Core Viewpoint - The article emphasizes the critical role of thermal management in the performance and reliability of electronic devices, driven by increasing power density due to advancements in technologies like 5G, AI, and IoT. Effective heat dissipation solutions are essential to prevent device failures and ensure optimal operation [7][10][15]. Group 1: Thermal Density and Management - The rise in power density of electronic components necessitates advanced thermal management solutions, as temperature increases can significantly reduce system reliability [7][10]. - The failure rate of electronic components increases exponentially with temperature, with a 50% reduction in reliability for every 10°C increase [7][8]. - The thermal flow density has surged from under 10W/cm² to nearly 100W/cm², driven by both increased power and reduced chip sizes [11][15]. Group 2: Passive Cooling Solutions - Passive cooling methods, which do not use active components, include materials like metal heat sinks, graphite films, and heat pipes, relying on thermal interface materials (TIMs) to transfer heat away from components [23][26]. - Metal heat sinks are effective for low-power devices but face limitations in high-power applications due to their thermal transfer rates [28][31]. - Graphite films have been widely adopted in consumer electronics for their high thermal conductivity in the X-Y plane, although their Z-axis conductivity is limited [32][33]. Group 3: Active Cooling Solutions - Active cooling methods, such as forced air cooling and liquid cooling, are becoming necessary as device power levels increase beyond the capabilities of passive systems [68][69]. - Liquid cooling systems can achieve heat dissipation rates of 10-1000W/cm², significantly outperforming air cooling methods [73][74]. - Data centers are increasingly adopting liquid cooling solutions to manage the rising power density of servers, with some configurations exceeding 30kW per cabinet [80][81]. Group 4: Market Opportunities and Beneficiaries - Companies involved in the development of advanced thermal management solutions, such as VC (vapor chamber) technology and liquid cooling systems, are positioned to benefit from the growing demand for efficient heat dissipation in high-performance electronics [49][54]. - Key players in the market include companies like Feirongda, Suzhou Tianmai, and others that are innovating in thermal management technologies [5][6].

Group 1 - Nvidia's computing chips have been reported to have serious security issues [2] - US lawmakers are calling for advanced chips exported from the US to include "tracking and positioning" features [2] - Nvidia's technology for "tracking and positioning" and "remote shutdown" is reportedly mature [2] Group 2 - The National Internet Information Office of China has requested Nvidia to explain the security risks associated with the H20 computing chip sold to China [2] - Nvidia is required to submit relevant proof materials regarding the security vulnerabilities and backdoor risks of the H20 chip by July 31, 2025 [2] - Following the news, shares of Huawei's HiSilicon concept surged, with Digital China rising over 6% and Zhuoyi Information increasing over 4% [2]

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

特定股东飞驰投资是公司首次公开发行股票上市前为骨干员工设立的员工持股平台，持有公司股份 11,958,386股，占公司目前总股本的2.0552%(以2025年7月29日公司总股本58,186.3431万股为基数，下 同)，公司控股股东、实际控制人马飞担任其执行董事。飞驰投资拟于公告披露之日起15个交易日后的3 个月内(自2025年8月20日至2025年11月19日)以集中竞价或大宗交易方式减持公司股份不超过5,230,848 股，占公司目前总股本的0.8990%，本次减持主要是基于员工个人的资金需求。 公司董事、副总经理马军计划自公告披露之日起15个交易日之后的3个月内以集中竞价方式减持公司股 份合计不超过500,000股，占公司目前总股本的0.0859%。 | | | 直接持有公 | 占公司 | 拟减持直接 持有公司股 | 拟计划减持 数量占总股 | | --- | --- | --- | --- | --- | --- | | 股东名称 | 股东身份 | 司股份数量 | 总股本比例 | | | | | | (股) | (%) | 份数量 | 本的比例 | | | | | | (股) | (%) | | 飞 ...

每经AI快讯，飞荣达（SZ 300602，收盘价：23.95元）7月29日晚间发布公告称，公司控股股东、实际 控制人马飞先生及其配偶黄峥女士、兄弟马军先生与宁波飞驰荣达股权投资有限公司（以下简称"飞驰 投资"）为一致行动人。上述人员将严格遵守相关法律、法规、规范性文件的规定以及监管要求实施减 持计划。 特定股东飞驰投资是公司首次公开发行股票上市前为骨干员工设立的员工持股平台，持有公司股份约 1196万股，占公司目前总股本的2.0552%（以2025年7月29日公司总股本约5.82亿股为基数，下同），公 司控股股东、实际控制人马飞先生担任其执行董事。飞驰投资拟于本公告披露之日起15个交易日后的3 个月内（自2025年8月20日至2025年11月19日）以集中竞价或大宗交易方式减持公司股份不超过约523万 股，占公司目前总股本的0.899%，本次减持主要是基于员工个人的资金需求。公司控股股东、实际控 制人马飞先生不参与上述减持计划。 2024年1至12月份，飞荣达的营业收入构成为：电子元器件制造业占比100.0%。 截至发稿，飞荣达市值为139亿元。 每经头条（nbdtoutiao）——直击首例基孔肯雅热报告社区 ...

此外，公司董事、副总经理马军先生计划自本公告披露之日起15个交易日之后的3个月内以集中竞价方 式减持本公司股份合计不超过50万股，占公司目前总股本的0.0859%。 飞荣达（300602）(300602.SZ)公告，公司特定股东飞驰投资(公司首次公开发行股票上市前为骨干员工 设立的员工持股平台)拟自2025年8月20日至2025年11月19日以集中竞价或大宗交易方式减持公司股份不 超过523.08万股，占公司目前总股本的0.8990%。 ...

格隆汇7月29日丨飞荣达(300602.SZ)公布，特定股东飞驰投资是公司首次公开发行股票上市前为骨干员 工设立的员工持股平台，持有公司股份11,958,386股，占公司目前总股本的2.0552%（以2025年7月29日 公司总股本58,186.3431万股为基数，下同），公司控股股东、实际控制人马飞先生担任其执行董事。飞 驰投资拟于本公告披露之日起15个交易日后的3个月内（自2025年8月20日至2025年11月19日）以集中竞 价或大宗交易方式减持公司股份不超过5,230,848股，占公司目前总股本的0.8990%，本次减持主要是基 于员工个人的资金需求。公司控股股东、实际控制人马飞先生不参与上述减持计划。 公司董事、副总经理马军先生计划自本公告披露之日起15个交易日之后的3个月内以集中竞价方式减持 本公司股份合计不超过500,000股，占公司目前总股本的0.0859%。 ...

此外，公司董事、副总经理马军先生计划自本公告披露之日起15个交易日之后的3个月内以集中竞价方 式减持本公司股份合计不超过50万股，占公司目前总股本的0.0859%。 智通财经APP讯，飞荣达(300602.SZ)公告，公司特定股东飞驰投资(公司首次公开发行股票上市前为骨 干员工设立的员工持股平台)拟自2025年8月20日至2025年11月19日以集中竞价或大宗交易方式减持公司 股份不超过523.08万股，占公司目前总股本的0.8990%。 ...

证券代码：300602 证券简称：飞荣达 公告编号：2025-054 深圳市飞荣达科技股份有限公司 关于特定股东及部分董事、高级管理人员股份减持计划 的预披露公告 股东宁波飞驰荣达股权投资有限公司，董事、副总经理马军保证信息披露内 容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、深圳市飞荣达科技股份有限公司（以下简称"公司"或"飞荣达"）控股股 东、实际控制人马飞先生及其配偶黄峥女士、兄弟马军先生与宁波飞驰荣达股权投 资有限公司（以下简称"飞驰投资"）为一致行动人。上述人员将严格遵守相关法律、 法规、规范性文件的规定以及监管要求实施减持计划。 2、特定股东飞驰投资是公司首次公开发行股票上市前为骨干员工设立的员工 持股平台，持有公司股份 11,958,386 股，占公司目前总股本的 2.0552%（以 2025 年 7 月 29 日公司总股本 58,186.3431 万股为基数，下同），公司控股股东、实际控制人 马飞先生担任其执行董事。飞驰投资拟于本公告披露之日起 15 个交易日后的 3 个 月内（自 2025 年 ...

Core Viewpoint - The article emphasizes the transformative impact of AI and the new energy revolution on the manufacturing industry, highlighting the importance of firsthand experience in identifying investment opportunities in this rapidly evolving sector [1]. Group 1: Industry Insights - The article discusses the upcoming "Shenzhen New Energy + Intelligent Manufacturing Industry Chain Deep Dive" event, which aims to explore leading companies in the new energy and manufacturing sectors, including BYD, Yuhua Tian, and Feirongda [1]. - It highlights the significance of being at the forefront of the industry, where opportunities are abundant for those willing to explore and engage directly with transformative companies [1]. - The article mentions BYD as a major player, selling over 6 million electric vehicles annually and controlling the entire supply chain from lithium mining to chips and energy storage [1]. Group 2: Technological Advancements - The article describes advancements in AI and IoT within the urban services sector, particularly in the environmental protection industry, where AI-driven systems are optimizing the management of over 100,000 sanitation devices [2]. - It also touches on cutting-edge electronic cooling technologies, showcasing how a 0.3mm carbon-based material is essential for managing the heat generated by AI servers, with a significant role in the supply chain for electric vehicles [3]. Group 3: Expert Engagement - The event will feature industry experts and seasoned investors who will provide insights into industry trends and potential investment opportunities, fostering high-level discussions [4][5]. - A high-end closed-door dinner will be organized for deeper exchanges of ideas and insights among participants [5].