CITIC Securities: Rubin Mass Production May Accelerate Liquid-Cooling Orders in 2026

A research note from CITIC Securities said mass production of the Rubin platform is shifting the liquid-cooling industry from expectations to order delivery, while demand for liquid cooling in optical modules is ramping up from “0 to 1,” driving synchronized demand across the supply chain, according to 36Kr. CITIC Securities added that domestic vendors have undergone long-term validation and coordination, and end-customer order ramp-up is expected to accelerate in 2026. The brokerage recommended focusing on supply-chain companies with mass-production delivery capabilities, deep customer ties, and capacity expansion plans aligned with downstream deployment.