中金公司研报称，在海外算力开支持续提升、算力芯片及液冷方案持续迭代升级下，AIDC液冷板块有 望迎来斜率向上的投资机会；国产液冷链有望借新技术窗口期以及决策链分散化切入海外配套；此外， 随着国产算力芯片突破，看好国产液冷链的替代机遇。 ...

Core Viewpoint - The liquid cooling market is projected to reach $21.14 billion (approximately RMB 151.77 billion) by 2032, with a CAGR of 33.2% from 2025 to 2032, driven by increasing demand for AI and high-performance computing [1][3]. Group 1: Market Growth and Demand - The liquid cooling market is expected to grow significantly, with a projected market size of $21.14 billion by 2032, reflecting a CAGR of 33.2% from 2025 to 2032 [1][3]. - The demand for liquid cooling solutions, particularly in the liquid cooling plate and CDU segments, is anticipated to increase due to the rising power consumption of server chips driven by AI developments [1][3]. Group 2: Technological Advancements - The evolution of AI is leading to a substantial increase in chip power consumption, necessitating a shift from traditional air cooling to liquid cooling solutions [1][2]. - The next-generation GB300 liquid cooling solutions are expected to see significant upgrades in technology, particularly in the secondary side liquid cooling plates, UQD, and CDU [2]. Group 3: Market Dynamics - The decision-making chain in the liquid cooling market is shifting from a centralized model to a more decentralized one, with potential changes in market dynamics as ODM manufacturers enter the liquid cooling space [3]. - The current global AIDC liquid cooling market is dominated by foreign and Taiwanese manufacturers, but the entry of domestic manufacturers could alter the competitive landscape [3]. Group 4: Investment Opportunities - There are promising investment opportunities in the AIDC liquid cooling sector, particularly benefiting from the rising capital expenditure in North America and the upgrade of GB300 liquid cooling solutions [4]. - Domestic manufacturers are positioned to capitalize on breakthroughs in local chip technology, presenting opportunities for market penetration and replacement of existing solutions [4].