中信证券：结构性转型将推动液冷市场空间的快速成长

Group 1 - The core viewpoint is that the demand for AI computing power and the increasing power consumption of chips have led to a structural shift towards liquid cooling as the default standard for next-generation architectures among major cloud service providers (CSPs) [1] - The thermal design power (TDP) of AI acceleration chips has surpassed the physical limits of air cooling, necessitating this transition to liquid cooling [1] - This structural transformation is expected to drive rapid growth in the liquid cooling market [1]