中信建投：建议重视液冷板块

Core Viewpoint - 2025 is expected to be a significant year for the penetration of liquid cooling in NVIDIA's AI chip market, driven by increased power consumption per chip and the maturation of the liquid cooling supply chain [1] Group 1: Market Trends - The market size for liquid cooling is anticipated to grow significantly due to the rising power consumption of individual chips [1] - The adoption of liquid cooling solutions in ASIC cabinet configurations is expected to accelerate, enhancing market penetration [1] Group 2: Industry Developments - Domestic manufacturers are introducing ultra-node solutions that will further boost the adoption of liquid cooling technologies [1] - The overall maturity of the liquid cooling industry is projected to facilitate rapid penetration in both the ASIC market and the domestic market, expanding market opportunities [1]