国海证券：GPU+ASIC渗透加速液冷市场规模再添增量

智通财经2025-12-25

智通财经APP获悉，国海证券发布研报称，英伟达(NVDA.US)GPU服务器之外，ASIC服务器亦逐步推出液冷方案。随着头部CSP加速自研ASIC芯片的规模化部署与外部商用，数据中心液冷渗透率加速上行。大陆已有企业已成为头部芯片厂商合作伙伴，本土有望诞生国际一流液冷厂商，维持对计算机行业“推荐”评级。国海证券主要观点如下：一、AI服务器液冷渗透率加速上行，技术方案持续迭代芯片功耗突破风冷上限：...

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href=http://www.zhitongcaijing.com/content/detail/1385775.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国海证券发布研报称，英伟达(NVDA.US)GPU服务器之外，ASIC服务器亦逐步推出液冷方案。随着头部CSP加速自研ASIC芯片的规模化部署与外部商用，数据中心液冷渗透率加速上行。大陆已有企业已成为头部芯片厂商合作伙伴，本土有望诞生国际一流液冷厂商，维持对计算机行业“推荐”评级。国海证券主要观点如下：一、AI服务器液冷渗透率加速上行，技术方案持续迭代芯片功耗突破风冷上限：英...</p>\n\n<a 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Ultra架构向微通道技术(MCCP/MCL)演进。二、ASIC芯片出货量有望上修，2026年液冷市场空间有望达到165亿美元非GPU散热需求崛起：2026年数据中心ASIC芯片出货量有望超800万颗，2027年有望突破1000万颗，未来或将与同期GPU出货量相近，成为液冷市场重要增量来源。市场规模测算：以单颗AI芯片1376美元计算，2026年英伟达GPU液冷市场有望达119亿美元，ASIC液冷市场有望达46亿美元，整体数据中心液冷市场规模有望达165亿美元(约1162亿元人民币)，2025-2026年CAGR约59%。三、国内外需求催化，大陆厂商订单有望开始落地作为大陆液冷厂商的风向标，奇𬭎科技(截至2025年11月)营收已连续10个月创新高，同比增速仍在逐月提高，公司预计，2026年业绩将更胜2025年，整体毛利也有望上行。双鸿乐观预估2026年营收同比将超50%，且公司认为液冷产品至少还有2～3年成长性。目前，大陆已有企业已成为头部芯片厂商合作伙伴，且超节点逐渐成为AI基础设施建设共识，叠加行业渗透率上行，大陆液冷厂商有望迎来订单落地加速、营收规模扩张以及盈利能力提升。","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":1,"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; 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国海证券：GPU+ASIC渗透加速 液冷市场规模再添增量

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国海证券：GPU+ASIC渗透加速液冷市场规模再添增量