THERMAL MANAGEMENT SYSTEM AND VEHICLE

A thermal management system and a vehicle. The thermal management system comprises a refrigerant circuit. The refrigerant circuit comprises a refrigeration circuit. The refrigeration circuit comprises a compressor, a first water-cooled heat exchanger, an outdoor heat exchanger and an indoor heat exchange assembly. An outlet of the compressor is connected to an inlet of the first water-cooled heat exchanger, an outlet of the first water-cooled heat exchanger is connected to an inlet of the outdoor heat exchanger, and an outlet of the outdoor heat exchanger is connected to the indoor heat exchange assembly. The indoor heat exchange assembly is connected to an inlet of the compressor, so as to output a refrigerant to the compressor.