AIDC 产业链：海外液冷开工情况深度解读 20260123 摘要 液冷市场受益于英伟达新产品（如 B200、B300、NVR 144）及北美 四大 CSP 对 ASIC 的需求，预计 2025 年和 2026 年增速显著，市场规 模分别增至 79 亿美元和 176 亿美元。 北美是全球液冷市场的主要驱动力，2025 年预计占据全球市场约 47% 的份额（36-38 亿美元/79 亿美元），其技术发展对整个行业至关重要。 英伟达 NVR 144 采用新型微通道冷板（MCCP），换热效率更高，但 成本也比传统型号高约 20%，推动液冷技术向更高效能方向发展。 国内厂商如英维克、思泉等积极参与英伟达液冷供应链，但目前尚未完 全进入量产阶段，仍处于产品迭代匹配中，未来市场份额有待进一步观 察。 液冷系统二次侧组件（CDU、管路、manifold 等）因换热需求提升， 耐压指标和管壁厚度要求更高，价值量预计提升约 10%。 英伟达 Ruby 产品采用高温水循环系统，提升 CDU 功率至 220-230 千 瓦/柜，液冷价值量提升至 15-18 万美元/柜，展示数据中心节能减排新 方向。 国内厂商在英伟达供应链中的角色 ...

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The Ascend 910C chip, developed by Huawei, has significantly improved its yield rate, increasing from 20% to nearly 40% over the past year, with a substantial production plan enhancement for 2025 [1] - The performance of the Ascend 910C is reported to be equivalent to 60% of Nvidia's H100 GPU, indicating strong competitive positioning in the AI chip market [1] - The demand for high-performance connectors and advanced printed circuit boards (PCBs) is expected to rise due to the increasing computational power requirements of AI servers [2] - AI servers, such as Huawei's Atlas 800T A2, have high power consumption, necessitating advancements in power supply solutions to meet these demands [3] Industry Chain Related Companies - Huafeng Technology is one of Huawei's domestic suppliers for high-speed backplane connectors, with plans to start mass production in July 2024 [4] - Shennan Circuits operates in PCB manufacturing and has products applied in the AI server sector [4] - Nanya Technology has achieved domestic substitution in high-speed copper-clad laminates and has received certification for its high-end products from global AI server manufacturers [4] - Xingsen Technology focuses on PCB materials essential for chip packaging and testing processes [4] - Oulutong provides high-power server power supplies suitable for large model AI servers, anticipating growth opportunities in this segment [4]