环球富盛理财_CES 2026后英伟达Rubin架构及供应链（存储-互联-液冷）变化解读_2026-01-13.pdf

环球富盛理财2026-01-13查看原文

摘要

1报告解读CES 2026后英伟达Rubin架构及供应链变化。

2Rubin GPU性能大幅提升，引入SSD直连GPU解决KV Cache存储瓶颈，单GPU对应16.6TB SSD需求；

3采用CPO互联方案，光模块配比从1:4降至1:1；

4实现100%常温液冷，无需冷水机，冷板价值量显著提升。

5报告看好存储、CPO及液冷产业链机遇，但未给出具体个股评级或目标价。

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CES2026后英伟达Rubin架构及供应链（存储/互联/液冷）变化解读 NVIDIA Rubin architecture and supply chain (memory/networking/cooling) review post CES2026

点评：

概览：英伟达CEO黄仁勋在CES2026演讲主要聚焦3大块：AgentAI，PhysicalAI（机器人/智驾）和下一代Rubin平台。公布了Rubin平台6款芯片的参数，包括VeraCPU，Rubin GPU，Connect-X9NIC，BF4DPU，NVLink6Switch，以及Spectrum-XCPO Switch。其中Rubin GPU的FP4推理和训练性能分别达到50PF和35PF，分别是Blackwell的5倍和3.5倍。Rubin机柜集群首次亮相，开创性加入SSD存储机柜直连GPU，并且使用了CPOscale-out互联方案，使用 100%的 45 $ ^{\circ} \mathrm{C} $常温液冷方案无需冷水机。

存储机柜带动SSD需求暴增：因上下文产生的KV cache所需存储空间激增导致目前的HBM已经难以满足，英伟达在Rubin推出BlueField-4与ContextMemory平台，用BlueField-4来管理机架内的“KV缓存上下文内存存储”。每个576颗GPU集群对应16层ContextMemory平台（SSD tray），每层SSD tray有4颗BlueField-4DPU芯片，每颗DPU对应150TB SSD，每层SSD tray共600TB SSD。576颗GPU集群共16层SSD tray对应一共9,600TB SSD，即单颗GPU对应额外16.6TB SSD。

CPO互联减少光模块配比：英伟达在CES演讲中展示了典型的Rubin集群，包含16个Vera Rubin rack共1152颗Rubin GPU，通过中间的8个以太网Spectrum-X CPO switch rack用于scale-out互联16个机架。传统可插拔光模块和交换机方案下，2层组网的Rubin GPU/1.6T光模块配比1:4，3层组网配比为1:6。每个Rubin compute tray4颗GPU对应8颗800G CX9因此每颗GPU的scale out带宽为1.6T。CPO方案下，每个Rubin GPU在CX9网卡端同样对应1.6T带宽。相比传统TOR/Leaf交换机都需要光模块，CPO方案下，通过8个CPO Switch机柜直接互联16个GPU机柜中每个Compute tray的CX9网口1.6T端口，从而大幅减少光模块用量，1.6T光模块配比从1:4降低到1:1。另外在机柜内scale-up互联仍然使用铜缆（非AEC）连接NVLink switch tray达到3.6TB/s的GPU all to all互联双向带宽。

常温液冷无需冷水机：Rubin从GB300的 80%液冷转变为 100%液冷方案，使用常温 45 $ ^{\circ} \mathrm{C} $液冷水因此机柜无需水冷机，使用L2A风冷机将水降温至 30 $ ^{\circ} \mathrm{C} $。Rubin水冷板采用镀金/镀锌微通道冷板因此单价有较大提升，单板价格可能达到 $ 500 $以上，每个Rubin机柜的冷板价值量或超过3万美金。

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图1: NVIDIA BlueField-4和ContextMemoryStorage平台

![](page=1,bbox=[57, 129, 819, 324])

来源：NVIDIA

图2: NVIDIA Rubin CPO交换机方案

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![](page=1,bbox=[545, 393, 778, 506])

![](page=1,bbox=[62, 522, 815, 595])

来源：NVIDIA

图3：微通道盖示意图

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Liquid cold plate over the lid

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Micro-channel heat spreader

(c)

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Direct impingement over bare die来源：互联网

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分析师介绍

分析师赵方舟，香港大学学士学位，主要覆盖海外硬科技行业，包括AI GPU/ASIC及AI互联架构等。

该分析师2022-2025年曾任职于海通国际研究部，2025年加入环球富盛理财有限公司，继续覆盖海外硬科技行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。

邮箱：eugene.zhao@gpf.com.hk

电话：(852) 6082 5609; (86) 178 9848 1530

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