Brokerage Morning Meeting Highlights | NVIDIA Rubin VR200 Chip Drives Demand for High-End Capacitors and Inductors

Yesterday, the market hit bottom and rebounded, with all three major indexes closing up collectively. The trading volume of the Shanghai and Shenzhen stock markets reached 2.7 trillion. In terms of sectors, the computing power hardware, oil and gas, pharmaceutical commerce, and coal sectors were active. On the downside, the gaming concept fluctuated and fell. As of the close, the Shanghai Composite Index rose by 1.36%, the Shenzhen Component Index rose by 2.77%, and the ChiNext Index rose by 3.43%. At today's brokerage morning meeting, Huaxi believes that the NVIDIA Rubin VR200 chip catalyzes the demand for high-end capacitors and inductors; Huatai believes that smart wearables such as AI glasses have the potential to grow into high-frequency interactive entry points for portable AI; China Securities Co., Ltd. believes that AIDC power generation equipment remains highly prosperous, and is optimistic about domestic gas turbine engines going global. Huaxi: NVIDIA Rubin VR200 chip catalyzes demand for high-end capacitors and inductors The Rubin VR200 chip, which NVIDIA is set to mass produce and ship in the second half of 2026, has a maximum single-chip thermal design power that has suddenly increased to 2300W, far exceeding the current 1400W of the first-generation GB300 chips of Blackwell. In the face of such extreme power consumption and high-density dynamic current shocks, due to the traditional lateral power delivery (LPD) architecture causing voltage drops and excessive losses, the power supply efficiency is only 85% to 90%. In order to thoroughly solve the problems of heat and voltage drops under high current density, the AI server power supply architecture is rapidly evolving towards vertical power delivery (VPD) and integrated voltage regulators on the substrate (IVR), with the Rubin VR200 fully adopting the VPD architecture, significantly improving the power supply efficiency to 96%, saving about 100W of power supply loss per card. The arrival of the AI power supply era will bring about an explosive demand for related non-ferrous metal materials. Huatai: AI glasses and other smart wearables have the potential to become high-frequency interactive entry points for portable AI The value of AI glasses and other smart wearables lies not in replacing smartphones, but in accessing high-frequency information scenarios in users' daily lives through features such as first-person perspective, voice interaction, recording, real-time translation, navigation assistance, and visual recognition. According to Wellsenn XR, global shipments of AI glasses are expected to reach around 8.46 million units by 2025, a year-on-year increase of 453%, and are expected to reach 16 million units by 2026, and 90 million units by 2030 (with a 2026-2030 CAGR of 60%). Short-term demand for AI glasses may come from the lowering threshold of wearable products without displays, while medium-term value may come from the improvement of multimodal AI scene understanding capabilities, and the long-term potential depends on whether they can upgrade from "smartphone accessories" to "independent entry points". China Securities Co., Ltd.: AIDC power generation equipment remains highly prosperous, optimistic about domestic gas turbines going global Doosan Energy secured 10 gas turbine orders in the first quarter; Meta announced plans to build a 1GW AI data center in Canada and to build a gas-fired combined cycle power plant with an initial capacity of 932MW, expandable to 1,864MW in the future; Kodiak and Baker Hughes concurrently signed a framework agreement for the purchase of up to 1.8GW of gas turbines, with the first batch of around 1GW of equipment planned to be delivered by 2030. Supply side: The US Chestnut Run project was forced to adjust its turbine model and installation capacity due to the inability to obtain the original planned turbine, indicating that equipment supply remains a current industry bottleneck, and whole machine manufacturers are expected to maintain strong delivery schedules and bargaining capabilities; Nanjing Develop Advanced Manufacturing being qualified to supply Mitsubishi overseas projects further confirms the trend of overseas OEMs releasing orders to domestic high-end component supply chains. Viewpoint: There are no signs of cooling in the industry's fundamentals this week, and we remain optimistic about domestic gas turbines going global. In the short term, market trading order rhythms and overseas supply expansion may be active, but the real scarcity in the industry remains in the 2028-2030 gas turbine capacity and delivery capabilities. Moreover, domestic gas turbines themselves are a short delivery period capacity supplement, and for the domestic gas turbine chain, companies that demonstrate sustained ordering capabilities are expected to stand out in the overseas performance period. This article is reproduced from "Cailianshe", GMTEight editor: Xu Wenqiang.