中信证券：液冷渗透率提升，行业扩容，看好国内企业出海机遇

Core Insights - The demand for liquid cooling is clearly increasing due to the rising power density of AI servers designed with custom ASIC chips and NVIDIA GPUs from companies like Google, Meta, Microsoft, and AWS [1] - The penetration rate of liquid cooling is expected to significantly increase with the continued rollout of ASIC chips and NVIDIA's GB300 [1] - Domestic liquid cooling companies are recognized for their excellent capabilities in technology, product quality, cost, and service, indicating strong potential for these companies to expand internationally [1]