Shanghai Securities·2025-09-16 11:35Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - NVIDIA launched the NVIDIA Rubin CPX, a new specialized GPU designed for long-context inference and video generation applications, featuring 128GB memory and 30 PFLOPS computing power, which significantly enhances performance for AI inference tasks [7] - Oracle reported a 12% year-on-year revenue growth for Q1 FY2026, with a substantial increase in contract totals, indicating strong demand for cloud infrastructure and AI computing capabilities [7] - The report emphasizes the importance of capital expenditure in the AI server market, suggesting that the supply chain for GPU chips may experience longer lead times due to increased demand [7] Summary by Sections Market Review - The Shanghai Composite Index closed at 3812.51 points with a weekly decline of 1.18%, while the Shenzhen Component Index and the ChiNext Index showed mixed performance [7] NVIDIA Rubin CPX Launch - The Rubin CPX GPU is built on the NVIDIA Rubin architecture, optimized for AI inference tasks, particularly for handling large context sizes exceeding 1 million tokens [7] - The single-machine AI performance reaches 8 EFLOPS, with 100TB fast memory and 1.7 PB/s memory bandwidth, enhancing the overall AI application performance [7] - The platform is expected to yield a 30-50 times return on investment, translating to up to $5 billion in token revenue for every $100 million in capital expenditure [7] Oracle's Financial Performance - Oracle's total revenue for Q1 FY2026 was $14.9 billion, with a 12% year-on-year increase, driven by significant contract signings [7] - The company's cloud infrastructure business is projected to grow by 77% this fiscal year, reaching $18 billion, with expectations of $144 billion in revenue by FY2030 [7] Investment Opportunities - The report suggests focusing on sectors such as PCB, ODM, AIOT, and AIDC for potential investment opportunities during market corrections [8] - Specific companies to watch include Shenghong Technology, Huitian Technology, and others involved in PCB and AI server supply chains [9]