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Core Viewpoint - The article highlights the remarkable stock performance of Yingweike, which has seen a significant increase in its stock price and market valuation, indicating a new industrial trend in the AI computing infrastructure sector [3][5][6]. Group 1: Stock Performance and Market Trends - Yingweike's stock price surged by 26.9% within 15 trading days, reflecting strong market interest [3]. - Over the past six months, Yingweike's stock has increased nearly threefold, approaching a market capitalization of 100 billion [5]. - The current market behavior suggests that capital is recognizing a new trend in the industry, particularly in liquid cooling technology as a necessity for AI computing [6][12]. Group 2: Drivers of Stock Surge - The recent surge in stock price is attributed to rumors regarding Google's factory inspection and its increased shipment target for TPU chips, which could lead to significant orders for Yingweike [8]. - If successful in securing contracts, Yingweike could capture 20%-25% of the liquid cooling solutions for Google's TPU cabinets, translating to potential orders worth 2-3 billion [8]. Group 3: Technological Context - The shift towards liquid cooling technology is becoming essential due to the rising power consumption of AI chips, with Nvidia's latest chips exceeding 1000W [12][13]. - Liquid cooling is transitioning from an optional technology to a mandatory requirement for high-performance computing systems, driven by the demands of AI applications [15][17]. Group 4: Market Potential and Growth - Goldman Sachs predicts that the penetration rate of liquid cooling in AI training servers will rise from 15% in 2024 to 80% by 2027, indicating substantial growth potential for industry leaders [17]. - The demand for liquid cooling components is expected to grow in tandem with the increase in high-performance GPU shipments, similar to the growth seen in the optical module market [19]. Group 5: Competitive Landscape - Yingweike's unique position stems from its comprehensive self-research and production capabilities across the entire liquid cooling supply chain, which reduces integration risks for clients [20][21]. - Competitors include global players like Viavi and Taiwanese manufacturers, as well as domestic companies like Shenling and Gaolan, which are also entering the liquid cooling market [24][25]. Group 6: Company Background and Financials - Since its inception, Yingweike has evolved from a domestic temperature control company to a key supplier in the global computing infrastructure market, achieving significant revenue growth [28][29]. - The company's revenue reached 4.026 billion in the first three quarters of 2025, marking a 40.19% year-on-year increase [29][31]. Group 7: Future Outlook - The article concludes that liquid cooling technology is becoming a cornerstone of computing infrastructure, with Yingweike positioned to capitalize on this trend [33]. - However, the current high valuation, with a price-to-earnings ratio exceeding 180, reflects optimistic market expectations, which could lead to volatility if order fulfillment does not meet projections [35][36].