12月23日，A股市场冲高回落，三大指数一度集体翻绿。从板块来看，液冷服务器概念股午后拉升，奕 东电子、同飞股份双双收获 20CM 涨停，英维克亦强势封死涨停板，值得关注的是，三只个股股价均 刷新历史新高。此外，川润股份、快克智能也收获涨停板，申菱环境、荣亿精密、鸿富瀚、华光新材等 多只个股纷纷跟涨。 （文章来源：21世纪经济报道） 中信证券指出，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。我们预测，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。我们看好国产厂 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。 ...

Group 1: Ice and Snow Industry Growth - The ice and snow industry in China is expected to reach a market size of 980 billion yuan in 2024, with a year-on-year growth of 10.8%, and is projected to exceed 1 trillion yuan in 2025 [2] - The industry is transitioning from niche sports consumption to mainstream consumption, with travel combined with skiing becoming a new leisure and vacation trend [2] - Companies like Xue Ren Group are leading in manufacturing ice and snow equipment, while Changbai Mountain is upgrading its tourism offerings to include more diverse recreational experiences [2] Group 2: Baidu's AI Business Performance - Baidu reported a total revenue of 31.2 billion yuan for Q3 2025, with core revenue at 24.7 billion yuan, and for the first time disclosed AI business revenue, which grew over 50% year-on-year [3] - AI cloud revenue increased by 33%, while AI application revenue reached 2.6 billion yuan, and AI native marketing service revenue surged by 262% to 2.8 billion yuan [3] - The domestic AI industry is expected to enter a sustainable growth cycle, driven by the demand for self-sufficient technology and advancements in AI chips [3] Group 3: Semiconductor and Memory Market Trends - Xiaomi indicated that the current rise in memory prices is a long-term trend driven by increased demand for HBM due to AI, rather than traditional market fluctuations [4] - The storage industry has entered an accelerated upward cycle, with expectations of significant profit growth for domestic storage module companies by the second half of 2025 [4] - Companies like Shikong Technology are focusing on semiconductor memory products, including memory bars and solid-state drives, with advanced testing capabilities [5] Group 4: Commercial Space and Rocket Technology - Tianbing Technology successfully completed key tests for its "one rocket, 36 satellites" capability, marking a significant milestone in China's commercial space sector [6] - The year 2025 is seen as a pivotal year for validating reusable rocket technology, with several private companies planning their first flights [6] - Companies like Shanghai Port Bay are supporting satellite launches and contributing to satellite internet constellation development [7] Group 5: Lithium Carbonate Supply and Demand - Strong demand has led to a monthly shortage of lithium carbonate, with supply at approximately 115,000 tons and demand at 128,000 tons, resulting in a shortfall of about 13,000 tons [8] - The market outlook for energy storage is optimistic, with significant agreements indicating a sustained growth cycle for China's energy storage industry over the next 3-5 years [8] - Companies like Jiangte Electric have developed an integrated industry chain for lithium salt production, with significant production capacity planned for the coming years [9] Group 6: Liquid Cooling Industry Potential - The liquid cooling industry is expected to experience explosive growth driven by AI demand and supportive policies, with new data centers required to meet specific energy efficiency standards [10] - The penetration rate of liquid cooling technology in global data centers is projected to rise from 10% in 2024 to over 30% by 2025 [10] - Companies like Invid and Keda are positioned to benefit from the growing demand for liquid cooling solutions in data centers [11] Group 7: Solid-State Battery Development - CATL is committed to investing in all-solid-state batteries, with expectations for small-scale production by 2027 [12] - The solid-state battery industry is experiencing rapid advancements, supported by national policies and emerging application demands [12] - Companies like Xian Dao Intelligent are leading in providing comprehensive solutions for solid-state battery production, with increasing orders and customer engagement [12]

Core Viewpoint - The liquid cooling technology is emerging as a crucial solution to address the heat generated by high-power AI chips, with expectations for significant growth in the domestic liquid cooling market by 2026-2027 [3][6]. Industry Trends - The liquid cooling server concept stocks are experiencing a resurgence, with companies like Runhe Materials reaching their daily limit up [3]. - High power consumption in AI chips, with some exceeding 1000 watts, necessitates the adoption of liquid cooling solutions, especially as power densities in data centers rise above 100 kW [4][5]. - Liquid cooling is projected to replace traditional air cooling methods as chip performance demands increase, particularly in AI applications [4][5]. Market Dynamics - The current liquid cooling market in China is well-established, with both cold plate and immersion cooling technologies being mature and supply chains robust [6][7]. - There is a notable increase in market acceptance of liquid cooling technologies this year, with expectations for substantial growth in the coming years [6]. - Despite advancements, the industry is still focused on large-scale production of components rather than providing comprehensive solutions tailored to customer needs [7]. Economic Considerations - Liquid cooling systems can significantly reduce the Power Usage Effectiveness (PUE) of data centers, with potential values below 1.2, compared to 40% energy consumption from air cooling systems [5]. - The profitability of the liquid cooling industry is higher than traditional air cooling products, but the industry must evolve beyond component supply to realize high-value business models [7]. - Maintenance costs for liquid cooling systems are lower than traditional air cooling, as they require less manual intervention and fewer spare parts [7].

Core Viewpoint - The liquid cooling technology is emerging as a solution to the heat generation issues associated with high-power AI chips, indicating a potential "golden age" for the liquid cooling industry as its penetration in data centers increases [3][4]. Industry Trends - The liquid cooling market in China is expected to see significant growth between 2026 and 2027, with both cold plate and immersion cooling technologies being well-developed and the supply chain being robust [3][7]. - The increasing power consumption of chips, with some high-end chips exceeding 1000 watts and server cabinets reaching power densities above 100 kilowatts, necessitates the adoption of liquid cooling over traditional air cooling methods [4][5]. Market Dynamics - The current industry configuration allocates 70% of resources to GPU for AI computing, indicating that at least 70% of the equipment will need to adopt liquid cooling solutions [5]. - The "East Data West Computing" initiative in China aims to reduce the Power Usage Effectiveness (PUE) of data centers to below 1.25, with stricter standards in major cities [5]. Competitive Landscape - Chinese companies have established a significant position in the global liquid cooling supply chain, although there is a noted information asymmetry among asset owners and self-use customers regarding liquid cooling deployment and server selection [7][8]. - The industry is currently focused on large-scale production of components rather than providing comprehensive solutions tailored to end-user needs, which presents an opportunity for innovation in business models [8]. Cost and Maintenance - Liquid cooling systems have lower maintenance costs compared to traditional air cooling systems, as they reduce the need for extensive spare parts and manual interventions [8].

Group 1 - The A-share market has seen significant attention on stocks like Cambrian and Industrial Fulian, reminiscent of the events on August 12-13 [1][2] - Cambrian's stock price briefly surpassed 1,000 yuan but closed down 1.69% at 933.98 yuan, while Industrial Fulian reached a market capitalization of 971.27 billion yuan, needing a 2.96% increase to join the trillion-yuan club [2] - The recent surge in Cambrian and Industrial Fulian is indicative of a broader trend in the AI chip and server sectors, which are experiencing a rally [2][3] Group 2 - The AI hardware sector, particularly in areas like CPO, PCB, and AI servers, is witnessing substantial growth, with expectations of explosive performance in these segments [5] - Historical patterns suggest that sectors with explosive earnings growth are likely to experience significant market rallies, similar to previous trends seen in the "Internet+" and inverter markets [5] Group 3 - The A-share market indices showed slight fluctuations, with the Shanghai Composite Index reaching a nearly 10-year high, indicating a positive market outlook [7] - The margin financing balance in the A-share market has surpassed 2.1 trillion yuan, reflecting strong market confidence and increased leverage among investors [9] Group 4 - Key stocks in the AI hardware sector, such as Industrial Fulian, have seen significant price increases, with some stocks reaching historical highs [10] - The liquid cooling sector is identified as a strategic investment opportunity, with projections indicating rapid growth in the AI liquid cooling market, potentially reaching 100 billion yuan by 2026 [11] Group 5 - The humanoid robot sector is experiencing a surge due to several catalysts, including rumors of new orders and collaborations between major companies like NVIDIA and Hon Hai [12][13] - The overall market sentiment remains focused on the AI industry, with particular attention on AI chips, CPO, PCB, and liquid cooling servers as key areas for investment [14]

Core Viewpoint - The establishment of Shanghai Deep Blue Intelligent Cooling Technology Co., Ltd. by Xinpeng Co., Ltd. is aimed at advancing the liquid cooling industry, encompassing research, manufacturing, and sales [1] Group 1 - The new company is intended to support the development of the liquid cooling sector [1] - The establishment involves aspects such as customer validation and qualifications, which are crucial for its growth [1] - The company has not issued a public announcement regarding the new entity, possibly due to the sensitive nature of the information [1]

Core Viewpoint - The article emphasizes the growing importance of liquid cooling technology in response to increasing power consumption and heat generation in applications such as artificial intelligence, electric vehicles, and energy storage [1]. Forum Information - The forum will take place from July 3-5, 2025, in Dongguan, Guangdong [2][6]. - Supported by various companies including Vidi Technology, Yimikang Technology Group, and ZTE Corporation [2]. - Media support includes DT New Materials and other industry-related publications [3]. Agenda Direction - The forum will focus on key materials and core technologies related to liquid cooling [4][5]. - Proposed topics include innovations in thermal interface materials, cooling liquid selection, and high-performance sealing materials [7]. Engineering Applications - Discussions will cover efficient heat exchanger design, cooling distribution unit (CDU) design, and reliability of quick connectors [8][11]. - Applications in AI data center liquid cooling, electric vehicle battery cooling, and energy storage solutions will be highlighted [11]. Participation Details - Registration fees are set at ¥2800 for online payment and ¥3200 for on-site payment for general attendees, while students pay ¥1200 online and ¥1500 on-site [9]. - Payment methods include bank transfer and Alipay, with specific instructions for registration and invoicing provided [10].