英伟达推动供应商加速MLCP产业化落地 | 投研报告

Core Viewpoint - The demand for high-performance computing is driving the continuous evolution of liquid cooling technology, particularly in the semiconductor industry, with NVIDIA leading the charge for advancements in MLCP (Micro-Channel Liquid Cooling) technology to manage increasing power consumption [1][2][3]. Group 1: Industry Performance - The semiconductor equipment sector is leading the electronic industry, with the SW electronic industry index rising by 2.96%, ranking 3rd out of 31 sectors, while the CSI 300 index fell by 0.44% [2]. - The top five sectors by performance this week include coal (+3.51%), electric equipment (+3.07%), electronics (+2.96%), automotive (+2.95%), and machinery (+2.23%) [2]. - The semiconductor equipment sub-sector saw a significant increase of 9.98%, followed by optical components (+9.08%) and integrated circuit manufacturing (+5.63%) [2]. Group 2: Technological Advancements - NVIDIA's AI chips are experiencing a power increase from 400W for the A100 to 1200W for the GB200 and 1400W for the GB300, with corresponding leaps in computational performance [3]. - The flagship DGX B200 system, integrating eight B200 GPUs, has a total power consumption of 14.3kW, necessitating an additional 60kW power and cooling capacity for stable operation [3]. Group 3: Liquid Cooling Technology - Liquid cooling is more efficient than traditional air cooling, especially when cabinet density exceeds 20kW, and can significantly enhance device performance and lifespan [4]. - MLCP is identified as a key form of liquid cooling technology, designed for high-performance computing devices, allowing for higher thermal design power (TDP) and lower thermal resistance compared to traditional liquid cooling solutions [4][5]. Group 4: Potential Beneficiaries - Companies such as Invec, Highlan, and Siquan New Materials are positioned to benefit from the trends in the liquid cooling industry, with Invec offering a comprehensive liquid cooling solution and achieving significant delivery milestones [5]. - Highlan specializes in thermal management solutions for data centers, while Siquan is focused on developing liquid cooling technologies across multiple industries [5]. Group 5: Investment Recommendations - The liquid cooling technology's role in the development of high-performance chips and servers is viewed positively, with recommendations to monitor potential suppliers like Invec, Highlan, and Siquan, all of which have the capability to innovate and expand in this area [5].