当前时点液冷投资有何变化

Summary of Liquid Cooling Industry Conference Call Industry Overview - The domestic liquid cooling market is experiencing significant demand, driven by major players like ByteDance, Alibaba, and Huawei investing heavily in AI, with capital expenditures expected to nearly double, making liquid cooling a core growth driver [1][4] - The overseas liquid cooling demand for NV is projected to reach 50 billion RMB by 2026, while overseas CSP manufacturers' demand is estimated at 30-40 billion RMB, indicating a substantial gap as domestic liquid cooling revenue accounts for less than 10% of the market [5][6] Key Developments - NV launched the Ruby platform, which utilizes a 100% liquid cooling solution. Key changes include the introduction of microchannel cold plates and CPU manifolds, with a preference for high thermal conductivity materials like oxygen-free copper or copper alloys. Welding quality and strength are critical, and flow channel processing must balance precision and cost [1][7] - The design of the manifold under the Ruby architecture has significantly changed, with increased pipe diameters and integrated valves and sensors aimed at enhancing control stability and reducing leakage risks, raising technical requirements for suppliers [1][7] Investment Insights - Investors should focus on the development of domestic supply chains, the core changes associated with the Ruby platform, and the opportunities arising from the trend of mainland OEM expansion, as domestic manufacturers are poised to benefit from the limitations faced by Taiwanese and foreign assets [1][8] - Key recommended stocks include Yingwei and Feilong, with Feilong being a core supplier for Google, NV, and Huawei, expected to contribute over 1 billion RMB in revenue from Google orders this year [9] - Other notable companies include Yinvike, Yinlun, Minshi, and Xingrui Technology, which have advantages in product layout and customer resources, actively pushing for order fulfillment and likely to benefit from market growth [2][10] Market Performance - The liquid cooling sector has performed well recently, particularly driven by the AI computing segment. Since December, the sector's stock prices have stabilized, but new growth opportunities have emerged with the rotation of core sectors, particularly in January, where domestic chains and NV chains have shown marginal catalysts [3]