通信行业点评 液冷技术再突破，IDC 热管理"变纪元"开启 2025 年 09 月 28 日 ➢ 微软发布液冷新技术，致力突破 IDC 功耗。根据 IDC 圈 2025 年 9 月 25 日 咨讯，微软董事长兼首席执行官 Satya Nadella 在社交媒体宣布，微软团队取得 了一项巨大突破：一种使用微流控技术的新型液冷方法，为比传统方法更高效、 更可持续、更密集的的数据中心打开了大门。 ➢ 微软该项技术有望重塑 IDC 液冷格局。我们认为液冷引入复杂流体系统， 使得越来越多的芯片服务器"出厂即液冷"。若微软的微流控技术实现规模化，必 将对 IDC 行业带来"二次冲击"。与冷板和浸没式液冷的"外部接触"不同，微 流控将冷却液直接嵌入芯片硅层，热传导效率提升 2-3 倍。而内置流体与外界的 交换的耦合可能反倒没有冷板紧密，同时，芯片的高散热能力实际上会提升对机 房整体散热能力的需求。 ➢ 看好芯片性能持续迭代下带来的 AI 热管理&基建侧机遇。根据 IEA 预测： 全球为满足数据中心的用电需求，电力供给将从 2024 年的约 460TWh 增长， 至 2030 年超过 1000TWh，即数据中心整体的电力需求 ...

Group 1 - Microsoft's new microfluidic liquid cooling technology is a significant topic of discussion in the market, showcasing an aggressive approach to cooling solutions at the wafer level rather than just packaging [1][3] - Alibaba announced an increase in capital expenditure to 380 billion, indicating a strong trend towards investment in AI chips, particularly in light of Nvidia's 1 trillion impact [9][10] - The collaboration between Alibaba and Haiguang to establish a joint venture for a large-scale cluster with 110,000 computing chips marks a shift from business collaboration to capital binding [11] Group 2 - The penetration rate of AI chatbots is rapidly increasing, with global investments in AI reaching 400 billion in the past year and expected to exceed 4 trillion over the next five years, indicating strong capital inflow into the industry [12] - Haiguang's latest BW 1000 GPU achieves significant performance metrics, with FP64 performance at 30 TFLOPS and FP32 at 60 TFLOPS, positioning it competitively against Nvidia's H100 [13] - Haiguang's HSL technology aims to enhance ecosystem compatibility and improve CPU-GPU connection efficiency, potentially facilitating entry into the internet sector and establishing influence [14][15]