“液冷加速度”系列 - 节奏篇：放量元年开启，把握核心角色

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the liquid cooling industry and its integration with GPU and CPU technologies, highlighting the roles of major players like NVIDIA and Huawei in the market [1][2]. Key Players and Their Roles - NVIDIA is set to launch its first official liquid cooling product, the GV200, which is expected to significantly increase shipments in the coming year [1]. - Huawei has been more proactive in liquid cooling solutions, having introduced its first solution in 2020 and actively collaborating with partners for further development [1]. - Intel plays a crucial role in promoting standardization within the liquid cooling supply chain, addressing compatibility issues that currently hinder the industry [2]. Market Demand and Segmentation - The demand for chips can be segmented into two main categories: telecom operators and large internet companies like ByteDance. The telecom sector has shown strong demand, as evidenced by the release of a liquid cooling white paper in 2022 [3]. - Internet giants are also increasingly adopting liquid cooling in their general servers, indicating a growing trend in the industry [4]. Investment Opportunities - Companies that align with the three key players—Huawei, telecom operators, and proactive internet companies—are likely to see better performance and investment returns [5]. - Domestic IDC firms are expanding into Southeast Asia, presenting additional opportunities for local cooling solution providers [6]. Technology and Market Trends - The liquid cooling technology is still in its early stages, providing new opportunities for domestic manufacturers to enter the market, especially as traditional air cooling solutions are more established [7]. - The liquid cooling plate segment is highlighted as a significant area for investment, accounting for approximately 30% of the total cooling solution market, with a stable long-term growth outlook [8]. - The CDU and manifold segments are expected to show clear performance improvements in 2024, particularly for leading domestic players [9]. Future Outlook - The period from 2022 to 2024 is viewed as a critical phase for the liquid cooling industry, transitioning from initial development to broader market adoption [10]. - Companies with strong relationships with telecom operators and proactive internet firms are positioned to achieve better performance [11]. - The Southeast Asian market is identified as a key area for expansion, with potential long-term opportunities in the U.S. market as well [11]. Conclusion - The conference call emphasizes the importance of collaboration among key industry players and the potential for growth in the liquid cooling market, particularly as new technologies are adopted and standardized [12].