[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>AI Infrastructure - China Expert call: Liquid cooling penetration rate in China to rise to 35-50%; export to grow Industry Overview Liquid cooling penetration rate to rise to 35-50% We hosted an expert call with Junyuan Duan, CEO and founder of Air & Liquid Cooling Technology Limited, to discuss China liquid cooling market outlook and upside from AIDC. The expert is positive on liquid cooling market. He expects the liquid cooling penetration rate in China to increase to 35-50% (vs. currently 5%), driven by the government's guidance on data center construction and product requirement of new NVIDIA chips. Yet, the expert thinks that the coexistence of air cooling and liquid cooling will last long, with air-cooling penetration continuing at 50-60% in the future as only GPU with high computing power needs liquid cooling. In the newly constructed AIDC, over 70% of liquid cooling equipment is manufactured by domestic makers, and CDUs are mostly jointly developed by data center operators and cooling equipment suppliers.</doc> <doc id='2'>China cooling equipment makers exports expected to grow The overseas market comprises c.90% of the global liquid cooling market. Currently, CDU and UQD in the cooling supply chain in SEA are dominated by overseas brands, but secondary side piping and manifold are mainly supplied by Chinese manufacturers. It is difficult for Chinese brands to enter the supply chain of overseas liquid cooling system, as 1) it takes 2-4 months to get product certification; 2) the certification fee is as high as RMB300-500k. China Internet firms are building AIDC in Southeast Asia given 1) advanced chip import limitations; 2) lower power tariffs in SEA compared with tier-1 cities in China. Therefore, Chinese cooling equipment makers are expected to have more export opportunities with better pricing and relationships with China internet firms.</doc> <doc id='3'>Cold-plate cooling has 90%+ share vs immersion at 5-10% On data center construction cost, the expert said that on average the DC power supply system takes 50-60% of the cost and cooling system takes 30-40%, with liquid cooling/air cooling each accounting for half. On DC power demand, the cooling system takes only 10-30% of power consumption, while IT equipment consumes the majority. As such, compared with the government's PUE requirement, the expert thinks that it is mainly the product requirement of the advanced chips that drives liquid cooling demand. In terms of details, cold plate liquid cooling is the mainstream (c.90%+ market share) in China, driven by GB200, and immersion liquid cooling is in the trial stage, with market share at 5-10%. However, the expert believes that immersion liquid cooling penetration will grow on 1) simple design and 2) low risk of cooling liquid leakage and maintenance. The expert said that the possibility and cost to upgrade existing air cooling to liquid cooling depends on the current cooling source. For pure air cooling without piping, it is difficult to upgrade to liquid cooling. Yet, for others, liquid-to-liquid cooling can be applied on mid-/large-size equipment, and liquid-to-air cooling can be applied on small- scale equipment.</doc> <doc id='4'>>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.</doc> <doc id='5'>BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in their investment decision. Refer to important disclosures on page 2 to 3. 12869513 25 August 2025 Equity China AI Infrastructure Matty Zhao >> Research Analyst Merrill Lynch (Hong Kong) +852 3508 4001 matty.zhao@bofa.com Yibing Xia >> Research Analyst Merrill Lynch (Hong Kong) +852 3508 8045 yibing.xia@bofa.com AIDC: AI Data Center CDU: Cooling distribution units DC: Data center k: thousand PUE: Power Usage Effectiveness SEA: Southeast Asia UQD: Universal Quick Disconnect</doc> <doc id='6'>Disclosures Important Disclosures BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. 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