New high again! Liquid cooling concept surges early trading, leading stock up 20CM to hit the daily limit

A-shares Liquid Cooling Concept Hits New Highs Again

On February 12, the liquid cooling concept sector opened higher and continued to rise. By the morning close, the sector had increased by 3.38%, ranking among the top market gainers. Among individual stocks, Youke De-W 20CM hit the daily limit, Fangsheng Co., Shenling Environment, Yimikon, Langjin Technology, and Kechuangyuan rose over 10%, while Chuanrun Co., Dongyangguang, Bojie Co., Yingweike, Dayuan Pump, and Kestar hit the daily limit. Since mid-December 2025, the cumulative increase of the liquid cooling concept has exceeded 24%.

Liquid Cooling Giants Surpass Expectations in Performance

In terms of news, on February 11 (local time), Nvidia’s liquid cooling supplier Vertiv reported a very impressive financial performance. In Q4 2025, Vertiv’s earnings per share were $1.36, with sales of $2.9 billion, a year-over-year increase of 23%. Not only did profits exceed expectations, but order volume was also very strong: during the reporting period, orders grew by 252% year-over-year and increased by 117% compared to Q3 2025.

Image: Vertiv’s recent Q4 revenue and net profit changes

Vertiv CEO Giordano Albertazzi stated, “Our Q4 performance demonstrates Vertiv’s leading position in the increasingly complex and competitive data center market. Looking ahead to 2026, we expect this growth momentum to continue.” Driven by the better-than-expected earnings report, Vertiv’s US stock price jumped 24.49% in a single day, hitting a record high.

Public information shows that Vertiv is one of the world’s largest providers of liquid cooling and power management solutions. As Nvidia’s official designated liquid cooling partner, its liquid cooling systems can preemptively address power consumption and heat dissipation needs for next-generation platforms like Blackwell and Rubin, and participate in developing compatible reference designs.

In addition to the above news, domestically, the State-owned Assets Supervision and Administration Commission (SASAC) is promoting effective investment in computing power by central enterprises. According to the SASAC official website, on February 10, the SASAC held a special action deployment meeting for “AI+” initiatives of central enterprises. The meeting proposed that central enterprises should strengthen investment guidance, actively expand effective investment in computing power, promote coordinated development of “computing power + electricity,” improve data governance across the entire chain, and continuously solidify the foundation of the artificial intelligence industry.

Overall Performance of Computing Power Concept Is Positive

As the wave of artificial intelligence sweeps globally, demand for computing power is experiencing explosive growth. The processing of massive data and training of complex models drive chip power consumption to new heights, with traditional air cooling reaching physical and efficiency “ceilings.”

Meanwhile, the global demand for green and low-carbon data centers is becoming increasingly strict. The convergence of these forces makes efficient heat dissipation no longer a choice but a necessary response for sustainable computing power development. Against this backdrop, liquid cooling technology has rapidly moved from frontier exploration to large-scale commercial use. A silent yet profound “thermal management revolution” is quietly unfolding within data centers.

Institutions like Donghai Securities indicate that, through global supply chains and similar technological evolution logic, the development of data centers drives demand for efficient cooling solutions, which may also bring opportunities for Chinese temperature control industry chain companies. Currently, system and service dominance is held by Europe and the US, with domestic manufacturing supporting, relying on overseas capacity and projects with NV/Google to integrate into the global supply chain. Coupled with domestic AI infrastructure, the liquid cooling sector continues to rise.

According to data from Eastmoney Choice, there are currently 125 stocks in the liquid cooling concept sector. Among them, 61 have released 2025 performance forecasts. Of these, 45 stocks are expected to have positive earnings (21 with increased profits, 13 with reduced losses, 9 turning profitable, 2 with slight increases), accounting for 75%. Additionally, 6 are expected to see a decline, 5 are expected to report losses for the first time, 3 with increased losses, 1 with slight decrease, and 1 continuing losses.

Specifically, among these 61 stocks, 46 are expected to see year-over-year growth in net profit attributable to shareholders in 2025. Notably, Hailanxin is expected to grow the fastest, with net profit reaching 60 million yuan, a 631% increase year-over-year; Bojie Co. follows closely, with an expected net profit of 160 million yuan, up 619%. Moreover, nearly 20 stocks including Shubeide, Lio Co., Runze Technology, Tuowei Information, Hongxin Electronics, and Gaolan Co. are projected to have net profit growth exceeding 100% year-over-year.

(Article source: Eastmoney Research Center)