公众号记得加星标⭐️，第一时间看推送不会错过。 与其让热量积聚，不如从一开始就在芯片内部将其分散开来，就像将一杯沸水倒入游泳池一样，将热 量稀释。分散热量可以降低最关键的器件和电路的温度，并使其他久经考验的冷却技术更高效地工 作。为此，我们必须在集成电路内部引入一种高导热材料，距离晶体管仅几纳米，同时又不影响晶体 管任何极其精密敏感的特性。一种意想不到的材料——金刚石，就此诞生。 从某些方面来看，金刚石是理想的材料。它是地球上导热性能最强的材料之一，比铜的导热效率高出 许多倍，同时还具有电绝缘性。然而，将其集成到芯片中却并非易事：直到最近，我们才知道如何在 超过 1000°C 的电路熔渣温度下生长金刚石。 但我在斯坦福大学的研究小组完成了一项看似不可能的任务。我们现在可以在足够低的温度下，直接 在半导体器件顶部培育出一种适合散热的钻石，即使是先进芯片内部最精密的互连线也能幸免于难。 需要说明的是，这不是你在珠宝上看到的那种钻石，那种钻石是一块大的单晶。我们的钻石是一种厚 度不超过几微米的多晶涂层。 但强大的力量也伴随着巨大的……热量！ 当纳米级晶体管以千兆赫兹的速度切换时，电子会在电路中快速移动，以热量的形式 ...

Conference Information - The 2025 iTherM Conference will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, China [2] - The theme of the conference is "Fusion · Innovation | Delivering a Little More" [2] - The event will feature over 350 exhibitors and a 20,000 m² exhibition area, focusing on thermal management across various industries [2][3] Core Themes and Activities - iTherM 2025 aims to explore the latest trends, technologies, and developments in the thermal management industry, with participation from renowned scholars, technical experts, and industry leaders [3] - The conference will include over 20 activities such as keynote speeches, roundtable discussions, case studies, and roadshows, with an expected attendance of over 2,000 participants [3] Focus Areas - The conference will emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratory to market, promoting collaboration among government, industry, academia, and investment sectors [3] - Key topics will include scientific advancements, functional materials, technology applications, and engineering solutions related to thermal management [31] Notable Participants - Various leading companies and academic institutions will participate, including Star Charging, Guangdong University of Technology, and Parker Lord, focusing on electric vehicle charging solutions, battery materials, and advanced adhesive technologies [4][6][7] - Other participants include Shanghai Jiao Tong University, Zhejiang Leapmotor, and Chery New Energy, which are engaged in research and development of thermal management systems for electric vehicles [8][9][10][11] Conference Agenda - The agenda includes registration, opening activities, parallel forums, and specialized discussions on topics such as thermal science, functional materials, and engineering solutions [29][31] - Specific sessions will cover areas like liquid cooling technology, power device thermal management, and energy storage thermal management [31] Organizing Bodies - The conference is organized by the China Productivity Promotion Center Association's New Materials Professional Committee and DT New Materials, with support from various academic and industry experts [27][28]

Group 1 - The third quarter fund reports have begun to be disclosed, showing strong performance in equity funds due to the robust A-share market, while bond funds are focusing on maintaining stable returns amid market pressures [1][2] - New public funds are increasingly adopting a strategy of limiting initial fundraising sizes, with several well-known fund managers setting lower caps for their new products, leading to rapid completion of fundraising [1][2] Group 2 - The number of private equity firms with over 10 billion yuan in assets continues to grow, reaching 96, with quantitative strategies being the most prevalent among these firms [2] - The introduction of eSIM technology marks a significant shift towards a "no card" era in mobile communications, with advantages such as flexibility and space-saving, although security risks remain a concern [2] Group 3 - Sany Heavy Industry has announced its IPO price range for H-shares, set between 20.30 and 21.30 HKD per share, with a total issuance of approximately 580 million shares [5] - Wintime Technology has faced operational disruptions due to a system shutdown affecting its semiconductor division, prompting a focus on domestic supply chain management [5] - Zhongding Holdings has launched a series of liquid cooling systems for energy storage, leveraging its expertise in thermal management systems [5]

Core Viewpoint - The article discusses the significance of uniform heat spreaders in various applications, particularly in consumer electronics and AI servers, highlighting their role in thermal management [3] Group 1: Industry Overview - Uniform heat spreaders are essential components in modern electronic devices, facilitating efficient heat dissipation and improving overall performance [3] - The demand for advanced thermal management solutions is increasing due to the rising power density in electronic components, especially in AI and high-performance computing [3] Group 2: Applications - In consumer electronics, uniform heat spreaders help maintain optimal operating temperatures, enhancing device longevity and user experience [3] - AI servers utilize these heat management solutions to handle the significant heat generated during intensive computational tasks, ensuring reliability and efficiency [3] Group 3: Market Trends - The market for thermal management solutions, including uniform heat spreaders, is expected to grow significantly, driven by technological advancements and increasing adoption in various sectors [3] - Companies are investing in research and development to innovate and improve the performance of heat spreaders, aiming to meet the evolving needs of the industry [3]

Core Viewpoint - Taihe New Materials has made significant progress in the mobile phone cooling sector by developing high-performance thermal film materials based on POD (Polyoxadiazole), which is currently in the pilot test stage [2][7]. Group 1: Product Development - The new thermal film material being developed is distinct from previously mentioned products like thermal films and aramid thermal films [2]. - POD is a functional heterocyclic polymer known for its excellent thermal and mechanical properties, chemical stability, and unique electronic and optical properties, making it suitable for various applications [2]. - Traditional synthesis methods for POD are complex and limited, which restricts the structural diversity and functional applications of POD materials [2][4]. Group 2: Market Context - The smartphone market has evolved into a high-performance computing device, leading to increased processor power consumption and heat output [2]. - Passive cooling methods have been the norm, transitioning from natural graphite sheets and copper foils to advanced materials like graphene thermal films and VC (Vapor Chamber) heat spreaders [2][6]. - The market for mobile phone thermal films is substantial, with annual demand measured in billions of pieces, indicating a promising future for scaled production once material performance is validated [7]. Group 3: Competitive Landscape - The main suppliers of artificial synthetic graphite films are limited, with key players including DuPont, Zhongyuan Chemical, Ube Industries, SKC, and Maida Technology [3]. - Taihe New Materials' entry into POD-based thermal films represents a strategic extension into the electronic cooling materials sector, providing a differentiated competitive approach for domestic thermal material manufacturers [5][7]. Group 4: Future Trends - By 2025, companies like Huawei and OPPO are expected to lead the adoption of active cooling technologies, such as micro fans and piezoelectric micro pumps, in response to the high power consumption era [9]. - The global thermal interface materials (TIM) market is projected to grow rapidly, driven by emerging applications in AI, humanoid robots, communication, chips, and electric vehicles [11]. - The upcoming 6th Thermal Management Industry Conference in December 2025 will focus on cutting-edge thermal management materials and solutions, highlighting the importance of advanced cooling technologies in the industry [11].

Core Viewpoint - The company is leveraging its established supply chain, product matrix, and technological reserves in automotive thermal management to explore applications in non-automotive sectors, specifically in data centers, communication cabinets, and energy storage [1] Group 1: Business Development - The company has achieved small-scale production of electronic water pumps, rubber hoses, and nylon pipes for liquid cooling applications in data centers and energy storage cabinets [1] - The board of directors has approved an investment of 50 million yuan to establish a wholly-owned subsidiary focused on the research, production, and sales of liquid cooling components and products for energy storage and servers [1] - The company aims to continuously explore new development directions to lay a foundation for long-term sustainable growth [1]

Summary of TSMC and NVIDIA Thermal Management Strategies Industry and Companies Involved - **Industry**: Semiconductor and AI Chip Thermal Management - **Companies**: TSMC (Taiwan Semiconductor Manufacturing Company), NVIDIA Core Points and Arguments Thermal Management Challenges - The development of AI chips is driven by the need for higher performance, which leads to significant thermal management challenges due to increased power consumption and heat generation [6][35][36] - Effective heat dissipation is crucial for next-generation AI chip architectures, as traditional cooling methods struggle with high heat flux densities [37][38] Innovations in Cooling Technologies - TSMC and NVIDIA are exploring advanced cooling technologies, including Direct Liquid Cooling (DLC) and Microchannel Liquid Cooling (MLCP) to address thermal demands [10][30][40] - TSMC's innovative Direct Liquid Cooling solution integrates microfluidic structures into the chip's backside, enhancing cooling efficiency [10][30] - The Microchannel Lid (MCL) concept combines heat spreading and cooling functions, allowing for efficient heat removal and higher compute density [110] Material Evolution - The shift from traditional Thermal Interface Materials (TIM) to advanced materials like Silicon Carbide (SiC) and CVD diamond films is essential for improving thermal conductivity and reliability [74][84] - SiC substrates offer superior thermal conductivity (up to 490 W/m·K) and structural advantages, making them suitable for high-power AI chips [74][76] Industry Trends and Future Directions - The power consumption of AI chips is expected to rise significantly, with projections reaching 6,000–7,000 W by 2028, necessitating advanced thermal solutions [84] - The collaboration between TSMC and NVIDIA is evolving into a strategic alliance focused on thermal technology, which could redefine data center cooling infrastructure [42][41] Competitive Landscape - The next-generation cooling market is valued at $5 billion, with various players including Taiwan's thermal solution providers and emerging innovators like Fabric8Labs and xMEMS [49] - The competition in AI thermal management is intensifying, as effective thermal solutions become a key differentiator in the semiconductor industry [53] Other Important Insights - The evolution of TIM is moving towards "zero-interface" thermal resistance solutions, with a focus on direct structural thermal solutions [47][81] - The integration of cooling technologies with packaging and interconnect technologies is becoming increasingly important for achieving optimal thermal performance [41][52] - The industry is witnessing a paradigm shift where thermal management solutions are being integrated at the chip and packaging levels, rather than just at the system level [41][42]

报告导读： 高密度算力中心不断发展，芯片层面的冷却技术愈发成为热管理系统的核心瓶 颈，我们认为导热界面材料（ TIM ）的需求将快速增长。 投资观点。 在面对人工智能和更新芯片设计不断增长的需求，当前的冷却技术将在短短几年内限制产业的不断发展。近日，微软宣布已成功开发出一种芯片 内的微流体（ Microfluidic ）冷却系统，可以对模拟团队会议核心服务的服务器进行有效冷却，散热效果比冷板好 3 倍。这个技术方案是将微小的通道直接 蚀刻在硅片的背面，形成凹槽，冷却液直接流到芯片上，实现更有效的散热。我们认为 AI 智算中心的热管理系统的核心瓶颈正不断聚焦于芯片层面，建议关 注 TIM1 、 TIM1.5 、 TIM2 等导热界面材料的需求增长，以及芯片内微流体技术的不断演进 。 AI 发展，热管理对完整散热系统的要求越来越高。 伴随 AI 大模型、 AI 应用的不断发展，其算力底座数据中心面临全新挑战以满足智算发展需求，数据中心 架构正加速向高密度、智能化和可持续方向演进。根据 TrendForce 表示， AI 服务器采用的 GPU 和 ASIC 芯片功耗大幅提升，以 NVIDIA GB200/GB300 ...

Core Viewpoint - The article emphasizes the growing importance of thermal management solutions in the electronics industry, driven by advancements in high-end smartphones, AI computing demands, and the increasing power density of electric vehicle control systems. The thermal materials industry is rapidly evolving, showcasing a vibrant ecosystem of domestic companies and innovative technologies [2]. Listed Companies - Feirongda (300602) is a leading expert in electromagnetic shielding and thermal management solutions, providing a complete product chain from thermal conductive materials to liquid cooling plates and heat spreaders. The company serves major clients like Huawei and BYD in the communication and new energy sectors [3][5]. - Siquan New Materials (301489) focuses on thermal management materials, offering a comprehensive range of products including graphite heat dissipation films and modules. The company has notable clients such as Xiaomi and Google [18][20]. - Suzhou Tianmai (301626) is recognized for its comprehensive thermal management solutions, with a strong emphasis on self-developed thermal interface materials and gel products, serving clients like Huawei and BYD [22][23]. - Zhongshi Technology (300684) specializes in high-performance synthetic graphite thermal solutions, becoming a core supplier for top global consumer electronics brands like Apple. The company reported significant revenue growth in 2024 [26][28]. - Lingyi Zhi Zao (002600) provides intelligent manufacturing services, with thermal management business revenue reaching 4.107 billion in 2024, showcasing a diverse product range [30][34]. - AAC Technologies (02018) leads in perception experience solutions, with its thermal business achieving substantial growth, particularly in the smartphone market [35]. - Shuo Beide (300322) offers antennas and thermal devices, reporting a revenue of 1.28 billion from thermal products in 2024 [36]. Financial Performance - Feirongda reported a revenue of 5.031 billion in 2024, with a net profit of 173 million, reflecting a 15.76% year-on-year growth [17]. - Siquan New Materials achieved a revenue of 656 million in 2024, marking a 51.10% increase compared to the previous year [21]. - Suzhou Tianmai's revenue for 2024 was 942 million, with a slight increase of 1.62% year-on-year [25]. - Zhongshi Technology's revenue reached 15.66 billion in 2024, with a net profit of 2.01 billion, indicating a 24.51% growth [29]. - Lingyi Zhi Zao's total revenue for 2024 was 442 billion, with a net profit of 17.59 billion, showing a 29.56% increase [34]. - AAC Technologies reported a revenue of 326 million from its thermal business, a 40.1% increase [35]. - Shuo Beide's thermal device revenue was 1.28 billion in 2024, with a total revenue of 18.6 billion [36]. Industry Trends - The thermal materials industry is characterized by rapid technological advancements and increasing domestic production capabilities, driven by the demand for efficient thermal management solutions in various high-tech applications [2]. - The article highlights the competitive landscape of the thermal materials sector, with numerous companies innovating to meet the growing needs of the electronics and automotive industries [2][3].

Core Viewpoint - Elon Musk emphasized that Tesla is fully committed to scaling the Optimus project, defining it as the most important product in the company's history, with expectations that it will account for 80% of the company's future value [2][6]. Group 1: Production Timeline and Goals - Tesla aims for internal limited production and testing of thousands of Optimus units by 2025, ramping up to 50,000-100,000 units for external sales in 2026, and targeting an annual production of 1 million units within five years [2]. - The current supply chain for Optimus is based on the design of Optimus V2, with actuators and sensors each accounting for approximately 30% of material costs [4]. Group 2: Supply Chain and Component Suppliers - The supply chain for Optimus includes Tier 1 suppliers such as Sanhua Intelligent Controls and Top Group for actuators, and Mingzhi Electric and Zhaowei Electromechanical for dexterous hands [7]. - Key component suppliers include Shuanghuan Transmission and Lide Harmony for reducers, Best for lead screws, and Rongtai Health for insulation parts [7]. - International Tier 1 suppliers include Amphenol for cables, TE Connectivity for six-dimensional torque sensors, and THK for lead screws [8]. Group 3: Challenges and Development Needs - Current challenges for Optimus include hardware issues such as overload and overheating of joint motors, insufficient dexterity and load capacity of dexterous hands, and the lifespan of transmission components [10]. - There is a need for improved compatibility between hardware and software, particularly in complex dynamic environments and multi-task coordination [10]. Group 4: Thermal Management Solutions - The thermal management system for Optimus V3 is similar to that of electric vehicles, focusing on the management of key components like batteries and motors [11]. - Sanhua Intelligent Controls is developing liquid cooling modules for Optimus, leveraging its experience in electric vehicle thermal management to address overheating issues in robotic joints [13]. - Sanhua plans to deliver approximately 2,000 actuators to Tesla by Q3 2025, with an annual order forecast of 5,000-10,000 units [13]. Group 5: Industry Trends and Future Outlook - Domestic suppliers are increasing investments to meet the demand for high-performance, miniaturized thermal management components for robots [14]. - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with 2026 expected to be a critical turning point for the industry landscape [14]. - The upcoming iTherM 2025 conference will address advanced thermal management technologies and materials relevant to humanoid robots [15].