If there is still a sector in 2026 that is severely undervalued, it would be liquid cooling and heat dissipation.

The cooling sector contains tenfold returns because the larger the data center, the more it cannot avoid this core pain point.
Traditional fan cooling can no longer meet the demand, and the penetration rate of liquid cooling is still less than 20%.
Of course, liquid cooling is divided into immersion, cold plate, and immersion types.
Immersion is more environmentally polluting and has higher costs, so I feel its share won't be too large in the future.
The cold plate type will be the mainstream of liquid cooling in the coming years.
The cold plate type definitely requires a very strong thermal conductive material, which is TIM thermal interface material.
With SpaceX's listing, in space computing centers' cooling, radiation cooling also extremely needs this thermal conductive material.
Zhongshi Technology is the most comprehensive player in TIM materials domestically.
Its mid-year report has not yet reflected this, but the third-quarter report will definitely make many people realize its explosive potential.