液冷行业深度：智算需求驱动冷却技术升级，液冷生态迎成长契机

Summary of Liquid Cooling Industry Research Industry Overview - The liquid cooling industry is experiencing rapid growth driven by the increasing demand for high computing power and policy guidance, with the penetration rate expected to exceed 20% by 2025 from approximately 10% in 2024, although air cooling remains dominant [1][6][9]. Key Points and Arguments - Data Center PUE Reduction Policies: National policies require that by the end of 2025, new and renovated large data centers must achieve a Power Usage Effectiveness (PUE) of below 1.25, with key nodes not exceeding 1.2, and the national average PUE below 1.5. Recent data shows a decrease to 1.26 [1][9]. - Smart Computing Drives Liquid Cooling Development: The reliance on high-power chips like NVIDIA's Blackwell series necessitates more effective cooling solutions, as these chips generate significantly higher heat compared to traditional data centers [1][8]. - Importance of Stable Temperature and Humidity: A 10-degree increase in server temperature can reduce equipment reliability and lifespan by 50%. Data center failures can lead to decreased operational efficiency and potential data loss [1][5]. - Liquid Cooling Technology Types: The main types of liquid cooling technologies include cold plate, silent, and spray cooling, with cold plate systems currently being the most widely deployed [1][3][19]. - Investment Opportunities: Recommendations include focusing on integrated solution providers and high-value, low domestic production component suppliers, which are expected to meet the growing data processing demands while aligning with green development goals [10][20]. Additional Important Content - PUE Definition and Importance: PUE is a critical metric for assessing data center energy efficiency, with lower values indicating better efficiency. Liquid cooling technologies can help achieve lower PUE by improving thermal management [11][12]. - Liquid Cooling System Components: Key components of liquid cooling systems include the cold distribution unit (CDU), which manages heat transfer, and various cooling sources that can be natural or mechanical [14][16]. - Risks and Challenges: Potential risks include underwhelming computing demand, insufficient chip supply, international trade tensions, and increased industry competition [21].