证券日报网讯中鼎股份（000887）8月25日在互动平台回答投资者提问时表示，浸没式液冷相比冷板式 液冷散热效率更高，能耗更小。 ...

Investment Rating - The report rates the industry as "Positive" for investment, indicating an optimistic outlook for the sector over the next 12 months [6]. Core Insights - The liquid cooling technology is positioned as a crucial solution for data centers to address heat dissipation challenges, especially with the increasing power consumption driven by AI applications [14][20]. - The report highlights the significant advantages of liquid cooling over traditional air cooling, including higher cooling efficiency, lower energy consumption, and reduced total cost of ownership (TCO) [13][26]. - The domestic liquid cooling market is projected to reach approximately 4-5 billion yuan by 2025 and 7-8 billion yuan by 2026, driven by the increasing adoption of high-power servers [43]. Summary by Sections Cooling Technology Overview - Data centers require efficient cooling systems due to their high heat generation, with liquid cooling being a key upgrade from traditional air cooling methods [8][13]. - Liquid cooling methods include cold plate, spray, and immersion cooling, with immersion cooling further divided into single-phase and two-phase types [9][13]. Drivers of Liquid Cooling Adoption - **Driver 1: AI Power Consumption** The power consumption of CPUs and GPUs is rapidly increasing, pushing the limits of air cooling solutions [14][19]. - **Driver 2: Policy Control on PUE** The report emphasizes the need for more efficient cooling solutions to meet stringent PUE (Power Usage Effectiveness) targets set by regulations, with liquid cooling achieving lower PUE values compared to air cooling [20][25]. - **Driver 3: Lower Lifecycle Costs** Liquid cooling systems demonstrate lower TCO compared to air cooling, particularly in terms of capital and operational expenditures [26][29]. Market Size and Growth - The report estimates that the domestic liquid cooling market will grow significantly, with projections of 40-50 billion yuan in 2025 and 70-80 billion yuan in 2026 [43][45]. - The market for liquid cooling components, such as CDU and manifolds, is expected to see substantial growth, with specific segments projected to grow by over 200% year-on-year by 2026 [49]. Investment Opportunities - The report identifies key investment opportunities within the liquid cooling supply chain, including liquid cooling plates, CDU, and manifold products, with a focus on domestic manufacturers [54][57]. - The trend towards domestic substitution in the liquid cooling market is highlighted, particularly for components currently dominated by foreign suppliers [58][61]. Key Players and Competitive Landscape - Major players in the liquid cooling market include companies like Invec, Feirongda, and Zhonghang Optoelectronics, which are positioned to benefit from the growing demand for liquid cooling solutions [78][84]. - The competitive landscape is characterized by a mix of established players and emerging domestic manufacturers, with a focus on innovation and cost reduction in liquid cooling technologies [79][82].

每经AI快讯，中国银河（601881）证券指出，随着海外厂商GPU方案对于液冷需求的逐步提升，液冷 (尤其是冷板式)市场空间逐步增长，且在当下时点产业趋势的革新已经提前到来，在高集成、低功耗以 及低成本的优势下，建议重点关注具备成熟冷板式液冷技术的厂家，以及布局浸没式液冷以及喷淋式液 冷的重点厂家。 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].