这一布局恰好契合AI服务器"散热与电源耦合度持续提升"的技术趋势——高功率芯片对散热效率的要求 日益严苛，而液冷与电源系统的协同优化，已成为提升服务器性能的关键环节。开源电子陈蓉芳团队在 事件点评中明确指出，这种全链条能力既能为客户提供一站式解决方案，也能通过资源复用降低综合成 本，是领益智造AI算力硬件市场构建差异化竞争力的核心逻辑。 2025年10月13-16日OCP全球峰会上，立敏达Readore以英伟达MGX Ecosystem供应商身份亮相2025年 OCP全球峰会，展示了UQD,MQD,Cold Plate,Inner Manifold等产品 稀缺的认证资质，决定了标的的行业壁垒。众所周知，AI服务器硬件领域的客户认证体系极为严苛， 尤其是英伟达RVL/AVL这类头部厂商的供应商资质，往往需要2-3年的技术适配与产品验证周期，是企 业进入全球顶级算力供应链的"硬门槛"。 而立敏达不仅已拿下英伟达双认证，更成为其GB200/300系列产品的核心供应商，部分液冷组件已实现 批量交付北美及台湾地区头部客户；同时，其还加入英特尔牵头的通用快接头互插互换联盟，产品兼容 性与市场认可度进一步提升。这些经过市场 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Direct Liquid Cooling (DLC)** market, particularly in the context of AI server racks and thermal management technologies. The market is projected to grow significantly due to increasing power densities in AI silicon, with a **CAGR of 51% from 2025 to 2030**, reaching **US$31 billion** by 2030 [3][10][14]. Core Insights and Arguments - **Market Growth Potential**: The upcoming transition to DLC is seen as a critical upgrade rather than a gradual hardware change, driven by competition in AI silicon [11][12]. The market is expected to expand rapidly, with the **DLC market size projected to grow from US$1.14 billion in 2024 to US$31 billion in 2030** [10][14]. - **Thermal Management Needs**: As AI silicon power density exceeds **1,000W TDP**, DLC is becoming essential for managing heat in advanced AI racks [4][11]. The report emphasizes that DLC is not just a utility but a strategic enabler of compute performance [14]. - **Micro-Channel Lid (MCL) Adoption**: The report anticipates that MCL technology will start to be adopted minimally by **Q4 2026**, with significant growth expected by **H2 2027**. MCL is projected to serve applications above **3,500W TDP** [5][20]. The total addressable market (TAM) for MCL is estimated to reach **US$2.7 billion by 2030** [5][10]. - **Cold Plate Market Dynamics**: Cold plates are expected to remain dominant for applications under **3,500W TDP**, with a projected TAM of **US$8.9 billion by 2030**. Concerns about pricing pressures are considered overblown, as the value of content per rack is expected to increase [6][10]. - **Investment Recommendations**: Coverage is initiated on three companies—**AVC, Auras, and Jentech**—all rated as **Buy**. AVC is recognized as a leader in cold plates, while Jentech is positioned to benefit from MCL adoption [7][28][30]. Additional Important Insights - **Market Bifurcation**: The report argues against the notion that the cold plate market will suffer from commoditization due to MCL adoption. Instead, it suggests that the market is bifurcating, with both MCL and upgraded cold plates coexisting [21][30]. - **Thermal Interface Material (TIM) Challenges**: The report highlights the thermal bottleneck posed by TIM 2, which is critical for future AI platforms. MCL technology is seen as a solution to eliminate this bottleneck [17][26]. - **Competitive Landscape**: The report notes that Nvidia's aggressive TDP roadmap and competition from AMD and Google TPU could accelerate the adoption of MCL technology [19][20]. - **Long-term Risks**: The potential for vertical integration by ODMs like Hon Hai could disrupt traditional thermal supply chains, posing a long-term risk to existing players [30]. - **DLC as the Preferred Method**: The report concludes that DLC will remain the dominant liquid cooling method due to its scalability, lower capital expenditure, and feasibility for retrofitting existing data centers [31][32]. This summary encapsulates the critical insights and projections regarding the DLC market and its implications for the companies involved, providing a comprehensive overview of the current landscape and future opportunities.

Summary of Key Points from the UBS Taiwan Summit Conference Call Industry Overview - **Industry Focus**: The conference primarily covered the **APAC Technology** sector, with a focus on **Original Design Manufacturers (ODMs)**, **Printed Circuit Board (PCB)** suppliers, and **cooling technology** providers, particularly in the context of AI and server demands [2][3]. Core Insights 1. **Wistron**: - Observed a bottoming out in August with a strong ramp expected in Q4 2025 into 2026, alongside margin recovery due to improved notebook demand [3][4]. - Anticipates a peak quarter in Q4 driven by strong order backlogs and client demand [22]. 2. **Cooling Technology**: - **AVC** and **Auras** are experiencing significant growth in cold plate demand, with discussions ongoing about the transition from cold plates to micro-channel lids (MCL) [3][12]. - Cold plate suppliers are optimistic about design improvements, while MCL suppliers highlight advantages in heat dissipation and assembly [3]. 3. **PCB and Substrate Market**: - **Zhen Ding** is targeting NT$33 billion in capital expenditure over three years to meet AI PCB and substrate demand, indicating a strong growth trajectory in this segment [3][22]. - **Elite Material** is expanding capacity aggressively to meet demand, with no current material supply constraints [11][15]. 4. **Display Technology**: - **AUO** reported better-than-expected TV demand, leading to a potential upside in Q3 performance, with a focus on premium mobility and vertical solutions for long-term growth [8][25]. 5. **Pegatron**: - Stable PC demand is noted, with a better-than-expected commercial PC replacement cycle and efforts to diversify into server business [3][17]. 6. **Kinsus**: - Anticipates a slowdown in gaming and CPU rush orders into Q4, but remains optimistic about 2026 drivers from ABF and DDR advancements [3][14]. Additional Important Insights - **Market Dynamics**: The overall sentiment among ODMs is positive, with expectations of increased demand for AI-related products and services, particularly in the server and cooling segments [2][3]. - **Investment and Capacity Expansion**: Companies like Elite Material and Zhen Ding are making significant investments in capacity expansion to meet future demand, particularly in AI and high-layer count PCBs [11][22]. - **Long-term Growth Strategies**: AUO aims for stable profitability in display technology while expanding into premium segments, indicating a strategic shift towards higher-margin products [8][25]. Stock Implications - **Wistron** is viewed positively with upcoming catalysts from sales ramp-up and margin recovery, while the overall valuation of ODMs remains attractive compared to the AI supply chain [4]. - **PCB/Substrate** companies are expected to see balanced growth, factoring in recent share price appreciation and increased supply to meet demand [4]. This summary encapsulates the key takeaways from the conference, highlighting the optimistic outlook for the APAC technology sector, particularly in relation to AI and cooling technologies, alongside strategic growth initiatives from key players in the industry.

Summary of Liquid Cooling Market Research Industry Overview - The liquid cooling market is driven by the growth in AI chip power consumption and shipment volumes, as well as the development of complete cabinet solutions [2][4] - The market potential for liquid cooling in AI chips is estimated to reach hundreds of billions of RMB with approximately 10 million AI chips utilizing liquid cooling [2][4] Key Insights - **Value Breakdown**: - Single chip liquid cooling value is approximately 2,000 to 3,000 RMB, while single cabinet liquid cooling value ranges from 300,000 to 600,000 RMB depending on the model [2][6] - The total market space for 100,000 ML72 cabinets could reach 500 to 600 billion RMB [6] - **Components of Liquid Cooling Systems**: - Liquid cooling systems are divided into primary (external data center equipment) and secondary (internal server equipment) sides [2][7] - Key components include: - Cold plates (30-40% of value) - Quick disconnect couplings (QDC) (10-20% of value, highest profit margin of 50-60%) - Central Distribution Unit (CDU) (10-20% of value, profit margin around 30%) - Manifold and piping (approximately 10% of value) [7][12] - **Material and Cost**: - Cold plates are primarily made of copper, with CPU cold plates valued at around 500 RMB and GPU cold plates at about 1,000 RMB [10] - Domestic quick disconnect couplings are valued at approximately 600 RMB, while overseas they can reach 1,300 RMB [11] - CDU costs about 1,000 RMB per kW domestically and 200-240 USD per kW internationally [11][12] Market Dynamics - The growth of the liquid cooling industry is primarily driven by the increasing power consumption of chips and cabinets [4][6] - Not all chips require liquid cooling; traditional air cooling remains viable for many [4] - Future advancements in cooling technology, such as phase change or immersion cooling, may significantly increase the value contribution of liquid cooling systems [5][13] Additional Considerations - The primary side of the cooling system is mature and competitive, involving equipment like dry coolers and cooling towers [5][9] - The choice of cooling equipment depends on the climate and water resources of the data center's location [9] - The liquid types currently used are mainly water-based solutions, but future innovations may introduce more advanced fluids, enhancing system value [13]