It has become "painfully" obvious to me now, that your stupid inclusion of the term "hypothetical" absolutely WAS NOT MEANT TO READ AS SUCH, otherwise my "also hypothetical & thus completely stupid answer" would not have been hypothetical either, given your complete derision of my initial answer (now deleted).
Ok - as an aside, given that I now know your supposedly hypothetical question, was in fact, a hidden agenda to get others here "doing" all of the due diligence that you so utterly NOT humorously demanded they do - for you, possibly (and this is a hypothetical assumption): YOU couldn't be bothered to spend enough time YOURSELF, doing what you are requesting all others here, to do for you, such that all you have to do, is choose the answer most will give.
So you will now get MY OWN, not so hypothetical answer too.
I would strongly suggest you get away from your comfy internally heated and vibrated couch, and go book certain International flights, to get you closer to every manufacturers workshop as you can, to (yourself) "appraise" each and every one of "my discoveries", given that you only need to hear the results, and not be told which is best ("as your ears only, can make the decision for you")
Don't forget to take along your own (rather old now) Audiolab 6000CDT transport player, otherwise the difference in your base reference results will be unattainable.
Oh and excuse the problem I instantly saw, at the very beginning, that of your ENTRY LEVEL, (cheapest model, with the least bells and whistles) HEGEL H95 DAC, as it is so far below, in comparison to even HEGEL's own H590 - as to be pathetic in the extreme, so toss that as far out the back toile window as you can, before you even start.
Now, with a slightly better but hugely more expensive DAC, do another test, to see if you actually need to waste more money (without any cents "PUN intended")
Check your speakers, to see if they aren't nearing their EOL or if they may have suffered catastrophic voice coil failure at any time, as all of that will absolutely effect, the sound quality you hear, long before you can discern any difference between the quality of your electronic equipment.
If they are within spec, and still "young (and tight)", then go to the other end and check that, as CD's are not indestructible, as even pinpoint damage and minor scratches, can absolutely distort the playback of these mediums, as can the simple fact of your finger "oils" (that get onto a CD with constant handling by human fingers) which will damage a CD's surface after a while.
Whilst there at the "originating signal source" - check to see which medium you are "playing" - as if that is a vinyl record (of some vintage), that has been stored incorrectly, there could well be a desperate need to "deep clean" the grooves, to remove dust and grit, which will seriously degrade any sound output, as will any warping if the record has been subjected to sunlight (or heat) as the wow & flutter has weird sounds that alter an original sound.
Oh and change that pickup needle while you are at it, as 25 hrs playing-time for most styli will utterly degrade their viability for continuous use.
Many people simply think, it will alert me when it needs replacing, by which time you will have done serious, irreparable damage, to your vinyl records.
None of which creates crystal clear sound, when a replay is desired to be heard.
Then & only then, go through all of your connection cables and interconnects, as any earthing faults (causing ground loop hum) or broken cables, or dislodged plugs & sockets, as well as other worn out components, will also effect the sound quality which many people suspect (incorrectly) as a malfunction of a device, and NOT that of a cable's structural integrity.
Finally:
Move on to any device anywhere in your system, that may be in serious need of actual maintenance, rather than simply needing to be replaced.
Only then will your HYPOTHETICAL question be answered, as by then you will know (or should know) that one of more components is at fault, and it isn't simply that you haven't done your research (of your own system) correctly.
I wouldn't have a clue, as (for starters) I never bought into the (stupid) manufacturer's of CD's suggestions, that CD anything, would ever be better in sound quality, that the vinyl records I have, which are fully 100% quality of content, rather than any sampled CD can provide, as I don't care that CD's with a lower IQ of just sampled content, which I doubt (in faithful reproduction of musical "vocals and instruments" forms) will ever be better than the original sinusoidal waveforms of the original analogue equipment used to master the commercial release of the CD contents you are trying to recapture.
If you are ONLY using CD's for electronic DATA recovery, there is no point in converting data signals to an analogue version, as it simply doesn't exist.
PS:
No wonder you suspect the HEGEL H95, as after all, it was the absolute CHEAPEST that HEGEL has ever made, which in reality is the base model of their entire H range of "far-better/newer/updated & more powerful" models, so maybe just toss your money away and buy the H600
After all, if you want a HYPOTHETICALLY BETTER system than you have now, start with the best build quality right from the get go.
Go buy the H600
Then when you come back here, others (here) will suggest anything you desire, to make that unit sing.
At that point in time, maybe you will appreciate just why, this stubborn old KIWI, insists on pure sound, (in the form of Analogue sinusoidal wave formatting).
Because:
Digital to me is a "curse word".
One I have had to "put up with" since the dawn of the computer age.
Digital & Digitized ?
Sure, it may have some advantages, but with any purists thoughts on sound reproduction
To me, Analogue is the only format that matters.
Plus I can do some strange things to an original Analogue 2ch stereo sound recording, that I cannot do with a digital data stream.
For starters, I can subtract as many "other" well hidden content (channels),that none of your high highfalutin descriptions of your HYOTHETICAL "question", even comes close enough to allow you to hear, the exact quality of an original Analogue sound recording, of a stereophonic nature.
None of the Digital feeds of signals, or their precise quality - will ever be revealed, until the analogue signal that they represent (in a sampled manner), is dealt with in an Analogue way.
After a correct dissemination of content, is achieved (by me & my 1965 Decoder), you can then use as many "mono-block" amplifiers as per the number of audio channels I can extract, to send all these extra (previously unheard or played) channels, which will of course require you to also purchase numerous extra speaker units too.
Hence your tiny "playing room" will need to be exponentially expanded, to accommodate several hundred EXTRA speaker units, (along with their mono-block amplifiers) which will vastly improve your new found listening quality, of heard recordings.