As a pivotal solution to tackle the heat dissipation dilemmas in high-heat-density data centers, liquid cooling technology has now stepped into the era of large-scale deployment. Data from the semi-annual report of 2026 reveals a substantial surge in demand within the liquid cooling sector. Consequently, related listed companies have witnessed a remarkable uptick in business volume, spanning the entire industrial chain of cold plate liquid cooling systems. Nevertheless, profitability varies across the board: liquid cooling solutions for optical modules have demonstrated robust performance, whereas the server liquid cooling segment has experienced uneven development. On the flip side, the much-hyped immersion liquid cooling technology has not yet made a profitable contribution.