Summary of AIDC Liquid Cooling Conference Call Industry Overview - The liquid cooling technology has become a necessary choice for high power density AI training models, with single cabinet power density reaching 70-200 kW, requiring efficient cooling [1][2] - Liquid cooling systems are categorized into contact (silent) and non-contact (cold plate, phase change), with cold plate systems being the mainstream, accounting for approximately 85% of the market [1][4] Key Insights and Arguments - The global penetration rate of liquid cooling is expected to increase from 21% in 2023 to 43% by 2028, with a projected market size of approximately $7.5 billion in 2025, $15 billion in 2028, and $25 billion in 2030, reflecting a compound annual growth rate (CAGR) of about 25% from 2025 to 2035 [1][7] - The upgrade from NVIDIA's GB200 to GB300 has seen an increase in the value of each computer train from $30,000 to $34,000, and the value of UQD has risen from $100 to approximately $110, indicating a non-linear growth in CDU costs as thermal power increases [1][8] Market Dynamics - Domestic manufacturers possess full-chain or key component manufacturing capabilities, which positions them to capture a larger share of the global market, especially as overseas manufacturers have limited production capacity and weak expansion intentions [1][5] - The liquid cooling system consists of primary side (cooling towers, dry coolers, chillers) and secondary side components (cold plates, CDU, manifold, UQD), with CDU being the core component that has a high technical barrier [1][6] Competitive Landscape - Major global liquid cooling suppliers include Taiwanese companies such as AVC, Shuanghong, and Coolmaster, while domestic suppliers include Yingweike, Tongfei, and Feirongda, with some like Yingweike and Tongfei also targeting international markets [1][10] - Potential domestic suppliers capable of providing full-chain solutions to NVIDIA or other CSP manufacturers include Yingweike, Feirongda, and Kexin New Energy, among others [1][13][14] Technical Aspects - The CDU (Central Processing Unit) has a high technical barrier and is the only component that can be classified as equipment, with core indicators including supply liquid temperature stability, temperature difference control, and system cleanliness [1][11] - NVIDIA's approach to liquid cooling technology differs from domestic practices, as it employs a single GPU per liquid cooling plate, while domestic solutions often use one plate for two GPUs due to lower chip thermal power [1][9] Future Outlook - The liquid cooling market is expected to grow significantly, driven by the increasing thermal power demands of data centers and the shift from traditional air cooling to liquid cooling solutions [1][2][7]