"热墙"来袭：当风冷走到尽头，液冷即将迎来爆发 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。 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 NVL ...

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 ...

Core Insights - The report from Nomura Securities highlights the urgent need for advanced cooling solutions in AI chips due to rapidly increasing thermal design power (TDP) levels, with projections indicating that TDP for mainstream AI chips will rise from 600-700W in 2023 to potentially over 3500W by 2027 [3][4][10]. AI Chip Cooling Demand - The TDP of AI chips is expected to escalate significantly, with Nvidia's Blackwell series reaching 1000-1400W by 2025 and the Rubin series potentially hitting 2300W in 2026, and 3500W in 2027 [3][4]. - Traditional single-phase liquid cooling solutions are nearing their limits, necessitating new technological breakthroughs to handle TDPs above 2000-3000W [4]. Microchannel Cold Plates (MCL) - MCL is identified as the most practical solution for cooling chips exceeding 3000W post-2027, integrating heat spreaders and cold plates to reduce thermal resistance [5][7]. - MCL maintains compatibility with existing supply chains, utilizing current cooling fluids and components, unlike two-phase liquid cooling which requires extensive redesign [7]. - There are three main challenges to MCL mass production: design precision of microchannels, manufacturing capabilities, and supply chain coordination [8][9][10]. Thermal Interface Materials (TIM) - Upgrading TIM is crucial, with current materials like graphite films being insufficient for future TDPs; alternatives like indium TIM show promise but face challenges in assembly and interface treatment [10][11]. Other Technologies - Emerging technologies such as TSMC's Si integrated microcoolers and Microsoft's embedded microfluidics are considered less likely to be implemented in the short term due to scalability issues [11]. Market Opportunities for Traditional Cooling Manufacturers - Traditional cooling manufacturers like AVC and Auras are expected to see growth due to overlooked liquid cooling demands for non-core chips and the overall acceleration of liquid cooling adoption in AI servers [12][13]. - The market for liquid cooling components in AI servers is projected to grow from $1.2 billion to $3.5 billion between 2025 and 2027, with a compound annual growth rate exceeding 60% [12]. Investment Targets - Jentech is highlighted as a leading player in the microchannel market, with expected revenue from MCL contributing significantly to its overall earnings by 2028 [15]. - AVC and Auras are also recommended for investment, with AVC being a key supplier for Nvidia and Auras having advantages in manifold components [15].