东南亚液冷，迅速发展

蓝鲸财经08-20

文｜半导体产业纵横液冷供应链厂商在东南亚扩大产能。Nvidia的GB200服务器机柜，以及云服务提供商（CSP）采用其自研ASIC芯片的服务器，正越来越多地采用液冷技术。预计从2025年底到2026年，这一转变将极大地推动AI服务器散热模组供应链的增长，促使主要制造商在东南亚扩大产能。领先的原始设计制造商（ODM）Quanta和鸿海均已证实，Nvidia GB200服务器机柜的出货量正在攀升。鸿海...

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Technology也对下半年的液冷前景表示信心。该公司报告称，2025年第二季度，液冷业务营收占总收入的23%，贡献了服务器业务营收的45%。到2025年7月，其服务器业务营收占比已超过50%，预计2025年第三季度服务器总营收占比将达到60%，液冷业务营收占比将接近30%。尽管Auras Technology目前并非Nvidia GB200产品线的推荐供应商，但其液冷板和连接器已获得GB300平台的认证，为其在该产品推出后实现增长奠定了基础。液冷技术的采用并不仅限于Nvidia的服务器机柜。开发自研ASIC服务器的云服务提供商也已开始实施液冷解决方案，以应对高密度AI硬件的热管理挑战。散热制造商Microloops报告称，其2025年上半年营收为16.08亿新台币（约合5360万美元），同比增长65.4%。其营业利润增长138.95%至1.33亿新台币，营业利润率为8.25%。Microloops将这一快速增长主要归因于专为AI ASIC服务器定制的散热产品销量增加，该类产品目前已占其总销售额的40%，并构成公司的核心产品线。该公司已进入全球前四大云服务提供商之一的供应链。在液冷市场持续需求的推动下，外界对其下半年营收走强以及2025年全年利润创纪录抱有很高期望。液冷，潜力非凡今年，SemiAnalysis和Dell'Oro Group都预测，在AI、边缘计算和可持续发展需求的推动下，行业将迅速向机箱级和芯片级直接液冷（direct-to-chip）架构转型。预计液冷支出将以14%的年复合增长率（CAGR）增长，到2029年将超过610亿美元，即便芯片级和全浸没式液冷系统在可扩展性和维护方面面临限制。液冷改变了游戏规则。水和介电液体每单位体积吸收的热量是空气的数千倍，从而能够实现更紧凑、更高效的系统。这就是为什么英伟达的GB200 NVL72系统——AI基础设施的标杆产品——被明确设计用于芯片级直接液冷（DTC）。而且它并非个例。谷歌、Meta、微软和AWS都在加速采用DTC冷却系统，无论是在新建数据中心中集成，还是对现有风冷优化的数据大厅进行改造。但这种改造路径充满了低效。当前行业对日益增长的热负荷的反应是零散的，市场正迅速接近一个引爆点。如今，运营商正在部署拼凑的“过渡”解决方案：液-空（L2A）侧冷、背板热交换器（RDHx）改造以及混合式风-液系统。虽然这些权宜之计可以支持近期的GPU部署，但它们成本高昂，耗水量大，且存在长期可扩展性问题。最终，它们无法跟上快速的创新步伐。随着英伟达、谷歌、微软等公司迈向1MW机柜和分离式供电与冷却系统，改造式的冷却模式将失效。英伟达自身的总拥有成本（TCO）分析显示，由于资本成本和运营效率低下，L2A解决方案是现有最昂贵的冷却路径。当前和下一代系统的冷却与电力需求，正迫使整个行业从头开始重新思考设施设计。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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