需要指出的是，虽然AI目前在消费端能产生流量，但真正创造价值的还是在产业端。美西时间1月5 日，在CES 2026正式开展前一天，英伟达创始人黄仁勋的演讲，开启了"物理AI"全面落地的"ChatGPT 时刻"，联动各产业去做AI工业体系的系统集成。不仅如此，英伟达与西门子的合作，更是成为加速工 业AI革命的新起点。 当下，AI的角色正在随着应用的落地而发生着变化，不再是单纯的模型比拼，而是转向系统场景落 地，演进为真正的智能协作体，聚焦在 "最后一公里"的应用。其中，消费级AI面向个人用户，依赖大 规模通用数据，追求模型能力和交互体验。对比之下，工业AI更考验基本功，对可靠性的要求也更 高。 工业AI的价值潜力巨大，是值得挖掘的金矿，这是不容置疑的事实。但就目前的发展来说，仍处于起 步阶段。北京时间1月7日，在钛媒体「Talk to the World Forums·对话世界」系列论坛上，西门子全球执 行副总裁、西门子中国董事长、总裁兼首席执行官肖松博士与钛媒体集团联合创始人、联席CEO刘湘明 就工业AI驱动下的产业技术革命进行了深入探讨。 肖松博士指出，AI的真正价值将在工业端得到充分释放，但工业AI是一个 ...

Group 1 - The entire computer industry is undergoing a complete reinvention, moving away from outdated IT architectures [3] - The definition of programming is changing; it is now about training software rather than writing code [3] - The "ChatGPT moment" for physical AI is approaching, indicating a significant shift in the physical world similar to that in the digital realm [4] Group 2 - Companies must advance the state-of-the-art in computation every year to remain competitive, as traditional progress is no longer sufficient [4] - AI is entering an era of reasoning, evolving from merely providing quick answers to engaging in deep thinking [6] - The Cosmos model transforms computation into data, breaking the previous limitations of data scarcity [6] Group 3 - The future enterprise user interface will be driven by AI agents rather than traditional tools like Excel [7] - Billions of AI agents will assist in job functions, creating a competitive landscape where individuals will have multiple AI assistants [7] - Aggressive co-design between hardware and software is essential to meet the growing demand for computational power [8] Group 4 - Vehicles are evolving from mere driving to understanding the world, indicating a shift from automation to autonomy in all mobile devices [10]

Group 1: Technology Sector Insights - At CES 2026, AMD and Intel presented their AI strategies, with AMD's stock dropping approximately 3% and Intel's rising about 2% due to differing product announcements [2] - Nvidia's CEO highlighted the Rubin platform, which includes six core chips, and emphasized the transition from Physical AI to Agentic AI, with expected shipments in the second half of 2026 [3] - The focus for AI investments in 2026 is shifting towards real-time response capabilities and the penetration of AI in various verticals such as industrial and medical applications [2][3] Group 2: Pharmaceutical Sector Insights - The Hong Kong innovative drug sector is expected to recover due to improved liquidity and multiple catalysts, with a focus on the upcoming JPM conference and data disclosure peaks [5] - The decline in innovative drug valuations in late 2025 was primarily due to liquidity issues, which are anticipated to improve in early 2026 [5] Group 3: Consumer Electronics Insights - The CES 2026 showcased a rapid shift of AI and robotics technologies towards consumer hardware, indicating significant product launches in smart home applications [6] - The event is viewed as a critical observation point for AI applications in consumer markets, suggesting investment opportunities in tech consumer companies [6] Group 4: Industrial Equipment Insights - The valve industry is experiencing growth driven by demand from high-growth sectors like energy and new energy, with a notable shift towards domestic production capabilities [8] - The combination of demand growth, technological upgrades, and accelerated localization is reshaping the competitive landscape of the valve industry [8] Group 5: Chemical Sector Insights - Xinhengcheng is recognized as a leading player in the global nutrition and flavor industry, with a focus on emerging demands and a strong technological foundation [10] - The company is expected to enter a new growth cycle, driven by increased market share in methionine and flavor products, alongside advancements in biomanufacturing [10] Group 6: Circular Economy Insights - Wanwu Xinxing is positioned as a leader in the second-hand circular economy, integrating the entire 3C recycling industry chain to enhance efficiency and cost barriers [11] - The company aims to evolve from a service provider to a brand, leveraging retail and compliance refurbishment to increase profit margins [11] Group 7: Financial Sector Insights - GF Securities plans to raise over HKD 6 billion through H-share placement and zero-interest convertible bonds to strengthen its capital base for international expansion [12][13] - Successful fundraising is expected to enhance the company's operational performance and industry ranking [13] Group 8: Electric Vehicle Insights - Yadea Holdings anticipates a significant profit increase for 2025, driven by rising sales of electric two-wheelers and product optimization [14] - The company is expected to maintain its leadership position in the two-wheeler market while expanding into mid-to-high-end and overseas markets [14] Group 9: Semiconductor Sector Insights - Huahong Semiconductor is set to acquire a majority stake in Huali Micro, which is expected to significantly enhance its earnings and liquidity [15] - The acquisition is projected to increase the company's net profit from CNY 380 million to CNY 960 million, marking a 151% growth [15]

英伟达 J.P.摩根大通 CES 炉边谈话 20260107 摘要 全球正经历三大计算平台转型：CPU 向 GPU 加速计算、生成式 AI 应用、 以及物理 AI 基础模型兴起，这些转型驱动行业发展，并有效缓解支出泡 沫。 英伟达下一代产品 Vera Rubin 已完成流片，包含 GPU、CPU、网络、 Bluefield 及 CPO 交换机等六款芯片，协同设计旨在构建大规模数据中 心基础设施，能耗降低，吞吐量提升，推理成本显著降低。 物理 AI 是继智能体 AI 之后的又一重大机遇，开源模型在物理 AI 领域至 关重要，英伟达在机器人、可视化技术及汽车领域均有布局，并与梅赛 德斯合作推出高端自动驾驶汽车。 市场对 AI 和加速计算需求旺盛，英伟达已提前进行采购供应，以满足未 来需求。基于已下达订单和确认产能，对供应链状况持乐观态度。 Blackwell 和 Vera Rubin 组合订单在 2026 年前总额约为 5,000 亿美 元，客户已开始规划 2027 年的需求，并评估 Vera Rubin 的部署规模。 英伟达网络业务关注附加率，90%的客户会搭配采购网络产品。 Spectrum X 系列产品年化 ...

中金发布研报称，维持禾赛-W(02525)2025年营收预测不变，上调2026年营收预测6.4%至45.3亿元，首 次引入2027年营收预测60.0亿元。维持跑赢行业评级。当前港/美股分别对应6.0/5.8倍2026年P/S。考虑 到智驾及机器人板块估值中枢上移，该行上调港/美股目标价32.1%/34.3%分别至241.10港币/31.56美元， 对应7.5倍2026年P/S，较当前股价分别有24.3%/30.1%的上行空间。 中金主要观点如下： 公司近况 2026年1月，禾赛科技在CES2026上展示最新激光雷达技术成果，并更新了交付量、产能规划、战略合 作等经营情况。 风险提示：技术迭代风险，订单不及预期，行业竞争加剧与客户降价压力。 量产交付能力领先行业；国内外产能稳步推进 公司2025年全年交付量超160万台，截至1月5日公司已获24家主机厂超120个车型的量产定点。公司规划 年产能将由2025年的200万台提升至2026年的400万台、实现翻倍增长，公司预计泰国曼谷伽利略工厂将 在2027年初投产。该行认为，公司在手订单充沛、国内外产能拓展积极，有望带动未来出货量及收入高 增。 L3车型获工信部准入 ...

在芯片层面，尽管没有发布新品，黄仁勋仍透露，最新一代AI超级芯片平台Vera Rubin已进入全面量产 阶段。该平台整合Vera CPU与Rubin GPU，整体能力为上一代Grace Blackwell的两倍，同时在组装效率 和能耗控制方面实现显著优化。英伟达表示，Vera Rubin将成为支撑推理型AI、自动驾驶和机器人长期 运行的重要底座。 在CES上，苏姿丰带着AMD的AI"全家桶"登台亮相。苏姿丰表示，自ChatGPT问世以来，AI活跃用户数 量呈爆发式增长，从最初的100万人迅速攀升至10亿人。她预计，到2030年，AI活跃用户将进一步增长 至50亿人，因此，未来几年内全球计算能力需提升100倍。为推动这一目标的实现，AMD在本次CES上 发布了一系列全新AI处理器，将AI驱动的个人电脑视为未来发展的核心方向。责任编辑：杨喜亭 1月4日、5日，展会正式开始前两天，是CES的媒体日，许多公司会选择在此时发布新品。与往年一 样，这两天几乎变成了一场全球AI头部公司的"掌门人峰会"：英伟达创始人黄仁勋、AMD董事长苏姿 丰、英特尔CEO陈立武、联想集团CEO杨元庆、高通CEO克里斯蒂亚诺·阿蒙等纷纷亮相 ...

Core Insights - The competition among major chip manufacturers is intensifying around the foundational computing power for AI, with native AI hardware accelerating its large-scale implementation, transitioning from laboratory settings to consumer and industrial applications [1][2] - Chinese manufacturers are playing an increasingly significant role at global tech events, showcasing their advancements in AI hardware and capabilities, which are supported by their supply chain and R&D strengths [2][11] Group 1: Computing Power and AI Development - The rapid evolution of underlying computing infrastructure is crucial for the accelerated development of AI large models, with chip leaders emphasizing the exponential growth of computing power and the new application opportunities it creates [3][4] - NVIDIA's CEO highlighted the arrival of the "ChatGPT moment" for physical AI, indicating that machines are beginning to understand and act in the real world, with autonomous taxis being one of the first applications to benefit [3] - AMD's CEO noted that the floating-point computing power for training AI models is growing fourfold annually, with inference token consumption increasing by 100 times over the past two years, necessitating new product offerings to meet Yotta-scale infrastructure demands [4] Group 2: Emerging AI Applications - The potential of edge AI is significant, with advancements in smart wearable devices being highlighted as a new category of mobile terminals that will coexist with smartphones [5][6] - Qualcomm's CEO projected that the market for personal AI devices could reach 100 million units in the coming years, emphasizing the importance of edge data for providing highly relevant user services [6] Group 3: Robotics and Physical AI - The maturity of physical AI was showcased at CES, with Chinese manufacturers presenting advanced robots that demonstrate improved capabilities compared to previous years [7][8] - The introduction of humanoid robots and their increasing commercial viability was noted, with companies achieving substantial progress in motion control and operational precision [9][10] - The integration of hardware, sensors, and environmental perception into scalable systems is seen as essential for advancing physical AI applications across various industries [10] Group 4: Chinese Manufacturers' Competitive Edge - Chinese companies are leveraging their supply chain efficiencies and R&D capabilities to drive rapid iterations and cost optimization in the robotics sector, significantly outpacing European competitors in product development cycles [11][12] - The shift from simple manufacturing to innovative solutions reflects a broader transformation in the perception of "Made in China" to "Created in China," highlighting the technological advancements and better solutions being offered [12]

Core Viewpoint - Major chip manufacturers are engaged in intense competition around the foundational computing power for AI, marking a shift from experimental AI hardware to large-scale deployment in consumer and industrial applications [1] Group 1: Industry Dynamics - The competition in the AI ecosystem reflects a significant restructuring of computing power foundations, indicating a deeper level of competition in the AI landscape [1] - Chinese manufacturers are leveraging their supply chain and research capabilities to transition from "manufacturing" to "creation," showcasing their evolving role in the global AI market [1] Group 2: Technological and Capital Integration - The convergence of technology, capital, and industrial forces is reshaping the competitive landscape of global intelligent technology [1] - The ongoing developments signify a critical moment in the AI ecosystem, where the integration of various elements is pivotal for future advancements [1]

Core Insights - The computer industry is undergoing a "platform reset" that occurs every 10-15 years, with a significant focus on physical AI and the upcoming "ChatGPT moment" [1] - Chinese robotics companies showcased a complete supply chain at CES 2026, with over 30 exhibitors demonstrating various robotic technologies and solutions [1][3] Industry Trends - The presence of Chinese robotics at CES is not new, but this year marks the most comprehensive collective display of the industry [3] - Companies like Yuzhu Technology and others presented innovative robots, highlighting the advancements in the field [3] Company Developments - New entrants like Pasini and Black Sesame Intelligence showcased their technologies, including high-precision tactile sensing and a comprehensive intelligent platform for robotics [4] - Magic Atom reported immediate orders for their products, indicating a shift from mere product display to commercial viability [7] Market Strategy - Companies are focusing on global market expansion, with plans to establish a flexible overseas inquiry and production system to meet international demand [10] - The shift in customer demographics at CES indicates a growing interest from professional buyers, leading to more serious discussions about collaboration [9] Competitive Landscape - The competitive environment is intensifying, with Chinese firms recognizing the need to accelerate R&D and market capture to maintain their lead [9] - The collaboration between foundational technology providers like NVIDIA and Chinese robotics companies illustrates a dual approach to advancing the industry [10]

报告导读： 英伟达展示全面的 AI 基础设施部署与迭代，强调物理 AI 的应用前景； AMD 和英特尔分别在此前较为薄弱的机架能力和 18A 制程节点上取得较大进展。 事件： 2026 CES 开幕，英伟达、英特尔、 AMD 等北美头部算力厂商密集更新新产品进展。 新硬件、新架构、开源全家桶，英伟达展示全面的 AI 基础设施部署与迭代，强调物理 AI 的应用前景。 英伟达宣布新一代 AI 平台 Rubin 已进入全面量产阶 段， Rubin 包含六款新型芯片： Vera CPU 、 Rubin GPU 、 NVLink 6 交换机、 ConnectX-9 超级网卡、 BlueField-4 DPU 及 Spectrum-6 以太网交 换机。其中， Rubin GPU 在训练任务的运行速度是 Blackwell 架构的 3.5 倍，在推理任务的速度达到了 Blackwell 的 5 倍，峰值运算能力达 50 Petaflops 。 1 ）计算效率方面， 相较于 Blackwell 平台， Rubin 推理阶段的 token 成本最高降低 10 倍，并将训练混合专家模型（ MoE ）所需的 GPU 数量减少至原来 ...