当前时点如何看液冷板块？20260201 摘要 液冷模式升级：从传统模式转向全液冷，提升整体价值量；管路材料升 级：橡胶管变更为不锈钢螺纹管，提高密度和模块化程度，增强散热能 力。 台湾散热厂商四季度业绩亮眼，预计一季度淡季不淡。奇宏 12 月营收 增长 110%，全年增长 95%，受益于 GB 系列出货；双红 12 月增速达 三位数，全年增长 48%，得益于 AI 服务器液冷系统市占率提升。 国内 ASIC 液冷推进速度不逊于台湾，头部厂商进展相似。奇宏预计 ASIC 渗透率将在 2026 年三季度显著提升，为市场提供参考节奏。 45 摄氏度回水温度不影响液冷部件，反而表明散热能力提升。高于 35 摄氏度无需冷机降温，无需过分解读其对冷机的不利影响。 液冷产业景气度高，AI 基础设施投资确定性强。台达预计 2026 年液冷 营收达 30-35 亿美元，虽份额或降，但受益于市场扩容，收入仍将翻倍 增长。 国内液冷企业在 NV 链和 ASIC 链表现出色，NV 链客户突破显著提升营 收和盈利能力。看好国内公司在 ASIC 芯片液冷业务进展。 海外市场对中国散热公司影响显著，中国散热公司有望在 NV 体系内率 先 ...

- The liquid cooling index (8841247.WI) has increased by 76.30% since the beginning of 2025 and by 71.99% since April 7, 2025, significantly outperforming the Wind All A Index during the same period[2][12][13] - Public fund holdings in the liquid cooling sector have rebounded since August 2025, based on real-time estimates derived from public market information such as fund net value, disclosed holdings, and research activities[3][17][19] - ETF fund holdings in the liquid cooling sector have been declining since July 2025, despite the overall growth in the scale of public ETF funds, which reached over 4.3 trillion yuan by the end of the second quarter of 2025[3][18][21] - The financing balance in the liquid cooling sector has been continuously rising since July 2025, indicating increased investor optimism about the market[3][23][25] - The chip yield characteristic of the liquid cooling index shows a current profitability effect of 12.97%, reflecting a momentum effect when the market's profitability is good and a reversal effect when it is weak[3][26][28] - The most frequently researched stocks by institutions in 2025 include Feilong Co., Ltd., Kexin Source, and Zhongshi Technology[4][30][32] - The stocks with the highest attention from Xueqiu influencers since August 1, 2025, include Inovance, Chuanhuan Technology, and Feilong Co., Ltd.[4][33] - The stocks with the highest net inflow of main funds since August 1, 2025, include Suzhou Tianmai, Tenglong Co., Ltd., and Huazheng New Materials[4][34][36] - The stocks that appeared on the Dragon and Tiger List since August 1, 2025, include Feilong Co., Ltd., Chuanhuan Technology, and Shuguang Digital Creation[4][37][38] - The stocks with the highest increase in the number of shareholders since August 1, 2025, include Zhongjie Automobile, Yinlun Co., Ltd., and Huafeng Aluminum Industry[4][37][40]

Investment Rating - The industry investment rating is "Outperform the Market - A" [7] Core Viewpoints - Liquid cooling technology is becoming a trend in data centers due to the increasing power consumption from AI chip performance upgrades, driven by three factors: industrial demand, policy support, and marginal changes in expectations [2][13] - The deployment of NVIDIA's GB300 and Huawei's Ascend 384 servers significantly boosts the demand for liquid cooling, as these advanced AI chips require efficient cooling solutions [3][14] - Various levels of policies have set clear requirements for liquid cooling and energy consumption in data centers, aiming for a national average PUE of 1.5 by the end of 2025 [4][15] - The overseas AI computing industry is showing strong performance, with Vertiv reporting a 35% year-on-year revenue increase in Q2 2025, indicating robust market demand [5][16] Summary by Sections Industry Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Industry Performance - The computer industry index increased by 6.31% this week, outperforming the Shanghai Composite Index by 4.61 percentage points [17][18] Key Industry News - The report highlights the significant advancements in liquid cooling technology and its adoption by leading AI chip manufacturers, which is expected to drive demand across the computing industry [3][14] - The report also notes the positive financial results from global leaders in liquid cooling, reflecting a favorable market outlook [5][16]