Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - 2026 is expected to be the year of significant industrialization for liquid cooling technology, with a focus on investment opportunities in this area [4] - NVIDIA's GPU power is projected to increase significantly, with the R200 chip expected to reach 2300W and the R300 chip potentially exceeding 4000W by 2027, leading to a substantial market size for liquid cooling systems [1] - The liquid cooling market for Google’s TPUv7 is estimated to be between $2.4 billion and $2.9 billion in 2026, with a significant increase in chip shipments anticipated [2] - IDC forecasts that the domestic liquid cooling server market in China will exceed $10 billion by 2028, driven by a compound annual growth rate of 47.6% from 2023 to 2028 [3] Summary by Sections Section 1: NVIDIA Liquid Cooling Market - NVIDIA's liquid cooling market size is estimated to be between $6.9 billion and $9.7 billion for 2026, based on projected GPU orders [1] Section 2: Google TPU Liquid Cooling Market - The estimated market size for Google’s TPUv7 liquid cooling systems is projected to be between $2.4 billion and $2.9 billion in 2026, with significant chip shipments expected [2] Section 3: Domestic Market Growth - The Chinese liquid cooling server market is expected to reach $2.37 billion in 2024, a 67% increase from 2023, with a projected market size of $10.2 billion by 2028 [3] Section 4: Investment Recommendations - It is recommended to focus on leading companies with technological barriers that can enter the supply chains of major domestic and international manufacturers, as well as second-tier companies that can leverage the growth in the liquid cooling industry [4]