Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The AI industry is experiencing a continuous cycle of investment and growth, with significant capital expenditure (Capex) increases from major overseas cloud service providers (CSPs) such as Microsoft, Google, Meta, and Amazon, which collectively reached $96.1 billion in Q2 2025, a year-on-year increase of 66% [1] - The liquid cooling market is expected to double in size next year, with projections indicating it could exceed $100 billion by 2027, driven by the increasing power consumption of GPU and ASIC chips [2][6] Summary by Sections Section 1: Market Growth and Demand - The demand for liquid cooling solutions is accelerating due to the adoption of high-power chips like NVIDIA's GB200 and Meta's MTIA T-V1, which are designed for liquid cooling [1] - The organic order growth for Vertiv in Q2 2025 was 15% year-on-year, reflecting strong market demand, with a backlog of $8.5 billion [1] Section 2: Liquid Cooling Market Projections - The projected liquid cooling market sizes for 2025, 2026, and 2027 are approximately 35.4 billion, 71.6 billion, and 108.2 billion yuan respectively, indicating robust growth driven by both NVIDIA GPUs and cloud providers' ASIC chips [6] - The estimated liquid cooling value per rack is around $78,820, with the average value per chip being approximately $1,095 [7] Section 3: Key Players and Investment Opportunities - Companies such as Yingweike, Shenling Environment, and Kexin New Source are highlighted as key players in the liquid cooling market, with strategies focused on expanding overseas [10][11][12] - Yingweike is actively pursuing overseas markets and has been included in NVIDIA's ecosystem as a qualified vendor [11] - Shenling Environment is focusing on Southeast Asia for data center business expansion, particularly in AI computing centers [12] - Kexin New Source is entering the supply chain of major enterprises and is expected to enhance customer relationships and overseas market channels through acquisitions [13]