The research report issued by CITIC Construction Investment Securities highlights that the implementation of national standards for liquid cooling is set to usher in a new era of large-scale growth for the liquid cooling industry. Leading companies are expected to drive this expansion through equity incentives, anchoring industry growth and boosting market confidence.

Regulatory Shift: From Customization to Standardization
At the regulatory level, the industry is undergoing a transformation from customization to standardization. The first national standard for cold plate liquid cooling systems in data centers has been officially released and is scheduled for implementation on February 1, 2027. This standard establishes unified technical requirements and testing methods for core components such as cold plates and Coolant Distribution Units (CDUs). By addressing issues of incompatible interfaces and varying specifications, it facilitates the industry's transition from customized small-batch production to standardized large-scale delivery, thereby enhancing efficiency and interoperability.

Delivery Surge: Order Volumes and Confidence Soar
On the delivery front, there has been a significant surge in order volumes. Leading companies are reinforcing their commitment to fulfilling these orders through equity incentives, thereby boosting confidence among stakeholders. The strengthening of newly signed orders signals the onset of a reporting verification period, marking a transition from order precedence to profit realization. This shift underscores the industry's move towards tangible outcomes and financial performance.

Industrial Trends: Value Escalation and Market Dynamics
From an industrial trend perspective, the value of liquid cooling per cabinet has witnessed a notable increase. It has risen from approximately $41,500 for the GB200 platform to about $55,700 for the new-generation platform. Additionally, the unit price of microchannel cold plates has surged by 3 to 5 times, reflecting the growing demand and technological advancements in the sector. The dual drivers of increasing liquid cooling penetration and rising domestic market share are becoming increasingly evident. Trends indicate a concentration of volume growth, a focus on precision manufacturing, and a push towards self-sufficiency.

Currently, the industry is experiencing a period of triple resonance in volume growth, driven by standardization, large-scale delivery, and increasing market penetration. This confluence of factors underscores the significant allocation value of the liquid cooling sector, making it an attractive investment opportunity.