对话嘉实多热管理事业部全球总裁黄建棠：液冷产业应重视提供整体解决方案，形成高价值盈利模式

Core Viewpoint - The liquid cooling technology is emerging as a solution to the heat generation issues associated with high-power AI chips, indicating a potential "golden age" for the liquid cooling industry as its penetration in data centers increases [3][4]. Industry Trends - The liquid cooling market in China is expected to see significant growth between 2026 and 2027, with both cold plate and immersion cooling technologies being well-developed and the supply chain being robust [3][7]. - The increasing power consumption of chips, with some high-end chips exceeding 1000 watts and server cabinets reaching power densities above 100 kilowatts, necessitates the adoption of liquid cooling over traditional air cooling methods [4][5]. Market Dynamics - The current industry configuration allocates 70% of resources to GPU for AI computing, indicating that at least 70% of the equipment will need to adopt liquid cooling solutions [5]. - The "East Data West Computing" initiative in China aims to reduce the Power Usage Effectiveness (PUE) of data centers to below 1.25, with stricter standards in major cities [5]. Competitive Landscape - Chinese companies have established a significant position in the global liquid cooling supply chain, although there is a noted information asymmetry among asset owners and self-use customers regarding liquid cooling deployment and server selection [7][8]. - The industry is currently focused on large-scale production of components rather than providing comprehensive solutions tailored to end-user needs, which presents an opportunity for innovation in business models [8]. Cost and Maintenance - Liquid cooling systems have lower maintenance costs compared to traditional air cooling systems, as they reduce the need for extensive spare parts and manual interventions [8].