Core Insights - The liquid cooling market is experiencing rapid growth due to the increasing demand for AI computing power and the performance enhancement of computing chips [1][2] - By 2025, the liquid cooling server market in China is projected to reach $3.39 billion, with a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029 [1] - The demand for liquid cooling is closely linked to the development of high-power domestic chips, which will transition liquid cooling from an optional to a necessary solution [1][2] Industry Overview - The primary technologies for cooling in data centers are liquid cooling and air cooling, with liquid cooling gaining traction in recent months [1] - The current liquid cooling technology landscape includes cold plate, immersion, and spray cooling methods, with cold plate technology expected to dominate the market for the next 3-5 years due to its cost-effectiveness and maturity [1][2] - The liquid cooling market is anticipated to reach a scale of 100 billion RMB by 2030, indicating significant growth potential [2] Company Insights - Sichuan Chuanrun Co., Ltd. has developed automated production lines for liquid cooling products, with an annual capacity of up to 1GW [1] - The company expects its liquid cooling-related revenue to exceed 350 million RMB by 2025, with a projected 300% year-on-year growth in data center liquid cooling revenue [1] - Currently, about 80% of the company's revenue comes from overseas markets, highlighting the global demand for liquid cooling solutions driven by AI computing needs [1][2] Market Dynamics - The rapid increase in AI computing power, particularly from NVIDIA's high TDP chips, is driving the demand for liquid cooling solutions [1] - Domestic data centers primarily utilize air cooling due to lower power density, with liquid cooling penetration expected to reach around 10% by 2025 [1] - The liquid cooling industry faces challenges such as a lack of standardization and compatibility issues among different manufacturers, which could hinder growth [2]

氟化工：制冷剂主升进行时，AI 液冷再蓄势 20250926 制冷剂行业在不同国家之间有何差异？ 制冷剂行业的全球政策对所有国家都有严格约束，但发达国家优先进行控制， 而发展中国家则稍晚一些。发展中国家分为两组，中国属于第一组，与大部分 发展中国家在同一时间点，即 2020 年至 2022 年，以这三年的平均使用量作 制冷剂市场集中度高，R32 和 R134a 等主要品种均由少数龙头企业控 制约 90%的市场份额，具备较强的稳定性，使得行业能够通过精细管理 实现稳定发展，成为反内卷标杆。 液冷技术作为新兴应用领域，对制冷剂需求不断增长，国内氟化工龙头 企业积极布局电子氟化液和液冷相关业务，有望成为液冷赛道的重要供 应商，推动制冷剂需求持续增长。 为基线值。这意味着三代制冷剂在这段时间内的平均使用量加上二代制冷剂尚 未淘汰完毕所预留出来的市场空间，共同构成了供给上限，即 18.5 亿吨二氧 化碳当量。 中国在全球制冷剂市场中的地位如何？ 中国在全球三代制冷剂供应中占据绝对主导地位，供应量超过全球总需求的 80%。为了便于管理，中国按照品种发放配额，并根据 GWP 值计算总量。在 执行过程中，如果某个品种需求增长 ...

Investment Rating - The industry investment rating is "Overweight" [6] Core Viewpoints - The upgrade of AI computing power drives innovation in cooling technology, with liquid cooling expected to significantly reduce energy consumption in data centers by 20%-30% and lower PUE to below 1.2 [1][25] - The market for various cooling media is expanding, with cold plate liquid cooling being the current mainstream solution, accounting for over 95% of the market share in China [2] - The penetration of liquid cooling technology is anticipated to increase due to the rising power consumption of chips and the need for efficient cooling solutions [3] Summary by Sections Section 1: Computing Power and Cooling Technology - The continuous increase in chip power consumption drives innovation in cooling technologies, with CPU power design reaching 350-500W and GPU exceeding 800W [1][17] - The total number of data center racks in China is projected to reach 8.1 million by the end of 2023, with data centers consuming about 3% of the total electricity in society [14][17] Section 2: Cooling Media Market - The liquid cooling market is expected to grow significantly, with the Chinese liquid cooling server market projected to reach $1.26 billion in the first half of 2024 [2] - Single-phase cold plate liquid cooling can reduce PUE to 1.20-1.25, showing clear advantages over air cooling [2] Section 3: Liquid Cooling Technologies - Immersion liquid cooling shows potential but has varying opinions on its effectiveness, with silicone oil being favored for its cost-effectiveness and compatibility [3] - The introduction of PFAS regulations may lead to innovations in liquid cooling media, with alternatives like HFO and CO2 being considered [3] Section 4: Investment Recommendations - Companies to watch include Juhua Co., Ltd., Sinochem International, Dongyangguang, and others involved in the production of cooling media [4]

Investment Rating - The report maintains a positive investment outlook across various sectors, particularly in hydrogen energy, wind power, and lithium batteries, indicating strong growth potential and investment opportunities [1][2][3][4][5][6][9][23]. Core Insights - The energy revolution is shifting focus towards decarbonization in non-electric sectors, with green hydrogen and methanol as key pathways, presenting multiple investment opportunities in production and equipment [1][5][6][7]. - The wind power sector is experiencing significant developments, with major projects in Italy and Thailand, indicating robust overseas expansion for leading companies [9][10][11][12]. - The lithium battery market is witnessing strong demand driven by the energy storage sector and the upcoming peak consumption season for electric vehicles, leading to price increases [23][24]. Summary by Sections Hydrogen and Fuel Cells - The market is recognizing the potential of green hydrogen and methanol, with significant growth expected in various applications such as transportation and chemicals [1][5][6][7]. - The demand for green methanol in shipping is projected to rise, with regulatory frameworks supporting its adoption [7]. Wind Power - Major investments in floating wind projects in Italy are set to commence, with expectations for significant contributions to the European offshore wind market [9][10]. - Companies like Mingyang and Goldwind are expanding their overseas operations, enhancing their competitive edge [11][12]. Lithium Batteries - The lithium battery sector is entering a strong demand phase, with significant procurement activity from end-users in both energy storage and electric vehicles [23][24]. - The market for lithium hexafluorophosphate (6F) is experiencing price increases due to tight supply conditions [23][24]. Electric Grid and Industrial Control - The export of major electrical equipment is on the rise, with significant growth in transformers and high-voltage switches, indicating a long-term positive outlook for overseas demand [26][27]. - Companies in the industrial control sector are launching new products aimed at enhancing efficiency and performance in robotics [28][29]. New Energy Vehicles - The domestic market for new energy vehicles is showing strong sales growth, with significant increases in both retail and wholesale volumes [30].

通信行业点评 液冷技术再突破，IDC 热管理"变纪元"开启 2025 年 09 月 28 日 ➢ 微软发布液冷新技术，致力突破 IDC 功耗。根据 IDC 圈 2025 年 9 月 25 日 咨讯，微软董事长兼首席执行官 Satya Nadella 在社交媒体宣布，微软团队取得 了一项巨大突破：一种使用微流控技术的新型液冷方法，为比传统方法更高效、 更可持续、更密集的的数据中心打开了大门。 ➢ 微软该项技术有望重塑 IDC 液冷格局。我们认为液冷引入复杂流体系统， 使得越来越多的芯片服务器"出厂即液冷"。若微软的微流控技术实现规模化，必 将对 IDC 行业带来"二次冲击"。与冷板和浸没式液冷的"外部接触"不同，微 流控将冷却液直接嵌入芯片硅层，热传导效率提升 2-3 倍。而内置流体与外界的 交换的耦合可能反倒没有冷板紧密，同时，芯片的高散热能力实际上会提升对机 房整体散热能力的需求。 ➢ 看好芯片性能持续迭代下带来的 AI 热管理&基建侧机遇。根据 IEA 预测： 全球为满足数据中心的用电需求，电力供给将从 2024 年的约 460TWh 增长， 至 2030 年超过 1000TWh，即数据中心整体的电力需求 ...

Core Viewpoint - BP's subsidiary Castrol is betting on the Chinese liquid cooling server market by launching an end-to-end liquid cooling solution aimed at enhancing the efficiency of data centers in China [1][4]. Group 1: Market Trends - The data center industry is facing significant energy consumption challenges, particularly with the rise of AI applications, leading to increased power demands from high-end GPU/AI chips, which have surged from approximately 500-700W to levels of 1000W and even 2000W [1][3]. - The power density of server cabinets has exceeded 50kW, with leading AI cabinets commonly reaching over 100kW, making liquid cooling the only viable solution for effective heat management beyond this threshold [1][3]. - The Chinese data center market is rapidly transitioning to liquid cooling, with IDC forecasting a market size of $2.37 billion in 2024, representing a 67% increase from 2023 [7]. Group 2: Technical Insights - Liquid cooling technology is seen as a major upgrade for data centers, addressing the need for improved energy efficiency and lower operational energy consumption, with PUE (Power Usage Effectiveness) being a critical metric [5][6]. - The cooling liquid is a unique medium that interacts with all components of the data center infrastructure, necessitating in-depth research and understanding of its properties, including material compatibility and lifecycle changes [4][6]. - Castrol emphasizes an end-to-end solution that integrates the entire system, addressing the complexities of liquid cooling deployment, operation, and retirement while ensuring compatibility with existing equipment [4][6]. Group 3: Financial Considerations - The cost structure of liquid cooling can be divided into CAPEX (capital expenditures) and OPEX (operational expenditures), with CAPEX covering design, hardware, and deployment, while OPEX benefits from reduced energy and maintenance costs due to improved efficiency [6]. - The company is investing heavily in compatibility testing for various chip and server types to ensure confidence among clients and facilitate the adoption of liquid cooling solutions [6]. Group 4: Strategic Importance of China - China is identified as a key strategic market for Castrol due to its competitive supply chain and partnerships with local firms like Inspur and Yixin Technology [7]. - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, with the market size expected to reach $16.2 billion by 2029 [7].

英国石油公司（BP）旗下润滑油巨头嘉实多正在押宝中国液冷服务器市场。近日，嘉实多宣布，面向 中国市场发布其端到端液冷解决方案，推动液冷在中国数据中心从设计到交付完整落地。 数据中心行业被形容为"不冒烟的钢厂"，一直受高能耗问题困扰，人工智能应用爆发下，能耗问题更加 突出。嘉实多热管理事业部全球总裁黄建棠告诉21世纪经济报道记者，观察近两年数据中心市场，高端 GPU/AI芯片功耗已从约500–700W跃升至1000W，甚至2000W级，机柜功率密度轻松越过50kW，头部 AI机柜普遍达100kW以上。为在此密度下控制散热与PUE，七八十千瓦尚可采用液/风混合，但一旦超 过100kW，风冷基本失效，液冷将成为唯一可行路径，其根本原因在于液体比热容与导热能力远高于空 气、可从芯片源头高效带走热量。 黄建棠进一步分析，在训练与大规模推理场景中，算力主要由GPU芯片承担，CPU更多负责调度与通用 负载。目前，数据中心的IT功耗/资本开支明显向GPU芯片倾斜，常见情况下有60%–80%的IT功耗集中 在GPU加速节点，其余分配给CPU、存储与网络等部件，从散热能力与热负载匹配来看，高功耗的加速 节点必然优先采用液冷。 从 ...

英伟达与英特尔出人意料地携手。根据合作协议，双方将在个人电脑（PC）和数据中心领域共同开发芯片，旨在将英伟达领先的图形处理器（GPU）与英特尔的 中央处理器（CPU）及封装技术深度结合。 合作的主菜，业界的关注点，除了对于PC的AI芯片的共同研发和晶圆工艺代工方向的热切瞩目，正如英特尔CEO在X中官宣的一句话："要联合开发用于PC和数据 中心的AI芯片。"而英伟达黄仁勋的回应则更带着一份战略笃定者的态度："人工智能正在推动一场新的工业革命，并重塑计算堆栈的每一层——从芯片到系统再 到软件。这场重塑的核心是英伟达的CUDA架构。这次历史性的合作将英伟达的AI和加速计算堆栈与英特尔的CPU以及庞大的x86生态系统紧密结合——这是两个 世界级平台的融合。我们将共同扩展我们的生态系统，并为下一个计算时代奠定基础。" 老黄的这句话，揭示着"得数据者得下一个计算时代"的现状。而数据又不仅仅是数据，而是能"转起来"的数据，能创造商业价值的数据。 以下是本文逻辑： 一、 英伟达的向下穿透，和阿里云的向上攻克 二、 国内数据中心的AI转型 三、 新算力时代的数据之战，怎么打？ 2024年中国IT服务市场整体规模达525.6亿美 ...

Core Viewpoint - The announcement by Lihexing regarding the operational scope change of its subsidiary, Lirong Electronics, signals a strategic shift towards high-tech sectors such as semiconductors, AI computing power, and new energy, enhancing its competitive position in these emerging markets [1][3][4] Group 1: Business Expansion - Lirong Electronics has expanded its operational scope to include sales of electronic components, integrated circuit chips, semiconductor devices, and manufacturing of electronic specialized equipment, indicating a focus on high-tech fields [3][4] - The company has been a qualified supplier for Huawei since 2013, deepening its collaboration with Huawei and its affiliates, which has led to a market share of over 10% in the smart terminal testing sector [3][4] Group 2: Strategic Partnerships - The partnership with Huawei has evolved from mobile smart terminals to include 5G base stations, new energy vehicles, and digital energy, showcasing the company's adaptability and growth potential in various cutting-edge fields [3][4] - Lihexing is a key manufacturer for Huawei's liquid-cooled ultra-fast charging equipment and is involved in critical manufacturing tasks for Huawei's fully automated charging robot project [3][4] Group 3: Market Opportunities - The adjustment in operational scope allows the company to respond more flexibly to market demands and integrate industry chain resources, thereby enhancing its competitiveness in smart manufacturing and high-end electronic equipment [4] - Analysts believe that Lihexing's deep ties with technology giants like Huawei position it well for a new round of business expansion and performance growth, particularly in semiconductor and energy electronics sectors [4]

Core Viewpoint - The company, Jinzhit Technology (002090.SZ), has clarified that it is not engaged in the research and development or production of liquid cooling technology [1] Group 1 - The company has stated that it does not participate in any activities related to liquid cooling technology [1]