Core Viewpoint - The article emphasizes the rapid growth of global computing power demand driven by advancements in artificial intelligence, cloud computing, and high-performance computing, leading to unprecedented cooling challenges for data centers. Liquid cooling technology is evolving from an optional solution to a necessary one due to its energy efficiency, low power consumption, and noise reduction advantages, especially in light of tightening national PUE (Power Usage Effectiveness) requirements. The article outlines the evolution of liquid cooling technology, market landscape, and future trends, predicting that the global liquid cooling market will exceed 100 billion yuan by 2026, marking the beginning of a liquid cooling revolution driven by technology, policy, and industry collaboration [2]. Group 1: Liquid Cooling Technology - Liquid cooling technology is essential for addressing the cooling pressures of data centers. It utilizes liquid to dissipate heat from components, leveraging the high thermal conductivity and heat capacity of liquids compared to air, resulting in lower energy consumption, higher cooling efficiency, and reduced noise [6][13]. - The core advantages of liquid cooling include low energy consumption, high cooling capacity (4-9 times that of air cooling), low noise levels, and lower total cost of ownership (TCO), with PUE values potentially dropping below 1.2 [13][26]. - The rapid increase in chip power density necessitates the adoption of liquid cooling solutions, as traditional air cooling struggles to meet the demands of next-generation architectures like NVIDIA's Rubin, which anticipates power densities reaching up to 600 kW [14][18]. Group 2: Market Trends and Future Outlook - The liquid cooling market is expected to surpass 100 billion yuan by 2026, driven by technological advancements, policy support, and collaboration across the supply chain [2]. - The evolution of liquid cooling technology is characterized by the emergence of microchannel cold plates and phase change cooling plates, which enhance efficiency and customization [2][14]. - The article highlights the increasing importance of liquid cooling in meeting national PUE requirements, with policies pushing for lower PUE values, thereby promoting the adoption of energy-efficient technologies [22][25]. Group 3: Industry Applications and Solutions - Liquid cooling solutions are categorized into direct contact and indirect contact types, with single-phase immersion cooling being the primary development direction due to its high efficiency and energy savings [30][47]. - Single-phase cold plate cooling is expected to remain the mainstream solution for a considerable time due to its compatibility with existing infrastructure and lower retrofit costs [37]. - Immersion cooling offers high energy efficiency (PUE < 1.13) and supports high-density deployments, although it presents challenges in product design and maintenance [48][49].

东吴证券近日发布液冷行业深度：伴随芯片升级迭代，功率密度激增，相应液冷价值量也会随之快速增 长，以GB300-GB200服务器为例，根据我们测算，机架液冷模块价值量有望增长20%以上，未来随着 rubin架构升级，液冷价值量有望进一步提升。根据我们测算，26年预计ASIC用液冷系统规模达353亿 元，英伟达用液冷系统规模达697亿元。 以下为研究报告摘要： 投资要点： 1.液冷技术：解决数据中心散热压力的必由之路 单相冷板无法适用于Rubin架构，Rubin架构的热设计功耗（TDP）达到2300W，整柜功率约200KW，而 单相冷板的设计上限为150KW/柜，因此无法适用于Rubin架构，需要引入新的液冷方案。1）可行方案 一：相变冷板：相变冷板通过液体工质在冷板内吸收热量后发生相变（通常是液态到气态），利用相变 过程中吸收的大量潜热来实现高效散热，一般来说相变冷板的介质为氟化液为主，适配单柜300KW+场 景；2）可行方案二：微通道盖板（MLCP），核心是将高度密集的微尺度冷却液通道网络直接置于冷 板基板下方或内部，通道宽度可从几十微米到几百微米不等，通道密度通常可达每平方厘米数百至数千 个。我们判断微通道 ...

智通财经APP获悉，东吴证券发布研报称，现阶段液冷的主要方案中冷板式占据主流地位，浸没式有望 成为未来的发展方向。随着国产液冷系统成熟度逐步提升，同时终端CSP更加注重产品性价比，国产链 有望作为一供直接进入英伟达体系内。当前AI服务器算力需求高速增长，带动液冷渗透率持续提升， 数据中心对高效、节能换热解决方案的需求进入爆发阶段，建议关注英维克(002837.SZ)、申菱环境 (301018.SZ)、高澜股份(300499.SZ)、宏盛股份(603090.SH)、中科曙光(603019.SH)及捷邦科技 (301326.SZ)等。 液冷技术：解决数据中心散热压力的必由之路 Rubin架构展望：微通道盖板&相变冷板为可选方案 单相冷板无法适用于Rubin架构，Rubin架构的热设计功耗(TDP)达到2300W，整柜功率约200KW，而单 相冷板的设计上限为150KW/柜，因此无法适用于Rubin架构，需要引入新的液冷方案。1)可行方案一： 相变冷板：相变冷板通过液体工质在冷板内吸收热量后发生相变(通常是液态到气态)，利用相变过程中 吸收的大量潜热来实现高效散热，一般来说相变冷板的介质为氟化液为主，适配单柜300 ...

Core Insights - The release of the "Guiding Opinions" by the National Development and Reform Commission and the National Energy Administration emphasizes the importance of integrating renewable energy with strategic emerging industries, such as information technology and high-end equipment manufacturing [1][2] - The rapid growth in computing power demand has raised energy consumption concerns, necessitating a shift towards greener infrastructure [1][2] - The new guidelines aim to enhance the synergy between renewable energy and computing facilities, promoting green development in the computing sector [1][2] Industry Developments - The storage system is identified as a key solution to address the mismatch between intermittent renewable energy and the continuous high-load operation of computing facilities, with a goal of achieving high proportions of green electricity usage [2] - As of September 2023, China's new energy storage installed capacity exceeded 100 million kilowatts, accounting for over 40% of the global total, positioning the country as a leader in this sector [2] - The diversification of storage technology, including advancements in solid-state batteries and hydrogen storage, is progressing from demonstration applications to large-scale development [2] Infrastructure Enhancements - The capacity of the power grid to accept renewable energy directly impacts the scale and quality of green computing development [2][3] - The "Guiding Opinions" propose accelerating the construction of a new type of power grid platform to enhance grid capacity and optimize national electricity flow [2] - The transition to a high proportion of renewable energy is entering a critical phase, with the total installed capacity of wind and solar power surpassing that of thermal power for the first time in Q1 2023 [3] Company Initiatives - Beijing Qinhuai Data Co., Ltd. is focusing on large-scale development and zero-carbon strategies, aligning its business with the national "East Data West Computing" initiative [3] - Qinhuai Data aims to explore new paths for "computing and electricity collaboration," emphasizing integrated solutions for energy sources, networks, loads, and storage [3] - Unisplendour Corporation Limited is accelerating the development of emerging liquid cooling technologies to meet the energy efficiency demands of high-density computing clusters and high-power chips [4]