长城基金韩林：液冷赛道正从导入期迈向高速成长期

Core Insights - The liquid cooling sector has shown strong performance this year, driven by technological advancements, policy support, economic advantages, and industry leadership from major players [2][8] - The transition from traditional air cooling to liquid cooling is essential due to the increasing power density of AI computing, indicating a significant upgrade in cooling technology [2][8] - The market penetration of liquid cooling is expected to see a substantial increase from late 2025 to 2026 with the mass production of new models [2][8] Market Space and Competitive Structure - Air cooling currently dominates the server cooling technology market, accounting for over 80%, but liquid cooling penetration is rapidly increasing from single digits in 2023 [3][9] - The liquid cooling market for NVIDIA GPUs and cloud service provider ASIC chips is projected to reach approximately 100 billion by 2026 [3][9] - Liquid cooling solutions have a value per rack that is 5-15 times higher than traditional air cooling, with total rack values ranging from tens of thousands to 100,000 USD [3][9] - The leading companies in liquid cooling solutions and key components have a concentrated market share, primarily from the Taiwanese supply chain, but domestic companies are gaining traction [3][9] Future Outlook and Industry Trends - The liquid cooling sector is transitioning from an introduction phase to a high-growth phase, with significant potential and sustainability [4][10] - The industry is expected to see a near doubling of market penetration next year compared to this year, driven by the introduction of next-generation solutions [4][10] - Future investments should focus on companies that have established relationships with top clients, possess core technological advantages, and demonstrate consistent performance [4][10] - The industry's growth will require both internal cost reduction and external demand policy coordination [4][10]