Recent data reveals that South Korea, often dubbed the global economy's 'canary in the coal mine,' reported semiconductor exports totaling $20.5 billion in January this year, a staggering year-on-year surge of over 102%. This indicates that global semiconductor demand remains exceptionally robust, driven by the ongoing AI wave. Concurrently, the wave of price increases across the chip supply chain continues to spread; analysis suggests that the trend of rising prices for domestic chips will persist into the first half of 2026, with the possibility of even more companies following suit. CITIC Securities released a research report stating that against the backdrop of escalating AI computing power demands and chip power consumption, the Thermal Design Power (TDP) of AI accelerator chips has surpassed the physical limits of air cooling. Major global cloud service providers (CSPs) are clearly defining liquid cooling as the default standard for next-generation architectures, a structural shift expected to fuel rapid expansion in the liquid cooling market. Domestic manufacturers have achieved comprehensive supply chain layouts and are breaking down trust barriers through various pathways, such as indirectly entering the global market via contract manufacturing for leading Taiwanese companies or directly obtaining certifications like NVIDIA's (potentially implied by "RVL"). They are accelerating their market capture, driven by the expansion of computing infrastructure from domestic CSPs. As cooling requirements evolve towards ultra-high thermal density, key focus should be placed on the technological leap from sensible heat exchange to phase-change latent heat (e.g., dual-phase cold plates, immersion cooling), alongside structural investment opportunities presented by new cooling mediums like fluorinated fluids and chip-level microfluidic cooling. Within the Hong Kong stock market's liquid cooling sector: MINTH GROUP (00425): Its AI server liquid cooling business has secured orders from a leading Taiwanese manufacturer, integrating into the global semiconductor supply chain. Through a joint venture with Fuman Technology to build a factory, it is expected to achieve mass production capacity by the end of 2025. TSUGAMI CHINA (01651): The AI server liquid cooling industry is entering a phase of bulk equipment procurement. The company, primarily focused on automatic lathe products, holds a distinct cost-performance advantage in machining quick liquid cooling connectors. From January to September 2025, it has secured equipment orders with dozens of clients, accounting for approximately 5% of the domestic order value.