行业点评报告：Vertiv和Celestica上调指引，液冷按下提速键

Investment Rating - The industry investment rating is "Overweight" [1][11] Core Views - The report highlights the strong performance of companies in the liquid cooling sector, driven by increasing demand due to the rise of AI technologies [4][5][6] - The report emphasizes that liquid cooling is transitioning from an optional solution to a necessary one in the AI era, due to factors such as increasing power consumption of mainstream computing chips and the need for high-density data centers [6] Summary by Sections Company Performance - Vertiv reported Q2 2025 revenue of $2.638 billion, exceeding the previous guidance of $2.35 billion, with a year-on-year growth of 35% and a quarter-on-quarter growth of 30% [4] - Celestica achieved Q2 2025 revenue of $2.89 billion, a 21% year-on-year increase, and raised its full-year revenue guidance to $11.55 billion from $10.85 billion [5] Market Trends - The report notes that the demand for liquid cooling solutions is expected to rise significantly, driven by the AI boom and the increasing power density of AI clusters [6] - The report recommends several companies as key players in the liquid cooling market, including Yingwei, Shunling Environment, and Yinhong Shares, among others [6]