CITIC Securities: The liquid cooling industry enters the stage of order fulfillment and performance realization. It is recommended to seize three main line opportunities.

The research report from CITIC Securities stated that the liquid cooling industry is transitioning from thematic expectations to the realization of orders and performance, focusing on supply chain companies with production capacity flexibility, customer certification, and core component capabilities. The outsourced production chain has great short-term performance flexibility, with the mass production of GB200/GB300 causing capacity shortages for Taiwanese and international leading companies, allowing mainland enterprises to take on overflow orders with precision processing and assembly. The supply chain of independent brands has the strongest long-term growth potential, positioning themselves with certification assets and customer interfaces to capture CSP, ODM, and domestic GPU ecological opportunities, currently in the prototype and small batch validation stage. Horizontal new product categories provide differentiation opportunities, with low value but wide customer base and easy entry into distribution systems, optical modules, liquid cooling, and other new products. It is recommended to seize opportunities along the three main lines of "outsourced production chain performance flexibility, independent brand certification breakthrough, and horizontal new product categories scaling up."