AI发展加速液冷渗透率，液冷工质打开成长空间

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The rapid development of AI is driving the demand for liquid cooling solutions due to increasing power consumption in data centers and high-density computing environments. Liquid cooling is becoming essential for temperature control in AI computing centers, outperforming traditional air cooling methods [2][4] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, growing by 67% year-on-year, and is expected to reach $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [2][49][59] - The exit of 3M from the fluorinated liquid market presents opportunities for domestic companies to develop high-performance cooling fluids, which are becoming critical components in liquid cooling systems [2][4] Summary by Sections 1. Liquid Cooling Technology Demand - The demand for liquid cooling technology is driven by the increasing power density of GPUs and CPUs in data centers, with power design requirements reaching 350-800W. Liquid cooling offers higher efficiency and lower noise compared to air cooling, making it a preferred solution for high-density environments [14][16][49] 2. Liquid Cooling Market Growth - The liquid cooling market is expanding rapidly, with significant growth opportunities in emerging industries such as data centers, robotics, and renewable energy storage. The market for liquid cooling servers in China is expected to grow significantly, with a projected CAGR of 46.8% from 2024 to 2029 [2][44][59] 3. Liquid Cooling Fluids - Various cooling fluids are used in liquid cooling systems, including ethylene glycol, propylene glycol, and fluorinated liquids. The demand for fluorinated liquids is increasing due to their unique properties, making them essential for high-performance cooling applications [5][66] 4. Investment Recommendations - Companies involved in the liquid cooling supply chain, such as Dongyangguang, Xinzhoubang, and Junhe Materials, are recommended for investment as they are expected to benefit from the growth in the liquid cooling market [2][4][6] 5. Policy Support - The Chinese government is promoting the development of liquid cooling technologies through various policies aimed at reducing energy consumption in data centers, which is expected to further drive market growth [36][58]