Guosen Securities(SZ:002736) Zhi Tong Cai Jing·2025-09-25 03:49Core Insights - The report from Guosen Securities highlights the increasing power of data centers and the role of liquid cooling solutions in addressing high energy consumption and heat dissipation challenges [1][2] Group 1: Industry Overview - The liquid cooling sector is in its early development stage, with various solutions having distinct advantages and disadvantages, and no established optimal solution yet [1] - According to SemiAnalysis, the global installed capacity of AI data centers is expected to reach 59 GW by 2028, potentially generating a demand for approximately 89,000 tons of cooling liquid [1] - Traditional server installations are projected to contribute an additional demand of 19,000 tons of cooling liquid [1] Group 2: Energy Consumption and Efficiency - By 2024, the total electricity consumption of computing centers in China is expected to reach 166 billion kWh, accounting for 1.68% of the total electricity consumption in society [2] - The average Power Usage Effectiveness (PUE) for ultra-large data centers in China is currently 1.46, while for large data centers, it is 1.55 [2] - New standards set by the Ministry of Finance, Ministry of Ecology and Environment, and Ministry of Industry and Information Technology require that the energy ratio of data centers not exceed 1.4 starting June 2023, and 1.3 by 2025 [2] Group 3: Liquid Cooling Technologies - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology [3] - Liquid cooling offers multiple advantages such as high heat exchange efficiency, energy savings, and reduced noise [3] - Cold plate cooling is categorized into indirect and direct cooling, with indirect cooling typically being cold plate and direct cooling including immersion and spray cooling [3] Group 4: Cooling Liquid Types and Applications - Different types of cooling liquids are suited for various applications, with water-based cooling liquids used in single-phase cold plate cooling and refrigerants used in dual-phase systems [3] - Oil-based and fluorinated cooling liquids can be used in both single-phase and multi-phase immersion cooling [3] - Water-based cooling liquids are cost-effective but may promote algae and bacteria growth, while oil-based liquids have good insulation but higher viscosity [3] - Fluorinated cooling liquids, including perfluoropolyether and perfluoroamines, offer good flow properties and low toxicity but are relatively expensive [3]