国联民生（601456）证券发布研报称，随着海内外新一代高性能算力芯片的出货加速，数据中心液冷渗 透率有望快速提升，带动各液冷基础设施供应商的订单进一步增长，逐渐进入业绩高速增长的阶段。建 议关注产品线全面、客户资源丰富、有望在海外供应链进一步拓展的国内龙头英维克（002837） (002837.SZ);技术储备深厚、绑定华为等大客户，充分受益于国内算力基建的申菱环境（301018） (301018.SZ);储能、数控装备、半导体等领域液冷技术领先，积极拓展数据中心液冷客户的同飞股份 （300990）(300990.SZ)。 国联民生证券主要观点如下： 风险提示：高性能算力芯片出货进展不及预期;行业竞争加剧;大客户资本开支不及预期;行业市场空间测 算或存在偏差。 数据中心散热液冷化是重要产业趋势 传统风冷广泛应用于低功率密度的数据中心散热任务中，而在目前数据中心的高功率密度的趋势下，风 冷已难以契合当下高效散热的需求;与此同时，液冷技术凭借其高比热容和高导热性的优势，以及低噪 音、高稳定性、占地小等特点，随着数据中心功率密度的提高，液冷渗透率的提升成为重要的产业趋 势。 技术和客户认证构成行业竞争壁垒 液冷基 ...

Group 1 - The overall Server market is stabilizing, with ODMs focusing on AI Server development, and it is expected that Blackwell GPUs will account for over 80% of NVIDIA's high-end GPU shipments this year [1] - North American CSP giant Oracle is expanding its AI data center, benefiting companies like Supermicro and Quanta, with Supermicro's growth driven by AI Server projects [2] - Liquid cooling solutions are becoming a standard configuration for high-performance AI data centers, with increasing adoption rates for high-end AI chips [3] Group 2 - Liquid cooling will significantly boost the demand for cooling components, accelerating the supply chain's output pace, with companies like Fositek and Auras actively engaging in the liquid cooling market [5] - Fositek has begun shipping components for the GB300 platform, while Auras is establishing itself in the liquid cooling market with major clients including Oracle and Supermicro [5]

Industry Overview - The data center cooling market is expected to grow at a CAGR of 12.8% from 2023 to 2030, driven by the demand for coolant architectures for AI and high-performance computing [1]. Company Analysis: Super Micro Computer (SMCI) - SMCI's server and storage revenues are significantly supported by its direct liquid cooling products, achieving a production volume of over 2000 DLC racks per month [3]. - The company launched DLC-2 technology in May 2025, which offers features such as water and space savings, noise reduction, and a potential reduction in electricity costs by up to 40% [4]. - SMCI is currently facing challenges, including delayed purchasing decisions from customers and margin contraction due to increased competition from established players like HPE and Dell Technologies [5]. - The Zacks Consensus Estimate for SMCI's fiscal 2025 earnings is $2.07 per share, reflecting a year-over-year decline of 6.3% [5][6]. Company Analysis: Vertiv (VRT) - Vertiv has a robust thermal management portfolio, providing various cooling solutions that optimize performance and power utilization [7]. - The company is projected to achieve 24.91% EPS growth in FY25, driven by strong demand for AI cooling solutions [7][10]. - Vertiv continues to invest in research and capacity expansion to meet the growing needs of AI infrastructure, including the development of high-density cooling solutions for NVIDIA's platforms [9]. - The Zacks Consensus Estimate for Vertiv's fiscal 2025 revenues is $9.52 billion, indicating year-over-year growth of 18.8%, with earnings estimated at $3.56 per share, reflecting a growth of 24.91% [10][11]. Stock Performance and Valuation - Year-to-date, shares of SMCI have increased by 65.2%, while VRT shares have gained 6.3% [12]. - SMCI is trading at a forward Price to Sales ratio of 1.01X, above its median of 0.83X, whereas VRT is trading at a forward sales multiple of 4.5X, higher than its median of 4.25X [13]. Conclusion - Both SMCI and VRT are benefiting from the growth in cooling technology due to AI workloads and high-performance computing [16]. - However, VRT's financial metrics suggest it is a stronger investment choice compared to SMCI, which currently holds a Zacks Rank of 3 (Hold) versus VRT's 2 (Buy) [16].

液冷行业深度：智算需求驱动冷却技术升级，液冷生态迎 成长契机 20250702 摘要 数据中心液冷渗透率快速提升：TrendForce 数据显示，2024 年液冷 渗透率约为 10%，预计 2025 年将超过 20%，主要受益于高算力需求 和政策引导，但风冷仍占据主导地位。 政策驱动数据中心 PUE 降低：国家四部委要求 2025 年底新建及改扩建 大型及超大型数据中心 PUE 降至 1.25 以内，枢纽节点不高于 1.2，全 国平均 PUE 降至 1.5 以下，最新数据显示已降至 1.26。 智能算力推动液冷发展：智能算力依赖 GPU 等芯片加速运算，机柜功率 远超传统数据中心。英伟达 Blackwell 系列等高功耗芯片需要更有效的 液冷散热解决方案。 液冷技术主要分为冷板式、静默式和喷淋式三种路线，目前以单向冷板 式为主。通用液冷系统架构由一次侧冷源、二次侧热补货和 CDU 组成， 核心零部件包括 manifold、UQD 以及管路等。 数据中心稳定温湿度至关重要：服务器温度每升高 10 度，设备可靠性 和寿命降低 50%。数据中心事故会导致运算效率降低、硬件损坏或数据 丢失等问题。 Q&A 数据中心的 ...

Summary of InVenture (INV) Conference Call - June 12, 2025 Company Overview - InVenture operates as a conglomerate model, launching wholly owned companies in collaboration with multinationals, acting as founders, funders, owners, and operators of these companies [3][4][10] - The company focuses on technology solutions that are either invented or adopted by multinationals, which are outside their core operations [4][9] Core Model and Strategy - InVenture employs a closed loop model with four core aspects: uniqueness of technology, fully developed technology, leveraging multinational experience, and catalyzing early adoption through multinational relationships [4][6][7] - The model aims to reduce risk by ensuring that technology solutions are in pilot form before full commercial launch, thus increasing the likelihood of success [7][12] - The company has launched four companies to date, including PureCycle and Aeroflex in partnership with Procter & Gamble, and Excelsius, which addresses critical cooling technology needs in data centers [10][11][15] Excelsius and Market Opportunity - Excelsius is positioned to capitalize on the growth of data centers and generative AI, addressing a critical infrastructure gap in cooling technology [15][16] - The current cooling methods in data centers are inadequate, with 8% still using air conditioning, while the industry is moving towards two-phase cooling solutions [16][18] - Excelsius offers a cost-effective two-phase cooling solution that reduces energy costs and allows for denser server configurations, providing both critical need and economic incentive for adoption [21][22] Financial Performance and Growth Potential - InVenture aims to demonstrate high earnings per share growth by systematically launching companies that exhibit an S-curve of growth, potentially leading to premium valuations [14] - The company has invested approximately $10 million into PureCycle, which went public at a $1.2 billion valuation and is currently trading at around $2 billion [23] - The company plans to maintain a disciplined capital allocation approach, aiming to launch approximately one company per year while managing operational strain and dilution of focus [34][36] Capital Strategy and Market Position - InVenture has closed approximately $150 million in financing and plans to raise additional capital to support its growth and operational needs [40][41] - The company emphasizes the importance of a strong capital markets team to navigate funding challenges and ensure long-term success [43][45] - The value proposition for investors lies in accessing early-stage venture opportunities with a better risk-adjusted basis, particularly through the growth potential of Excelsius and the systematic launch of new companies [52][54] Conclusion - InVenture's model is designed to create value through strategic partnerships and innovative technology solutions, with Excelsius serving as a key proof point for the company's growth strategy [53][54]

Core Insights - Ecolab Inc. launched the 3D TRASAR Technology for Direct-to-Chip Liquid Cooling, enhancing data center cooling solutions and optimizing performance while saving water and energy [1][2][5] Company Developments - The new technology positions Ecolab to cover the entire data center cooling landscape, leveraging AI to improve efficiency and reduce resource demand [2][6] - Ecolab's market capitalization stands at $75.71 billion, with a return on equity of 22.5%, outperforming the industry average of 11.6% [4] - Following the product launch, Ecolab's shares increased by nearly 0.7%, reflecting positive market sentiment [3][10] Industry Prospects - The global data center cooling market is projected to grow from $12.7 billion in 2023 to $29.6 billion by 2030, with a CAGR of 12.8%, driven by the need for efficient cooling systems [7] - Ecolab's management anticipates that the new cooling technology will unlock growth opportunities for high-tech companies by addressing water and performance demands [6][5]

Group 1: Project Overview - Accelsius has been selected as a key contributor to the U.S. Department of Energy's ARPA-E COOLERCHIPS project, focusing on developing a next-generation hybrid cooling architecture for data centers [1][3] - The project aims to reduce total cooling energy consumption to less than 5% of a data center's IT load while maintaining reliability and enabling high-density computing [3] Group 2: Technology and Contributions - Accelsius will provide its proprietary MR250, a multi-rack, in-row, 250kW two-phase Coolant Distribution Unit (2P CDU), for system-level testing at the UT Arlington campus [2] - The MR250 is expected to be generally available by late 2025, enhancing the project's test infrastructure [2] Group 3: Collaboration and Impact - The collaboration between Accelsius and The University of Texas at Arlington is expected to advance the understanding and benchmarking of two-phase, direct-to-chip cooling technologies [3][4] - Industry leaders express excitement about the potential impact of this collaboration on U.S. leadership in next-generation data center efficiency [4] Group 4: Company Background - Accelsius, founded by Innventure, Inc. (NASDAQ:INV), specializes in advanced cooling solutions that help data center and edge operators achieve business, financial, and sustainability goals [5] - The company's NeuCool platform offers best-in-class thermal efficiencies through a safe, two-phase liquid cooling system scalable from single racks to entire data centers [5]

Core Viewpoint - The article discusses the advancements in liquid cooling technology for data centers, particularly highlighting Supermicro's new DLC-2 technology and its implications for energy efficiency and operational costs in the context of rising AI computing demands [2][5][9]. Group 1: Supermicro and DLC-2 Technology - Supermicro announced the launch of its next-generation DLC-2 technology, which has led to a fourfold revenue increase over the past three years, driven by the maturity of liquid cooling technology [2]. - The new data center construction modular solution (DCBBS) integrates the DLC-2 technology, achieving a 40% improvement in energy and water savings, a heat capture rate of 98%, and a noise level as low as 50db, while also reducing capital expenditures by up to 20% [2][9]. - Supermicro's stock has experienced significant volatility, with a 300% increase in 2023 due to AI demand, followed by an 80% decline in 2024 due to financial reporting delays and governance issues [7][12]. Group 2: AI Computing Power and Market Trends - NVIDIA's CEO Jensen Huang emphasized the critical role of computing power in AI development, noting that AI computing performance improves by a factor of one million every decade [4]. - The IDC report predicts that China's AI computing power market will reach $25.9 billion by 2025, growing 36.2% from 2024, while total energy consumption in Chinese data centers is expected to exceed 400 billion kWh, accounting for over 4% of total national consumption [4]. Group 3: Liquid Cooling Technology Overview - Liquid cooling technology is categorized into non-contact and contact types, with non-contact cooling being the most widely used due to its maturity [5]. - The average energy consumption for cooling systems in air-cooled data centers exceeds 50%, with higher ratios in AI computing centers [5]. - The emergence of high-density computing scenarios has led to the development of new immersion cooling solutions, which are expected to see widespread adoption as server power densities increase [5][6]. Group 4: Financial Performance and Future Outlook - MiaoSuan Technology, founded in 2023, aims for a revenue target of 300 million yuan in 2025, leveraging its immersion cooling technology [6][7]. - Supermicro's recent partnership with DataVolt in Saudi Arabia indicates ongoing interest in high-performance computing solutions despite past financial challenges [7]. - The operational efficiency of liquid cooling systems can lower Power Usage Effectiveness (PUE) to as low as 1.15, with potential for further reductions in specific areas [9].

Core Viewpoint - The launch of a new generation of immersion liquid cooling products by Miaosuan Technology and Hengtong Group aims to provide sustainable solutions for digital infrastructure development, emphasizing collaboration among industry partners [1] Group 1: Product Features and Innovations - The new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the needs of small and medium-sized enterprises for edge computing services [3] - The modular server design integrates computing, networking, storage, and management into a single unit, achieving over 30% energy consumption reduction, high-density deployment (100kW per square meter), ultra-quiet operation (40dB), and extended hardware lifespan by approximately 30% [3][4] - The innovative cooling system can achieve a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09, and enhances the utilization rate of data center space by nearly 90% [4] Group 2: Operational and Maintenance Support - Miaosuan Technology provides a comprehensive lifecycle service for liquid cooling technology, including cleaning agents and maintenance vehicles, ensuring ease of operation and maintenance [3][4] - The company aims to lower the entry barriers for liquid cooling technology, making initial investments comparable to air cooling, ultimately achieving parity in costs between liquid and air cooling solutions [4] Group 3: Strategic Collaborations and Industry Impact - A strategic cooperation agreement was signed between Miaosuan Technology and Atec Innovations Sdn Bhd to deepen collaboration in innovative liquid cooling technology development and ecosystem integration [7] - The event included a roundtable discussion on the liquid cooling industry's future, focusing on the synergy between computing power demands, technological advancements, and energy management [7] - The new generation of intelligent computing industry parks, exemplified by the Tujing Technology project, aims to support large-scale AI model training and inference with efficient cooling solutions [7]

First Quarter 2025 Earnings May 15, 2025 Disclaimer The material that follows is a presentation ("Presentation") of information about Innventure, Inc. and its subsidiaries (together referred to herein as "Innventure," the "Company," "us," "our," or "we") as of the date of this presentation. The Presentation does not purport to contain all information that may be required or desired by a party interested in investigating the Company, its business or prospects, and it shall not be deemed to be a complete desc ...