AI computing power drives the surge in demand for cooling, and listed companies are intensively deploying liquid cooling technology.

The domestic liquid cooling industry is showing a dual characteristic of accelerated mergers and acquisitions and hot fundraising through private placements of listed companies. Industry insiders predict that with the continuous increase in computing power and the acceleration of data center construction, liquid cooling technology has transitioned from "optional configuration" to "mandatory standard equipment", and the market is about to usher in an unprecedented period of opportunity. According to relevant announcements, domestic listed companies are using private placements as a core tool to increase investment in liquid cooling capacity construction, technology research and development, and computing power temperature control. Since the beginning of 2026, several private placement projects have been approved by the securities exchanges. While private placements are heating up, listed companies are also actively entering the liquid cooling track through mergers and acquisitions.