空间测算：液冷有多大的星辰大海？20250820 摘要 国内液冷市场逐步渗透扩展，市场空间预计可达 70 至 80 亿元，升腾芯 片液冷市场 2024 年预计达五六亿元，2026 年或增至 45 亿元，表明液 冷技术应用前景广阔。 英伟达 GTC 大会发布液冷架构，GB200 单柜液冷价值量约 8 万美元， GB300 单柜约 11 万美元，CDU 环节价值量 1.8 万至 3.75 万美元，标 志着液冷技术进入规模化应用阶段。 英伟达 GB200 和 GB300 整柜出货量假设下，2025 年液冷市场空间预 计达 200 至 300 亿元人民币，2026 年若交付 10 万柜，市场空间或增 至 700 亿元人民币，英伟达产品推动市场快速增长。 2026 年液冷市场预计显著增长，Meta 计划 100%采用液冷，谷歌和亚 马逊也将推出液冷架构产品，中性预估下 ASIC 单卡液冷价值量约 1,250 美元，市场空间约 200 亿元人民币。 综合来看，2026 年英伟达和 ASIC 领域的液冷市场总规模可能达到 900 亿元人民币，接近千亿赛道，市场潜力巨大。 液冷行业增速陡峭，目前处于渗透率快速爬坡阶段，与云商 ...

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the U.S. market, trade relations with China, and the implications for the Middle East, particularly in the context of high-end technology and products. Core Points and Arguments 1. **Market Reactions to Trade Agreements** Following significant trade agreements between the U.S. and China, there was an unexpected market downturn, which may present a short-term trading opportunity. The subsequent recovery indicates potential for continued upward movement, heavily influenced by U.S. policy shifts [1] 2. **U.S. High-End Products in the Middle East** The U.S. aims to integrate high-end products and services into the Middle East, with a notable easing of restrictions on high-end chips, previously tightly controlled during the Biden administration. This shift coincides with Trump's visit to the region, accompanied by top tech executives, indicating a strategic push [2] 3. **China's Access to High-End Technology** The opening of the Middle East market could allow China greater access to advanced products and technologies, although the U.S. government remains cautious and has issued warnings against the use of Huawei's chips, indicating a complex regulatory environment [3] 4. **U.S. Inflation Data** Recent data shows the U.S. Consumer Price Index (CPI) for April at a historic low of 2.3%, close to the Federal Reserve's target of 2.0%. This low inflation rate raises questions about potential interest rate cuts by the Fed [4] 5. **Market Stability Concerns** The U.S. financial markets experienced significant downturns recently, with U.S. Treasury bonds, stocks, and the dollar index all declining. While some assets have stabilized, concerns remain about the ongoing low performance of U.S. Treasuries [5][6] 6. **Hong Kong Market Outlook** The Hong Kong market, closely linked to overseas assets, is expected to enter a period of recovery, with a notable increase in the financial sector, particularly insurance, which saw gains exceeding 4% [7] 7. **Domestic Market Performance** The domestic market showed signs of recovery, albeit with modest gains compared to Hong Kong. The trading volume remained stable at approximately 1.3 trillion yuan, indicating a lack of significant market excitement [8] 8. **Investment Sentiment** In the recovery phase, sectors with higher volatility and risk, particularly technology, are expected to outperform. The market sentiment is gradually improving, suggesting a potential upward trend in the tech sector [9] Other Important but Possibly Overlooked Content - The call also mentioned promotional offers for subscription renewals, indicating ongoing engagement with the audience and potential for increased customer retention [9]