中邮证券：英伟达(NVDA.US)Vera Rubin重构AI存储层级 NAND有望成为通胀品_老虎社区_美港股上老虎

中邮证券：英伟达(NVDA.US)Vera Rubin重构AI存储层级 NAND有望成为通胀品

智通财经01-08

智通财经APP获悉，中邮证券发布研报称，CES 2026展会现场，黄仁勋正式宣布其新一代AI超级计算平台Vera Rubin已进入全面投产阶段。Rubin平台重构HBM-DRAM-NAND三层存储。Rubin GPU集成了新一代高带宽内存HBM4，单价上较3e显著提升，有望明显带动原厂的毛利率提升。Vera Rubin在机架内部署BlueField-4处理器，专门管理KVCache。单价上，受到...

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Rubin在机架内部署BlueField-4处理器，专门管理KVCache。单价上，受到云服务商和AI应用需求的增长，行业预计2026年全年的NAND价格两位数百分比上涨。中邮证券主要观点如下：英伟达Vera Rubin全面投产，重构存储架构改善“内存墙”困境CES 2026展会现场，黄仁勋正式宣布其新一代AI超级计算平台Vera Rubin已进入全面投产阶段。根据英伟达公布的数据，Rubin GPU搭载第三代Transformer引擎，NVFP4推理/训练算力达到50/35PFLOPS，达到前代Blackwell的5/3.5倍；HBM4带宽22TB/s，为前代的2.8倍；晶体管数量3360亿个，为Blackwell的1.6倍。决上下文存储瓶颈，Rubin平台重构HBM-DRAM-NAND三层存储金字塔存储架构。在Agentic AI时代，智能体需要记住漫长的对话历史和复杂的上下文，这会产生巨大的KV Cache。传统的解决方案是将这些数据塞进昂贵的HBM显存中，但HBM容量有限且价格高昂。英伟达为此设计全新的存储架构，推出了由BlueField-4驱动的第三层推理上下文内存存储平台，让每秒处理的token数提升高达5倍。HBM：Rubin GPU升级为HBM4，成为与GPU紧紧绑定的“计算核心”Rubin GPU集成了新一代高带宽内存HBM4，其接口宽度较HBM3e增加一倍。通过新内存控制器、与内存生态系统的深度协同设计及更紧密的计算-内存集成，Rubin GPU的内存带宽几乎达到了Blackwell的三倍。数量上，每颗Rubin GPU HBM4，容量288GB，带宽22TB/s，不再只是GPU附近的“高速缓存”，而是整个系统吞吐的硬约束。单价上，HBM4较3e显著提升，有望明显带动原厂的毛利率提升。DRAM：Vera CPU升级为LPDDR5X，负责存放温热数据(KV缓存)Vera将SCF与高达1.5TB的LPDDR5X内存子系统(Grace内存为480GB LPDDR5X)相结合，能在低功耗下提供高达1.2TB/s的带宽(Grace带宽为512GB/s)。应用上，可将LPDDR5X和HBM4视为单一的一致性内存池，减少数据移动开销，并支持KV缓存卸载和高效多模型执行等技术。单价上，服务器端高端DRAM价格/盈利显著提升，消费端DRAM在被动挤压中承受成本压力和价格传导，形成“AI优先”的新一轮结构性涨价周期。NAND：推出BlueField-4驱动的推理上下文内存存储平台，有望成为与GPU数量线性相关的通胀品Vera Rubin在机架内部署BlueField-4处理器，专门管理KVCache。BlueField-4集成了64核Grace CPU和高带宽LPDDR5X内存，以及ConnectX-9网络，可提供高达800Gb/s的超低延迟以太网或InfiniBand连接。容量方面，在每个GPU原有1TB内存的基础上，BlueField-4DPU内存存储平台额外增加了16TB内存/每GPU，对于NVL72机架则增加1152TB内存。单价上，受到云服务商和AI应用需求的增长，行业预计2026年全年的NAND价格两位数百分比上涨。投资建议看好存储产业链叙事升级逻辑，建议关注：1)海外龙头：海力士、三星、美光(MU.US)、闪迪(SNDK.US)、铠侠(KIOX.US)等；2)国内标的：香农芯创(300475.SZ )、德明利(001309.SZ)、兆易创新(603986.SH)、普冉股份(688766.SH)、同有科技(00302.SZ)等。风险提示供需节奏不及预期、行业竞争加剧、技术迭代不及预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}