According to a research report from CITIC Securities, the liquid cooling industry is shifting from a phase dominated by thematic expectations to one focused on order fulfillment and performance realization. It is advisable to prioritize supply chain enterprises that demonstrate production capacity flexibility, customer certification, and core component supply capabilities. Contract manufacturing enterprises are poised for significant short-term performance growth. With the mass production of GB200/GB300 models, Taiwanese and international leading companies are facing capacity constraints, prompting mainland enterprises to capitalize on overflow orders by leveraging their strengths in precision machining and assembly. The long-term growth prospects for the supply chain of self-branded products are promising. These companies are strategically positioning themselves within the CSP, ODM, and domestic GPU ecosystems, currently in the prototype and small-batch verification stages, by relying on their certified assets and customer interfaces. Additionally, new horizontal product categories, such as power distribution systems and optical module liquid cooling, despite their lower unit value, offer extensive customer reach and low entry barriers, presenting opportunities for differentiated development strategies.