华金证券：AI发展加速液冷渗透率 液冷工质打开成长空间

Group 1 - The core viewpoint of the report is that the increasing demand for computing power is leading to significant power consumption issues in data centers, making liquid cooling a necessary solution for temperature control in high-density environments [1][2]. - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion by 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [2]. - Liquid cooling solutions are becoming essential in various sectors, including AI computing, internet, finance, energy, transportation, and industrial manufacturing, as traditional air cooling cannot meet the energy and heat dissipation requirements [1][2]. Group 2 - Liquid cooling working fluids are diverse, with glycol, propylene glycol, and water being predominant in plate cooling, while immersion cooling utilizes oils, silicates, and fluorinated liquids, which are critical components for cooling performance [3]. - Fluorinated liquids are gaining traction due to their surface tension, insulation properties, and material compatibility, making them indispensable in high-power density AI server applications [3]. - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid sector, while oils and silicates are also potential supplementary choices for cooling fluids [3]. Group 3 - Investment recommendations include companies involved in liquid cooling fluids such as Dongyangguang, Xinzoubang, Runhe Materials, Juhua Co., Yonghe Co., Wuhua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Space, Changlan Technology, Xin'an Co., and Jitai Co. [4].