冷却组件_增长空间广阔；规格升级竞赛对龙头企业有利-Cooling components_ Ample room to grow_ Race driven by spec upgrade positive for leading companies

J P M O R G A N Asia Pacific Equity Research 13 September 2025 Cooling components Ample room to grow: Race driven by spec upgrade positive for leading companies We are bullish on the growing TAM of liquid cooling components, driven by continuous upgrades in thermal design power (TDP). We believe the spec upgrades will support underlying demand for various tier-one suppliers across each liquid cooling component, including heat spreaders/lids, cold plates, inner manifolds and quick disconnect fittings. On thi ...