英伟达 Rubin 平台发布，液冷行业专家解读 20260107 摘要 英伟达 Rubin 平台采用大板模式并结合微通道技术，提升 GPU 散热效 率，减少独立液冷板接头数量，将电源模块分离，实现计算和交换托盘 100%液冷覆盖。 Rubin 平台冷板价值量提升，因引入微通道技术和镀锌镀晶技术，预计 每个计算托盘冷板价值 500-550 美元，但 2027 年有望降至 500 美元 以内。 微通道技术通过激光焊接将微米级水流通道嵌入冷板，提高散热效率， 但成本较高，目前主要由工业富联研发，尚未完全普及。 冷板供应商在 GB 系列和 Ruby 系列中基本保持不变，但国产供应商如 英维克和思泉预计在 Ruby 系列中获得更多市场份额，英伟达选择供应 商主要考虑品牌、供货和价格。 台系冷板供应商仍占据主导地位，但大陆厂商凭借价格优势逐步提升市 场份额，预计在 Ruby 系列中可占据 20%左右。 液冷技术趋势是从单向冷板转向双向冷板，以加强热量散发和传导效率， 但双向冷板技术难点在于精确控制冷热液体循环系统。 Ruby 系统液冷相关组件价值量持续提高，72 节点机柜整体价值量约为 7 万美元，冷板占据较大份额，国产 ...

证券日报网讯 1月5日，博杰股份在互动平台回答投资者提问时表示，公司的冷板是应用在公司的测试 设备上，已小批量发货给客户。当前除了N客户对液冷服务器的需求外，其他客户也陆续提出液冷方案 的需求，公司会积极调配内部资源对应客户需求。 （编辑 楚丽君） ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.27 CNY [6][31]. Core Insights - The company plans to acquire 100% of PMG International Co., Ltd., gaining control over Yuan Shi Technology, which will enhance its position in the AI server market and create a global AI hardware innovation platform [2][4]. - Yuan Shi Technology has established a core role in the development of NVIDIA's next-generation server platform, Vera Rubin, and is one of only five companies globally to hold NVIDIA's RVL certification, positioning it as a key supplier in the AI server supply chain [2][3][17]. - The acquisition is expected to significantly improve the company's core competitiveness in AI computing hardware solutions, leveraging its existing manufacturing capabilities and advanced liquid cooling systems [4][29]. Summary by Sections Acquisition of Yuan Shi Technology - On December 10, the company announced an agreement to acquire PMG International, indirectly gaining control of Yuan Shi Technology, which holds a 95.1% stake in PMG [2][13]. - This acquisition will provide access to mature technologies and customer certifications in server cabinet business, expanding the company's footprint in the AI sector [4][13]. Server Cabinet Business - Yuan Shi Technology is a core supplier for NVIDIA's server cabinets, having passed rigorous testing and being able to adapt to high-end AI server requirements [17]. - The company is positioned to benefit from the upcoming Vera Rubin platform, which is expected to significantly increase computing power and revenue potential [18][19]. Liquid Cooling Business - The collaboration between Yuan Shi Technology and its sister company, Pinda Technology, focuses on "heat management + cabinet" solutions, establishing a strong competitive edge in the AI server market [20][29]. - Pinda's magnesium alloy technology enhances the performance and efficiency of cooling systems, addressing critical challenges in heat management for high-performance servers [23][26]. Financial Forecast and Investment Recommendations - Revenue projections for the company are estimated at 85.07 billion CNY in 2025, 102.90 billion CNY in 2026, and 119.22 billion CNY in 2027, with corresponding net profits of 4.91 billion CNY, 6.30 billion CNY, and 7.39 billion CNY respectively [5][31]. - The report suggests that the company is well-positioned for growth, with a projected PE ratio decreasing from 33 in 2025 to 22 in 2027, indicating potential for investment [31][32].

（编辑 任世碧） 证券日报网讯 12月29日，中鼎股份在互动平台回答投资者提问时表示，公司子公司中鼎流体及中鼎智 能热系统主导热管理系统总成业务的发展，在汽车热管理业务基础上积极布局储能热管理及超算中心热 管理。基于自研热管理控制器及控制算法，管路系统及密封等核心技术，公司在储能领域已推出系列化 液冷机组，及浸没式液冷机组；超算中心热管理领域主要产品为CDU（冷液分配装置）、冷板、管路 等液冷系统产品，并积极布局浸没式液冷产品。公司子公司智能热系统已成为国内某两家液冷系统集成 商液冷假负载的供应商，详情请关注公司公告（2025-061）。 ...

今天市场上消息太多，真假难辨，从光模块到PCB，这种消息是比较麻烦的，不知从何而来。 1、PCB 关于PCB 的传言有两个 ： 1\ Rubin机柜switch tray所用pcb材料体系确认升级：原M9树脂+二代玻纤布方案，升级为性能更高的 M9树脂+Q布方案。若采用，Q布需求有望提升600万米至1500万米，考虑备货有望达到2000万米以 上 2\ GoogleTPUV8考虑升規至EM896K3（Q-glassM9） 关于这个问题，咨询了产业内的很多朋友，也包括CCL原厂的朋友，关于Rubin的Switch tray， 台光 那边还并没有确认到是否的确升级到了M9 + Q布的方案 。但midplane已经基本确认是使用M9了。 | nVidia | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Generation | Content | Time | Structure | CCL Material | CCL Supplier(s) | PCB Supplier(s) | | H100 | OAM | 2H23-1Q25 | 5+8 ...

随着液冷产业进入业绩兑现的第二发展阶段，订单和确定性成为关键，强者恒强的产业格局凸显。竞争 焦点上移，从部件竞赛到系统能力：液冷生态系统正从单一零件竞争，拓展为横跨服务器、机柜到机房 设备的完整热管理系统，价值不再局限于单一部件，而是冷板、CDU、控制与运维协同的系统能力， 客户对方案商依赖度提升。 强者恒强的产业格局：液冷产业长期确定性强，行业龙头在全链条布局、系统集成与交付、头部客户认 证等领域优势凸显。 液冷产业链布局领先，拥有全链条解决方案能力：液冷不再是代替风冷的单点技术，而涉及CSP、基础 设施商等多方协同合作。液冷龙头不只是提供单一部件，而是能够提供覆盖CDU、冷板、快接头、冷 却液等的整体方案，实现从部件到整体的完整布局。 系统集成与交付+运维能力：客户对液冷系统售前设计与售后运维的依赖加深，龙头厂商具备全链条自 研与系统协同、以及大规模、稳定可靠的生产交付能力，在全球交付经验、认证体系、客户协同等方面 具备天然优势。 智通财经APP获悉，国盛证券发布研报称，随着英伟达GB300放量及后续Vera Rubin平台的加速落地， 液冷产业正经历关键的阶段转换：从以概念和预期验证为主导的"第一发展阶 ...

Summary of the Conference Call for 英维克 Company Overview - 英维克 specializes in precision temperature control, initially focusing on communication base station temperature control and gradually expanding into energy storage and data center liquid cooling markets [5][6][12] - The company has a stable shareholding structure, with the chairman holding 30.7% of the shares and a strong emphasis on employee stock incentives [5] Industry Insights - The liquid cooling market is expected to see significant growth, with the AIDC demand projected to reach 100-150 billion RMB [7] - The overall temperature control market is mature, with applications in various sectors including new energy vehicles and rail transportation, valued at approximately 20 billion USD [7] Key Developments - The year 2026 is anticipated to be the "liquid cooling year," with the domestic supply chain rapidly entering the North American market, providing catalysts for growth [2][3] - 英维克 has secured orders from major clients like Google and NVIDIA, with expectations of replicating the growth seen in the CPU and PCB sectors [2][3][10] Financial Projections - Expected overseas orders for 英维克 in 2026 are projected to be between 2 billion to 3 billion USD, with a net profit margin of around 20%, leading to an estimated net profit of approximately 2 billion RMB [4][14] - The company's market capitalization could see a growth potential of 50% to 80% based on the data center infrastructure market space [4][14] Product and Technology - 英维克's main products include energy-saving temperature control products for server rooms, air conditioning systems, and cabinet temperature control products [6] - The company is advancing in technology, particularly in microchannel cover plates, and has a strong patent portfolio [13][9] Competitive Position - 英维克 has gained market share in Google due to its comprehensive solutions and cost-effectiveness, which are crucial for CSPs like Google [12] - The company is also engaging with other major clients such as Meta, Intel, and Oracle, indicating a broadening customer base [12] Market Strategy - 英维克's CDU UQD and cold plates have entered NVIDIA's code list, with large-scale shipments already initiated [10] - The company is expected to secure 20%-25% of Google's CDU orders, potentially amounting to 2 billion USD [11] Future Outlook - The liquid cooling technology is seen as having unique advantages due to the entry of domestic supply chains into North America, positioning 英维克 favorably for future growth [15][16] - The company is recommended for continued investor attention due to its leading position in the industry and expected performance exceeding forecasts [16]

Core Viewpoint - The liquid cooling industry is approaching a significant turning point, with expectations for explosive growth in 2024, marking it as the "year of liquid cooling" [1]. Group 1: Industry Dynamics - The demand for liquid cooling components from NVIDIA is expected to double next year, indicating a substantial market opportunity for domestic manufacturers [2]. - Domestic manufacturers are likely to gain unexpected market share, with projections for certain companies' market share increasing from 5-8% to potentially 10-15% [2]. - The collaboration between domestic companies and Taiwanese/American firms for OEM production is anticipated to ensure supply stability, with expected overflow in cold plate manufacturing reaching several billion [2]. Group 2: Key Projects and Collaborations - Meta's Prometheus project is showing signs of acceleration, with domestic liquid cooling leaders poised to capture significant market share due to the project's large scale and favorable procurement model [2]. - Google is projected to procure liquid cooling cabinets worth approximately $3-3.5 billion, with a target of 40,000 units, highlighting the collaboration potential with domestic liquid cooling leaders [2]. Group 3: Growth Potential of Leading Companies - Delta's revenue from liquid cooling is projected to reach around 1 billion RMB in 2024, with expectations to grow tenfold to 10 billion RMB by 2025, and further doubling by 2026, indicating a strong growth trajectory for domestic liquid cooling manufacturers [3].

Group 1 - The article discusses the logic and marginal changes of AI computing hardware going overseas, highlighting that the market is currently performing well, particularly in AI computing-related sectors [1] - The power export market has shifted from SST to gas turbines and HRSG recently, indicating a change in focus within the industry [3][4] - The article emphasizes the strong performance of core targets in the gas turbine market, suggesting a positive outlook for these companies [4] Group 2 - The article notes that only three companies—Siemens Energy, GE, and Mitsubishi Heavy Industries—are currently capable of producing gas turbines, with a significant demand for these products due to electricity shortages in the U.S. [5] - Gas turbines are highlighted for their flexibility and efficiency, with the cost of electricity generation from large gas turbines being only $70-80 per megawatt hour, which remains competitive even with price increases [6][7] - The gas turbine market is entering a golden period of supply-demand balance, with strong demand driven by electrification, energy security needs, and explosive growth in data centers. Global gas turbine orders are expected to exceed production capacity until at least the early 2030s [7] Group 3 - HRSG prices are currently between $5-5.5 million per unit, with expectations to rise to $6-7 million per unit by early next year, driven by a 50% supply-demand gap [7] - The article provides insights into various companies in the domestic Google supply chain, detailing their products, market shares, and expected orders for 2026 [10][11]

随着AI芯片功耗迈入"千瓦时代"，一场围绕散热的革命正悄然加速，液冷正从一个"可选项"迅速变为数据中心的"必选项"。 综合瑞银与东吴证券近期发布的深度报告，市场似乎仍未完全消化这场变革的颠覆性。报告明确指出，市场普遍低估了向液冷过渡的速度 和规模，这并非一次普通的硬件升级，而是由AI芯片激烈竞争驱动的"即时、战略性必要之举"。 这一结构性转变不仅将催生一个高达311.91亿美元（约合人民币2205.23亿元）的超级周期，更在重塑全球供应链格局，特别是为国产厂商 打开了进入核心体系的大门。 "热墙"来袭：当风冷走到尽头，液冷即将迎来爆发 AI算力的爆炸式增长，正将芯片推向一道"热墙"。据瑞银及东吴证券报告梳理，AI加速器的热设计功耗（TDP）正以惊人的速度攀升。 英伟达的GPU产品路线图清晰地展示了这一趋势：从H100的700W，到Blackwell B200的1200W，再到预计明年推出的VR200的1800W- 2300W，以及2027年可能超过3600W的VR300，直至未来Feynman平台可能高达5000W-7000W的功耗。 芯片功耗的飙升直接导致机柜功率密度急剧攀升。一个GB200 NVL72机柜 ...