Alphabet(US:GOOG) Orient Securities·2025-12-29 05:46Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The demand for Google's TPU is expected to grow significantly, leading to a rapid increase in the liquid cooling market for Google servers. The shift in Google's supplier model will provide greater opportunities for domestic suppliers, making liquid cooling a second growth curve for them [3][59] Summary by Sections 1. Google's TPU v7 Servers to Fully Transition to Liquid Cooling - Google has initiated its self-developed ASIC project in 2014, officially launching the TPU in 2016, which has significantly optimized energy consumption and cost-effectiveness in neural network inference. The latest TPU v7, named Ironwood, has shown substantial performance improvements [12][19] 2. Rapid Growth of Google's Liquid Cooling Market - The market size for Google's liquid cooling servers is projected to reach approximately 18 billion RMB (around 2.57 billion USD) in 2026, a significant increase from 2025. This growth is driven by the expected shipment of 2.8 million TPU v7 chips in 2026 [26][29] 3. Breakthrough in Google's Liquid Cooling Supplier Model - Google's supplier model differs from NVIDIA's, as Google aims to ensure the safety, stability, and reliability of its data centers by directly engaging with liquid cooling system and component suppliers. This model is expected to provide more opportunities for domestic suppliers [34][38] 4. Major Investment Strategies: Domestic Liquid Cooling Suppliers to See Significant Opportunities - With the anticipated growth in TPU demand and the transition to liquid cooling, domestic suppliers are expected to benefit from increased market space. Key investment targets include companies like Invec, Silver Wheel, and Flying Dragon [3][59]