Nvidia(US:NVDA) GUOTAI HAITONG SECURITIES·2026-01-27 05:03Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The year 2025 is projected to be the "landing year" for liquid cooling in data centers, driven by the intersection of increased computing power density and stringent energy efficiency requirements [2][4] - Liquid cooling technology is evolving rapidly, with cold plate systems currently holding an 80% market share, while immersion cooling is recognized as the future core direction for high-density computing scenarios [2][21] - The choice of cooling liquid significantly impacts the safety, lifespan, and operational costs of liquid cooling systems, making it a high-value segment within the liquid cooling industry [2][3] Summary by Sections 1. Background of Liquid Cooling Technology - The explosive growth in computing power demand and continuous increase in chip power consumption necessitate advanced cooling solutions [6][11] - Energy efficiency has become a rigid requirement, with global data center electricity consumption projected to double by 2030 [15][16] - The rise of edge computing is creating new demands for efficient space utilization in data centers [19] 2. Classification and Technical Characteristics of Liquid Cooling Systems - Liquid cooling systems are categorized into cold plate, immersion, and spray cooling types, with cold plate and immersion systems leading the market [20][21] - Cold plate systems are widely used due to their reliability and moderate deployment costs, while immersion cooling is recognized for its superior heat dissipation capabilities [22][38] 3. Performance Requirements of Cooling Liquids - Water-based cooling liquids dominate cold plate systems, while oil-based liquids are used in single-phase immersion systems [3][4] - Fluorinated liquids are considered the ideal cooling medium for data centers, although their high cost limits their application to high-power scenarios [3][4] 4. Future Trends in Cooling Liquids - The development of cooling liquids is evolving towards higher efficiency, lower energy consumption, better environmental performance, and smarter systems [2][4] - The industry is moving towards a comprehensive thermal management solution that integrates material science, thermodynamics, and intelligent control technologies [2][4] 5. Competitive Landscape - The water-based cooling liquid market is highly open with many participants, while the oil-based cooling liquid market is specialized and dominated by foreign brands [2][3] - The fluorinated liquid industry is undergoing significant changes, with traditional giants exiting the market and domestic companies seizing the opportunity for "domestic substitution" [2][3]