Group 1 - The core viewpoint is that the penetration rate of liquid cooling in data centers is expected to increase rapidly due to the accelerated shipment of next-generation high-performance computing chips, leading to significant growth in orders for liquid cooling infrastructure suppliers [1] - The trend towards liquid cooling in data centers is driven by the limitations of traditional air cooling in high power density environments, with liquid cooling offering advantages such as high specific heat capacity, high thermal conductivity, low noise, high stability, and smaller footprint [1][2] - The liquid cooling infrastructure market is projected to grow significantly, with estimates indicating that the domestic data center total power will increase from 35.5 GW in 2024 to 68.8 GW in 2027, and the global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan in 2027 [4] Group 2 - The liquid cooling penetration rate in the data center sector is currently low, with only about 5% of server shipments being liquid-cooled servers, but it is anticipated to rise to 30-40% within the next 3-5 years [3] - High R&D investment intensity has created competitive barriers in the liquid cooling infrastructure industry, with leading companies like Invec maintaining a compound annual growth rate (CAGR) of 32.6% in R&D expenses from 2021 to 2024 [2] - The industry faces challenges in customer certification and procurement inertia, making clients cautious about introducing new suppliers [2]