电子行业：液冷产业趋势加速国内厂商切入海外供应链开启高增长

东方证券2025-08-12

液冷从可选方案升级为算力技术设施核心必备环节，市场空间有望迎来指数级扩容。 AI 集群单机柜功耗已迈入100kW+时代且还在快速增长，GB300 单一芯片功耗较GB200 提升15-20%达到1,400W，单一机柜功率增至120kW。而下一代 RubinNVL144 及Rubin Ultra NVL576 单一机柜功率将激增至600kW。这一能量密度早已超出传统风冷系统极限，AI 算力演进与...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250812085114a6e07336&s=b><strong>东方证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>液冷从可选方案升级为算力技术设施核心必备环节，市场空间有望迎来指数级扩容。 AI 集群单机柜功耗已迈入100kW+时代且还在快速增长，GB300 单一芯片功耗较GB200 提升15-20%达到1,400W，单一机柜功率增至120kW。而下一代 RubinNVL144 及Rubin Ultra NVL576 单一机柜功率将激增至600kW。这一能量密度早已超出传统风冷系统极限，AI 算力演进与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250812085114a6e07336&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348767384.USD","symbol_name":"ALLIANZLITTLE DRAGONS \"A\" (USD) 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基础设施的散热刚需，渗透斜率加速向上，产业链有望从主题趋势迈向订单及业绩的持续超预期。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","BK1607":"新IT概念","BK1580":"烟草概念","BK1589":"北水核心资产","BK1504":"苹果概念","00285":"比亚迪电子","BK1515":"抗疫概念","BK1582":"深圳本地概念股","LU0274383008.USD":"MANULIFE GF ASIAN SMALL CAP EQUITY \"AA\" (USD) INC","BK1540":"电池","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK1149":"通信设备"},"translate_title":"Electronics industry: The trend of liquid cooling industry is accelerating, domestic manufacturers enter overseas supply chains and start high growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00285":0.9},"content_text":"液冷从可选方案升级为算力技术设施核心必备环节，市场空间有望迎来指数级扩容。 AI 集群单机柜功耗已迈入100kW+时代且还在快速增长，GB300 单一芯片功耗较GB200 提升15-20%达到1,400W，单一机柜功率增至120kW。而下一代 RubinNVL144 及Rubin Ultra NVL576 单一机柜功率将激增至600kW。这一能量密度早已超出传统风冷系统极限，AI 算力演进与基础设施升级推动散热需求质变，液冷成为必选项。除了NV 以外， Meta、Google、AWS 等海外CSP 巨头在自研AI 集群中加速液冷部署，大厂全面拥抱液冷方案，后续有望从服务器延展至交换机、ASIC 等网络设备侧。同时随着国产算力芯片突破，液冷后续有望在国内加速渗透，市场空间进一步打开。产业趋势加速兑现，板块持续性强化，逐步迈向业绩驱动阶段。市场担心液冷板块行情持续性，我们认为当前液冷的核心驱动力已切换至需求主导，液冷从“试点”转向“刚需”，从主题迈向产业趋势，也在逐步看到订单兑现及盈利弹性。例如海外头部液冷厂商Vertiv 25Q2 业绩再超预期，Q2 订单同比增长15%，环比增长11%，过去12 个月(TTM)订单同比增长 11%，积压订单达85 亿美元，订单出货比约1.2x，反映市场需求持续旺盛。台系头部散热厂商奇宏等也受益于GB 系列加速出货及ASIC 产品需求提升，月度收入同比高增。我们认为当前板块行情具备扎实的产业基础，后续有望看到更多液冷产业链相关公司迎来订单与业绩释放，长期来看随着功率密度的提升，液冷各环节产品价值量及附加值有望持续提升。需求加速技术升级趋势下，国内厂商迎出海机遇。当前北美液冷产业链相关主要集中于美国和中国台湾地区，GB200 时代英伟达通过参考设计推动行业标准化，而AI服务器对产品的快速迭代、快速规模化交付能力的高要求也给了国产液冷产业链厂商切入机遇。随着GB300 以及下一代更高功耗服务器的出货，上游液冷部件需求有望进一步提升。当前产业链决策权逐步解耦，ODM/OEM 厂话语权提升，ASIC 端云厂也拥有更高话语权，国内厂商有望凭借自身优质产品力、产品研发迭代效率、成本等优势直接或间接出海切入海外供应链。投资建议与投资标的我们看好液冷成为后续AI 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电子行业：液冷产业趋势加速 国内厂商切入海外供应链开启高增长

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电子行业：液冷产业趋势加速国内厂商切入海外供应链开启高增长