Dongwu Securities: Domestic liquid cooling has transitioned from sample validation to mass delivery phase. Share increase expected to outpace industry growth in 2026-2028.

Dongwu Securities research report stated that liquid cooling has been upgraded from an optional cooling solution to the rigid infrastructure of AI data centers. The full production of Vera Rubin marks the beginning of a period of concentrated performance release for the industry. Domestic liquid cooling has progressed from sample verification to mass delivery, with the possibility of gaining market share faster than industry growth between 2026 and 2028. Domestic companies are gradually entering the chip platform, server ODM, and overseas cloud provider supply system from the peripheral cooling source and subcontracting stages. Leading companies such as InVue have formed an end-to-end product system covering cold plates, quick connectors, manifolds, CDUs, cabinets, pipelines, and cooling sources, with some products passing Intel tests and UQD series entering the NVIDIA MGX ecosystem, indicating that domestic suppliers have crossed the stage of "only samples, no orders". Domestic substitutes will increase in quantity from manifolds, pipelines, and some CDUs to promote high-reliability quick connectors and cold plates to become core BOM, ultimately upgrading to a global liquid cooling platform with the capability of making core components, system integration, and overseas service.