中信证券：聚焦算力链通胀主线看好英伟达GTC强化AI产业持续增长信心

智通财经03-16

智通财经APP获悉，中信证券发布研报称，英伟达GTC 2026大会召开在即，预计公司的芯片产品矩阵有望进一步扩充，除Vera Rubin AI平台的全套六款核心芯片外，有可能在大会上披露Rubin Ultra芯片及机柜更多细节，带来数据互联、供能等设计架构革新，正交背板、CPO等新产品落地能见度有望进一步提升。聚焦算力链通胀主线，全球算力需求均持续超预期背景下，上游环节景气度与涨价有望持续，仍是...

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industry","themeId":"6917687d8963ddc9a32c65b3274ea192","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":1.91,"NVDD":0.6,"NVDA":1.97,"3NVD.UK":0.6,"NVDU":0.6,"2NVD.UK":0.6,"CIIHY":1.91,"NVDG":0.6,"NVDB":0.6,"NVD3.UK":0.6,"NVII":0.6,"NVDS.UK":0.6,"NVDQ":0.6,"ANV":0.6,"NVDW":0.6,"NVIW.SI":0.6,"NVD":0.6,"DIPS":0.6,"SNVD.UK":0.6,"06030":1.91,"NVDS":0.6,"NVD2.UK":0.6,"NVDY":0.6,"NVDX":0.6},"content_text":"智通财经APP获悉，中信证券发布研报称，英伟达GTC 2026大会召开在即，预计公司的芯片产品矩阵有望进一步扩充，除Vera Rubin AI平台的全套六款核心芯片外，有可能在大会上披露Rubin Ultra芯片及机柜更多细节，带来数据互联、供能等设计架构革新，正交背板、CPO等新产品落地能见度有望进一步提升。聚焦算力链通胀主线，全球算力需求均持续超预期背景下，上游环节景气度与涨价有望持续，仍是当下科技板块配置“景气成长”方向确定性最高的主线。该行看好英伟达GTC 2026大会将进一步强化市场对于AI产业持续增长、增量逻辑兑现的信心。中信证券主要观点如下：看点1：Rubin平台带来全新芯片组合，体现极致协同设计。在2026年国际消费电子展 (CES) 上，英伟达发布Vera Rubin AI平台全套六款核心芯片：Rubin GPU、Vera CPU、BlueField-4 DPU、NVLink 6 Switch、ConnectX-9 SuperNIC、Spectrum-6 Ethernet Switch，即包含了所有机柜内的主要芯片组件，芯片制程均向台积电3nm工艺升级，并搭载HBM4，内存容量带宽全面升级。这一代产品组合让GPU与CPU、互联芯片形成更强的协同性，模块化设计也让机柜的整体性相较上一代Blackwell更强。看点2：有望披露更多Rubin Ultra细节，期待数据互联、供能等架构革新。考虑到在CES 2026上英伟达已确认Vera Rubin平台已进入正式量产阶段，该行认为GTC 2026英伟达或将转向披露更多Rubin Ultra芯片及机柜细节。除了Rubin Ultra芯片本身通过集成4颗计算DIE实现相较Rubin翻倍的计算性能外，该行认为这一超节点在架构上有两大方向值得关注：1)数据互联方面，scale up规模显著提升，铜缆背板方案或升级为PCB正交背板(Canister内部计算板和交换板的互联)+光互连(Canister之间互联)的两层超级网络架构，78L RPCB、M9 CCL、Q glass 电子布、CPO等新工艺/材料/产品有望落地;2)供能体系方面：供电和能耗已逐步成为制约算力基座扩张的一大瓶颈，800V高压直流(HVDC)供电系统、模块化供电等方案有望落地，有望带来埋嵌PCB工艺、GaN三代半导体等工艺/产品升级。看点3：英伟达有望发布全新推理芯片LPU强化推理产品线。英伟达有望将AI推理上升为系统级基础设施，LPU+CPX的PD分离方案强化推理产品线。LPU方面：GTC大会上，该行预计英伟达将推出整合Groq LPU技术的全新推理芯片，预计采用专为LLM推理设计的自定义芯片架构，重新设计张量流处理器(Tensor Streaming Processor，TSP)并且采用SRAM作为片上存储，极大地提高数据存储和检索的速度，十分适配Decode环节对于显存带宽的高要求。CPX方面：英伟达2025年推出的Rubin CPX，能够有效降低Prefill环节的成本，并可能采用GDDR7或HBM3E作为主要内存规格。产品形态上，根据SemiAnalysis，CPX有可能从原来融合到Rubin Compute Tray中的形态，改为通过独立机柜的形式配套NVL72 VR200出货。根据产业链信息，LPU也有可能以256卡LPX独立机柜的形式配套发布。看点4：或展望下一代Feynman架构升级方向。英伟达下一代Feynman架构的设计趋势得到产业越来越多的关注，GTC 2026英伟达亦可能展示相关内容。结合目前产业信息，Trendforce预计Feynman将成为首批采用台积电A16工艺的芯片，在供电上有望采用SPR 背部供电(Backside Power 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中信证券：聚焦算力链通胀主线 看好英伟达GTC强化AI产业持续增长信心

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中信证券：聚焦算力链通胀主线看好英伟达GTC强化AI产业持续增长信心