Highlights of brokerage morning meeting: NVIDIA Rubin VR 200 chip catalyzes demand for high-end capacitors and inductors
Financial News Agency reported on July 15 that the market bottomed out and rebounded yesterday, with the three major indexes collectively closing higher. The turnover of Shanghai and Shenzhen stock markets was 2.7 trillion. From a sector perspective, sectors such as computing hardware, oil and gas, pharmaceutical business, and coal are active. On the downside, the game concept fluctuated and fell. As of the close, the Shanghai Stock Exchange Index rose 1.36%, the Shenzhen Component Index rose 2.77%, and the ChiNext Index rose 3.43%.
Financial News Agency reported on July 15 that the market bottomed out and rebounded yesterday, with the three major indexes collectively closing higher. The turnover of Shanghai and Shenzhen stock markets was 2.7 trillion. From a sector perspective, sectors such as computing hardware, oil and gas, pharmaceutical business, and coal are active. On the downside, the game concept fluctuated and fell. As of the close, the Shanghai Stock Exchange Index rose 1.36%, the Shenzhen Component Index rose 2.77%, and the ChiNext Index rose 3.43%. At today's brokerage morning meeting, West China Securities believes that Nvidia's Rubin VR200 chip catalyzes the demand for high-end capacitors and inductors; Huatai Securities believes that smart wearables such as AI glasses are expected to grow into high-frequency interactive portals for portable AI; CITIC Construction Investment believes that AIDC power generation equipment will still maintain high prosperity and is firmly optimistic about domestic gas turbines going overseas. West China Securities: NVIDIA Rubin VR200 chip catalyzes demand for high-end capacitors and inductors NVIDIA's Rubin VR200 chip, which will be mass-produced and shipped in the second half of 2026, has a single maximum thermal design power consumption that has soared to 2300W, far exceeding the 1400W of the current Blackwell generation GB300 chip. The Feynman architecture is even expected to reach 4400W in the future. Under such extreme power consumption surge and high-density dynamic current impact within the chip, the power supply efficiency is only 85% to 90% due to excessive voltage drop and loss of the traditional lateral power supply (LPD) architecture. In order to completely solve the problem of heat and voltage sag under high current density, the AI server power supply architecture is accelerating its evolution towards vertical power supply (VPD) and substrate integrated voltage regulator (IVR). Rubin VR200 fully adopts the VPD architecture, which greatly increases the power supply efficiency to 96%. A single card can save about 100W of power supply loss. The advent of the AI power supply era will inevitably bring about an explosive demand for related non-ferrous metal materials. Huatai Securities: Smart wearables such as AI glasses are expected to grow into high-frequency interactive portals for portable AI The value of smart wearable devices such as AI glasses does not lie in replacing mobile phones, but in cutting into users' daily high-frequency information scenarios with functions such as first-person perspective, voice interaction, shooting recording, real-time translation, navigation assistance and visual recognition. According to Wellsenn XR, global AI glasses shipments will be approximately 8.46 million units in 2025, +453% year-on-year. It is expected to reach 16 million units in 2026 and 90 million units in 2030 (2026-2030 CAGR +60%). The short-term increase in the volume of AI glasses may come from the lowering of the wearing threshold for non-display and light-display products. The mid-term value may come from multi-modal AI improving scene understanding capabilities. The long-term space depends on whether it can be upgraded from a "mobile phone accessory" to an "independent entrance". CITIC Construction Investment: AIDC power generation equipment still maintains high prosperity, and we are firmly optimistic about domestic gas turbines going overseas Doosan Energy won orders for 10 gas turbines in the first quarter; Meta announced the construction of a 1GW AI data center in Canada and the construction of a 932MW gas-fired combined cycle power station in the first phase of the project, which can be expanded to 1,864MW in the long term; Kodiak and Baker Hughes simultaneously signed a multi-year gas turbine procurement framework of up to 1.8GW, and the first batch of approximately 1GW equipment is scheduled to be delivered before 2030. Supply side: The Chestnut Run project in the United States was forced to adjust the model and installed capacity due to the inability to obtain the original gas turbine, indicating that equipment supply is still the core bottleneck of the current industry, and the delivery time and bargaining power of the complete machine factory are expected to remain strong; domestic Diwell has obtained Mitsubishi's overseas project supply qualification, which further verifies the trend of overseas OEMs releasing orders to the domestic high-end parts supply chain. Viewpoint: There is no sign of cooling down in industry fundamentals this week, and we are firmly optimistic about domestic gas turbines going overseas. The short-term market may deal with the pace of orders and the expansion of overseas supply, but the real scarcity at the industrial level is still the gas turbine production capacity and delivery capacity from 2028 to 2030. Moreover, domestic gas turbines themselves are short-delivery capacity supplements. For the domestic gas turbine chain, overseas companies are expected to enter the upward performance period, and companies that demonstrate the ability to continue to receive orders are expected to stand out. (