【券商聚焦】中金公司：看好受益GB300液冷方案升级的方向国产厂商有望借新方案切入

金吾财讯

Aug 07, 2025

金吾财讯 | 中金公司发研报指，生成式AI浪潮的驱动下，算力需求持续攀升，带动服务器芯片功耗提升；同时，全球主要国家/地区对IDC能效管控加严；数据中心原有的风冷散热无法支撑高算力密度及能效管控下的散热需求，散热技术方案向液冷升级迭代；AIDC液冷架构分为一次侧（热量传输过程）和二次侧（IT设备冷却）组成。海外算力资本开支持续上修，液冷处在高景气度的通量中；同时英伟达算力芯片持续迭代，功耗提升，驱动液冷技术方案升级迭代，下一代GB300液冷方案在二次侧液冷板、UQD、CDU等技术方案上变化较大，一次侧在高算力、高能效需求下，我们认为磁悬浮水冷机组应用有望提速。此外，随着国产算力芯片突破，我们认为液冷在国内市场亦有望迎来加速渗透。全球AIDC液冷市场当前由外资、台系厂商主导；决策链目前主要由CSP(终端用户)决定，同时英伟达亦具备较高话语权，但随着ODM厂商等切入液冷赛道，决策链或有分散化的趋势，叠加技术方案的快速迭代，我们认为液冷市场格局仍有变化的可能。该行建议：1）看好受益北美算力资本开支上行、有望进入供需偏紧的环节；2）看好受益GB300液冷方案升级的方向、国产厂商有望借新方案切入；3）国产算力突破，把握国产液冷链替代机遇。

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