本篇报告主要分析了以下问题：1）数据中心液冷技术发展背景；2）当前数据中心冷却液分类，冷板式及浸没式的应用场景及优缺点；3）冷板式、浸没式两种方案使用冷媒的区别及合成方法、技术前沿。AI数据中心需求增长，数据中心液冷受两大因素推动。据Semianalysis，2024年全球AI智算中心装机容量为7GW，预计至2028年有望进一步 增长。数据中心液冷受两大因素推动：1）高散热：进一步多核化提升性能的空间有限，增加功率成为重要选择，随着芯片功率密度提升，高散热诉求扩大，风冷已经不能满足当下散热需求；2）高耗电：数据中心为高耗电行业，冷却系统约占数据中心总能耗的40%，因此制冷耗电是影响PUE值的关键。

2025年1-7月，化学原料与制品行业分别实现营收和利润5.2万亿和2134亿，同比增长1%和下滑8%。行业利润率4.1%降至历史低位。油价下行，内需不振，化工CCPI价格指数持续下行至3969点，年初至今下跌8.4%、同比 降9.2%。PPI持续下行，8月PPI为-4.7%，其中化学原料和制品为-5.7%，化纤为-9.3%，橡胶塑料为-2.6%。

2025 年上半年，基础化工行业上市公司（根据申万 2021 一级分类基础化工行业以 及轮胎行业（长江分类）上市公司合计 446 家）共实现营业收入 1.12 万亿元，同比 增长 3.1%，实现营业利润 947 亿元，同比增长 1.1%，实现归属上市公司股东的净利 润 756 亿元，同比增长 2.0%。行业整体综合毛利率为 13.1%，同比下降 0.4pcts；期 间费用率为 9.3%，同比下降 0.1pcts。行业整体净利润率为 7.0%，同比下降 0.1pcts。从价格指数上看，受原材料支撑走弱，叠加化工品产能较过剩的影响，CCPI 2025 年上半年震荡下行，CCPI 由 4317 点（25/1/6）降至 4141 点，降幅为 4.1.%；年初至今（截至 9 月 5 日）CCPI 区间累计跌幅为 7.8%。从散点图上看，截至 25/8/29，多数化工品价格价差的历史分位数仍集中在 50%以下，而个别化工品价格价差分位历史高位，包括 R22、R32、硝酸铵、R114a、磷肥等。

Industrial cleaning services refer to professional cleaning solutions specifically tailored for large-scale industrial facilities and manufacturing environments. These services are designed to meet the unique cleaning needs and challenges presented by heavy industries, factories, warehouses, and other industrial settings. Industrial cleaning requires specialized knowledge, equipment, and techniques to effectively address the scale and complexity of these environments.

Impact investing refers to the act of investing capital with the goal of generating a social or environmental impact, as well as a financial return. Instead of solely focusing on financial gains, impact investors seek to create positive change through their investments by supporting projects and companies that address issues such as poverty, climate change, and inequality. The impact can be measured through specific metrics that evaluate the progress toward achieving a desired social or environmental outcome.

Idiopathic pulmonary fibrosis (IPF) is a chronic and progressive lung disease that is characterized by the formation of scar tissue (fibrosis) inside the lungs. The cause of this condition is unknown (idiopathic). As a result of the fibrosis, the lungs become thickened and stiff, which leads to breathing difficulties and reduced oxygen levels in the blood.

A hypercar is a vehicle that exhibits extreme power output, and acceleration. These high-performance cars are aerodynamically designed with the lowest center of gravity and ground clearance to imbibe high stability during high-speed applications, such as racing.

Hyper converged infrastructure (HCI) refers to the systems that offer the convergence of storage and compute functionalities in a single highly virtualized server-based solution. HCI can be deployed faster than traditional data center systems, and it eliminates the need for multiple experts to manage different data center components. One of the biggest advantages of HCI is that it can work with commodity hardware. Hypervisors are among the key components of an HCI solution. Furthermore, the major demand in the market is derived from sectors such as financial services, healthcare, education, government, and others.

Hydraulic systems use pipes and tubes to transmit the energy produced by hydraulic fluids. Hydraulic hoses and fittings assist in the transmission of fluid or fluid power with a hydraulic system under high-pressure conditions. They require the proper connection of fittings to the hydraulic system.

A hybrid personal computer (PC) is a versatile computing device that combines the features of a traditional laptop and a tablet. It typically features a detachable or convertible design, allowing users to switch between laptop and tablet modes, providing flexibility for different tasks. Hybrid PCs are equipped with touchscreens, high-performance processors, and long battery life, making them ideal for both professional and personal use, offering portability and functionality in one device.