Summary of Conference Call Notes Industry Overview - The conference call discusses advancements in liquid cooling solutions, particularly in response to the increasing thermal demands of next-generation chips, such as NVIDIA's Ruby series [1][2][3]. Key Points and Arguments 1. **Emergence of Hybrid Liquid Cooling Solutions** - The industry is exploring hybrid liquid cooling solutions that combine cold plates with silent liquid cooling to manage higher power outputs effectively [1][2]. - Hybrid solutions can handle approximately 70% of the heat through cold plates, reducing the reliance on silent systems and improving stability [1][4]. 2. **Cost and Performance Optimization** - Hybrid liquid cooling significantly reduces the amount of fluorinated liquids required, with each cabinet needing about 500-600 kg (approximately half a ton), leading to a cost of around 150,000 to 200,000 RMB per cabinet [1][6][7]. - This cost is deemed acceptable compared to the overall cabinet cost of over 6 million RMB, indicating a balance between performance and cost [7]. 3. **Market Demand Projections** - The market demand for high-end electronic fluorinated liquids could reach 20 billion RMB if hybrid solutions are successfully implemented [3][11]. - Current production capacity for liquid cooling solutions is around 2,500 to 3,000 tons, with plans for expansion to 5,000 tons specifically for liquid cooling applications [3][14]. 4. **Technological Requirements for Next-Gen Chips** - NVIDIA's Ruby Ultra series requires advanced cooling solutions that exceed the capabilities of traditional single-phase cooling systems, necessitating the adoption of hybrid solutions [3][11]. 5. **Comparison of Cooling Fluids** - R134A is highlighted for its high cooling efficiency and lower cost (around 50,000 RMB), but it faces quota reduction risks [9]. - Hydrofluoroethers are considered a viable alternative due to their adjustable boiling points and high stability, although they may cause corrosion over time [9]. 6. **Challenges with Pure Silent Liquid Cooling** - Pure silent liquid cooling faces issues of high costs and system stability, as it requires a significant amount of liquid (over 1.5 tons) and can lead to instability in high-density interconnect products [5][10]. 7. **New Opportunities for New Materials** - High-end electronic fluorinated liquids, such as perfluoropolyether and perfluoramine, are becoming preferred choices for hybrid solutions due to their superior performance [3][11]. Additional Important Content - **Newzobang's Market Position** - Newzobang is positioned as a leader in liquid cooling cabinet production, with plans to expand its capacity significantly, potentially reaching 10,000 tons [14]. - The company is expected to achieve a service profit of approximately 7.775 billion RMB in 2025, with a total valuation of around 30 billion RMB for its main business [15][16]. - **Strategic Partnerships and Validation** - Newzobang has established partnerships with major companies like Alibaba and ByteDance, which have provided data support for its liquid cooling products [13]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in liquid cooling technologies and the strategic positioning of key players in the industry.

Group 1: Company Overview - The main business of the company is chip design, and it does not involve military applications [2] - The company aims to become a leading industry player with sustainable and healthy development [3] Group 2: Market Performance and Challenges - The company's stock price is influenced by macroeconomic factors and market trends, and it is actively working to enhance its market value [2][3] - The company is aware of the competitive landscape, particularly with other chip stocks reaching new highs [2] Group 3: Technology and Product Development - The company has developed high-performance products, including the A733 chip, and is focused on continuous iteration based on customer needs [4] - The company has achieved mass production of 12nm chips and is advancing its process technology [5][6] Group 4: Collaborations and Industry Trends - The company is monitoring industry developments, including potential collaborations with major players like Huawei and Nvidia [3][4] - The company has developed multiple chip products based on the RISC-V architecture and has achieved large-scale production [6] Group 5: Future Directions - The company is exploring opportunities in the humanoid robot sector and has applications in products like robotic vacuum cleaners and quadruped robots [5] - The company plans to choose downstream target markets and product development based on operational needs [6]

Core Viewpoint - Tianyue Advanced (02631) shares rose over 8% following Huawei's announcement of two patents related to silicon carbide (SiC) heat dissipation, indicating a positive market response to advancements in SiC technology [1] Group 1: Company Developments - Tianyue Advanced's stock increased by 8.05%, reaching HKD 65.8, with a trading volume of HKD 115 million [1] - The company continues to innovate in forward-looking technologies, expanding its offerings beyond SiC substrates for power and RF devices to include SiC products and technologies in emerging fields such as optical waveguides and TF-SAW filters [1] Group 2: Industry Trends - Huawei's patents focus on heat-conducting compositions and their applications, utilizing SiC as a filler to enhance the thermal conductivity of electronic devices [1] - NVIDIA is reportedly shifting the substrate material for its next-generation Rubin processor design from silicon to silicon carbide to improve heat dissipation, with large-scale adoption expected by 2027 [1] - According to Dongfang Securities, the excellent thermal performance of SiC is anticipated to benefit related manufacturers in applications such as intermediary layers and heat dissipation substrates, with Tianyue Advanced identified as a leading player in the SiC substrate industry [1]

Core Viewpoint - Silicon carbide (SiC) is emerging as a new solution for chip heat dissipation, with Huawei recently announcing two patents related to SiC thermal management [2][6]. Group 1: Huawei's Patents - Huawei has filed two patents involving SiC for thermal management, aimed at enhancing the thermal conductivity of electronic devices [2]. - The first patent focuses on a thermal composition and its applications in electronic component cooling and chip packaging [2]. - The second patent pertains to a thermal absorbing composition for electronic components and circuit boards [2]. Group 2: Industry Trends - NVIDIA is reportedly switching the intermediate substrate material in its next-generation Rubin processors from silicon to SiC to improve heat dissipation, with large-scale adoption expected by 2027 [6]. - SiC has superior thermal conductivity, with a thermal conductivity of 500 W/mK, compared to silicon's 150 W/mK and ceramic substrates' 200-230 W/mK [7]. - The increasing power of AI chips, such as NVIDIA's GPUs, necessitates improved heat dissipation solutions, as the power of the H200 chip has risen from 700W to 1400W [7]. Group 3: Market Potential - The use of SiC intermediate layers can reduce GPU chip junction temperatures by 20-30°C and lower cooling costs by 30%, preventing performance throttling due to overheating [8]. - The market for SiC applications is expanding from power electronics to packaging and cooling solutions, creating new growth opportunities [9]. - A projection indicates that if NVIDIA's H100 chips were to switch to SiC intermediate layers, it would require approximately 76,190 substrates based on current production metrics [9]. Group 4: Stock Market Response - Following NVIDIA's entry into the SiC cooling sector, related stocks in the A-share market have seen significant increases, with companies like Lushou Technology and Tianyue Advanced rising over 30% since September [11]. - Companies such as Tianyue Advanced and Sanan Optoelectronics are actively pursuing innovations in SiC products for various applications, including power devices and thermal management [11][12]. - Financing data shows that several SiC-related stocks have received substantial investments, with Tongfu Microelectronics leading with an increase of 7.01 billion yuan in financing [14].

Core Viewpoint - The company has announced that its LCP materials are being utilized in the fields of chip and server cooling [1] Group 1 - The company is actively engaging with investors through its interactive platform [1] - The application of LCP materials indicates a focus on advanced technology sectors [1]

Core Insights - The demand for thermal interface materials (TIM) is rapidly increasing due to the rising thermal power consumption of electronic components driven by high-density chips and packaging technologies [1][2][3] - The TIM market in China has grown from 975 million yuan in 2018 to 1.875 billion yuan in 2023, with a compound annual growth rate (CAGR) of 13.97% [1] - TIM1 and TIM2 serve as a "dual thermal conduction engine" in chip cooling, with TIM1 requiring low thermal resistance and high thermal conductivity, while TIM2 balances cooling efficiency and cost [1][3] Industry Overview - TIM is widely used in various sectors including computers, consumer electronics, telecommunications infrastructure, and automotive applications, primarily to fill micro-gaps between heat-generating and heat-dissipating components [2] - The increasing performance and power consumption of devices such as smartphones and tablets are driving the evolution of cooling solutions, leading to higher penetration of high thermal conductivity materials [3] - Emerging materials like diamond and graphene are expected to enhance the cooling capabilities of TIM, with domestic companies likely to increase their market share as they overcome research and development barriers [4]

Group 1 - The core innovation is the development of high-frequency and thermal conductive graphene-doped polytetrafluoroethylene (GO-PTFE) material, which meets the high-frequency insulation and efficient heat dissipation requirements for chips, breaking the long-standing foreign monopoly [1][3][5] - The GO-PTFE material has been certified by several leading companies in the communication equipment manufacturing and high-end chip packaging industries, with cooperative orders exceeding 140 million yuan [1][5] - The research team, led by Dr. Zhen Zhiyong, has been working on this material since 2015, addressing the challenges posed by traditional PTFE materials that hinder heat dissipation despite their excellent insulation properties [3][5] Group 2 - The team aims to establish a fully independent intellectual property system for high-frequency thermal management materials, ensuring that China's core technology for chip thermal management is firmly in its own hands [5] - The successful development of GO-PTFE material took seven years, culminating in 2022, and led to the establishment of Guangzhou Sha Kui Technology Co., Ltd. for further research and testing [5] - The performance of the GO-PTFE material has been validated by testing reports from domestic industry leaders, confirming its excellent thermal conductivity, stable low dielectric constant, and high peel strength [5]

如果您希望可以时常见面，欢迎标星收藏哦~ 随着晶体管数量的持续增长，我们越来越接近硅的物理和热极限。随着晶体管尺寸的缩小， 漏电流不断增大，每平方毫米产生的热量也越来越难以消散。近年来，业界已转向先进的封 装技术（例如小芯片、3D堆叠和中介层），以突破这些限制，而不是强行突破。如今，性能 提升不再仅仅依赖于缩小晶体管尺寸，而更多地依赖于巧妙的架构、互连和热设计策略。 为了对这些涉及热量和计算机在纳米尺度上工作方式的物理问题给出适当的答案，本文将涉 及热量的基本科学、热量在电子器件中产生的方式和原因，以及我们为控制热量而开发的各 种方法。 热的基础知识 如果你还记得高中物理，热量其实就是构成我们世界的原子和分子的随机运动。当一个分子的动能 高于另一个分子时，我们说它更热。当两个物体接触时，热量会从一个物体传递到另一个物体，持 续传递直到两者达到平衡。这意味着较热的物体会将部分热量传递给较冷的物体，最终温度会介于 两者之间。 传热所需的时间取决于相关材料的热导率。热导率衡量的是材料传导热量的能力。 像泡沫塑料这样的绝缘体具有相对较低的热导率，约为 0.03，而像铜这样的导体具有较高的热导 率，约为 400。在两个 ...

Core Viewpoint - The article discusses the challenges posed by high-power AI chips, particularly focusing on heat generation and warping issues due to increased power density and chip size, emphasizing the need for efficient thermal interface materials (TIM) to ensure stable and effective operation of AI chips [1][3]. Group 1: High-Power AI Chip Challenges - The rapid development of data centers centered around high-performance AI chips has led to a significant increase in power consumption, exemplified by the H100 chip with a maximum power of 700W and a size of 814mm² [1]. - The reliability of chips decreases by approximately 50% for every 10°C increase in temperature, highlighting the critical importance of effective heat dissipation [1]. Group 2: Thermal Interface Materials (TIM) - Different levels of TIM are categorized, including TIM1.5 (direct connection between bare chip and heat sink), TIM1 (between chip and lid), and TIM2 (between lid and heat sink) [2]. - TIM for high-power large-size chips must meet specific requirements: low bond line thickness (≤0.3mm), low thermal resistance (≤0.1℃cm²/W), and stress absorption to counteract warping [3]. Group 3: Solutions by Hongfu Cheng - Hongfu Cheng has developed a vertical graphene thermal pad that addresses the challenges of heat dissipation for high-power large-size chips, leveraging their experience in oriented carbon fiber thermal pads [4][8]. - The vertical graphene thermal pad achieves a low thermal resistance of 0.04℃cm²/W through orientation technology and appropriate packaging pressure [5]. - The internal porous structure of the thermal pad allows it to adapt quickly to local deformations, preventing material from being pushed out and ensuring long-term reliability [6]. Group 4: Performance Advantages - Compared to traditional thermal interface materials like thermal grease and indium sheets, the graphene thermal pad does not suffer from creep or pump-out risks, maintains a complete thermal interface, and provides uniform heat conduction without hotspots [11]. - The manufacturing process for the graphene thermal pad is simpler and allows for automated assembly, significantly reducing packaging time and equipment costs compared to indium sheets [11]. Group 5: Reliability and Commercialization - The graphene thermal pads have undergone rigorous testing, showing a thermal resistance change rate of less than 5% after 1000 hours of high-temperature and thermal cycling tests, indicating superior reliability compared to conventional materials [7]. - Hongfu Cheng has established automated production lines and achieved mass delivery, gaining recognition from leading companies in the chip industry for product quality [8].