英伟达 Rubin 平台发布，液冷行业专家解读 20260107 摘要 英伟达 Rubin 平台采用大板模式并结合微通道技术，提升 GPU 散热效 率，减少独立液冷板接头数量，将电源模块分离，实现计算和交换托盘 100%液冷覆盖。 Rubin 平台冷板价值量提升，因引入微通道技术和镀锌镀晶技术，预计 每个计算托盘冷板价值 500-550 美元，但 2027 年有望降至 500 美元 以内。 微通道技术通过激光焊接将微米级水流通道嵌入冷板，提高散热效率， 但成本较高，目前主要由工业富联研发，尚未完全普及。 冷板供应商在 GB 系列和 Ruby 系列中基本保持不变，但国产供应商如 英维克和思泉预计在 Ruby 系列中获得更多市场份额，英伟达选择供应 商主要考虑品牌、供货和价格。 台系冷板供应商仍占据主导地位，但大陆厂商凭借价格优势逐步提升市 场份额，预计在 Ruby 系列中可占据 20%左右。 液冷技术趋势是从单向冷板转向双向冷板，以加强热量散发和传导效率， 但双向冷板技术难点在于精确控制冷热液体循环系统。 Ruby 系统液冷相关组件价值量持续提高，72 节点机柜整体价值量约为 7 万美元，冷板占据较大份额，国产 ...

Group 1 - The core viewpoint of the report is that 2026 will witness strong growth in the AI supply chain, driven by the expansion of capital expenditures from hyperscale cloud service providers, rapid advancements in AI hardware technology, and a tight supply chain for components [1] Group 2 - Capital expenditures from top global cloud service providers are expected to increase by 34% year-on-year in 2026, reaching approximately $424 billion, primarily fueled by the ongoing expansion of cloud services and internet businesses, with cloud service revenue growth rebounding to over 28% [2] Group 3 - The report predicts a prosperous coexistence of AI GPUs and custom chips (ASICs) in 2026, with Nvidia's Blackwell platform expected to enter large-scale delivery, anticipating the delivery of around 60,000 racks throughout the year [3] - Google and Amazon are leading the deployment of custom chips, with Google's TPU v7 and Amazon's Trainium T3 expected to be widely deployed in 2026, while Meta plans to launch its ASIC solution in the second half of the same year [3] Group 4 - Traditional general-purpose servers are also showing a recovery growth in the high single to mid-single digits, alongside the AI boom [4] Group 5 - The report highlights an uneven distribution of growth benefits across the supply chain, with markets for rack power supplies, cooling, and PCB substrates expected to continue expanding, while tight supply of various raw materials, especially memory, creates a "seller's market" benefiting component suppliers [5] - Due to high prices of storage components, the report has downgraded the 2026 PC shipment forecast, expecting a 4% decline, while smartphone growth is also expected to slow to 2% due to rising commodity prices [5] Group 6 - The report suggests that the driving factors for stock prices in 2026 will be sales and profit growth rather than further valuation expansion, identifying the best opportunities among suppliers that can benefit from the increase in AI server deployments and enhance unit value or added value [6] - Recommended stocks include server ODM manufacturers (Quanta, Hon Hai, Wistron, Wistron NeWeb) and component suppliers (Delta, Jentech, AVC), as well as Largan Precision, which benefits from upgrades in foldable screens and variable aperture specifications [6] - The report takes a more cautious stance on brand companies (ASUS, Lenovo, Gigabyte, MSI) and ODM and component companies (Compal, Pegatron, Inventec, JMicron) that are less likely to benefit from AI server growth due to high input costs, especially in storage [6]

Macro - The People's Bank of China plans to implement a moderately loose monetary policy by 2026, establishing a mechanism to provide liquidity to non-bank institutions under specific scenarios to support capital markets [1] Satellite Internet - The first commercial rocket company in China, Kegong Rocket, is set to change ownership with an overall valuation of approximately 11.2 billion yuan [2] Semiconductor - NVIDIA's BlueField-4 is expected to reconstruct the AI storage hierarchy, potentially opening up new demand for NAND [3] - NVIDIA's CEO Jensen Huang announced at CES that the era of "physical AI" has arrived [7] Pricing Strategies - Seagate plans to increase product prices by 10% each quarter [4] Non-ferrous Metals - China has announced a ban on all dual-use items for military purposes to Japan, affecting critical metal materials such as rare earths, tungsten, molybdenum, indium, lithium, and titanium alloys [5] Artificial Intelligence - Market discussions regarding NVIDIA's next-generation Rubin platform specifications indicate no issues with downgrading [6] Robotics - Tesla's official recruitment platform has posted job openings related to "covering materials and soft products" for the Optimus robot [8] New Energy - A meeting for the power and energy storage battery industry is scheduled for January 7 [9] - Feedback from the industry indicates extremely low inventory levels of lithium carbonate and strong demand, with two listed companies in lithium iron phosphate confirming price increases [10] - Australia has significantly increased subsidies for home battery systems [11] - The organic silicon industry plans to intensify production cuts [12] Brain-Computer Interface - The brain-computer interface "unicorn" Qiangna Technology has completed a financing round of 2 billion yuan [13] Intelligent Driving - NVIDIA has released an open-source model family for autonomous driving, aimed at addressing long-tail issues and accelerating the implementation of intelligent driving [14] Market Dynamics - Guosheng Technology and Jiamei Packaging are under suspension for verification; Fenglong Co. has issued a warning about stock fluctuations; several commercial aerospace and brain-computer interface companies have released announcements regarding stock movements [15] - In December 2025, the number of new A-share accounts opened on the Shanghai Stock Exchange increased by approximately 9% month-on-month and surged by 30.55% year-on-year [15] Strategy Observation - On Tuesday, trading volume reached 2.81 trillion yuan, with a significant increase in market sentiment; however, rapid gains and the activation of financial sectors may raise concerns about the "healthy bull" rhythm [16] - The regulatory authorities have released signals of concern through suspensions and announcements, which may provide divergence opportunities for the market, but substantial cooling requires sustained measures [16] - Sectors such as non-ferrous metals, non-bank financials, and chemicals led the gains, indicating active institutional investment [16] - The thematic sectors, particularly those related to Musk's industries (intelligent driving and robotics), performed actively; while the semiconductor sector (e.g., storage) has solid logic, it has not yet become a focal point, with potential for future attention [16] - Currently, large funds tend to operate around mainline capacity varieties [16]

此外，D.A.Davidson将CoreWeave的评级从"跑输大盘"上调至"中性"，目标价从36美元大幅上调至68美 元，指其股价可能会受到其客户OpenAI大规模融资行动的提振。(格隆汇) Coreweave(CRWV.US)盘前涨超2%，报78.44美元。消息面上，英伟达CEO黄仁勋在CES重磅官宣新一代 旗舰AI计算平台Vera Rubin正式进入全面量产阶段。随后，CoreWeave宣布将英伟达Rubin技术整合到其 AI云平台中，为开发智能代理AI、推理和大规模推断工作负载的客户扩展选择。根据声明，该公司预 计将成为首批在2026年下半年部署英伟达Rubin平台的云服务提供商之一。 ...

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 英伟达发布新一代GPU，推理算力是Blackwell的5倍 英伟达CEO黄仁勋在CES演讲上展示了英伟达新一代AI平台Rubin，包含六款新型芯片，分别为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芯片搭载第三代Transformer引擎，NVFP4推理算力是50PFLOPS，是Blackwell的5 倍。英伟达Rubin平台已进入全面生产阶段，基于该平台的产品将于2026年下半年通过合作伙伴面市。 雷军回应YU7"丢轮保车"设计 针对有博主发文称小米汽车碰撞掉轮属于"丢轮保车"的安全设计思路，小米集团创始人、董事长兼CEO 雷军1月5日发文进行了回应。他称：'丢轮保车'，这是很多豪华车型已经非常成熟的安全设计方案。我 过去以为，这项技术是沃尔沃最早做的，没想到，是奔驰开始的。这一设计的核心在于：在严重正面 ...

Group 1 - A passenger lost a DJI Pocket 3 camera worth over 3,000 yuan in a ride with Cao Cao Chuxing, and the driver refused to return it after receiving a payment of 50 yuan [2] - Cao Cao Chuxing has permanently banned the driver's account and is cooperating with the passenger to report the incident to the police while promising to compensate the passenger [2] Group 2 - Xiaomi's CEO Lei Jun responded to claims about the "wheel loss protection" design in their cars, stating it is a mature safety design used in many luxury vehicles [2][3] - The "wheel loss protection" strategy aims to prevent the wheel hub from causing secondary injuries to passengers during severe collisions [3] Group 3 - Venezuela's oil exports have nearly dropped to zero due to U.S. sanctions, leading to a saturation of domestic oil storage facilities [4][5] - The Venezuelan state oil company has begun to cut crude oil production and is implementing emergency measures to close some oil fields [4] Group 4 - The 2026 childcare subsidy application started on January 5, allowing eligible applicants to apply online or offline [6] - The new application process includes a renewal feature for those who applied in 2025 and meet the criteria for the new year [6] Group 5 - Microsoft China’s chairman Hou Yang denied rumors of leaving for ByteDance, clarifying that he is not considering a job change [6] - Tencent's AI product, Yuanbao, faced backlash for generating offensive responses, and the company is investigating the issue [6] Group 6 - The founder of Double Star Mingren, Wang Hai, announced a severance of ties with his son and daughter-in-law due to their U.S. citizenship [7] - The company, established in 1921, is one of China's earliest national shoe manufacturing brands [7] Group 7 - A court ruling ordered Xu Xiang and Xu Changjiang to compensate 23 investors over 3.29 million yuan, with the company Wenfeng Shares bearing joint liability [8] Group 8 - The company Pangu Technology announced the completion of over 100 million yuan in Pre-A round financing to support RRAM technology research and team expansion [19] - The AI automation platform Jiukexin completed B2 round financing, raising over 100 million yuan for product development and market expansion [20] Group 9 - Tencent's AI workbench, ima, launched a new feature for generating PowerPoint presentations, allowing users to create slides using personal knowledge bases [24] - NetEase Youdao's AI answering pen introduced a generative video explanation feature, marking a significant upgrade in AI learning hardware [25]