According to the CITIC Construction Investment Research Report, with the implementation of megawatt liquid cooling, the industry has entered a new stage of standardized discharge. First, on the product side, full liquid cooling moved from the chip level to the whole cabinet level, and the supernode became the new carrier. Domestic manufacturers launched the world's first megawatt-class single-phase cold plate full liquid cooling supernode. Single cabinet heat dissipation reached 1 megawatt, single-chip heating moved to 5,000 watts, and achieved orthogonal full liquid cooling with full blind insertion and physical isolation of water and electricity. Second, on the industry standard side, the first national standard for cold plate liquid cooling for data centers is about to be implemented. Cold plates, distribution units, circulation pumps, pipelines and quick joints are included in a unified framework, requiring the same specifications to be interchangeable, general specifications for supporting cabinets and submerged media standards were introduced simultaneously, industry pain points with incompatible interfaces were clarified, and the industry moved from project formulation to standardized scale delivery. Third, on the delivery side, the visibility of orders gradually became clear. The leading company received a single refrigeration equipment order from overseas customers worth more than 2.7 billion yuan, and the delivery period was reduced to 120 days. Fourth, on the industry trend side, demand spreads from chips to the entire cabinet chain. Among them, the liquid cooling penetration rate of special chips is expected to continue to rise and bring large increases; domestic replacement is progressing along the core material list from pipelines and water collectors to quick joints and cold plates. The focus of competition is still gradual due to the verification cycle, and the focus of competition is shifting to technology, mass production, and global delivery capabilities. CITIC Construction Investment determined that the OEM chain profits were realized before the brand chain. The fourth quarter to the first quarter of 2027 was a watershed moment in the performance of the liquid cooling sector. In 2027, the industry will shift from a general boom to share and profit differentiation.

According to the CITIC Construction Investment Research Report, megawatt-scale liquid cooling has been implemented, and the industry has entered a new stage of standardized discharge. First, on the product side, full liquid cooling moved from the chip level to the whole cabinet level, and the supernode became the new carrier. Domestic manufacturers launched the world's first megawatt-class single-phase cold plate full liquid cooling supernode. Single cabinet heat dissipation reached 1 megawatt, single-chip heating moved to 5,000 watts, and achieved orthogonal full liquid cooling with full blind insertion and physical isolation of water and electricity. Second, on the industry standard side, the first national standard for cold plate liquid cooling for data centers is about to be implemented. Cold plates, distribution units, circulation pumps, pipelines and quick joints are included in a unified framework, requiring the same specifications to be interchangeable, general specifications for supporting cabinets and submerged media standards were introduced simultaneously, industry pain points with incompatible interfaces were clarified, and the industry moved from project formulation to standardized scale delivery. Third, on the delivery side, the visibility of orders gradually became clear. The leading company received a single refrigeration equipment order from overseas customers worth more than 2.7 billion yuan, and the delivery period was reduced to 120 days. Fourth, on the industry trend side, demand spreads from chips to the entire cabinet chain. Among them, the liquid cooling penetration rate of special chips is expected to continue to rise and bring large increases; domestic replacement is progressing along the core material list from pipelines and water collectors to quick joints and cold plates. The focus of competition is still gradual due to the verification cycle, and the focus of competition is shifting to technology, mass production, and global delivery capabilities. CITIC Construction Investment determined that the OEM chain profits were realized before the brand chain. The fourth quarter to the first quarter of 2027 was a watershed moment in the performance of the liquid cooling sector. In 2027, the industry will shift from a general boom to share and profit differentiation.