Outlook景气度
Capex doubled, and the wave reached the thermal makers.资本开支翻倍，需求浪潮传到了热管理厂商。
AIDC Thermal Observatory one question, five ways inAIDC 热管理观测站 一个问题，五个入口
How does AI computing growth change the demand, technology and products of data-centre thermal management, and where, when and by whom is it delivered?AI 算力增长怎样改变数据中心热管理的需求、技术和产品，并在哪里、什么时候、由谁兑现？
Demand: from the macro to the company需求：从宏观到公司
Outlook景气度202USD bn2020亿美元Big-four cloud capex, Q3 2026, up 108% year on year2026 年第三季度四大云厂商资本开支，同比增长 108%Countries国家地区10of 11/ 11Regions where power is the biggest constraint电力为最大约束的地区Industry delivery产业兑现+20%Whole-company sales of four big thermal makers, Q3 2026, year on year2026 年第三季度四家大型热管理厂商全公司销售额同比增幅Technology: from research to the product技术：从研究到产品
Frontier technology前沿技术41°CFacility water temperature to the CDU in the NVIDIA MGX exampleNVIDIA MGX 示例中进入 CDU 的设施水温Countries’ power and water limits shape which products fit各国电力和水的限制，决定哪些产品适用
Products产品8Product types covered, from in-rack parts to dry coolers研究覆盖的产品类型，从机柜内部件到干冷器 Monthly report月报6Editions since June 2026, with core judgments across both lines期报告（自 2026 年 6 月起），给出贯穿两条线的核心判断Read the current edition阅读本期月报Updated on a schedule按期更新
AI agents collect and draft; a person approves each release.AI 智能体负责收集与起草，每期经人工审定发布。
Mondays: filings and construction data每周一：公告、备案与建设数据12th: mid-month refresh每月 12 日：月中更新1st: monthly report每月 1 日：月报Each quarter: roadmap review每季度：路线图复核
What each line says now各条线的当前判断
Countries国家地区
Power is the biggest constraint in ten of the eleven regions.十一个地区中有十个的最大约束是电力。
Industry delivery产业兑现
Four big thermal makers’ sales growth doubled to about 20% in Q3 2026.四家大型热管理厂商的销售增速在 2026 年第三季度翻倍至约 20%。
Frontier technology前沿技术
Liquid takes more heat off each chip.液体从每颗芯片带走更多热量。
Products产品
Over the next three years, warm facility water reorganises the AI plant.未来三年，温水重组 AI 冷站。