本篇文章将围绕液冷行业展开深度梳理,分析其技术路线、行业现状与市场空间,拆解产业链结构,探 讨国内企业出海潜力,并盘点相关受益公司,为读者呈现液冷行业的全景图景与发展机遇。 目录 点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 在"双碳"战略与 AI 大模型算力需求爆炸的双重驱动下,数据中心正加速从"风冷时代"迈向"液冷 纪元"。随着芯片功耗突破风冷技术的物理极限,散热己从辅助环节升级为制约算力持续释放的核心瓶 颈。在此背景下,液冷技术凭借低能耗、高散热、低噪声及低 TCO 等优势,成为解决数据中心散热与 节能挑战的必由之路,正逐步从可选方案转变为行业刚需。当前,全球云厂商加码 AI基础设施投资, 北美四大云厂商资本开支同比高增,国内头部企业也纷纷公布巨额投入计划;叠加"东数西算"工程与 液冷推广政策的推动,液冷行业迎来高速发展期。冷板式与浸没式技术路线并行演进,产业链各环节正 迎来广阔的扩容机遇。 行业|深度|研究报告 2026年1月12日 液 冷 行 业 深 度 : 行 业 前 景、 技 术 路 线、 产 业 链及相关公司深度梳理 行业|深度|研究报告 ...

在连平看来，未来最为关键的变化在于资本市场的发展。新质生产力的培育催生实体经济对资本市场的持续需求，政策对资本市场、股票市场的支持力度 空前，社会资金流向改变以及流动性环境宽松等多重积极因素推动下，尤其是央行功能已实现全覆盖，出台了包括类平准基金等在内的一系列直接或间接 针对股票市场的政策工具，2026年及更长时期内，资本市场尤其是股票市场将形成良好的运行态势，有望持续稳健发展。 产业破局：创新生态激活增长动能 首席经济学家看好中国资产的另一核心逻辑，在于中国完备的产业生态与高效的创新转化能力。 在1月10日至11日举行的2026中国首席经济学家论坛年会上，多位首席经济学家齐聚一堂，共同聚焦中国资产价值变迁：政策端确定性持续加码，产业端 创新活力加速释放，资本市场支持力度空前，三重合力推动中国资产正从"海外可选"变为"全球不可回避"。"十五五"开局之年，政策稳、产业兴、资本活 的新景象已然显现，中国资产正迈入系统性重估的新周期。 政策定调：确定性筑牢发展基石 多位首席经济学家指出，政策的高度确定性是中国资产的核心支撑。 花旗集团大中华区首席经济学家余向荣在论坛上表示，结合外资视角观察，2025年已成为中国叙事 ...

你知道吗？ 就在大家疯狂追逐AI聊天机器人、自动驾驶这些炫酷科技的时候，有一批藏在幕后的"包工头"和"卖铲人"，闷声发起了大财。 他们不直接造 AI，但所有AI都离不开他们。 2026年初，上市公司年报开始披露，一家名叫南兴股份的公司，预计去年的净利润增长中值竟然达到了惊人的159%。 这个数 字，甚至超过了很多风口上的热门AI公司。 它不是什么新锐科技巨头，而是一家深耕数据中心基础设施的公司。 这不禁让人想问：当全世界的目光都聚焦在AI模型本身时，支撑这些模型运行的"算力 底座"，是不是才是真正稳赚不赔的生意？ 而且，嗅觉最敏锐的"聪明钱"，北向资金和高盛这样的国际投行，已经悄悄重仓了包括它在内的好几家相关公 司。 山东章鼓的情况则有些复杂。 它预计的年报利润增长中值是6.24%，这个数字在前几家公司面前不算起眼。 它的故事在于其参股的章鼓高孚公司，这家公 司生产磁悬浮和空气悬浮压缩机，专门为数据中心提供高效的冷源。 去年三季度，高盛公司新进了104万股，中信香港新进了71万股，分别位列第五和第九 大流通股东。 国际大行的入驻，显然看中了它在细分技术领域的潜力。 不过，它的股价近期却因为公司被立案调查的消息 ...

Group 1 - The mechanical industry experienced a significant increase of 41.69% in 2025, outperforming the CSI 300 index which rose by 17.66%, ranking 6th among 31 primary industries [4][10] - The top three sub-sectors in terms of growth were engineering machinery components, lithium battery equipment, and metal products, with increases of 93.20%, 92.49%, and 80.47% respectively, while the rail transit equipment sector saw a decline of 3.80% [4][10] - The mechanical equipment industry achieved a total revenue of 15,331.75 billion yuan in the first three quarters of 2025, a year-on-year increase of 7.46%, and a net profit attributable to shareholders of 1,101.92 billion yuan, up 16.86% [4][16] Group 2 - The engineering machinery sector is entering a new upward cycle driven by domestic demand recovery, supported by policies and a renewal cycle, with excavator sales in China increasing by 18.59% year-on-year in 2025 [5][20] - Exports of excavators have shown a positive trend, with a cumulative sales volume of 10.40 million units from January to November 2025, reflecting a year-on-year growth of 14.85% [5][27] - The engineering machinery sector's revenue increased by 13.11% year-on-year in the first three quarters of 2025, with a net profit growth of 23.34% [32] Group 3 - The humanoid robot sector is approaching mass production, with major companies like Tesla, Unitree, and Xiaopeng planning to achieve production in 2026 [6][43] - The capital market for humanoid robots is heating up, with over 328 billion yuan raised in the first three quarters of 2025, and several companies have gone public [6][37] - Government policies are actively supporting the development of the humanoid robot industry, with multiple initiatives aimed at fostering innovation and establishing a competitive ecosystem [6][41] Group 4 - The AI industry is experiencing high growth, with significant capital expenditures from leading tech companies, including over 350 billion USD from global giants like Google and Microsoft in 2025 [7][47] - The demand for gas turbines is rising due to the construction of AI data centers, with global sales expected to reach 70,838 MW in 2025, up from 58,381 MW in 2024 [7][50] - The PCB equipment market is benefiting from the rapid development of AI, with a projected compound annual growth rate of 5.3% from 2025 to 2029 [7][53] Group 5 - The general equipment sector is seeing a recovery in domestic demand, particularly in industrial robots, forklifts, and machine tools, with industrial robot production increasing by 29.20% year-on-year [8][62] - Forklift sales in China reached 843,000 units in the first eleven months of 2025, reflecting a year-on-year growth of 14.27% [8][66] - The machine tool sector is also experiencing growth, with a production increase of 12.70% year-on-year, driven by demand from traditional industries and emerging sectors [8][69] Group 6 - The specialized equipment sector is witnessing a rebound in new energy and 3C equipment, with lithium battery equipment demand increasing as major battery manufacturers ramp up capital expenditures [8][8] - The photovoltaic equipment market is evolving towards high-quality development, shifting from price competition to technological differentiation [8][8] - The 3C equipment sector is benefiting from an innovation cycle in consumer electronics, particularly with the rise of foldable screens and AI-enabled devices [8][8]

当前，液冷市场正处于高速增长的黄金时期，未来发展空间极为广阔。随着算力产业、新能源储能和电 动汽车等下游产业的持续扩张，液冷技术的应用需求将不断释放，市场规模也将随之快速增长。据国海 证券分析，以单颗AI芯片1376美元计算，2026年英伟达GPU液冷市场有望达119亿美元，ASIC液冷市场 有望达46亿美元，整体数据中心液冷市场规模有望达165亿美元（约1162亿元人民币），2025-2026年复 合增速约59%。A股市场上，已有多家上市公司切入液冷供应链，成为全球AI算力散热保障的重要支 撑。证券时报·数据宝统计，截至1月7日收盘，液冷概念股2025年以来平均上涨79.73%，远远跑赢同期 上证指数。26只概念股累计涨幅翻倍，其中淳中科技、思泉新材、奕东电子、宏盛股份、英维克累计涨 幅2倍以上。 ...

从夯到拉，给AI各环节排序 出品 | 妙投APP 作者 | 董必政 编辑 | 关雪菁 头图 | AI制图 | Wind代码 | 证券简称 | 2025年以来涨跌幅(%) | | --- | --- | --- | | 8841914.WI | AI陪伴指数 | 25.79% | | 884169.WI | AIPC指数 | 26.82% | （数据来源：wind） 妙投认为，AI算力的超额收益的本质在于确定性，且不断超预期。 资本、企业敢于对当下及未来的AI算力基础设施建设的确定性进行押注。比如：政策推动GPU的国产替 代，北美四大云厂商、中国BAT等互联网企业加大资本开支的投入。 而2025年大模型厂商仍看不到盈利的希望，AI手机、AI眼镜等端侧产品销量不旺，这些并未让资本市场看 到投资的确定性。 不过，全球科技巨头的资本开支正处于一个高强度、高增长的周期，并且普遍预期这一轮针对AI等核心技 术的投资热潮在未来几年仍将持续。 那么，2026年AI投资主线会是什么呢？ 展望2026年，妙投认为AI算力仍具备很强的确定性，有望继续成为科技主线。 随着AI基础设施建设与迭代 升级，算力（GPU）、运力（光模块）、 ...

Summary of Key Points from the Conference Call Industry Overview - The main trend in the A-share market for 2026 is a technology-driven bull market, with AI leading the growth sectors. Other growth sectors are expected to have relatively lower elasticity. The emphasis on cyclical reversal and growth emergence will continue into 2026, particularly in commercial aerospace and humanoid robotics, which are anticipated to see sustained growth and market attention [2][3]. Sector Performance and Reversal - Industries that performed poorly in 2025, such as shipbuilding and rail transit, are expected to experience a reversal in 2026. These sectors had strong performances in 2024 but underwent an adjustment period in 2025. The commercial aerospace and humanoid robotics sectors are projected to continue their growth trends in 2026 [3][4]. - The engineering machinery sector's leading companies are expected to achieve a compound annual growth rate (CAGR) of 20%-30% over the next three years, with companies like XCMG Machinery showing significant growth potential [3][5]. AI Industry Chain - The AI industry chain is currently driven by capital expenditure, with significant demand for upstream infrastructure such as optical modules and optical equipment. The transition of computing power from data centers (DC) to internet data centers (IDC) is increasing the demand for infrastructure like liquid cooling technology, providing development opportunities for related companies. By 2026, applications of embodied intelligent agents, including humanoid robots, autonomous driving, and drones, are expected to see more opportunities [6]. Commercial Aerospace - Commercial aerospace is viewed as a critical field combining high technology and future industries. The expectations include reduced costs for reusable rockets and satellite manufacturing, which will facilitate commercialization and open up larger market spaces. Opportunities in space computing, space energy, and lunar commercial activities present significant growth potential [7]. Lithium Battery Equipment Sector - The lithium battery equipment sector is recovering after an adjustment period from 2022 to 2024, with a new capacity cycle starting in 2025. Revenue and net profit growth turned positive in 2025, with a stock price increase of 103%. The demand for power lithium batteries and energy storage lithium batteries is fully recovering, and the expansion cycle of leading domestic battery manufacturers is expected to continue into 2026 [12]. - The solid-state battery industry is anticipated to reach a turning point in industrialization between 2026 and 2027, driven by technological improvements, demand growth, and policy support. The market size for solid-state batteries is projected to grow over 15 times from 2025 to 2030 [13]. Investment Recommendations - Key sectors and stocks to focus on include: - Engineering machinery, with XCMG Machinery recommended as a key stock due to its significant growth over the past three years and future potential [5][9]. - Humanoid robotics and commercial aerospace as emerging fields with vast industrial space [5]. - Specific companies in the lithium battery equipment sector, including leading equipment manufacturers and those involved in solid-state battery production, are recommended for their strong cash flow and technological advantages [14]. Solar Industry Insights - The solar industry has seen a significant increase in component prices, with prices for Trina Solar components rising from approximately 0.7 to over 0.82, and some exceeding 1. This price increase indicates a gradual reversal in the solar industry. If these price increases can be accepted by the power station end, the overall market may no longer incur losses, leading to a reversal [11]. This summary encapsulates the key insights and recommendations from the conference call, highlighting the anticipated trends and investment opportunities across various sectors.

谷歌光模块和液冷需求或提升 20251231 摘要 谷歌 TPU 和机柜的变化可能带来哪些产业机会？ 谷歌 TPU 和机柜的变化预计将带来 1.67T 光模块、液冷以及 L AOC 的大幅提 升。我们推测，2026 年谷歌可能会增加 TPU 数量并改变其结构，尤其是提升 V7+8 芯片的占比。V7+8 主要配置 1.6T 光模块和液冷，这些变化将显著影响 相关产业链。 谷歌在 TPU 结构方面有哪些具体变化？ 我们推测谷歌在 2026 年可能会大幅增加 V7+8 TPU 的出货量，并且这些 TPU 主要配置 1.6T 光模块和液冷。此外，谷歌可能会在机柜架构层面引入两种方案： 沿用原来的 3D Taurus 架构或采用 Cloth 架构，并可能引入光入柜内。这些变 化预计将增加大量 scale up 的光模块需求，以及 AOC 需求。 谷歌预计在 2026 年大幅增加 V7+8 TPU 的出货量，这些 TPU 将主要 配置 1.6T 光模块和液冷技术，预示着相关产业链将迎来显著变化。 谷歌可能在机柜架构层面引入 3D Taurus 或 Cloth 架构，并可能引入光 入柜内，这将增加对 scale up 光模 ...

Summary of AIDC Electrical Equipment Market Conference Call Industry Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) electrical equipment market, particularly in North America, highlighting the impact of energy shortages and the increasing demand for electrical equipment such as transformers and power supplies [1][2][3]. Key Points and Arguments 1. Energy Supply and Pricing - North American terminal electricity prices have risen by over 5% due to energy shortages, particularly in the PJM region, indicating a tight electricity supply that may worsen with AI development [1][2]. - The construction of data centers in the PJM region has significantly increased spot electricity prices, suggesting a growing demand for electrical equipment [2]. 2. Transformer Demand - There is a surge in demand for high-voltage transformers, with orders from companies like ABB, Siemens, and General Electric reaching 3-4 times their annual revenue, leading to long delivery cycles [1][3]. - Chinese companies, leveraging production capacity and cost advantages, are expected to expand exports to the U.S., with firms like Siyuan, Jinpan, and Igor already achieving exports [1][3]. 3. AIDC Power Supply Trends - The trend towards high-voltage direct current (HVDC) power supplies is expected to gain momentum, with significant applications anticipated in 2026, particularly with Meta's new product launches [1][4]. - Domestic companies such as Oulitong and New Energy are making marginal breakthroughs in power supply technology, indicating a competitive edge in customization speed [4]. 4. Growth in Gas Turbine Orders - Gas turbine orders have seen a significant increase, with a growth rate of approximately 50%-60% as of September 2025, and hydrogen turbine orders growing even faster [1][8]. - Major manufacturers like Baker Hughes, Ansaldo, and Kawasaki are experiencing increased demand, with light gas turbine production ramping up while heavy gas turbine delivery cycles remain long [8]. 5. PCB Industry Developments - The PCB (Printed Circuit Board) industry is witnessing an increase in the usage and value of drilling needles due to material upgrades, with leading manufacturers like Dingtai and Zhongtung exceeding 50% production capacity [2][15]. - The P4B technology is nearing maturity, leading to increased equipment performance requirements and a strong growth outlook for equipment demand and value [15]. 6. Competitive Landscape for Chinese Companies - Chinese companies are positioned to play a crucial role in the global AIDC electrical equipment market, particularly in traditional components like transformers and emerging technologies such as HVDC and SST products [5][6]. - The ability to respond quickly and provide customized services is expected to give Chinese firms a competitive advantage [5]. 7. Infrastructure and Modular Data Centers - The construction cycle for modular data centers is shortening due to AI infrastructure demands, with companies like Schneider and CIMC participating in total or partial contracting [1][14]. - Significant growth is anticipated in this sector by 2026, driven by increased penetration rates [14]. 8. Liquid Cooling Technology - Liquid cooling technology is expected to see substantial growth, supported by changes in demand and the introduction of new products into the overseas supply chain [11][13]. - Companies are actively preparing talent to support the development of this technology, indicating its importance in the AI industry [11]. Additional Important Insights - The overall sentiment for the AIDC electrical equipment market is optimistic, with expectations of price elasticity and valuation expansion across various sectors, including power, infrastructure, and PCB [16]. - Companies like Yingliu, Hangyu Technology, and Jereh are highlighted as having strong growth potential in the AI power sector due to solid customer relationships and strategic partnerships [9][10].

文/子木 很多读者问我，关于2026年科技元年爆发的事情。 其实我前几天在子说一点已经写过了，这对于我们每个人来说，是非常非常重要的信号。那么今天就系 统化再讲一次。 2026年，人类将同时迎来十五个顶尖科技领域的"元年"。 分别是： 1.自动驾驶元年 2.液冷元年 3.国产HBM元年 4.端侧AI元年 5.固态电池元年 6.人工智能应用元年 7.量子计算元年 8.存算一体芯片元年 9.类脑计算元年 10.低空经济元年 11.产业商业航天元年 12.人型机器人元年 13.硅光元年 14.可控核聚变元年 所谓的"寒冬"，往往是巨变的前夜。 真正的技术革命，从来不是在歌舞升平中诞生的，而是在危机和 萧条的废墟上长出来的。 但作为一个理性的宏观观察者，我必须告诉你一个违背直觉，却又在历史上反复验证的真相： 15.深海科技元年 这份清单列得密密麻麻，从自动驾驶到可控核聚变，从人形机器人到量子计算； 从国产HBM（高带宽 内存）到硅光芯片，再到低空经济和脑机接口…… 拿到这份清单，绝大多数人的第一反应是嗤之以鼻，甚至感到厌恶： "又是资本在炒作概念圈钱了。" "饭都吃不饱了，还谈什么核聚变？" "现在的经济这么冷，哪来 ...