【DT新材料】 获 悉，近日 全球数据中心液冷行业突然变得格外热闹。 三家全球龙头厂商Daikin、Eaton、Vertiv通过收并购的方式切入和扩展数据中 心液冷赛道 ，合计金额达到数百亿美元。 在过去的冷却技术演进中，很少出现像今年这样密集、且极具方向性的巨额并购。这三笔交易却指向同一个趋 势AI 驱动的液冷产业链，正在迎来前所未有的整合与加速。 2023~2024年可以称为液冷的大规模"试点期"，2025年开始它已经进入 战略性基础设施的全面建设期 。更值得关注的是这一轮的并购，并不仅仅 是"液冷硬件"的单一扩张。 看到的是全球巨头争相补齐短板，从冷板 → 管路 → CDU → 数据中心基础设施 → 冷却液生态系统的一整套能力矩阵 。 对于这些巨头厂商来说液冷当前不再是散热产品，而是一整条AI基础设施供应链。 （01） Eaton × Boyd：全球最大液冷并购 E aton用 95亿美元 收购Boyd的热管理业务时，整个行业都意识到这不是一次简单的"业务扩张"，而是 Eaton 明确押注未来十年的算力基础设施。 Eaton收购Boyd构建出"电+ 热"一体化的基础设施能力。Eaton 成为首批真正具备 ...

Core Insights - The article highlights the rapid growth of liquid cooling modules for AI data centers, emphasizing the company's strategic positioning in heat exchange and circuit isolation components, along with strong partnerships with Taiwanese OEM manufacturers [1] - A precious metals company has reported better-than-expected performance in Q3, with a gold mine expected to reach full production by 2026, benefiting from a bullish market for precious metals [1] Group 1 - The company involved in AI data center liquid cooling equipment is experiencing fast growth in liquid cooling module shipments [1] - The company has established deep ties with Taiwanese OEM manufacturers, enhancing its market position [1] - The precious metals company is set to benefit from favorable market conditions, with its new gold mine projected to start full production in 2026 [1]

Industry and Company Analysis Summary Industry Overview - The data center and AI server liquid cooling industry is experiencing rapid growth due to increasing energy consumption and stringent green requirements. Liquid cooling technology is becoming a necessity as traditional air cooling cannot meet current demands [1][2][3] - The main liquid cooling technologies include cold plate, silent, and spray cooling, with cold plate technology currently dominating the market. However, silent cooling has superior heat dissipation capabilities, making it suitable for high-power density AI data centers [1][4] Key Points and Arguments - **Energy Consumption**: In 2024, China's computing centers are projected to consume 11,601 GWh, accounting for 1.68% of total electricity consumption, surpassing the annual output of the Three Gorges Dam. The government has set strict PUE standards for data centers, which will drop from 1.4 in 2023 to 1.3 by 2025 [2][3] - **Market Opportunity**: 3M plans to exit PFAS production by 2025, creating significant domestic replacement opportunities for companies like Juhua Co., Dongyue Group, and Nantong Zhanding [3][9] - **Liquid Cooling Demand**: The penetration rate of liquid cooling in AI data centers is expected to reach 85% by 2028, with overall cooling demand projected to exceed 100,000 tons [3][11] Liquid Cooling Technologies - **Cold Plate Cooling**: Dominates the market with a 91% application rate in 2022. It is mature and does not require extensive modifications to existing data centers, suitable for single cabinet power scenarios of 50-100 kW [4] - **Silent Cooling**: Although only 8% of the market in 2022, it offers the highest heat dissipation capacity, reaching 150 watts per square centimeter, and is ideal for high-density AI data centers [4] Cooling Media Characteristics - **Water-based**: Cost-effective and suitable for cold plate systems but requires additives to prevent microbial growth [5] - **Oil-based**: Used in silent cooling, with various types like mineral oil and synthetic oil, each having its pros and cons [5] - **Fluorinated**: Includes products like perfluoropolyether and perfluoramine, known for excellent thermal performance but higher costs and environmental risks [6][8] Future Trends - Fluorinated coolants, especially light fluorinated ethers, are expected to become essential in high-performance scenarios due to their material compatibility and environmental properties. New microchannel water-cooling technologies are emerging but are costly and complex [7] - The global cooling liquid demand is projected to grow fivefold in the next four years, with AI data centers contributing significantly to this increase [11] Key Companies and Market Dynamics - **Juhua Co.**: A leader in fluorinated compounds, with plans for 5,000 tons of production capacity [12] - **Dongyue Group**: Offers a comprehensive product line suitable for various liquid cooling solutions [12] - **China Petroleum**: Excels in oil-based cooling liquids with stable production capacity and cost advantages [12] Conclusion The liquid cooling industry is poised for significant growth driven by energy efficiency demands and technological advancements. Companies positioned to capitalize on these trends, particularly in the domestic market, are likely to see substantial opportunities in the coming years [3][9][12]

Core Viewpoint - The liquid cooling server concept stocks are experiencing significant activity, with Dayuan Pump Industry achieving five consecutive trading limits, indicating strong market interest and potential growth in this sector [1] Group 1: Market Activity - Dayuan Pump Industry has achieved five consecutive trading limits, reflecting robust investor interest [1] - Other companies such as Oulutong, Jintian Co., Chuanhuan Technology, and Gaolan Co. have seen stock increases of over 5% [1] - Companies like Kexin New Source, Qiangrui Technology, Southern Pump Industry, and Feilong Co. are also experiencing stock price increases [1] Group 2: Industry Insights - Tianfeng Securities estimates that the value of the NVL72 single cabinet liquid cooling system is approximately $100,000 [1] - With the increased shipment of GB200/300 high-density power cabinets, the penetration rate of liquid cooling in AI data centers is expected to rise from 200 to 10% to 300 to 90% [1] - The year 2025 is anticipated to be a pivotal year for the growth of liquid cooling systems, with steep performance increases expected in 2026 [1]