曙光数创近期有哪些重大资本运作？ 近期，曙光数创的母公司中科曙光因海光信息吸收合并而发生控股权变更。这 一事件对曙光数创的股价产生了一定的催化效应，有助于提升其在国产算力生 态链中的战略地位。此外，这次重组还触发了对曙光数创的全面邀约义务，当 时邀约价格为 54.63 元。 曙光数创 20250925 摘要 曙光数创受益于液冷技术渗透率提升，预计 2027 年中国液冷数据中心 市场规模将突破 1,000 亿元，年复合增速超 50%。公司作为行业龙头， 有望受益于 AI 算力需求和双碳政策驱动下的市场扩张。 公司静默式相变液冷技术具备显著优势，最低 PUE 值可达 1.04，远低 于传统风冷，符合国家对数据中心 PUE 值的要求，为公司带来持续增长 动力。该技术壁垒高，主要掌握在头部企业手中。 曙光数创业务包括新一代产品技术升级、供电系统创新、海外市场拓展 及互联网行业冷板液冷热管理系统。2025 年上半年手订单量同比增长 2.4 倍，显示出强劲的市场需求。 静默液冷数据中心基础设施产品毛利率高达 40%，2023 年收入占比 58%，是公司核心业务。2025 年上半年该业务收入同比增长 212%， 显示出强劲 ...

[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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液冷技术市场需求爆发 - 随着算力密度提升，数据中心及算力设备散热问题凸显，液冷技术作为核心解决方案，市场需求呈爆发式增长 [1] - 8月以来万得液冷服务器概念指数累计上涨13 64%，8月12日该指数上涨1 73%，成分股中英维克涨超9%，同飞股份涨超8%，曙光数创涨超7% [1] 行业巨头布局带动技术渗透 - 英伟达、微软、谷歌、Meta等公司深入布局AI产业，带动液冷技术渗透加速，例如英伟达旗下GB300系统全部采用液冷散热设计 [3] - 2024年中国液冷服务器市场规模达23 7亿美元，同比增长67 0%，冷板式解决方案市占率进一步提高 [3] - 预计2024-2029年市场年复合增长率46 8%，2029年规模将达162亿美元 [3] 相关企业业绩表现亮眼 - 飞荣达预计2025年上半年实现营业收入约28 86亿元，净利润为15500万元-17000万元，较上年同期增长103 95%-123 69% [3] - 公司AI服务器散热相关业务与部分重要客户的合作有序推进，持续加大研发和技术储备，营业收入显著增长 [3] 冷板式液冷技术占据主导 - 冷板式液冷是目前成熟度最高、应用最广的方案，液冷技术可细分为喷淋式、冷板式和浸没式三种 [3] - 冷板式液冷技术为成熟度最高、应用最广泛的液冷散热方案 [3]

行业投资评级 - 行业评级为"优于大势" [5] 核心观点 - 高功耗AI芯片加速液冷普及，冷板方案是数据中心主流 [1] 1) 英伟达Blackwell Ultra芯片单颗功耗达1.4kW，NVL72方案单机架整体功耗达120-130kW，传统风冷无法满足需求 [1] 2) 液冷市场保持增长，冷板式液冷因技术成熟度、可靠性等优势占据主流地位 [1] - 政策与算力需求双轮驱动液冷产业爆发 [2] 1) 中国"东数西算"工程要求新建数据中心PUE低于1.25，一线城市要求智算中心液冷机柜占比超50% [2] 2) 欧盟将液冷纳入能效认证体系，微软Azure通过浸没式液冷将PUE优化至1.02，年节能超500万美元 [2] 3) 液冷换热系数是风冷20倍以上，可将芯片核心温度控制在65℃以内，IDC预测2024-2029年中国液冷服务器市场CAGR达46.8%，2029年规模达162亿美元 [2] - 渗透率与市场前景 [3] 1) 2024年全球数据中心液冷渗透率约10%，中国国内市场渗透率达20%以上，2025年预计提升至30%+ [3] 2) 英伟达Blackwell系列芯片2025年预计占高端GPU出货80%以上，GB200/GB300平台进一步拉动液冷需求 [3] 产业链相关标的 - 液冷板：祥鑫科技、科创新源 [3] - UQD（快速连接器）：溯联股份、标榜股份 [3] - 焊接件：华光新材 [3] - 液冷泵：飞龙股份 [3] 行业数据 - 计算机行业总市值46962.86亿元，流通市值27055.22亿元 [7] - 市盈率1916.28倍，市净率4.20倍 [7] - 成分股总营收2860.32亿元，净利润24.51亿元，资产负债率43.91% [7]

财务数据和关键指标变化 - 公司第二季度收入为50万美元，其中Excelsius贡献30万美元，ESG基金管理费收入20万美元 [24] - 调整后EBITDA亏损1620万美元，较第一季度2180万美元亏损有所改善 [27] - 现金及等价物期末余额1200万美元，较去年底的1110万美元有所增加 [29] - 库存从上一季度的520万美元增至660万美元 [29] - 公司发行了3000万美元可转换债券，实际收到2700万美元净资金 [28] 各条业务线数据和关键指标变化 - Excelsius业务： - 2024年才开始产生收入，目前处于商业化早期阶段 [8] - Q2订单量超过此前所有订单总和，预计Q3订单将是Q2的倍数 [14] - 2026年订单计划覆盖率达到6倍 [13] - 预计2026年75%的订单将转为生产性订单 [13] - 与第一家超大规模客户的概念验证系统预计Q3交付 [9] - 渠道合作伙伴网络从年初的10家增至21家 [11] - Aeroflex业务： - 已连续四个季度实现收入 [19] - 获得塑料回收协会(APR)关于可回收性的关键认证 [19] - 新增两项与可回收包装相关的专利 [20] - Refinitiv业务： - 完成首个工厂设计的工程采购和施工合作伙伴选定 [21] - 混合塑料废物转化为液体烯烃的中试进展顺利 [21] 各个市场数据和关键指标变化 - 数据中心液冷市场： - UBS调查显示100%的IT组织计划部署AI工作负载 [7] - 目前平均订单规模仍低于500万美元，处于概念验证阶段 [7] - Jacobs Engineering研究显示Excelsius技术比单相水冷方案运营成本降低28-40% [12] - 包装市场： - Aeroflex所在的可回收包装市场规模达4000亿美元 [19] 公司战略和发展方向和行业竞争 - 公司定位为"市场变革型公司创建引擎"，目标创建价值超过10亿美元的企业 [23] - Excelsius技术定位为两相直触式液冷解决方案的市场领导者 [17] - 制造策略计划保持25-30%产能内部生产，其余外包 [52] - 近期聘请了拥有23年Dell和7年AMD经验的全球销售副总裁 [15] - 在奥斯汀扩建了3万平方英尺的制造设施 [50] 管理层对经营环境和未来前景的评论 - AI工作负载的普及正在加速数据中心液冷市场需求 [6] - 行业共识认为单相水冷方案将很快无法满足计算密集型应用需求 [7] - 超大规模企业今年预计在数据中心投入3500亿美元，明年预计4000亿美元 [47] - 概念验证周期通常需要6个月 [9] - 销售周期预计将随着技术获得认可而显著缩短 [12] 其他重要信息 - 公司账面投资3240万美元，包括Aeroflex股权投资2290万美元和债务投资900万美元 [30] - 无形资产主要为Excelsius的技术资产，摊销期为8-15年 [30] - 第二季度确认1.13亿美元非现金商誉减值 [27] - 认股权证和或有负债公允价值变动带来720万美元非现金收益 [27] 问答环节所有的提问和回答 问题: 关于下半年收入增长的可见性 - 回答: 订单与交付之间存在2-3个季度的滞后，因此更关注订单量指标 [35] - 订单规模正在从概念验证转向生产性订单，预计会持续增加 [36] - 2026年75%的订单预计为生产性订单 [38] 问题: 首个超大规模客户概念验证的潜在规模 - 回答: 如果成功将带来大量CDU和芯片冷却需求，但未透露具体数字 [45] - 预计年底前还将与其他1-2家超大规模企业达成合作 [45] 问题: 制造能力准备情况 - 回答: 奥斯汀新设施可满足2025年全部生产需求 [51] - 长期计划保持25-30%内部产能，其余外包 [52] 问题: 资金状况和资本获取能力 - 回答: 对资金获取能力充满信心，不担心现金状况 [55] 问题: 热模拟测试设备的市场反馈 - 回答: 开发的测试设备可模拟6千瓦热负载，成本仅为实际GPU服务器的1/20 [62] - 概念验证反馈非常积极，帮助客户验证技术实际性能 [66] - 该技术还可用于测试尚未面世的芯片的冷却需求 [67]

算力发展与液冷技术需求 - AI算力需求呈现指数级增长，推动芯片热设计功耗持续攀升，华为Atlas900A2PoD最大功耗达50.5kW，英伟达NVL72服务器功耗预计120kW [2] - 传统风冷无法满足高功率密度数据中心散热需求，液冷技术凭借高比热容、高导热性及低噪音等优势成为必然选择 [5] - 数据中心功率密度与制冷方式对应关系明确：7.5-18kW/机柜采用冷板式液冷，18-30kW/机柜采用冷板式/浸没式液冷 [6] 政策驱动与节能要求 - 各省对数据中心PUE提出严格限制，北京要求年能耗≥3万吨标准煤的项目PUE≤1.15，上海要求新建大型数据中心PUE≤1.3 [7] - 液冷技术可将PUE降至1.25以下，显著优于风冷系统的PUE>1.4，满足节能政策要求 [6] - 数据中心散热能耗占比达43%，液冷技术通过缩短传热路径和利用自然冷源大幅降低能耗 [6] 液冷产业链结构 - 上游包括快速接头、CDU/CDM、冷却液等零部件供应商 [8] - 中游涵盖液冷服务器、交换机厂商及芯片制造商 [8] - 下游主要为电信运营商、互联网企业及第三方IDC服务商 [8] 液冷市场增长前景 - 2025年全球液冷数据中心新增容量预计2.82GW，2028年达9.10GW，CAGR为47.78%，渗透率从12%提升至31% [11] - 2025-2027年中国液冷市场规模从149.8亿元增长至347.4亿元，CAGR为52.3%，其中新建部分CAGR达61.6% [12] - 存量改造市场规模2025年为33.0亿元，2027年增至42.3亿元，CAGR为13.3% [12][13] 投资窗口与相关企业 - 2025-2027年为液冷技术渗透与业绩兑现关键期，政策、算力刚需及TCO优势三重驱动产业化落地 [1][14] - 重点企业包括英维克、曙光数创、高澜股份、申菱环境等同飞股份等 [14]

行业与公司 * 行业为AI液冷市场，涉及数据中心温控系统及服务器散热技术[1] 核心观点与论据 市场空间驱动因素 * AI芯片功耗和出货量增长推动液冷需求，单芯片液冷价值量2000-3000元，1000万个AI芯片使用液冷市场空间达数百亿元[2][4] * 整机柜方案发展带动液冷渗透，国内单机柜液冷价值量30-40万元，海外ML72机柜达50-60万元，10万个ML72机柜出货市场空间500-600亿元[2][6] 液冷系统结构 * 分为一次侧（数据中心外部设备如干冷器、冷却塔）和二次侧（服务器内部及周边设备），一次侧适用于风冷系统，二次侧为核心液冷组件[2][7][9] * 二次侧主要部件：冷板（芯片散热）、快接头（连接单元）、Manifold（承接快接头）、CDU（动态调整系统参数）[2][10] 价值量与毛利率 * 冷板价值量占比最高（40%），CPU冷板约500元，GPU冷板约1000元[2][10] * CDU占比30%-40%，国内每千瓦价值1000+元，海外200-240美元/千瓦[3][11] * 快接头毛利率50%-60%，国内单对价值600元，海外1300元[2][11] * Manifold及管路占比约10%，毛利率较低[7][12] 技术趋势 * 当前液体多为水基溶液，未来相变或浸没式技术可能采用氟化液/矿物油，显著提升价值占比[5][13] 其他重要细节 * 一次侧设备选择依赖部署区域温湿度及水资源，市场成熟竞争充分[9] * ASIC液冷需求因组网复杂暂无精确测算方式，但可参考芯片/机柜模型[6]

财务数据和关键指标变化 - 第一季度销售额增长3%，主要受气候解决方案业务收入增长推动 [24] - 毛利率下降40个基点至24.2%，主要由于性能技术部门销售下降和材料成本上升 [24] - 调整后EBITDA小幅同比增长，调整后EBITDA利润率为14.9%，同比下降40个基点 [25] - 调整后每股收益为1.06美元，同比增长2% [27] - 自由现金流为200万美元，低于去年同期，主要由于气候解决方案部门库存增加 [28] - 净债务为4.33亿美元，同比增加1.23亿美元，主要由于收购Absolute Air和L.B. White [28] 各条业务线数据和关键指标变化 气候解决方案业务 - 收入增长11%，调整后EBITDA增长10%，调整后EBITDA利润率为20% [17] - 数据中心销售额增长2400万美元或15%，主要受北美地区销售增长推动 [17] - HVAC技术销售额增长1700万美元或34%，主要受加热设备订单和室内空气质量产品销售增长推动 [17] - 近期收购的Absolute Air和L.B. White贡献了1000万美元收入 [18] - 热传递解决方案销售额下降1%或100万美元 [18] 性能技术业务 - 收入下降8%，调整后EBITDA下降14%，调整后EBITDA利润率下降100个基点至13.1% [21] - 重型设备销售额下降4%或400万美元 [21] - 公路应用销售额下降8%或1500万美元 [22] - SG&A费用减少500万美元，部分抵消了销售下降的影响 [23] 各个市场数据和关键指标变化 - 北美数据中心业务需求强劲，公司计划投资1亿美元扩大四个美国生产基地的产能 [8] - 数据中心业务预计在2028财年接近20亿美元收入 [9] - 欧洲数据中心业务增长放缓，但北美地区需求持续强劲 [91] 公司战略和发展方向和行业竞争 - 公司通过战略收购和有机增长相结合的方式扩大业务组合 [4] - 近期完成三笔收购：Absolute Air、L.B. White和Climate by Design International(CDI)，以扩大产品组合和市场份额 [6][7] - 数据中心业务采用"本地为本地"的供应链策略，靠近客户扩大产能 [8] - 开发模块化数据中心解决方案，可将建设时间从一年多缩短至几个月 [10] - 性能技术部门面临市场挑战，公司正在重新分配资源支持高增长业务 [12] - 计划将部分性能技术生产基地转为数据中心生产 [13] 管理层对经营环境和未来前景的评论 - 对数据中心业务前景非常乐观，预计2028财年收入可达20亿美元 [9] - 数据中心客户推动更高效率和先进冷却策略，公司正在深度合作开发下一代解决方案 [11] - 性能技术部门市场低迷可能持续几个季度 [12] - 预计下半年利润率将改善，受销量增长和材料成本回收推动 [26] - 预计2026财年调整后EBITDA在4.4亿至4.7亿美元之间，较之前预测增加2000万美元 [32] 其他重要信息 - 公司计划在未来12-18个月额外投资1亿美元资本支出 [33] - 正在评估出售欧洲总部和轻型汽车业务的可能，预计欧洲总部交易价值1000-1500万美元 [76] - 数据中心业务投资回报率预计超过40% [57] - 数据中心新增产能预计将带来约15%的EBITDA利润率，长期有望达到或超过部门平均水平 [64] 问答环节所有的提问和回答 数据中心业务相关问题 - 数据中心固定成本分为核心产能和新增投资两部分，新增投资的EBITDA利润率约为15% [39] - 2027财年数据中心收入目标可能达到10亿美元，2028年目标为20亿美元 [41] - 1亿美元投资预计将增加约25亿美元产能，以支持20亿美元收入目标 [53] - 数据中心投资回报率预计超过40%，部分投资回报率可能超过100% [57][61] - 数据中心需求可见性长达3年，订单和客户承诺支持产能扩张决策 [70] - 模块化数据中心解决方案是与特定客户合作开发，具有排他性 [121] 业务展望和财务问题 - 预计下半年公司整体利润率将改善，主要受性能技术部门推动 [45] - 气候解决方案部门利润率可能持平或小幅下降，数据中心业务增长80%以上 [46] - 性能技术部门预计利润率改善约100个基点 [47] - 预计2026财年利息支出2800-3000万美元 [86] - 近期收购预计全年贡献约1亿美元增量收入 [96] - 计划暂停收购活动几个季度，专注于整合现有收购和业务扩张 [99] 战略和资本配置问题 - 正在评估业务组合调整的可能性，未来可能重新划分业务部门 [111] - 数据中心服务能力正在扩大，以支持设备销售增长 [101] - 未来收购可能集中在HVAC技术业务和供应链垂直整合 [106] - 数据中心业务有大量订单和高度可见的客户需求支持20亿美元收入目标 [117]

核心观点 - 公司在2025年上半年实现强劲增长 数据中心部署量增长五倍 新产品推出和国际市场扩张推动业务发展 [1] 技术性能突破 - 行业领先的热性能标准 NeuCool技术实现每GPU插槽4500W冷却能力 为直接芯片液冷行业最高水平 [2] - 成功冷却全250kW机架AI服务器 GPU温度维持在NVIDIA热节流限制以下 即使设施水温达40°C [3] - 技术设计优先考虑可靠性和可维护性 使用稳健组件满足关键任务需求 [3] - 设施水温比竞争解决方案高6-8°C 可节省超过25%冷却能耗 增加自由冷却时间 [4] - 准备应对快速发展的芯片和服务器架构 包括4500W TDP插槽和垂直刀片服务器 [4] 国际市场扩张 - 显著扩大国际业务 在欧洲建立关键合作伙伴关系并首次进入加拿大市场 [5] - 在Global Switch伦敦展厅部署热模拟机架 在Computacenter英国总部超大规模集成中心放置机架 方便欧洲客户测试和部署解决方案 [6] - 与Equinix合作 在弗吉尼亚州Ashburn园区的DC15国际商业交换数据中心部署NeuCool™ IR80系统 [7] - 与Nordik Data Centers建立战略合作 在蒙特利尔附近建设下一代AI数据中心 2025年下半年投入运营 使用100%可再生能源 [8] 政府认可与项目参与 - 被选为美国能源部ARPA-E COOLERCHIPS项目关键贡献者 由德克萨斯大学阿灵顿分校领导 [9] - 提供专有多机架、行内250kW两相冷却剂分配单元MR250 用于系统级测试 计划2025年底全面上市 [9] - COOLERCHIPS项目目标将冷却能耗降至数据中心IT负载的5%以下 同时保持可靠性并支持下一代高密度计算 [10] 企业级可靠性计划 - 推出NeuGuard企业支持计划 为AI和高级计算部署提供无与伦比的冷却可靠性 [11] - 由美国最大保修相关保险提供商之一CNA支持 每机架内部泄漏损坏赔偿高达10万美元 [11] - 利用授权服务合作伙伴网络提供全面生命周期支持 从规划到部署和维护 旨在实现关键基础设施的最大运行时间 [12] 产品组合扩展 - 2025年上半年产品组合翻倍 推出MR250多机架CDU 满足从传统风冷向液冷过渡的全方位冷却需求 [13] - 与全球大型科技硬件合同制造商合作 能够处理高容量机架订单 满足超大规模客户的大量需求 [14] - 已获得关键客户的概念验证订单 解决定制AI加速器的冷却需求 [14]

数据中心液冷技术趋势 - 海内外新一代高性能算力芯片出货加速推动数据中心液冷渗透率快速提升，带动液冷基础设施供应商订单增长并进入业绩高速增长阶段 [1] - 液冷技术凭借高比热容、高导热性、低噪音、高稳定性和占地小等优势，正逐步替代传统风冷技术，成为高功率密度数据中心散热的重要产业趋势 [1] - 2024年中国服务器出货量预计455万台，其中液冷服务器约23万台，当前液冷渗透率仅5% 液冷整体渗透率不超过10%，未来3-5年有望提升至30-40% [3] 行业竞争壁垒 - 液冷基础设施行业研发投入强度高，龙头公司英维克2021-2024年研发费用CAGR达32.6% 2019年以来研发费用率持续保持在6.5%以上且近两年呈上升趋势 [2] - 产品在更高功率和效率方向的持续迭代形成动态技术壁垒 客户认证和采购惯性导致新供应商引入谨慎，进一步强化行业竞争壁垒 [2] 市场空间与增长潜力 - 2024-2027年国内数据中心总功率预计分别为35.5GW、43.5GW、54.5GW和68.8GW 新增功率分别为5.6GW、7.9GW、11.0GW和14.3GW，3年CAGR达37.0% [4] - 2024年全球数据中心液冷基础设施市场空间约110.8亿元，预计2027年增长至263.4亿元 海外高性能GPU供给更充足，渗透率提升速度或快于国内 [4] 重点推荐标的 - 英维克（002837）：产品线全面、客户资源丰富，海外供应链拓展潜力大 [1] - 申菱环境（301018）：技术储备深厚且绑定华为等大客户，充分受益国内算力基建 [1] - 同飞股份（300990）：在储能、数控装备、半导体等领域液冷技术领先，积极拓展数据中心液冷客户 [1]