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 ...

Group 1: Strategy Research - The current overseas computing power valuation is reasonable, and subsequent performance upgrades are key; domestic computing power awaits performance realization and is catalyzed by the decline in risk-free interest rates; AI application valuations are cost-effective, with a focus on internet and media sectors [2][3][6] Group 2: Dairy Industry Research - The ruling on import beef safeguard measures has been implemented, with a nearly 6% reduction in quotas for major supplying countries in 2026, and an additional 55% tariff on beef imported outside the quota, which is expected to boost domestic beef demand and sustain the upward trend in the beef cattle industry [7][8][9] - The price of raw milk is stabilizing and is expected to rise in 2026 due to the reduction in supply-side expansion and decreased replenishment, along with the release of processing capacity on the demand side [7][9] Group 3: Non-Metallic Building Materials Research - China Jushi has announced a restricted stock incentive plan, which reflects the company's confidence in future operations, covering a wide range of employees including executives and core middle management [3][10][11] Group 4: Fixed Income Research - The January 2026 convertible bond portfolio is biased towards aggressive and elastic sectors, supplemented by a balanced combination of relatively low-priced and undervalued industries [2][14][16] - The convertible bond market is expected to experience a "New Year rally" due to policy expectations and seasonal capital inflows, with a focus on technology innovation and expanding domestic demand as key investment themes [29][30][31]