国金证券近日发布电子行业研究：英伟达推出Rubin CPX，AI-PCB持续升级。英伟达推 出Rubin CPX，这是一款专为大规模上下文推理而设计的全新GPU。NVIDIA MGX机架式系 统，单机架集成了144块Rubin CPX GPU、144块Rubin GPU与36颗Vera CPU，可以提供 8EFLOPS的NVFP4计算力，并在单机架内配备100TB高速内存与1.7PB/s的内存带宽，相比 较NVIDIAGB300NVL72系统，Rubin CPX带来了3倍的注意力机制处理能力。 以下为研究报告摘要： 电子周观点： 英伟达推出Rubin CPX，AI-PCB持续升级。英伟达推出Rubin CPX，这是一款专为大规 模上下文推理而设计的全新GPU。NVIDIA MGX机架式系统，单机架集成了144块Rubin CPX GPU、144块Rubin GPU与36颗Vera CPU，可以提供8EFLOPS的NVFP4计算力，并在单 机架内配备100TB高速内存与1.7PB/s的内存带宽，相比较NVIDIAGB300NVL72系统，Rubin CPX带来了3倍的注意力机制处理能力。Rubin CPX与NV ...

Core Viewpoint - The article highlights the positive developments in the semiconductor industry, particularly focusing on the bullish outlook for chip companies driven by AI demand and anticipated price increases in memory chips [3][4][5]. Group 1: Chip Company Developments - Goldman Sachs raised the target price for Chipone Technology (芯原股份) from 193 RMB to 220 RMB, maintaining a "buy" rating, reflecting strong growth driven by AI orders [4][5]. - Chipone recorded an 86% year-on-year increase in new orders from July to mid-September, with 64% of these orders coming from the AI computing sector, leading to a total order backlog of 3 billion RMB [5][6]. - The company is expected to see improvements in gross margin and profitability, with net profit forecasts for 2026-2030 being adjusted upwards by 2% to 7% [6]. Group 2: Memory Chip Price Increases - Micron Technology has paused all product pricing for DDR4, DDR5, LPDDR4, and LPDDR5 memory chips, with potential price increases of 20%-30% expected due to supply-demand changes [8][9]. - SanDisk has already announced a price increase of over 10% for its storage products, indicating the start of a new price surge in the memory chip industry [9][10]. - The demand for storage chips is being driven by AI applications and data centers, with DRAM price index rising approximately 72% over the past six months due to supply constraints [9][10].

| 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 欧美 | 道琼斯工业平均 | 45834.22 | -273.78 | -0.59% | | | 纳斯达克 | 22141.1 | 98.03 | 0.44% | | | 标普500 | 6584.29 | -3.18 | -0.05% | | | 欧洲斯托克50 | 5390.71 | 3.94 | 0.07% | | | 英国富时100 | 9283.29 /L | =14.29 | -0.15% | | | 法国CAC40 | | 7825.24. gogudato 720 m | 0.02% | | | 德国DAX | 23698.15 | -5.5 | -0.02% | | | 俄罗斯RTS | 1060.18 | -9.25 | -0.86% | | | 上证指数 | 3870.6 | -4.71 | -0.12% | | | 深证成指 | 12924.13 | -55.76 | -0.43% | | | 创业板指 | 3020.42 | -33.33 | -1.09% | ...

Core Viewpoint - The chip industry is experiencing favorable catalysts, particularly driven by AI demand and supply constraints in the storage chip market [1][2]. Group 1: Chip Company Insights - Goldman Sachs raised the target price for Chip Origin Technology (芯原股份) from 193 RMB to 220 RMB, reflecting strong growth momentum driven by AI orders [2][3]. - The company recorded an 86% year-on-year increase in new orders from July to mid-September, with 64% of these orders coming from the AI computing sector, leading to a total order backlog of 3 billion RMB [3][4]. - Despite a projected net loss of 18 million RMB in 2025 due to increased R&D expenses, net profit forecasts for 2026-2030 have been adjusted upwards by 2% to 7% [3][4]. - The stock price of Chip Origin Technology surged by 20% to close at 183.6 RMB, marking a year-to-date increase of 250.18% and a market capitalization of 96.52 billion RMB [4]. Group 2: Storage Chip Market Dynamics - Micron Technology has paused all product pricing for DDR4, DDR5, LPDDR4, and LPDDR5, indicating potential price increases of 20%-30% due to significant supply shortages [2][7]. - SanDisk has already raised storage product prices by over 10%, signaling the start of a new price increase wave in the storage chip industry [7]. - The primary drivers for the price increases are changes in supply-demand dynamics, with strong demand from AI applications and data centers, while supply has been constrained due to production cuts by leading manufacturers [8]. - The DRAM price index has increased by approximately 72% over the past six months, reflecting the tightening supply situation [8].