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].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the investment value of significant events, analysis of industry chain companies, and key points of major policies [1] - The company has achieved full production capacity for lithium hexafluorophosphate and is advancing the pilot production of sulfide solid electrolytes, indicating readiness for pilot-scale production [1] - The company is also focusing on humanoid robots and liquid cooling, with its subsidiary expanding thermal management systems to supercomputer center immersion cooling [1]

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].

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].

Core Insights - The report emphasizes the critical role of liquid cooling technology in data centers, particularly in AI-driven environments, as power density of computing chips continues to rise, surpassing the limits of traditional air cooling methods [1][6][8] - Liquid cooling is becoming mainstream due to its advantages such as rapid temperature transfer, high heat dissipation capacity, low noise, energy efficiency, and space-saving features [1][6][10] - The global market for liquid cooling is projected to exceed $10 billion by 2026, driven by increasing demand from AI chip manufacturers and data center operators [1][6][7] Group 1: Liquid Cooling Technology - Liquid cooling systems are categorized into two main sides: the room side (including primary and secondary components) and the ICT equipment side (such as cold plates and immersion systems) [1][12] - The current dominant technology is cold plate cooling, with Nvidia's GB200 series utilizing a fully liquid-cooled architecture [1][10] - Immersion cooling is seen as a long-term direction, offering lower PUE (<1.05) but at a higher cost compared to cold plate systems [1][6][10] Group 2: Market Size and Growth - The North American market for cold plate liquid cooling is valued at approximately $1,040 per kW, with expectations to reach $10 billion by 2026, driven by CSP cloud manufacturers and Nvidia's GPU demand [1][7] - In China, the unit value for cold plate liquid cooling is around 5,000 RMB per kW, with market sizes projected to be 11.3 billion RMB in 2026 and 23.8 billion RMB in 2027 [1][7] - The liquid cooling market is expected to accelerate due to stricter PUE regulations globally, with China mandating new large data centers to maintain a PUE ≤ 1.25 [1][25] Group 3: Industry Chain Analysis - The upstream of the liquid cooling industry consists of components like cooling towers and cold plates, while the midstream includes system integrators such as Vertiv and Envicool, and the downstream comprises AIDC service providers and operators [1][6][7] - Overseas and Taiwanese companies have a first-mover advantage in component manufacturing, but domestic manufacturers are gradually gaining ground due to cost-effectiveness and responsiveness [1][6][7] - The report highlights that established temperature control manufacturers are likely to benefit from the industry's growth, with a recommendation to focus on companies like Envicool [1][6][7] Group 4: Technological Developments - The evolution of cold plate technology is moving towards two-phase systems, which can enhance cooling capacity by over 150%, and micro-channel technology, which offers lower thermal resistance [1][6][40] - Companies like Microsoft are exploring microfluidic cooling technologies that significantly improve cooling efficiency compared to existing solutions [1][40] - Future trends indicate a shift towards high integration, low power consumption, and standardization in liquid cooling technologies [1][6][40]

Investment Rating - The report rates the industry as "Outperform" [2] Core Viewpoints - The rise in computing power density necessitates liquid cooling as the primary heat dissipation technology for intelligent computing centers. Liquid cooling offers advantages over air cooling, including faster temperature transfer, higher heat removal capacity, lower noise, energy savings, and space efficiency. The global trend towards stricter PUE assessments is expected to drive the penetration of liquid cooling technology [7][11][26] - The global market for liquid cooling in data centers is projected to exceed $10 billion by 2026, driven by the increasing power of AI chips and the growing density of server cabinets. The North American market alone is expected to reach $10 billion, with significant contributions from companies like NVIDIA [8][93] - Domestic liquid cooling market in China is expected to reach approximately 11.3 billion yuan in 2026, with a further increase to 23.8 billion yuan in 2027, as operators gradually adopt liquid cooling solutions [8][86] Summary by Sections 1. Computing Power Density and Liquid Cooling Technology - The increasing power density of AI chips is pushing the limits of traditional air cooling methods, making liquid cooling essential for managing heat in intelligent computing centers. Liquid cooling systems are categorized into room-side and ICT device-side architectures, with cold plate technology currently being the most widely adopted [7][10][11] 2. Accelerating Liquid Cooling Application and Market Size - The cooling system costs account for over 20% of the total data center infrastructure costs. Liquid cooling is expected to further increase this investment share. The report estimates that by 2026, the liquid cooling market in China will surpass that of air cooling, with a projected market size of 21.8 billion yuan [80][81][86] 3. Liquid Cooling Industry Chain Analysis - The liquid cooling industry chain consists of upstream components (liquid cooling parts), midstream system integrators, and downstream customers (data center service providers, operators, and internet companies). The report emphasizes the importance of system-level understanding for specialized temperature control manufacturers to benefit from industry growth [97][101]

Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Summary of Liquid Cooling Industry Report Industry Overview - The liquid cooling industry is experiencing significant growth, driven by the increasing demand for data centers and the limitations of traditional air cooling systems. The global liquid cooling market is expected to exceed 150 billion RMB in 2026, representing a tenfold increase from 2025's 15 billion RMB [1][4]. Key Points Market Growth and Projections - The liquid cooling market is projected to reach over 150 billion RMB by 2026, with a domestic market penetration rate expected to reach 30%-40% between 2027 and 2029 [1][4]. - The industry is currently in an explosive growth phase, with the application of liquid cooling technology in data centers anticipated to accelerate significantly by 2025 [2][4]. Technology and Types - Liquid cooling technology is categorized into three main types: spray cooling, cold plate cooling, and immersion cooling, with cold plate cooling currently being the dominant method [1][5]. - The NVIDIA MBR72 cabinet serves as a benchmark, with a total cabinet value of approximately 800,000 RMB, including components such as the cold plate (250,000 RMB) and CDU (300,000 RMB) [1][5]. Competitive Landscape - In the CDU (Coolant Distribution Unit) sector, domestic companies like NVIDIA, China Sunway, and Silver Wheel dominate, while international competitors include Vertiv, Gucci, and Schneider [1][6]. - Domestic brands are expected to enter overseas markets quickly due to the high barriers in business relationships and consistency control required for components like cold plates and quick connectors [6]. Key Components and Suppliers - Cold plates are critical components in liquid cooling systems, directly attached to the back of chips, with leakage being a key concern for manufacturers and end-users [1][8]. - Major suppliers for quick connectors include both international (CBC, Pico) and domestic companies (Invec, Chuanhuan, Suliang) [3][9]. - The manifold component is simpler and has a higher presence of domestic companies, including Zhongguangdian, Shenling, Invec, and Silver Wheel [10]. Development Trends - The liquid cooling technology has gained attention since 2023, with companies like Feilong Co. having a first-mover advantage in the automotive thermal management sector, supplying Huawei and covering the NVIDIA supply chain [1][11]. - Companies like Silver Wheel and Topu are noted for their integrated capabilities across multiple liquid cooling components and their entry into the NVIDIA supply chain through Taiwanese manufacturers [11]. Additional Insights - The increasing power consumption of chips and the need for effective temperature control are driving the adoption of liquid cooling solutions, as chip lifespan can decrease by 50% with every 10-degree increase in operating temperature [2]. - The precision requirements for quick connectors in servers are stringent, with leakage limits set at no more than 0.25 drops over five consecutive insertions [3][9].

Core Viewpoint - NVIDIA is set to launch its AI server, the DGX GB300 NVL72, designed specifically for the AI inference era, featuring high chip computing power and a fully liquid-cooled rack design to meet the increased thermal design power (TDP) requirements [1] Group 1: Liquid Cooling Technology Development - Traditional air cooling solutions are inadequate for AI clusters with cabinet power densities exceeding 20 kW, leading to the adoption of fully liquid-cooled architectures by NVIDIA's OEM/ODM manufacturers [2] - Various liquid cooling solutions exist, including cold plate, immersion, and spray cooling, with cold plate technology being the most mature but having lower cooling efficiency compared to immersion and spray cooling [2] Group 2: Cold Plate Liquid Cooling Components - Cold plate liquid cooling is a mainstream solution for large-scale data center retrofitting, involving components such as the cooling distribution unit (CDU), cold plates, circulation pipelines, quick connectors, and manifolds [3] - The CDU acts as the "heart" of the system, relying on the performance of circulation pumps and heat exchangers [3] - Cold plates capture heat from high-heat components like GPUs, with performance metrics including pressure drop and thermal resistance being critical [3] Group 3: Immersion Liquid Cooling Components - Immersion cooling involves submerging electronic components in an insulating cooling liquid, utilizing the liquid's high heat capacity for efficient heat transfer [5] - Compared to cold plate systems, immersion cooling has a simpler secondary structure and requires careful selection of cooling liquid materials to prevent evaporation and ensure compatibility with data center equipment [6] Group 4: Spray Liquid Cooling Components - Spray cooling utilizes gravity or system pressure to directly spray cooling liquid onto high-heat components, achieving efficient heat capture [7] - Unlike cold plate systems, spray cooling operates without phase change and requires high-boiling, insulating, and oxidation-resistant cooling fluids [8] Group 5: Upstream Directions Worth Noting - Electronic fluorinated liquids are essential for immersion and spray cooling due to their high insulation and stability properties [9] - High-efficiency thermal interface materials (TIM) such as liquid metals are predicted to become mainstream, enhancing cooling performance for high-power CPUs while being compatible with both immersion and cold plate cooling systems [9] Group 6: Relevant Investment Targets in Liquid Cooling - Key players in the liquid cooling supply chain include companies like Invec (002837.SZ), Shenling Environment (301018.SZ), and others [10] - Component suppliers with low domestic production rates, such as Kexin New Source (300731.SZ) and Chuanhuan Technology (300547.SZ), are also noteworthy [10] - Upstream material suppliers like Juhua Co. (600160.SH) and Xinjubang (300037.SZ) are significant in the liquid cooling market [10]

Core Insights - The liquid cooling market is emerging as a significant segment in the AI industry, projected to reach a scale of approximately 130 billion yuan by 2029, growing over seven times in five years [2][10][11] Market Growth - According to the China Academy of Information and Communications Technology, the liquid cooling market for intelligent computing centers in China is expected to grow from 18.4 billion yuan in 2024 to about 130 billion yuan by 2029, marking a growth of over 66.1% from 2023 [2][10] - The liquid cooling concept index has been on the rise, with a 31.35% increase observed from August 1 to August 26, 2025 [3] Technological Drivers - The rapid increase in AI computing power demands has led to a significant rise in chip power consumption, surpassing the cooling limits of traditional air cooling systems, making liquid cooling a necessary option [2][12] - The cooling requirements for high-power chips have increased dramatically, with CPU power consumption rising from around 150W to 450W-500W, and AI chips like NVIDIA's increasing from 450W to as high as 2200W [12][13] Market Trends - Cold plate liquid cooling is expected to become the mainstream solution, with a projected penetration rate of 30%-40% by 2030, primarily due to its maturity and minimal disruption to existing server ecosystems [12][16] - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [16] Industry Developments - The global liquid cooling market is seeing increased interest from foreign leaders, while Chinese companies are also expanding into overseas markets [18][19] - Companies like Inspur have begun establishing overseas subsidiaries to tap into international markets, particularly in Southeast Asia and the Middle East [20]