今天分享的是：数据中心互联技术专题五：液冷—智算中心散热核心技术 报告共计：43页 《数据中心互联技术专题五：液冷—智算中心散热核心技术》由国信证券于2025年9月发布，聚焦液冷技术在智算中心散热中的核心作用、市场规模、产业 链及技术发展。随着AI芯片功率提升，设备功率密度突破风冷极限，液冷因温度传递快、散热能力强、节能省空间等优势成为主流，且全球PUE考核趋严 （中国要求新建大型数据中心PUE≤1.25，欧洲2030年需≤1.3），推动液冷渗透率提升。液冷系统分机房侧（一次侧含冷却塔、冷水机组，二次侧含CDU、 Manifold、管路等）与ICT设备侧（冷板、浸没式设备），当前以冷板式为主（英伟达GB200系列采用全冷板架构），浸没式为长期方向，另有喷淋式等技 术，冷板式兼容现有架构易维护，浸没式PUE更低（<1.05）但成本高。市场规模方面，2026年全球液冷（二次侧）有望超百亿美元，北美冷板式单位价值 量1040美元/kW，预计2026年市场达100亿美元（含CSP云厂ASIC及英伟达GPU需求）；国内冷板式单位价值量5000元/kW，2026/2027年市场规模预计 113/238亿元。产业链上游为零 ...

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]

Core Insights - The liquid cooling market for intelligent computing centers in China is projected to grow from 18.4 billion yuan in 2024 to approximately 130 billion yuan by 2029, representing an increase of over 7 times in five years [1][8][9]. Market Growth - The rapid growth of the liquid cooling market is driven by the explosive demand for AI computing power, which has significantly increased chip power consumption, surpassing the limits of traditional air cooling [1][9]. - The liquid cooling market is expected to see a compound annual growth rate (CAGR) of 46.2% for intelligent computing and 18.8% for general computing from 2023 to 2028 [5]. Technology Adoption - Cold plate liquid cooling is anticipated to become the mainstream solution, with a projected penetration rate of at least 30% to 40% by 2030 [1][14]. - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [14]. Industry Dynamics - The demand for liquid cooling solutions is driven by the significant increase in server chip power consumption, which has tripled to quintupled in the past five years [9][10]. - Major companies in the industry, such as Shuguang and foreign leaders like Viavi Technologies, are expanding their market presence both domestically and internationally [15]. Challenges and Opportunities - The transition from air cooling to liquid cooling faces challenges, including longer construction and server development cycles, as well as concerns about the reliability of new technologies [14]. - As industry standards for liquid cooling become more established, the ecosystem is expected to mature, facilitating broader adoption and commercial use [14].

Core Viewpoint - The liquid cooling market for intelligent computing centers in China is expected to grow significantly, reaching approximately 130 billion yuan by 2029, driven by the explosive demand for AI computing power and the limitations of traditional air cooling methods [2][8][10]. Market Growth - The liquid cooling market size in China is projected to be 184 billion yuan in 2024, representing a 66.1% increase from 2023, and is expected to grow over 7 times in the next five years [8][9]. - The penetration rate of liquid cooling technology is anticipated to reach at least 30% to 40% by 2030, with cold plate liquid cooling expected to dominate the market [10][12]. AI Computing Power Demand - The rapid increase in AI computing power has led to a significant rise in chip power consumption, with some chips exceeding 2700W, surpassing the cooling limits of air cooling [10][11]. - The average power consumption of CPUs has tripled over the past five years, with AI chips like NVIDIA's increasing from 450W to as high as 2200W [10][11]. Liquid Cooling Technology - The main types of liquid cooling solutions include cold plate liquid cooling, immersion liquid cooling, and spray cooling, with cold plate liquid cooling being the most mature and widely adopted [12]. - Currently, about 10% of newly produced servers utilize liquid cooling solutions, indicating a growing trend towards this technology [12]. Industry Challenges and Developments - The transition from air cooling to liquid cooling faces challenges such as longer construction and server development cycles, which may deter companies from adopting new technologies [13]. - The establishment of standardized protocols for liquid cooling technology is expected to facilitate its widespread adoption and improve operational reliability [13]. Global Market Dynamics - Global leaders in liquid cooling are intensifying efforts to enter the Chinese market, while Chinese companies are also exploring opportunities abroad [15][16]. - Companies like Inspur are expanding their overseas presence, with projects already delivered in Southeast Asia [16].

Group 1 - The core viewpoint of the article highlights that Zhongding Co., Ltd. (000887) has stated that immersion liquid cooling is more efficient in heat dissipation compared to cold plate liquid cooling, resulting in lower energy consumption [1]

Core Viewpoint - Immersion liquid cooling is a promising solution for high power density scenarios in data centers, with potential market opportunities driven by increasing demand for cooling solutions due to rising power densities from AI and 5G applications [1][2][4][6]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, especially with the increasing power density of AI servers, which can reach 2000-3000W compared to traditional servers at 300W-1000W [2]. - The current mainstream cooling solution is cold plate liquid cooling, which primarily uses water and ethylene glycol as cooling mediums, accounting for approximately 70% of the liquid cooling market [3]. - Two types of cold plate liquid cooling exist: single-phase (no phase change) and two-phase (with phase change), with the latter offering higher cooling efficiency suitable for higher power densities [3]. Group 2: Immersion Liquid Cooling - Immersion liquid cooling is more efficient than traditional cold plate systems, utilizing non-conductive cooling liquids to dissipate heat through convection and phase change [4]. - Single-phase immersion cooling is currently favored due to lower deployment costs and reduced risk of coolant spillage, while two-phase immersion cooling, although more efficient, faces challenges in cost and technology maturity [4]. Group 3: Market Potential and Demand - The International Energy Agency (IEA) predicts that global data center installed capacity will reach 114.3 GW by 2025, with annual additions ranging from 9 GW to 24 GW between 2024 and 2030, leading to a potential demand for 40,000 tons of fluorinated liquids [6]. - The estimated market space for immersion cooling solutions, based on a fluorinated liquid price of 250,000 CNY per ton, is approximately 10 billion CNY [6]. Group 4: Key Players and Recommendations - Companies in the fluorinated liquid space, such as Dongyangguang (600673.SH), Juhua Co. (600160.SH), and Yonghe Co. (605020.SH), are recommended for investment due to the growth potential in the cooling medium market [7][8].