Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling market is expected to see significant growth, with Google's demand for liquid cooling cabinets revised upwards from 30,000-40,000 units to approximately 65,000 units by 2026, indicating a market space increase of about 50% [2][3] - NVIDIA anticipates shipping 100,000 liquid cooling cabinets next year, corresponding to a market space of 70 billion RMB [1][4] - The global liquid cooling market is projected to reach a scale of 100 billion RMB by 2026, tripling from approximately 30 billion RMB in 2025, and could reach 200 billion RMB by 2028 [1][6] Key Players and Supply Chain - Major suppliers in NVIDIA's liquid cooling supply chain include AVC, Colmars, Baode, and Shuanghong, while CDU suppliers include Weidi, Delta, Ament Cool IT, and Schneider [5] - Google's CDU suppliers include Invec, Kohler Master, and Invent, with Invec holding a market share of 30%-35% [5] - Domestic suppliers include Invec, Shenling Environment, and Gaolan Co., which have a high localization rate [5] Company-Specific Insights Invec - Invec is highlighted as a key recommended company due to its capacity and technological advantages, showing significant competitiveness in acquiring overseas orders [7] - The company is expected to see a substantial improvement in performance, with stock prices potentially increasing by 40%-50% as it captures a 30% market share in the external cabinet market, leading to revenues exceeding 4 billion RMB and profits over 1 billion RMB [8] DingTong Technology - DingTong Technology has secured an order for 5,000 liquid cooling IO connectors and anticipates a near doubling of demand for 800G and 1.6T optical modules in 2026, which will significantly boost connector demand [9][10] YiDong Electronics - YiDong Electronics, engaged in OEM for server-related products, expects its OEM revenue to reach at least 1 billion RMB next year, with plans to expand capacity to meet customer demand [11] ShenLing Environment and GaoLan Co. - ShenLing Environment is positioned strongly in the domestic data center air cooling management systems and is expected to secure 20%-30% of Huawei's procurement share, with overseas orders amounting to at least 250 million RMB [12] - GaoLan Co. is also a key supplier for Huawei, with expectations of securing similar procurement shares and actively participating in Southeast Asian project tenders [12] Other Companies - Shuguang Digital Creation is a leading domestic company in immersion liquid cooling technology, collaborating with major North American clients like Meta and Google [13] - Siquan New Materials is focused on sample work within NVIDIA's supply chain and is advancing its related business development [13] Market Trends and Future Outlook - The increasing power consumption of AI computing cards and the rising penetration rate of liquid cooling solutions are expected to enhance the value of liquid cooling, with a sustainable gross margin of around 50% projected for the next 2-4 years [1][6] - The liquid cooling market is anticipated to align closely with the growth trajectories of optical modules and PCB sectors, indicating a robust future for the industry [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期， A股市场在经历近2个月盘整后再度迎来上涨，上证指数重回3900点关口，板块方面，AI算力产业链再爆发，其中CPO龙头新易盛股价再 创历史新高，12月23日其股价盘中最高触及466.66元的历史高位，若从4月9日46.56元的最低价起算，期间股价已翻十倍！（可参考： CPO、 PCB等AI算力概念王者归来？一文盘点机构重仓的AI算力概念股！ ） 而 在 AI产业链配套的液冷环节中，相关个股同样表现不凡，液冷龙头英维克股价自12月以来持续上涨创新高，12月24日盘中股价最高触及 112.73元创下历史新高，截至收盘其股价为111.17元/股，12月至今涨幅已超50%，公司最新总市值超千亿 ！ （ 点此领取液冷概念股名单 ） | | TPU v4 | TPU v5p | Ironwood | | --- | --- | --- | --- | | | 2022 | 2023 | 2025 | | Pod Size (chips) | 4096 | 8960 | 9216 | | HBM Bandwidth/ | 32 GB | 95 GB | ...

格隆汇12月24日丨统一股份(600506.SH)在投资者互动平台表示，1）公司取得位于柯桥的土地后，即开 展施工前期的勘探、规划、设计、办理建设相关许可证书等一系列工作，在此期间可能会受宏观经济、 行业环境、市场竞争、经营管理等因素的影响，造成实施情况与预期产生差异，公司正在积极推进相关 工作。公司会按照规定，在满足披露要求的情况下，及时公告项目进展。2）目前的液冷冷却技术根据 是否与热器件接触分为两类：直接接触的包括浸没式和喷淋式；间接接触的是冷板式。无论是浸没式还 是冷板式都可以在数据中心使用，公司均有相关产品。 ...

格隆汇12月24日丨川润股份(002272.SZ)在互动平台表示，公司液冷业务开展顺利，目前产线能满足当 前订单需求。公司始终以市场需求为导向，实时根据战略规划、经营计划，市场与客户需求动态调配产 能。在技术研发方面，公司紧跟行业前沿，研发新技术、新材料、新工艺，不断优化、提升产品的性能 和可靠性，通过技术创新，为客户提供更高效、更节能可靠的液冷整体解决方案，增强市场竞争力。 在市场拓展上，公司积极布局海内外市场，与客户建立长期稳定的合作关系。我们深入了解不同客户群 体的需求特点，为他们量身定制液冷整体解决方案和服务。关于与客户的合作详情，敬请关注公司在指 定信息披露媒体发布的公告等公开信息。未来，公司将继续以创新为驱动，以客户需求为核心，不断提 升自身的综合实力，为客户提供更优质的产品和服务。 ...

格隆汇12月24日丨高澜股份(300499.SZ)在投资者互动平台表示，公司液冷技术节能效果显著，可提供 冷板式与浸没式等多种液冷解决方案，PUE最低可降至1.1以内，较传统风冷减少30%-40%能耗。具体 节能效果受环境条件、IT负载、冷源配置等因素影响。 ...

格隆汇12月24日丨高澜股份(300499.SZ)在投资者互动平台表示，公司液冷技术节能效果显著，可提供 冷板式与浸没式等多种液冷解决方案，PUE最低可降至1.1以内，较传统风冷减少30%-40%能耗。具体 节能效果受环境条件、IT负载、冷源配置等因素影响。 ...

先说液冷。 今日液冷板块延续强势，龙头英维克在全市场超4000家下跌的悲观情绪下逆势涨停。我们认为今天 液冷板块强势除了前些日出海订单持续超预期的催化外，还与今天字节资本开支信息发酵相关，毕 竟明年起，国内液冷市场将也会呈现爆发增长。 目前国内的超节点都是液冷的形态，除了曙光是浸没式液冷，其他都是冷板式液冷。 这里再补充一点H200的事， 假如H200最终放开，那进到国内的基本都是8卡机，都是风冷的 ；包括 国内厂家的8卡机，也都是风冷为主。 大家对国内液冷市场盈利能力的担忧主要来源于与国内储能液冷市场的横向对比，认为液冷技术门 槛有限，在国内比较卷的商业环境下难有好的利润率。国内经商环境比较卷这点并否认，但储能液 冷与数据中心液冷在应用及适配门槛上差距还是比较大，从适配周期来看，数据中心液冷适配周期 显著长于储能液冷，数据中心液冷新供应商导入周期短则1年，长则2-3年，而储能液冷新供应商导 入最快速度平均在3-6个月，本质还是赛道成熟度及终端产品用途差异所致。国内数据中心液冷的毛 利，对于成本管控能力较强的液冷厂商，可以做到25%左右。 关于昇腾链，也就是国产链，我本来计划元旦前写一篇关于明年的展望时，分析 ...

Core Viewpoint - The article highlights the significant rise of liquid cooling server concepts in the stock market, particularly focusing on the impressive performance of Yingweike, which has seen its stock price surge and market capitalization exceed 100 billion yuan, indicating a new industrial trend in AI computing infrastructure [1][4]. Group 1: Stock Performance and Market Trends - Yingweike's stock price increased by 26.9% over just 15 trading days, showcasing a remarkable performance amidst a generally volatile A-share market [1]. - Over the past six months, Yingweike's stock has nearly tripled in value, approaching a market capitalization of 100 billion yuan [3]. - The current market behavior suggests that capital is recognizing a new industrial trend, as evidenced by the accelerated stock price increase despite typically tight year-end funding conditions [4][5]. Group 2: Catalysts for Growth - The recent surge in Yingweike's stock price is attributed to market rumors regarding Google's factory audit and a significant increase in Google's TPU chip shipment targets, which could lead to substantial orders for Yingweike's liquid cooling solutions [6]. - The expectation of securing 20-25% of the liquid cooling solution market for Google's TPU cabinets translates to potential orders worth 2-3 billion yuan [6]. Group 3: Technological Context and Industry Dynamics - The shift towards liquid cooling technology is becoming essential due to the increasing power consumption of AI chips, with Nvidia's latest chips exceeding 1000W, necessitating advanced cooling solutions [11][12]. - The liquid cooling market is projected to see a significant increase in penetration, with estimates suggesting it will rise from 15% in 2024 to 80% by 2027 for AI training servers [13]. - Yingweike's comprehensive self-research and production capabilities in the liquid cooling sector position it uniquely within the global AI computing supply chain [21][18]. Group 4: Competitive Landscape - Yingweike stands out as the only A-share company covering the entire liquid cooling supply chain, from CDU to liquid cooling plates, which reduces integration risks for customers [18][15]. - The competitive landscape includes both domestic and international players, with companies like Weidi and Shenyang Environment posing significant competition in the high-end market [17]. Group 5: Financial Performance and Future Outlook - Yingweike's revenue has grown significantly, with a projected revenue of 45 billion yuan by 2024, reflecting a consistent growth trajectory over the past 14 years [21]. - The company's liquid cooling revenue is currently a small fraction of total revenue, indicating potential for substantial growth as the market expands [24]. - The current high price-to-earnings ratio of nearly 180 times reflects optimistic market expectations, but also poses risks if order fulfillment does not meet projections [25].

Group 1 - The core point of the news highlights the strong performance of semiconductor-related stocks, driven by ByteDance's planned capital expenditure of 160 billion RMB (approximately 23 billion USD) for 2026, with half allocated for advanced semiconductor procurement to develop AI models and applications [1] - NVIDIA, SK Hynix, and Phison Electronics are collaborating to develop AI-specific solid-state drives (SSDs), which are expected to outperform current AI server SSDs by a factor of ten [1] - The liquid cooling market is projected to reach 21.8 billion USD by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) in data centers, with Taiwanese manufacturers currently dominating the supply chain [1] Group 2 - The Semiconductor Equipment and Materials International (SEMI) report forecasts global semiconductor manufacturing equipment sales to reach 133 billion USD in 2025, a 13.7% increase year-over-year, with further growth expected in 2026 and 2027 [2] - Domestic GPU companies are entering a capital expenditure acceleration phase, with companies like Muxi Technology and Moer Thread achieving significant milestones in GPU sales and technology breakthroughs [2] - The domestic supply chain for semiconductor upstream equipment and materials is expected to accelerate, providing opportunities for local suppliers as wafer fabrication plants expand [2] Group 3 - As of December 23, 2025, the semiconductor materials and equipment theme index rose by 1.79%, with the chip equipment ETF (560780) increasing by 1.70% [3] - The top ten weighted stocks in the ETF account for 64.75% of the index, with notable increases in stocks such as Kema Technology and Aisen Co., Ltd. [3] - The chip equipment ETF has seen a significant growth of 1.01 billion RMB in the past three months, indicating strong investor interest [3]

数据显示，截至2025年11月28日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创 (300308)、新易盛(300502)、寒武纪(688256)、中科曙光(603019)、澜起科技(688008)、科大讯飞 (002230)、海康威视(002415)、豪威集团(603501)、金山办公(688111)、浪潮信息(000977)，前十大权重 股合计占比63.92%。 中信证券研报称，2025年以来，在AI服务器功耗和芯片功率大幅提升的背景下，液冷方案凭借更高的 散热效率、更低的PUE，正逐步成为数据中心节能降耗的主流技术路径。该机构预测，随着液冷加速渗 透叠加技术升级ASP提升，2027年全球液冷市场空间将达到218亿美元。从行业竞争格局看，当前液冷 产业链以台系厂商为主。随着芯片厂商逐步参与液冷供应链选择，国产厂商迎来重大机遇。看好国产厂 商充分受益AIDC液冷需求放量，推荐具备液冷核心组件量产能力及整体解决方案的厂商。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智 ...