2026 A-share Liquid Cooling Industry Performance Divergence: Cold Plate Delivers, Immersion in Ramp-up

Summary

A-share liquid cooling H1 2026 results reveal a sharp performance split: cold plate suppliers are reporting significant profit growth from mass deliveries, while immersion cooling remains in a costly engineering validation and investment phase YiCai.

Impact Analysis

The liquid cooling trade has officially graduated from ‘concept’ to ‘execution,’ but it’s a tale of two technologies. So basically, the cold plate segment is finally delivering the ‘show me the money’ phase we’ve been waiting for, as it becomes the baseline for AI infrastructure YiCai. The interesting part isn’t just the profit surge; it’s that cold plate is now the ‘safe’ fundamental play while immersion remains a long-dated call option stuck in the ‘valley of death’ YiCai. While the broader market is still fixated on GPUs and CPO, the real alpha is hidden in the thermal layer where domestic replacement of CDU and quick connectors is actually hitting the P&L . I’d read this divergence as a healthy shakeout—the market is finally pricing these firms on delivery rather than dreams. I’m watching the Atlas 950 SuperPoD launch in Q4; it’s the litmus test for whether this volume growth has legs into 2027 .