技术：CES 2026重点演讲：下一代Rubin/MI400平台按计划推进，AI PC渗透率将扩大

CES 2026keynotes:next-gen Rubin/MI400 platformon trackand AI PC penetrationtoexpand Duringthe CES on 5 Jan (US time),NVIDIA/AMD/Qualcomm/Intel hostedkeynotesand launch events to outline the latest product roadmaps anddevelopmentsofAI server/PC platforms.Overall, we are encouraged to seeVeraRubin productionearlier than expected(now in full production and ramp ontrack in 2H26)andMI400/Heliosplatform upgradewell on track, which willbenefit servercomponentsin interconnects (connectors/cables/CPO) andliquidcooling(CDU/UQD/manifold). For AI PCs,withQualcomm/Intel/AMD’snewAIPC processorswithperformance improvementforlarge-scale AI model support,weremain positive onAI PC penetration toincreaserapidlyin FY26-27E. Forstocks, webelieve major beneficiaries inAI server/AI PC supply chaininclude China Technology Sector Alex NG(852) 3900 0881alexng@cmbi.com.hk Hanqing LIlihanqing@cmbi.com.hk AI servers:VeraRubinnow in full production with ramp on track in2H26;MI400/Helios platform in 2H26 and MI500 in 2027.NVIDIAannounced next-gen Rubin platformwithsixnewchips(GPU, CPU, NVLink6 switch, SuperNic, BlueField DPU, and Spectrum-X Ethernet switch).Keyhighlights include 1) Vera Rubin now in full production,tobegin shipping in2H26,2) platform performance upgrade vs Blackwell (3.5x/5x training/inference, 2.8x memory bandwidth, and 2x NVLink bandwidth), 3) computetray adopts midplane under cableless design, which decreases assemblyfrom 2 hoursto 5 minutes(vs. GB300NVL72), 4) compute tray, switch trayandspectrum-X CPO switchto adopt 100% liquid cooling,and5)availabilityof H200 capacity with strong China demand, awaiting US licensing approval.For AMD event, key takeaways include 1)MI400 seriesannouncedandMI500expected to launchin 2027,and2)open 72-rack AI server,Helios(4 AI PCs:strong product pipeline to boost penetrationand AI large modelupgrade.1)Qualcomm announced Snapdragon X2 Plus(80 TOPS),targeting mainstream segment, whichfeatures3rd-gen Oryon CPU with coreperformanceimprovedby 35%, NPU improved by 78%, power consumptionreducedby 43%,and targeted to ship in 1H26E. 2)AMD: announced RyzenAI400 series processors(60 TOPS)with leading performancein multi-tasking, 1080P gaming frame and video playback battery life up to 24 hours,and supports Windows Copilot. It isexpected torelease in 1Q26E. 3)Intel:launchedthe Core Ultra 3 series processor,Panther Lake(50 TOPS), Focus Charts Source:NVIDIA,CMBIGM Source:NVIDIA,CMBIGM Source:NVIDIA,CMBIGM Source:Qualcomm,CMBIGM Source:Intel,CMBIGM Source:AMD,CMBIGM Source: CMBIGM Source: CMBIGM Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analystcovered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officerof any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on theperformance of underlying assets or other variable market factors.CMBIGMrecommends that investors should independently evaluateparticular investments or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates, shareholders, agents, consultants, directors, o