www.leadleo.com 2025年液冷行业概览： 算力大势所趋，AI助力液冷步入新篇章 2025 China Liquid Cooling Industry 2025年中国液体冷却産業 精华版 概览标签：高性能计算、数据中心、AI训练集群 2025/10 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 www.leadleo.com 400-072-5588 ©2025 LeadLeo 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 文字/背景 Text/Background 填充色 Fill Colors 摘要 相比较风冷，尽管液冷初期投资更高，维护难度因技术路线不同呈中高水准，但在中高密度场景下5年TCO较风冷低20%-30 ...

（编辑 楚丽君） 证券日报网讯 1月6日，佳力图在互动平台回答投资者提问时表示，液冷系公司产品系列之一，包括液 冷微模块、集装箱式液冷、冷板式液冷、浸没式液冷等类别产品，具体产品及典型案例情况，请详见公 司定期报告或者公司官网。 ...

证券日报网讯 12月22日，高澜股份在互动平台回答投资者提问时表示，冷板式液冷与浸没式液冷并非 绝对替代关系，而是针对不同应用场景的互补技术方案，目前冷板式仍是市场主流应用方案，但浸没式 液冷则在超高功率密度场景中展现出独特技术价值。公司覆盖两类技术路线，其中"浸没式数据中心液 冷装备关键技术与应用"经鉴定达到国际先进水平。后续公司将持续探索并迭代热管理创新技术。 （编辑 任世碧） ...

【环球网科技报道 记者 林迪】当前，数据中心（IDC）正经历着前所未有的深刻变革。它不再仅仅是 数据存储与计算的物理空间，更被赋予了"算力中心"的全新使命，成为支撑AI大模型训练、算法迭代与 生态演进的关键基础设施。如何在这场技术革命中保持领先？IDC行业面临着怎样的挑战与机遇？ 来源：环球网 近日，在第二十届中国IDC产业年度大典（IDCC2025）暨数字基础设施科技展（DITExpo）上，浩云长 盛集团技术研发AVP彭轶峰认为核心关键词是"兼容"与"前瞻"。 "今天很多数据中心被淘汰，本质上是因为过去十几年，二十年的路径选择而引起的，因为它不是一个 按照未来的发展去重新建设的路径。"彭轶峰一针见血地指出，"很早以前路径是从改造开始的，也就是 说你的改造就天然的决定了只能用眼前所需要的标准去设计数据中心。"这种源于"改造"的思维惯性， 导致许多从业者的意识形态和认知停留在了起点，一切创新都以当下的标准为蓝本进行想象。 然而，AI时代的需求是动态且不可预知的。彭轶峰强调："AI的特点就是我们看不到它的全貌，所以它 的不确定性，决定了未来AI的发展其实是有一定的弹性、方向差异和不可预知性。面对如此充满变数 的未 ...

Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

行业点评：国内 AI 资本开支加速，AIDC 需求强化 [Table_Industry] 电力设备与新能源 [Table_ReportDat] 2025 年 12 月 5 日 证券研究报告 行业研究 [行Tabl 业点评报告 e_ReportType] [电Table_StockAndRank] 力设备与新能源 投资评级 看好 上次评级 看好 胡琎心 电新行业首席分析师 执业编号：S1500525080001 联系电话：010-83326711 姚云峰 电力设备与新能源行业联系人 联系电话：18840829584 邮 箱：yaoyunfeng@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [国内Table_T AI 资本开支加速， itle] AIDC 需求强化 [Table_ReportDate] 2025 年 12 月 5 日 本期核心观点 事件：11 月 25 日，阿里巴巴集团发布 2026 财年第二季度业绩，在旺盛的 AI 需求推动下，阿里云整体收入同比强劲增长 34%，其中 ...

Core Viewpoint - The article discusses the advancements in liquid cooling technologies for robotics, highlighting the innovative solutions and competitive landscape within the industry, particularly focusing on the development of pump-less liquid cooling systems and their advantages over traditional methods [4][6][18]. Group 1: Innovations in Liquid Cooling Technology - Unitree Robotics has introduced the Unitree H2, a bionic humanoid robot that utilizes a self-developed high-power density joint module, which is supported by innovative pump-less liquid cooling technology for efficient heat dissipation [4][6]. - The pump-less liquid cooling technology employs the evaporation of volatile liquids to achieve cooling, significantly simplifying the structure and enhancing cooling efficiency compared to traditional systems [6]. - The article outlines the challenges faced by liquid cooling systems in robotics, including the need for compact design, precise dynamic thermal management, and material compatibility [18][19]. Group 2: Competitive Landscape of Liquid Cooling Suppliers - Leading companies such as Tenglong Co., Sanhua Intelligent Control, and Yinlun Co. are highlighted for their advancements in liquid cooling technologies, with specific applications in robotics and partnerships with major firms like Tesla and NVIDIA [11][12][13]. - Tenglong Co. has developed microchannel cooling technology that effectively addresses overheating issues in robotic joints, achieving a cooling power density of 800W/L [11]. - Sanhua Intelligent Control has transitioned from traditional appliance components to a multi-track leader in thermal management and robotics, with a gross margin of 45% for its custom liquid cooling modules [12]. Group 3: Challenges and Future Directions - The article emphasizes that the technical barriers for developing liquid cooling systems for robots are significantly higher than those for server cooling, due to the complex requirements of space adaptation and dynamic thermal management [18][19]. - Despite the challenges, the demand for effective cooling solutions in humanoid and specialized robots is driving many companies to accelerate their development efforts in this field [19]. - The industry is witnessing a trend where companies leverage their existing expertise in automotive thermal management and data center cooling to innovate in the robotics sector [19].

Core Viewpoint - The article emphasizes the critical role of liquid cooling technology in addressing the increasing thermal management challenges faced by data centers due to the rapid advancement of technologies like artificial intelligence and the Internet of Things. Traditional air cooling methods are becoming inadequate, making liquid cooling a key focus for sustainable development in data centers [5]. Summary by Sections Overview of Liquid Cooling Technology - Data centers are evolving towards "high performance, high density, and high energy consumption," with cooling systems accounting for approximately 40% of total energy consumption. Efficient heat dissipation is essential for sustainable development [5]. Company Profiles - **Shenzhen Envicool Technology Co., Ltd.**: Established in 2005, it specializes in precision cooling solutions for data centers and has a diverse product matrix including liquid cooling technologies widely used in high-power density servers [6][7]. - **Guangzhou Gaolan Energy-saving Technology Co., Ltd.**: Founded in 2001, it offers advanced cooling solutions with a focus on liquid cooling technologies, achieving a PUE as low as 1.08 in applications [10][12]. - **Sugon Information Industry Co., Ltd.**: With a comprehensive product system in liquid cooling, it has developed technologies that enhance heat exchange efficiency by over 15% [13][14]. - **Inspur Information**: A global leader in IT infrastructure, it holds a 5.5% market share in the global liquid cooling infrastructure market and has been the top provider in China for four consecutive years [16][17]. - **Ningchang Information Industry (Beijing) Co., Ltd.**: Focused on liquid cooling servers, it has developed a comprehensive system covering all scenarios of liquid cooling [20][22]. - **Sanhua Tongfei Refrigeration Co., Ltd.**: Established in 2001, it specializes in industrial temperature control technology and has developed solutions that significantly reduce energy consumption [24][26]. - **Jiangsu Likang Puting Precision Technology Co., Ltd.**: Founded in 2024, it focuses on efficient and energy-saving cooling solutions for data centers [27][28]. - **Nanjing Jialitu Room Environment Technology Co., Ltd.**: Established in 2003, it provides a full chain of services in environmental control, including liquid cooling solutions [31][33]. - **Kehua Data Co., Ltd.**: With a history dating back to 1988, it has developed liquid cooling solutions that achieve a PUE as low as 1.2 [36][37]. - **Shenzhen Keda Technology Co., Ltd.**: Founded in 1993, it offers comprehensive solutions for data centers, focusing on high-density liquid cooling products [39][40]. - **Guangdong Shenling Environment System Co., Ltd.**: Established in 2000, it provides integrated solutions for environmental control, including innovative liquid cooling systems [42][43]. - **Guangdong Haiwu Technology Co., Ltd.**: Focused on low-carbon solutions, it has developed a full-stack liquid cooling system adaptable to various power densities [46][47]. - **Shenzhen Green Cloud Technology Co., Ltd.**: A subsidiary of Wangsu Technology, it specializes in green data center solutions based on immersion cooling technology [50][51]. - **Yimikang Technology Group Co., Ltd.**: Established in 2002, it aims to lead in zero-carbon data center solutions, with a focus on various liquid cooling technologies [53][54]. - **Yuan Di (Guangzhou) Digital Technology Co., Ltd.**: Founded in 2021, it focuses on innovative liquid cooling products and solutions, achieving significant milestones in various industries [57][58]. - **Sichuan Chuanrun Co., Ltd.**: Established in 1992, it has developed dual technology routes in liquid cooling, achieving a PUE below 1.05 [61][62]. - **Changzhou Hester Technology Co., Ltd.**: With 25 years of experience, it has become a leader in liquid cooling technology, providing solutions for high-performance computing [64][65]. - **Beehe Electric (Taicang) Co., Ltd.**: Founded in 2006, it offers comprehensive thermal management solutions, including liquid cooling products [68][69]. - **Guangzhou Hashi Temperature Control Technology Co., Ltd.**: Established in 2023, it focuses on liquid cooling solutions and has developed a complete technical system for various applications [71][72]. - **Lanyang (Ningbo) Technology Co., Ltd.**: Founded in 2019, it provides comprehensive liquid cooling solutions for various industries, focusing on immersion cooling technology [73][74]. - **Zhejiang Yunchuang Zhida Technology Co., Ltd.**: A subsidiary of Zhejiang Kangsong, it offers customized liquid cooling solutions based on extensive experience in thermal management [77][78]. - **Henan Jingrui Cooling Technology Co., Ltd.**: Established in 2008, it provides solutions for various fields, including data centers [80][81]. - **H3C Group**: Offers high-density liquid cooling solutions to meet the growing performance demands of data centers [84]. Upcoming Events - The sixth Thermal Management Industry Conference and Expo will be held in 2025, focusing on thermal management technologies in data centers and consumer electronics, inviting industry professionals and researchers to participate [88].

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 article emphasizes that liquid cooling is becoming the mainstream cooling technology for intelligent computing centers due to the increasing power density of AI chips and the limitations of traditional air cooling methods. The global liquid cooling market is expected to experience significant growth, with a projected market size of over $10 billion by 2026 [3][46]. Investment Summary - The rise in AI chip power and cabinet density is driving the adoption of liquid cooling solutions, with leading overseas companies advancing full liquid cooling solutions [4][5]. - The liquid cooling market in North America is projected to reach $10 billion by 2026, driven by the demand for NVIDIA GPUs and the adoption of liquid cooling by CSP cloud manufacturers [5][57]. - In China, the liquid cooling market is expected to reach approximately 21.1 billion yuan by 2027, with a significant increase in penetration rates [52]. Liquid Cooling Technology - Liquid cooling offers advantages over air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, and energy savings [6][12]. - The liquid cooling architecture can be divided into two parts: the room side (including primary and secondary equipment) and the ICT equipment side [8][30]. - The main types of liquid cooling include cold plate, immersion, and spray cooling, with cold plate technology currently being the most widely used [28][30]. Market Drivers - The increasing power density of computing chips necessitates liquid cooling as a primary solution for heat dissipation in intelligent computing centers [15][23]. - Stricter energy efficiency regulations for data centers, such as PUE requirements, are pushing the adoption of liquid cooling to reduce overall energy consumption [23][26]. - Major CSP cloud manufacturers are designing and implementing liquid cooling solutions, further driving market growth [26][27]. Component Analysis - The liquid cooling system consists of primary and secondary components, with significant value attributed to components like CDU, liquid cooling cabinets, and air conditioning systems [53][56]. - The value of liquid cooling components is expected to increase as the market grows, with specific components like CDU accounting for about 30% of the total value [56][57]. Future Outlook - The liquid cooling market is anticipated to grow rapidly, with projections indicating that by 2026, the global market could exceed $10 billion, driven by advancements in AI technology and increasing demand for efficient cooling solutions [46][57]. - The article suggests that companies with system-level understanding and specialized cooling capabilities will benefit the most from this industry development [4].