经济观察报·2025-12-13 07:49Core Viewpoint - The article discusses whether the current liquid cooling concept stocks are a bubble or the beginning of long-term strategic investments, and it explores the potential market size for liquid cooling in the coming year [1][3][13]. Company Developments - Lens Technology (蓝思科技) announced plans to acquire 100% of PMG International Co., LTD, aiming to quickly gain mature technology and customer certifications in the server cabinet business, along with advanced liquid cooling system integration capabilities [2][4]. - Other companies such as Zhongshi Technology (中石科技), Yidong Electronics (奕东电子), and Chunqiu Electronics (春秋电子) have also made moves to enter the liquid cooling sector, indicating a trend of capital influx into this market [2][8]. Market Performance - The liquid cooling server index has seen a significant increase of 49.66% year-to-date, with several component stocks doubling in price [2][12]. - Notable stock performances include Siquan New Materials (思泉新材) with a 286.21% increase, Yinvike (英维克) at 155.36%, and Kexin New Source (科创新源) at 123.97% [12]. Market Potential - The liquid cooling market is projected to exceed 100 billion yuan, with specific components like cold plates estimated to have a market size of around 30 to 40 billion yuan [13]. - Analysts predict that by 2026, the liquid cooling market for computing power will surpass 100 billion yuan, driven by the increasing demand for high-density computing and the limitations of traditional air cooling [14].