A research report indicates that NVIDIA's architecture upgrades are driving liquid cooling development, with GB300 liquid cooling covering more than 80% of heat-generating components. The 2027 Rubin architecture Kyber rack is expected to achieve 100% liquid cooling, significantly increasing GPU liquid cooling demand. ASIC cooling offers high margin potential, with shipment surge expected in 2026 as tech giants including Google, Meta, and Amazon are set to launch substantial ASIC chip volumes. Liquid cooling technology centers on manufacturing and materials science, where Chinese domestic companies demonstrate clear advantages. The outlook is positive for China to develop world-class liquid cooling companies in the future. Key companies to watch include Qiqi Technology, Sugon Datachuang (872808.BJ), InVision (002837.SZ), Fly-Rich (300602.SZ), and Chuanhuan Technology (300547.SZ).

**GB300 Liquid Cooling Covers 80%+ of High-Power Components, 2027 Rubin Architecture Kyber Rack Expected to Achieve 100% Liquid Cooling**

Blackwell architecture performance surges dramatically, making liquid cooling nearly essential to fully utilize Blackwell chips. According to industry information from August this year, the GB300 liquid cooling system's core is the "Direct-to-Chip Liquid Cooling (DLC)" architecture, where coolant flows through micro-channel cold plates directly contacting GPU, NVLink switch chips, CPU and other high-power components (accounting for over 80% of total heat generation), achieving precise heat conduction. Other low-power components such as memory, storage, and I/O interfaces use system-level air cooling or auxiliary liquid cooling (such as backplate circulation liquid cooling) for heat dissipation.

NVIDIA plans to launch the Rubin Ultra NVL576 (600kW class) Kyber rack in 2027, which will completely abandon air cooling and achieve 100% liquid cooling.

**Cold Plate Liquid Cooling Drives Demand for Four Major Components, 2026 GPU Liquid Cooling Market Expected to Reach 80 Billion Yuan**

Cold plates, CDUs, UQDs, and Manifolds are the main indoor-side components of cold plate liquid cooling solutions, with calculations showing these four components currently account for over 90% of the total value of GB200 NVL72 cooling solutions. The first batch of GB300 shipments still uses the Bianca architecture, while future Cordelia architecture will adopt independent cold plate design, with each chip equipped with separate cold plates. Compute tray cold plate usage will increase from 54 pieces in GB200 to 126 pieces in GB300. UQD size will shrink to one-third of the original, with unit price declining but usage doubling.

Based on single cabinet liquid cooling value of 700,000 yuan, assuming 100,000-120,000 cabinet shipments next year, the GPU liquid cooling market is expected to reach 80 billion yuan.

**ASIC Cooling Offers Higher Margin Potential, 2026 Expected to See ASIC Chip Shipment Surge**

ASIC products are mostly customer-led design and collaborative development, therefore including mold design and manufacturing costs. With fewer competitors, overall pricing has more flexibility, making it another key development direction for the industry chain. Google has fully adopted liquid cooling solutions, with its liquid-cooled TPU clusters now achieving GW-scale operation and maintaining 99.999% high availability over the past seven years.

2026 is expected to see an ASIC chip shipment surge. According to industry projections, Google's TPU shipments are expected to reach 1.5-2 million units in 2025. Meta plans to launch millions of high-performance AI ASIC chips (approximately 1-1.5 million units) between late 2025 and 2026. Amazon AWS's Trainium2 ASIC chip shipments will reach 1.4-1.5 million units.

**Liquid Cooling Track May Birth New Industry Leaders, Chinese Companies Have Strong Growth Potential**

**Qiqi Technology**: The company and its subsidiary Fushida have successfully entered the core supply chain of GB200/GB300 server liquid cooling architecture for major cloud vendors, while further enhancing product added value in ASIC platform applications.

**Sugon Datachuang (872808.BJ)**: The company is the only domestic enterprise achieving large-scale commercial deployment of immersion phase-change liquid cooling solutions. In cold plate liquid cooling solutions, the company breaks through traditional air cooling heat dissipation modes, adopting hybrid liquid cooling + air cooling heat dissipation.

**InVision (002837.SZ)**: Passed Intel validation in 2024, with the company's UQD products listed in NVIDIA's MGX ecosystem partners.

**Fly-Rich (300602.SZ)**: Self-developed 3DVC heat sink currently achieves heat dissipation power of 1400w. In liquid cooling, it has become a core supplier to leading companies, with some products achieving batch delivery.

**Chuanhuan Technology (300547.SZ)**: Liquid cooling server pipeline products have reached V0 standard and obtained US UL certification.

**Investment Recommendations**

Blackwell performance surge makes liquid cooling solutions essential; ASIC chip liquid cooling demand is clear, with high customization driving margin improvements. As GB200/GB300 continues volume ramp and iteration alongside ASIC server introductions, the cooling industry is expected to unlock growth space and achieve both volume and price increases. Additionally, based on China's deep foundation in manufacturing and materials science, the outlook is positive for the domestic market to develop world-class liquid cooling companies.

**Risk Warnings**

Downstream industry demand recovery below expectations, AI large model development below expectations, technology development below expectations, raw material price volatility risks, intensified market competition, exchange rate volatility risks, etc.