SCS(SH:601555) 智通财经网·2025-12-05 06:31Core Viewpoint - The current mainstream solution for liquid cooling is the cold plate system, while immersion cooling is expected to become a future development direction. The maturity of domestic liquid cooling systems is increasing, and domestic supply chains are likely to enter the NVIDIA ecosystem directly as demand for AI server computing power surges, driving the penetration rate of liquid cooling solutions [1][2]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing the heat dissipation pressure in data centers, offering advantages such as low energy consumption, high heat dissipation, low noise, and low total cost of ownership (TCO). It can also reduce the Power Usage Effectiveness (PUE) of data centers, meeting national requirements [1]. - As chip iterations increase power density, the heat dissipation requirements for corresponding chips are growing, making traditional air cooling insufficient and necessitating the introduction of liquid cooling solutions. Currently, cold plate systems dominate the market, while immersion cooling is anticipated to be a future trend [1]. - The liquid cooling system consists of an outdoor side (primary side) and a data center side (secondary side), with the primary side accounting for approximately 30% of the value, including chillers and circulation pipelines, while the secondary side accounts for about 70%, with core components such as CDU, manifold, quick connectors, and water pumps [1]. Group 2: Liquid Cooling Industry - The value of liquid cooling is expected to increase alongside chip upgrades. For example, the value of rack liquid cooling modules is projected to grow by over 20% with the transition to GB300-GB200 servers. By 2026, the market for ASIC liquid cooling systems is estimated to reach 35.3 billion yuan, while the market for NVIDIA liquid cooling systems is expected to reach 69.7 billion yuan [2]. - Domestic supply chains are accelerating their entry into the liquid cooling market. NVIDIA has opened its supplier list, allowing manufacturers to choose their supply chain components independently. This shift from a single certified CDU supplier to multiple suppliers enables domestic chains to indirectly enter the market. As domestic liquid cooling systems mature and end-user CSPs focus more on cost-performance ratios, domestic suppliers are likely to enter NVIDIA's ecosystem directly [2]. Group 3: Rubin Architecture Outlook - Single-phase cold plates are unsuitable for the Rubin architecture due to its thermal design power (TDP) of 2300W and a total cabinet power of approximately 200KW, exceeding the design limit of single-phase cold plates at 150KW per cabinet. Therefore, new liquid cooling solutions must be introduced [3]. - One feasible solution is the phase change cold plate, which utilizes the phase change of a liquid working fluid to absorb heat efficiently, suitable for scenarios exceeding 300KW per cabinet. Another option is the microchannel cold plate (MLCP), which features densely packed micro-scale cooling liquid channels, potentially becoming the preferred choice for the Rubin architecture as future iterations may require even higher power capacities [3].