Guoxin Securities·2025-09-25 02:57Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid growth of data centers and the increasing power demands necessitate efficient cooling technologies, with liquid cooling addressing high energy consumption and heat generation issues. By 2024, China's computing centers are expected to consume 166 billion kWh, accounting for 1.68% of the total electricity consumption [2][2] - The main liquid cooling technologies include cold plate and immersion cooling, with cold plate cooling being the most widely used due to its mature technology. Liquid cooling offers multiple advantages such as high heat transfer efficiency, energy savings, and reduced noise [2][2] - The market for cooling liquids is projected to grow significantly, with an estimated demand of approximately 89,000 tons for AI data centers by 2028, alongside 19,000 tons from traditional server installations [2][2] Summary by Sections 1. Main Cooling Paths - Liquid cooling technology is categorized into indirect cooling (mainly cold plate) and direct cooling (including immersion and spray cooling). Cold plate cooling is the most prevalent, while immersion cooling offers higher heat dissipation capabilities but comes with higher operational costs [2][2][2] 2. Water-Based Cooling Liquids - Water-based cooling liquids are primarily used in single-phase cold plate cooling, offering good thermal conductivity and low cost. However, they may pose risks of microbial growth [50][50] 3. Oil-Based Cooling Liquids - Oil-based cooling liquids, including mineral oil and synthetic oil, are mainly applied in single-phase immersion cooling. They are cost-effective and environmentally friendly but have lower thermal conductivity compared to synthetic alternatives [56][56] 4. Market Space Estimation - The liquid cooling market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of 51.4% from 2019 to 2027 [17][17] 5. Commercialization of Liquid Cooling Technology - The commercialization of liquid cooling technology is increasing, with major IT companies like Alibaba, Baidu, and Tencent implementing successful liquid cooling applications [27][27]