and others [5][6]. Supernodes - The report discusses the transition from single-card systems to supernode architectures, which integrate multiple GPUs for enhanced computational efficiency [33][34]. - Huawei's CloudMatrix 384 is presented as a benchmark for domestic supernode solutions, achieving 1.7 times the computational power and 3.6 times the memory capacity compared to Nvidia's GB200 NVL72 [55][56]. - Companies positioned to benefit from the supernode trend include 海光信息 (Haiguang Information), 浪潮信息 (Inspur Information), and 神州数码 (Digital China) [5][33].