液冷新纪元：AI算力驱动下的冷却介质机遇

Investment Rating - The industry investment rating is "Overweight" [6] Core Viewpoints - The upgrade of AI computing power drives innovation in cooling technology, with liquid cooling expected to significantly reduce energy consumption in data centers by 20%-30% and lower PUE to below 1.2 [1][25] - The market for various cooling media is expanding, with cold plate liquid cooling being the current mainstream solution, accounting for over 95% of the market share in China [2] - The penetration of liquid cooling technology is anticipated to increase due to the rising power consumption of chips and the need for efficient cooling solutions [3] Summary by Sections Section 1: Computing Power and Cooling Technology - The continuous increase in chip power consumption drives innovation in cooling technologies, with CPU power design reaching 350-500W and GPU exceeding 800W [1][17] - The total number of data center racks in China is projected to reach 8.1 million by the end of 2023, with data centers consuming about 3% of the total electricity in society [14][17] Section 2: Cooling Media Market - The liquid cooling market is expected to grow significantly, with the Chinese liquid cooling server market projected to reach $1.26 billion in the first half of 2024 [2] - Single-phase cold plate liquid cooling can reduce PUE to 1.20-1.25, showing clear advantages over air cooling [2] Section 3: Liquid Cooling Technologies - Immersion liquid cooling shows potential but has varying opinions on its effectiveness, with silicone oil being favored for its cost-effectiveness and compatibility [3] - The introduction of PFAS regulations may lead to innovations in liquid cooling media, with alternatives like HFO and CO2 being considered [3] Section 4: Investment Recommendations - Companies to watch include Juhua Co., Ltd., Sinochem International, Dongyangguang, and others involved in the production of cooling media [4]