2026 年 3 月 31 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 超配（维持） 液冷需求加速释放，关注上游高价值环节 深 度 研 液冷行业深度报告 申万计算机指数走势 证 券 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 罗炜斌 SAC 执业证书编号： 产业与政策共振，液冷散热有望加速渗透。AI驱动全球算力需求爆发， 推动高性能芯片（包括GPU和ASIC）功耗及单机柜功率密度持续攀升， 传统风冷已难满足相关散热需求，具有更高散热效率的液冷成为必选方 案。英伟达新一代AI计算平台Rubin NVL72系统采用100%全液冷设计， 为行业确立新的技术标杆，液冷技术有望加速渗透。与此同时，在"双 碳"宏观形势下，政府部门对数据中心PUE监管日益趋严，明确提出新 建及改扩建大型和 ...

液冷专家：国产出海专题 20260327 摘要 东南亚 IDC 市场由新加坡向马、印转移，中国厂商凭借与出海云巨头 （字节、阿里等）的紧密绑定及成本优势，在 AI 液冷方案中占据领先份 额。 公司已进入英伟达供应商名录，Blackwell 架构液冷项目处于联合开发 阶段，预计 2026 年 Q3 落地；Rubin 架构部件已具备技术供应能力。 海外客户放量优先级为 Meta > 谷歌 > 英伟达，Meta 项目预计 2026 年 Q3-Q4 启动，首阶段订单达千万级，成熟后有望实现 10 倍增长。 海外盈利空间巨大，北美互联网厂商液冷订单报价预计比国内高一倍， 保守估算毛利率可达 60%-70%，远超国内竞争激烈的微利市场。 泰国工厂预计 2026 年量产，初期可覆盖 15%-30%订单需求；北美工 厂受限于关税及供应链配套，目前主要服务储能业务，液冷产线尚未落 地。 液冷技术壁垒已从设计转向品控与稳定性验证，东南亚本地运营商存在 品牌依赖，中国厂商需通过 3-5 年本地化运营突破维谛、施耐德等国际 巨头垄断。 Q&A 东南亚地区数据中心及液冷市场的整体竞争态势如何？中国厂商在其中的定位 和优势是什么？ 近年 ...

大厂液冷专家分享 20260326 摘要 英伟达 VellumRuby 机柜功率达 220kW，较 GB200 翻倍，带动 CPU 功耗升至 2.3kW。 液冷系统实现近 100%覆盖，冷板散热能力从 3kW 升至 5kW+，垂直 母线新增液冷主动制冷。 VellumRuby 单机柜液冷造价预计较 GB200 提升 15%-25%，中位数 约 20%，单瓦价值量增 10%-15%。 液冷技术演进路径：短期优化流道冷板，中期转向微通道冷板，长期或 采用两相液冷系统。 两相液冷将驱动系统性升级，BOM 造价预计至少提升 30%，CDU、管 路及密封件需全面重构。 国内液冷市场国产化率极高，CDU 及关键器件已实现替代，同配置价格 仅为海外的 1/3 至 1/2。 CDU 产能持续紧缺，2025 年头部厂商交期超 6 个月，预计 2026 年随 产能释放将逐步缓解。 Q&A 请介绍一下在 2026 年 GTC 大会上发布的英伟达 Vellum Ruby 方案及其在 液冷系统方面的更新？ 在 2026 年的 GTC 大会上，英伟达发布了关于 Vellum Ruby 整机柜更详细的 配置方案。其中，NGL72 机柜计划 ...

Company and Industry Summary Company: 立敏达 (Readore) Key Points - **Production Growth**: The company plans to triple its liquid cooling production by the end of the year, with a target output of 50 billion yuan. This includes 15 billion yuan already achieved in Dongguan, the launch of a sixth factory in June, and additional production in Vietnam later in the year [1][2] - **Revenue Guidance**: The revenue guidance for 2026 is set at 20 billion yuan, which is considered conservative. There is an expectation for production to potentially double in 2027 [1][2] - **Client Engagement**: Google is scheduled to audit the company's liquid cooling Busbar this month, indicating a significant client relationship [1][2] - **Market Share Goals**: Readore aims for a 15% market share in supplying Tyco Busbar for TPUv7, with opportunities to gradually introduce cold plates, UQD, and Manifold products [2] - **Product Pricing**: The price for a single Rubin liquid cooling Busbar cabinet is estimated at 200,000 USD, while CDU cabinets are priced at 100,000 USD. The company is collaborating with Linyi to advance these products [2] - **Competitive Landscape**: The company holds a 20%-30% market share in NV, competing against Amphenol, with final customers including Meta, AMD MI450X project, Microsoft, and Google [2] - **Product Development**: The Rubin cold plate is expected to ship in the second half of the year, with ongoing development of a leakage-free single-phase cold plate capable of dissipating over 2 kW of heat, currently being tested by top CSPs and NV in North America [2][3] Additional Important Information - **Precision Manufacturing**: The micro-channel cutting precision can reach 40 micrometers, with potential adoption by Feynman [3]

Company and Industry Summary Company Overview - The company has been awarded a project for a gas turbine exhaust emission treatment system from a renowned international machinery company, with plans to start deliveries in Q4 2026. The expected annual sales from this project are approximately $131 million [1][2]. Key Points Industry Dynamics - The company is positioned to benefit from the North American AI infrastructure boom and the ongoing demand-supply gap for gas turbines [1]. Strategic Partnerships - The company is a long-term gold supplier for Caterpillar and is currently the exclusive supplier for Caterpillar's gas turbine thermal management and after-treatment systems. The average selling price (ASP) is currently around $150,000 to $200,000, with potential for expansion to $300,000 [2]. Product Offerings - The company’s product range includes two main categories: 1) cooling packages and 2) exhaust after-treatment modules. There is a rapid growth in demand for primary and backup power sources in overseas data centers, with an estimated order quantity of around 1,000 units, each valued at approximately $120,000 to $150,000 [2]. Future Growth Potential - The company is expected to continue receiving orders from leading overseas clients, with projections for its power generation business to be revised upwards [3]. Liquid Cooling Technology - The company is making steady progress in liquid cooling technology, targeting both domestic and international leading enterprises. Products include CDU, cooling towers, water cooling plates, and manifolds, with significant contributions expected starting in 2026 [3]. Robotics Sector - The company is the only T/F chain manufacturer in the robotics market and is awaiting further developments. It possesses comprehensive manufacturing capabilities for robotic components and has received recognition from leading overseas manufacturers for its joint assembly. The company is increasing its focus on developing joint modules with added thermal management functionalities [3]. Financial Projections - The main business is projected to generate around $1.2 billion in profit by 2026, with a 20x valuation corresponding to a market value of $24 billion. The AI energy segment is expected to contribute an additional $1 billion in annual profit, with a 30x valuation leading to at least $30 billion in market value. The expansion in the liquid cooling and robotics sectors is anticipated to enhance the company's core client base, positioning it as a key player in the North American power supply chain [4].

Summary of Conference Call on Liquid Cooling Industry Trends Industry Overview - The liquid cooling industry is experiencing significant growth, with revenue from Taiwanese and European manufacturers reaching record highs, indicating a shift towards large-scale shipments. The impact of holiday delays on order confirmations is noted, with expectations for a strong first quarter in 2026 despite seasonal trends [1][2]. Key Companies and Performance 1. **Chicony** - In 2025, Chicony's liquid cooling shipments are primarily focused on cold plate modules, with a remarkable revenue increase of nearly 129% year-over-year in Q4, driven by the GB300 exchange board liquid cooling components. The total revenue for 2025 is projected to reach between 130 billion to 139.6 billion New Taiwan Dollars (NTD), with January 2026 showing a 150% year-over-year increase [3][4]. 2. **Double Wing** - Double Wing anticipates liquid cooling revenue of approximately 1.5 to 1.6 billion RMB in 2025, marking the entry into large-scale shipments. The company reported record revenue in January 2026, benefiting from GB300 shipments. Their focus is on Manifold products, with plans to mass-produce CDU starting in 2026 to enhance system integration capabilities [4][5]. 3. **Fujitsu (Chicony's Subsidiary)** - Fujitsu is involved in liquid cooling quick connectors and related components, achieving record revenue in 2025 and a high in January 2026, driven by the "Seika Water Cooling Cabinet" [4]. 4. **Delta Electronics** - Delta's liquid cooling products are primarily CDU, with a significant revenue spike in October, reaching 10 billion NTD in a single month, attributed to the aforementioned water cooling cabinet [4]. 5. **Vertiv** - Vertiv focuses on data center infrastructure, with liquid cooling components centered around CDU and circular piping networks. The company expects a revenue growth rate of 28% in 2025, with the U.S. market being a significant contributor [5]. Market Dynamics and Trends - The liquid cooling sector is entering a phase of large-scale production, driven by the AI wave and increasing demand for efficient cooling solutions. The first quarter of 2026 is expected to maintain a strong performance, contrary to typical seasonal trends [2][8]. - The competitive landscape is shifting from merely supplying components to providing integrated system solutions, emphasizing the importance of end-to-end capabilities in liquid cooling systems [6][8]. Future Outlook - The liquid cooling industry is projected to maintain a clear growth trajectory in 2026, with significant contributions expected from NV chip-related cooling solutions. ASIC cooling is anticipated to begin ramping up in the third quarter of 2026, marking a critical phase for market penetration [7][8]. - Companies like Invec and Tier two suppliers such as Feilong and Hongsheng are highlighted as having strong potential for performance in the ASIC liquid cooling segment in 2026 [9][10]. Conclusion - The liquid cooling industry is poised for continued growth, with key players expanding production capabilities and focusing on system integration. The outlook for 2026 remains positive, with expectations for increased order visibility and revenue growth across the sector [8].

Core Viewpoint - The company is focusing on AI data center servers, optical modules, and energy storage industries, particularly in the context of cooling demand [1] Group 1: Industry Focus - The company is gradually building a complete liquid cooling industry chain, from upstream core components (CDU, liquid cooling plates, Manifold, UQD) to midstream server integration facilities and liquid cooling solutions, down to downstream terminal applications [1] - The company will closely monitor cutting-edge technology trends and follow market and customer demands to expand potential application scenarios for its products [1] Group 2: Strategic Planning - The company is committed to developing forward-looking layouts and plans in response to evolving market needs [1]

Summary of Liquid Cooling Industry Update - Liminda Company Overview - Liminda is currently a certified supplier for NVIDIA, providing liquid cooling solutions [1] Core Insights and Arguments - The primary products supplied to NVIDIA include QD, followed by Manifold and cold plates [1] - The net profit margin for products supplied to NVIDIA is gradually increasing, currently reaching approximately 18%, with expectations to exceed 20% in the future [1] - Market expectations forecast revenue of 800 million by 2025; however, revenue already surpassed 150 million in January of this year, indicating a growing value in NVIDIA's liquid cooling products [1] Additional Important Information - The increasing net profit margin and early revenue achievements suggest a strong market position and potential for future growth in the liquid cooling industry [1]

Core Insights - The report from Western Securities indicates that automotive component manufacturers are expected to become upstream suppliers for liquid cooling systems, with some companies possessing Tier 1 supply capabilities [1] Group 1: Liquid Cooling as a Mainstream Solution - Liquid cooling is anticipated to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power, which leads to higher single-chip power consumption and cabinet density, making traditional air cooling inadequate [1] - The advantages of liquid cooling include its ability to precisely dissipate heat from high-power (>25kW) cabinets and achieve energy-saving effects with a PUE of less than 1.25, aligning with policy directives [1] Group 2: Key Components and Market Growth - The core components of the secondary side piping (CDU + liquid cooling plate + manifold + UQD) are identified as the main focus for upgrades, with a higher value share compared to primary side piping technologies [2] - The global market for liquid cooling components in data centers is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027, driven by the transition of North American cloud providers to liquid cooling solutions and Huawei's leadership in the domestic liquid cooling supply chain [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid progress and optimistic outlook for the liquid cooling industry, particularly focusing on the core increments of the Rubin liquid cooling solution, which includes microchannel technology, CDU enhancements, and manifold integration [4][5][10]. Summary by Sections 1. NVIDIA Rubin Platform Release - The Rubin platform adopts a 100% liquid cooling solution, expected to be delivered in the second half of 2026. It features a modular design with a power consumption exceeding 200KW, compared to the GB300's 80% liquid cooling [8][10]. 2. Core Change 1: Microchannel Cold Plate Material and Process Upgrades - The adoption of microchannel technology is expected to become the mainstream cooling method, significantly enhancing cooling efficiency by reducing thermal resistance and increasing heat flow density [13][18]. - Key material considerations include the use of oxygen-free copper for its superior thermal conductivity and structural strength [19]. - Connection methods must ensure quality and sealing to prevent flow channel deformation or blockage, with techniques such as laser welding and brazing being utilized [20][23]. - Flow channel processing requires high precision, with various methods like precision milling and laser processing being employed to achieve the necessary micro-level accuracy [24][29]. 3. Core Change 2: CDU Power and Control Requirements Enhancement - The CDU's overall power will increase in line with the cabinet's power, with enhanced control requirements to accommodate higher cooling demands. This is expected to elevate the CDU's overall value [27][28]. 4. Core Change 3: Manifold Integration Design - The design of the manifold has evolved to be more integrated and intelligent, featuring larger pipe diameters and the inclusion of valves and sensors to improve stability and reduce leakage risks [30][31].