CITIC Securities: With the improvement of liquid cooling permeability and the expansion of the industry, we are optimistic about the opportunities for domestic companies to expand overseas.

CITIC Securities stated that the increase in power density for custom ASIC chips from companies like Google, Meta, Microsoft, AWS, as well as NVIDIA GPUs in AI servers has highlighted the clear demand for liquid cooling. With the continuous production of ASIC chips and NVIDIA GB300, the penetration rate of liquid cooling will significantly increase, expanding the market space. Domestic liquid cooling companies have excellent comprehensive abilities in technology, product quality, cost, and service, and the potential for domestic companies to expand internationally is promising.