投资策略专题：液冷：下一个光模块、PCB

Group 1 - The report emphasizes a positive market outlook driven by technology, highlighting a "dual-driven" market structure that includes strong growth categories under global technological collaboration and cyclical trading under the "anti-involution" trend [3][12][13] - The AI computing chain is identified as a core investment opportunity, with components like optical modules and PCBs being crucial for AI infrastructure, experiencing significant growth in both shipment and value [4][15][17] - Liquid cooling is positioned as a strategic investment opportunity within the AI computing chain, characterized by strong growth, a complete narrative, and favorable odds [4][18][22] Group 2 - The liquid cooling industry chain is segmented into three main parts: upstream components, midstream system integration and manufacturing, and downstream applications, each with distinct technical barriers and competitive landscapes [5][23][24] - Upstream focuses on the technical core of liquid cooling systems, including cooling fluids and key components, which significantly influence system performance and reliability [5][23] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities being a core barrier [5][23] - Downstream applications primarily involve high-performance data center operators and industry users, driving the large-scale adoption of liquid cooling [5][23] Group 3 - Liquid cooling is expected to experience a steep growth phase from late 2025 to 2026, driven by technological advancements and increasing power demands from high-end chips [18][19][22] - The transition of liquid cooling from an optional to a necessary solution is supported by stricter energy efficiency standards driven by government policies [19][22] - Compared to optical modules and PCBs, liquid cooling is in an earlier development stage, with lower penetration rates but high growth potential as demand for cooling solutions increases [18][20][22]