Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]

Core Viewpoint - The company plans to purchase AI computing servers and related equipment for a total amount not exceeding 135 million yuan [1] Group 1: Procurement Details - The company intends to procure AI computing servers from Anqing (Tianjin) Information Technology Co., Ltd. with a contract amount expected to be no more than 126 million yuan [1] - Additionally, the company will purchase storage and switch equipment related to the AI computing servers from Shandong Provincial Public Asset Operation Service Co., Ltd., with contract amounts not exceeding 4 million yuan and 5.8 million yuan respectively [1] - The total procurement contracts for fixed assets will amount to no more than 135 million yuan [1]

Core Viewpoint - The company plans to purchase AI computing power servers and related equipment, with a total procurement amount not exceeding RMB 135 million [1] Group 1: Procurement Details - The company intends to procure AI computing power servers from Anqing (Tianjin) Information Technology Co., Ltd. and Shandong Provincial Public Asset Operation Service Co., Ltd., with a contract amount expected to be no more than RMB 125 million [1] - Additionally, the company plans to purchase storage and switch equipment to complement the AI computing power servers, with contract amounts expected to be no more than RMB 4 million and RMB 5.8 million, respectively [1] - The total amount for the fixed asset procurement contracts is expected to be no more than RMB 135 million [1]