> **来源：[研报客](https://pc.yanbaoke.cn)** # CES 2026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 CES 2026 # 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，RubinGPU，Connect-X9NIC，BF4DPU，NVLink6Switch，以及Spectrum-XCPO Switch。其中RubinGPU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CPO scale-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 tray 4 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°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°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。 图1：NVIDIA BlueField-4和ContextMemoryStorage平台 来源：NVIDIA 图2：NVIDIA Rubin CPO 交换机方案 来源：NVIDIA 图3：微通道盖示意图 来源：互联网 # 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)60825609；(86)17898481530 # 微信搜一搜 # 环球科技研究 # COMPANY RATING DEFINITION The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months <table><tr><td>Rating</td><td></td><td>Definition</td></tr><tr><td>Buy</td><td>买入</td><td>Relative Performance>15%; or the fundamental outlook of the Company or sector is favorable.</td></tr><tr><td>Accumulate</td><td>收集</td><td>Relative Performance is 5% to 15%; or the fundamental outlook of the Company or sector is favorable.</td></tr><tr><td>Neutral</td><td>中性</td><td>Relative Performance is -5% to 5%; or the fundamental outlook of the Company or sector is neutral.</td></tr><tr><td>Reduce</td><td>减持</td><td>Relative Performance is -5% to -15%; or the fundamental outlook of the Company or sector is unfavorable.</td></tr><tr><td>Sell</td><td>卖出</td><td>Relative Performance < -15%; or the fundamental outlook of the Company or sector is unfavorable.</td></tr></table> # SECTOR RATING DEFINITION The Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months <table><tr><td>Rating</td><td></td><td>Definition</td></tr><tr><td>Outperform</td><td>跑赢大市</td><td>Relative Performance>5%; or the fundamental outlook of the sector is favorable.</td></tr><tr><td>Neutral</td><td>中性</td><td>Relative Performance is -5% to 5%; or the fundamental outlook of the sector is neutral.</td></tr><tr><td>Underperform</td><td>跑输大市</td><td>Relative Performance<-5%; Or the fundamental outlook of the sector is unfavorable.</td></tr></table> # DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. 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