Nvidia(US:NVDA) Zhong Guo Yin He Zheng Quan·2026-03-19 06:24Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry [3]. Core Insights - The AI industry is transitioning from generative AI to inferential AI and intelligent agents, with a significant increase in computational demand, approximately 1 million times over the past two years [3]. - Key performance indicators for AI factories include throughput efficiency and inference speed, with tokens being the core production material [3]. - NVIDIA has defined 2025 as the "Year of Inference," focusing on optimizing the entire AI inference process and reducing infrastructure costs for clients [3]. - NVIDIA's revenue outlook for data centers is optimistic, projecting over $1 trillion in revenue from the Blackwell and Rubin flagship chip product lines by 2027, a significant increase from the previously expected $500 billion [3]. Summary by Sections Industry Progress - The demand for inference and intelligence is driving the industry's growth, with a notable increase in computational needs [3]. - NVIDIA's new VeraRubin full-stack AI computing platform includes several advanced chips and is expected to enhance computational power by 40 million times over the next decade [3][4]. - The deployment of VeraRubin systems is progressing well, with Microsoft Azure already deploying the first rack [3]. Power Supply Developments - The cabinet power supply for the VeraRubin NVL72 is expected to increase from 264KW to 440KW, representing a more than 60% improvement [3][4]. - NVIDIA plans to promote 800V high-voltage DC power supply and advanced cooling technologies to reduce data center PUE below 1.1 [4]. Liquid Cooling Innovations - The VeraRubin platform utilizes a 100% liquid cooling design, which is expected to significantly improve energy efficiency and reduce cooling costs [4]. - The deployment efficiency of VeraRubin has improved dramatically, reducing installation time from two days to two hours [4]. Investment Recommendations - Suggested companies to watch include: - Cabinet Power: Megmeet, Oulu Tong, Newray, and others [4]. - External Power: Jinpan Technology, Igor, and others [4]. - Liquid Cooling Solutions: Invec, Jialing Environment, and others [4]. - Data Center Storage: Sungrow, CATL, and others [4]. - Backup Power: Yiwei Lithium Energy, and others [4].