Zheng Quan Shi Bao·2025-09-07 18:27Core Insights - The recent financial reports from major internet companies have highlighted the lucrative potential of the liquid cooling sector, attracting increasing institutional investment [1][2] - Fund managers have identified liquid cooling as a high-performance investment avenue, with several stocks in this sector outperforming others in the market [2][3] Investment Opportunities - Liquid cooling technology is gaining traction due to its critical role in AI infrastructure, with significant capital expenditure increases reported by major companies like Alibaba and Tencent [2][3] - The capital expenditure of Alibaba reached 38.68 billion yuan, up 219.8% year-on-year, while Tencent's capital expenditure grew by 119% to 19.107 billion yuan [3] - Major North American tech companies collectively reported capital expenditures of $87.4 billion, a 69% increase year-on-year, indicating strong industry demand [3] Technological Advancements - The shift from traditional air cooling to liquid cooling is driven by the increasing power density of chips, necessitating more efficient cooling solutions [4][5] - Liquid cooling is becoming a technical necessity as AI-generated content drives rapid increases in power density, surpassing traditional cooling limits [4][6] - The industry is expected to see a significant increase in liquid cooling penetration, projected to reach 30%-50% in AI servers by 2026 [9][10] Market Trends - The liquid cooling sector is anticipated to experience a sustained market trend similar to that of optical modules and PCBs, with potential for price and volume increases [7][8] - Fund managers believe that the liquid cooling market is transitioning from speculative trading to being driven by fundamental changes in the industry [8][10] - The demand for liquid cooling solutions is expected to grow significantly, with the market for NVIDIA GPUs and ASIC chips projected to reach approximately 100 billion yuan by 2026 [9][10] Stock Selection Criteria - Fund managers emphasize the importance of selecting companies with established overseas client relationships, particularly those in the NVIDIA supply chain, as they tend to have higher profit margins [9][11] - Companies that can demonstrate technical capabilities and have a strong position in the supply chain are viewed as having significant growth potential [10][11] - The ability to secure large clients, especially in the overseas AI sector, is considered a critical factor in stock selection within the liquid cooling space [10][11]