Nvidia(US:NVDA) Hua Yuan Zheng Quan·2026-01-18 14:22Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid progress and optimistic outlook for the liquid cooling industry, particularly focusing on the core increments of the Rubin liquid cooling solution, which includes microchannel technology, CDU enhancements, and manifold integration [4][5][10]. Summary by Sections 1. NVIDIA Rubin Platform Release - The Rubin platform adopts a 100% liquid cooling solution, expected to be delivered in the second half of 2026. It features a modular design with a power consumption exceeding 200KW, compared to the GB300's 80% liquid cooling [8][10]. 2. Core Change 1: Microchannel Cold Plate Material and Process Upgrades - The adoption of microchannel technology is expected to become the mainstream cooling method, significantly enhancing cooling efficiency by reducing thermal resistance and increasing heat flow density [13][18]. - Key material considerations include the use of oxygen-free copper for its superior thermal conductivity and structural strength [19]. - Connection methods must ensure quality and sealing to prevent flow channel deformation or blockage, with techniques such as laser welding and brazing being utilized [20][23]. - Flow channel processing requires high precision, with various methods like precision milling and laser processing being employed to achieve the necessary micro-level accuracy [24][29]. 3. Core Change 2: CDU Power and Control Requirements Enhancement - The CDU's overall power will increase in line with the cabinet's power, with enhanced control requirements to accommodate higher cooling demands. This is expected to elevate the CDU's overall value [27][28]. 4. Core Change 3: Manifold Integration Design - The design of the manifold has evolved to be more integrated and intelligent, featuring larger pipe diameters and the inclusion of valves and sensors to improve stability and reduce leakage risks [30][31].