液冷观点更新：当前时点如何把握节奏和聚焦标的-20250817

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The demand for high-power cards is the largest constraint in the new market, while the space waste in data center renovations is the biggest constraint in the retrofit market [2] - North American computing power is directed towards high power and high density, while domestic computing power is focused on TCO cost [3] - The growth of liquid cooling is driven by increased penetration rates, high value, and inflation [6] Summary by Sections Demand - The new market's main constraint is the demand for high-power cards, while the retrofit market faces challenges due to space waste in data center renovations [2] Dynamics Tracking - Domestic phases include: - Phase 1: Significant growth in wind wall and air cooling temperature control following capex - Phase 2: B series may adopt integrated air-liquid cooling to meet slightly higher power card demands - Phase 3: Opportunities for domestic computing clusters and North American high-end computing cards to adopt immersion cooling - Overseas developments include: - Liquid cooling design at the B200 chip level and reserved liquid cooling architecture in cabinets are crucial prerequisites - The penetration rate of liquid cooling is expected to approach standard configuration with GB300, and Rubin aims for 100% liquid cooling implementation [5] Focus Areas - Key players with full-link solutions include Tier 1 companies like Invec [6] - Tier 2/3 companies expected to gain market share through sample submissions or existing ties to North American/Taiwanese markets include Cooler Master, Sifang New Materials, Chuanhuan Technology, Tongfei Co., Feilong Co., Shuo Beide, Qiangrui Technology, and Sulian Co. [6] - Companies with overseas business relationships and cost delivery capabilities in the AISC chain include Shenling Environment, Yimikang, and Chuanrun [6]