Nvidia(US:NVDA) 中金点睛·2025-08-06 23:45Core Viewpoint - The development of AI is driving a significant increase in chip power consumption, leading to an accelerated shift from air cooling to liquid cooling solutions in data centers [5][6][10]. Group 1: Market Dynamics - The global liquid cooling market is expected to exceed 150 billion yuan, with a projected CAGR of 33.2% from 2025 to 2032, reaching approximately 211.4 billion USD (about 1517.7 billion yuan) by 2032 [3][38]. - The current liquid cooling market is primarily dominated by foreign and Taiwanese manufacturers, with a potential shift towards a more decentralized decision-making process as ODM manufacturers enter the market [3][35][36]. Group 2: Technological Advancements - The transition to liquid cooling is driven by the increasing power demands of AI chips, with NVIDIA's GB300 chip reaching a power consumption of 1400W, necessitating advanced cooling solutions [6][17]. - The liquid cooling architecture consists of a primary side (heat transfer) and a secondary side (IT equipment cooling), which are crucial for effective thermal management in high-density computing environments [11][30]. Group 3: Investment Opportunities - Investment opportunities are anticipated in the AIDC liquid cooling sector, particularly as domestic liquid cooling chains are expected to penetrate the market due to breakthroughs in domestic chip technology [2][3]. - Companies are encouraged to focus on segments benefiting from the rising capital expenditures in North America and the upgrade of GB300 liquid cooling solutions [3][40]. Group 4: Industry Trends - The demand for liquid cooling solutions is expected to grow significantly as data centers face stricter energy efficiency regulations globally, with PUE targets becoming increasingly stringent [8][9]. - The liquid cooling supply chain is currently characterized by a low concentration of market share, with no single company exceeding 15% market share, indicating a fragmented market landscape [31][34].