行业分析框架：国信化工、数据中心及AI服务器液冷冷却液

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The rapid development of efficient cooling technologies is driven by the increasing scale and power of data centers, 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 in society [2] - The main liquid cooling technologies are 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 exchange efficiency, energy savings, and reduced noise [2] - The market for cooling liquids is projected to grow significantly, with an estimated demand of approximately 89,000 tons of cooling liquid driven by the addition of AI data centers by 2028 [2] Summary by Sections 1. Main Cooling Pathways - 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 widely used, while immersion cooling offers higher heat dissipation capabilities but at a higher operational cost [2][23] 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 algae and bacteria growth [48][50] 3. Oil-based Cooling Liquids - Oil-based cooling liquids, including mineral oil and synthetic oil, are mainly used in single-phase immersion cooling. They are cost-effective but have drawbacks such as high viscosity and cleaning difficulties [53][56] 4. Fluorinated Cooling Liquids - Fluorinated cooling liquids are used in both single-phase and multi-phase immersion cooling. They offer excellent thermal properties and low toxicity but are relatively expensive [2][56] 5. 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][18] 6. 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][28]