Nvidia(US:NVDA) KAIYUAN SECURITIES·2026-01-11 14:42Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the expansion of storage demand driven by NVIDIA's new storage architecture, with continuous price increases in the semiconductor upstream [3] - The introduction of TSMC's 2nm mass production accelerates global resonance, opening up opportunities in fabs and equipment [3] - The AI terminal is initiating a new cycle of industrial chain upgrades in consumer electronics and components [3] Summary by Sections Industry Overview - The electronic industry is projected to outperform the overall market [1] - The report includes various related research reports that provide insights into the semiconductor and AI sectors [3] Technological Innovations - NVIDIA's Rubin platform showcases a collaborative design that significantly reduces training time and inference costs, marking a revolutionary change in architecture [4] - The Rubin NVL72 cabinet-level solution integrates 18 computing trays, achieving a total of 72 GPUs and 36 CPUs, with a CPU-GPU interconnect bandwidth of 1.8TB/s [5] - The system features high bandwidth, cable-free architecture, and deep interconnect capabilities, enhancing AI computing infrastructure [6] Beneficiary Companies - Beneficiary companies identified include: - Assembly: Industrial Fulian - Connectors: Luxshare Precision, Huizhu Technology, and Ruikeda - PCBs: Shenghong Technology, Huitian Technology, and Jingsheng Electronics - Cooling: Invec, Lingyi Zhi Zao, and others - Power Supply: Oulu Tong and Aohai Technology [7]