机构：液冷市场需求有望迎来爆发

Group 1 - The core viewpoint is that liquid cooling technology has become essential for data centers due to the exponential increase in computing density driven by the surging demand for AI computing power [1][2] - International investment banks predict that the total value of NVIDIA's next-generation AI server liquid cooling components will approach 400,000 yuan [1] - According to the China Academy of Information and Communications Technology, the liquid cooling market in China's intelligent computing centers is expected to reach 18.4 billion yuan in 2024, representing a year-on-year growth of 66%, and is projected to further grow to 130 billion yuan by 2029 [1] Group 2 - Dongwu Securities emphasizes that liquid cooling technology is a necessary solution to the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and low total cost of ownership (TCO) [2] - The current mainstream liquid cooling solution is the cold plate type, while immersion cooling is anticipated to be a future development direction [2] - The cold plate liquid cooling system consists of indoor and outdoor components, with the costs of the CDU and distribution liquid pipes accounting for the highest proportions at 25% and 20%, respectively [2] - It is estimated that by 2026, the scale of liquid cooling systems for ASICs will reach 12.5 billion yuan, while the scale for NVIDIA's liquid cooling systems will reach 26.8 billion yuan [2]