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]

1.【江淮汽车公布多模态飞行汽车专利，可降低噪音和能耗】天眼查知识产权信息显示，1月2日，安 徽江淮汽车集团股份有限公司申请的"一种多模态飞行汽车"专利公布。摘要显示，本发明所述仿生飞 行翼可折叠及伸缩地设置在车身两侧，在飞行模式时展开，在地面行驶模式时收缩；在车体前舱和车 体后舱均设置多组竖直向下的所述涵道风扇，以进行垂直升降控制，所述涵道风扇嵌设车身内部涵道 内，所述涵道的出风口处设置可开合的格栅，在地面行驶模式时控制所述格栅闭合，在飞行模式时根 据飞行指令控制所述格栅的偏转角度，以控制气流方向。本发明能降低飞行汽车的噪音和能耗，增加 续航能力。（界面新闻） 2.【AMD推出下一代新品，4年内AI芯片性能有望提升1000倍】AMD CEO苏姿丰在CES演讲中表 示，下一代AI芯片MI455 GPU采用两纳米和三纳米工艺制造，并采用先进封装，搭载了HBM4。 MI455 GPU将与EPYC CPU一同集成，下一代AI机架Helios机架将包含72个GPU，通过连接数千个 Helios机架可构建大AI集群。此外，MI500系列芯片也在开发中，将采用两纳米工艺。随着MI500系 列在2027年推出，AMD有望在 ...

几个小时前，身着标志性皮衣的英伟达CEO黄仁勋刚刚走下舞台，留下了令竞争对手窒息的Vera Rubin平台和Agentic AI的宏大愿景，仿佛一位刚刚巡视完 疆土的帝王。 然而，聚光灯并未就此熄灭。 之后，所有的目光转向了AMD的掌门人苏姿丰（Lisa Su）。 这位总是身着干练西装、在男性主导的半导体世界中杀出重围的女性，正准备在发布会上，向那个看似不可战胜的「绿色帝国」发起这一代最猛烈的冲 锋。 这是算力世界「双城记」的缩影。 一边是英伟达，试图通过封闭的生态、极致的垂直整合构建起不可逾越的「围墙花园」，将数据中心变成只属于它的黑色方尖碑； 另一边是AMD，试图通过结盟、开放标准和堆料极致的硬件，率领着包括OpenAI、微软、Meta在内的「复仇者联盟」，试图在铁幕上撕开一道口子。 CES现场，苏姿丰投下震撼弹：四年内AI算力将提升1000倍！ 面对英伟达的封锁，AMD不再隐忍，直接祭出Helios「太阳神」机架与MI455X 芯片，以单代性能暴涨10倍的「暴力美学」正面硬刚。从Yotta级计算宏图到128GB统一内存的PC怪兽，AMD正用一场史无前例的算力狂飙， 试图彻底重写AI世界的权力版图。 6日 ...

Core Viewpoint - AMD is positioning itself for the Yotta Flops era of AI computing, aiming to significantly enhance AI performance and capabilities through new product launches and technological advancements [2][4]. Group 1: New Product Launches - AMD unveiled several new products at CES 2026, including the MI455X GPU, Ryzen AI 400 series processors, and the Ryzen AI Max+ series [2]. - The MI455X is AMD's most advanced processor to date, featuring 320 billion transistors, a 70% increase from the previous MI355, and equipped with 432GB of HBM4 memory [5]. - The Ryzen AI 400 series processors utilize Zen 5 CPU architecture and RDNA 3.5 GPU, integrating up to 60 TOPS of NPU computing power, with the first Ryzen AI 400 PCs set to launch later this month [6]. Group 2: Future Plans and Innovations - AMD plans to release the MI500 series chips in 2027, which will utilize 2nm technology and HBM4e memory, potentially increasing AI performance by 1000 times over the next four years [5]. - The Helios platform, designed for the Yotta-level AI era, features a dual-width design and can accommodate up to 72 GPUs, emphasizing AMD's commitment to high-performance computing [4]. Group 3: AI Integration and Market Strategy - AMD views AI as a fundamental capability of PCs rather than an additional feature, indicating a shift towards integrating AI across various computing platforms [5][6]. - The company is targeting enterprise markets with the MI440X chip, designed for smaller data centers, allowing for local hardware deployment and data privacy [5].

AMD CEO苏姿丰在CES演讲中表示，下一代AI芯片MI455 GPU采用两纳米和三纳米工艺制造，并采 用先进封装，搭载了HBM4。 记者｜郑栩彤 编辑 ｜瑜见 此外，MI500系列芯片也在开发中，将采用两纳米工艺。 随着MI500系列在2027年推出，AMD有望在4年时间内将AI性能芯片提升1000倍。 MI455 GPU将与EPYC CPU一同集成，下一代AI机架Helios机架将包含72个GPU，通过连接数千个 Helios机架可构建大AI集群。 ...

转自：证券时报 人民财讯1月6日电，AMD CEO苏姿丰在CES演讲中表示，下一代AI芯片MI455 GPU采用两纳米和三纳 米工艺制造，并采用先进封装，搭载了HBM4。MI455 GPU将与EPYC CPU一同集成，下一代AI机架 Helios机架将包含72个GPU，通过连接数千个Helios机架可构建大AI集群。此外，MI500系列芯片也在开 发中，将采用两纳米工艺。随着MI500系列在2027年推出，AMD有望在4年时间内将AI性能芯片提升 1000倍。 ...

Group 1: Market Overview - The U.S. stock market experienced a significant rally, with all three major indices closing higher: Nasdaq up 1.52%, S&P 500 nearly 1%, and Dow Jones up 0.75% [1] - The Philadelphia Semiconductor Index surged over 3%, reaching its highest level since late February [1] Group 2: Semiconductor Sector Insights - The surge in the Philadelphia Semiconductor Index is attributed to the overall explosion in tech stocks, with major players like Meta, Intel, and Nvidia seeing substantial gains [3] - Key factors driving this rally include a perceived easing of Middle East tensions, a decline in oil prices reducing inflationary pressures, and the EU's acceptance of a 10% uniform tariff from the U.S., which has decreased trade uncertainties [3] - The long-term outlook for the semiconductor industry remains positive, driven by the global AI computing race and increasing demand for chips across various applications, including data centers and edge computing [3] Group 3: Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose over 2%, with notable gains in stocks like Futu (up over 10%) and Bilibili (up over 5%), indicating a recovery in foreign investor confidence towards Chinese internet companies [4] - The performance of leading Chinese platforms is bolstered by domestic consumption recovery and expansion into overseas markets, enhancing earnings certainty [4] Group 4: Economic Indicators and Risks - Long-term U.S. Treasury yields increased by 6 basis points, nearing 4.45%, reflecting market apprehension regarding the Federal Reserve's upcoming interest rate meeting [5] - Despite low expectations for rate hikes, a hawkish stance from the Fed on inflation could lead to short-term market volatility [5] - Geopolitical risks remain a concern, particularly with fluctuating oil prices influenced by statements regarding tensions in Tehran [5]

Core Viewpoint - AMD's stock surged by 8.81% on a trading volume of $12.6 billion, driven by a target price increase from Piper Sandler from $125 to $140, reflecting strong market confidence in AMD's latest innovations [1][3]. Group 1: Product Innovations - The recent surge in AMD's stock is attributed to the launch of the Helios rack, designed as a "super engine" for data centers, enhancing the performance of AMD's Instinct series GPUs [3]. - AMD's MI350 series GPU, utilizing TSMC's 3nm process, features 185 billion transistors and boasts a 35-fold increase in inference performance compared to its predecessor [3][4]. - AMD has ambitious plans for the MI400 series GPU, which will have 432GB of memory and a bandwidth of 19.6TB/s, positioning the company ahead of competitors like NVIDIA [4]. Group 2: Strategic Positioning - Despite facing a $1.5 billion loss due to U.S. export restrictions, AMD is leveraging this challenge to accelerate technological innovation and reduce dependency on specific markets [5]. - The semiconductor industry is undergoing rapid consolidation, and AMD is actively building a more complete supply chain through acquisitions and partnerships [5]. - The recent stock increase is not just a reaction to product launches but also reflects AMD's long-term technological accumulation and strategic adjustments [5].