2025 年 12 月 26 日 电子 终端主动散热时代将至，微型风扇有望 率先拉开规模化序幕 SoC 芯片热流密度持续上升，端侧 AI 推动散热升级 随着芯片制程持续迭代，晶体管密度提升的同时，Dennard Scaling 逐渐失效，导致芯片功耗（TDP）持续攀升，局部高热流密度问题突 出，严重威胁设备可靠性与性能释放。同时，端侧 AI 加速落地，生 成式 AI 手机渗透率及芯片 AI 算力（TOPS）快速提升，进一步加剧了 设备产热。为应对挑战，电子设备散热方案需持续升级，目前主要包 括无需动力的被动散热和效率更高的主动散热，散热技术升级已成为 保障设备体验与推动技术演进的关键环节。 被动材料及器件持续迭代，均热板渗透率不断提高 在被动散热领域，各类材料与器件正持续迭代。传统的金属散热片、 石墨/石墨烯主要依靠高平面导热性扩散热量，而热管则利用相变实 现高效点对点传热，但各有应用局限。均热板（VC）作为核心升级方 向，将热管原理从一维扩展至二维，实现了从点热源到面热源的瞬间 高效扩散，且契合电子设备轻薄化趋势。其技术迭代聚焦于吸液芯结 构、工质与柔性设计（如应对折叠屏需求）的优化，市场渗透率持续 提升。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Viewpoints - The report highlights that the increasing power density of electronic devices, driven by the proliferation of technologies such as 5G, AI, and IoT, is leading to significant thermal management challenges. The thermal flow density is approaching 100W/cm², necessitating advanced thermal management solutions to ensure system reliability [1][16][24]. Summary by Sections 1. Thermal Management Challenges - The report discusses the exponential increase in electronic component failure rates with rising temperatures, noting that a 10°C increase can lead to a 50% increase in failure rates [1][16]. - It emphasizes that traditional thermal management systems are nearing their physical limits, making the development of efficient thermal management solutions critical for the evolution of computing power [24]. 2. Passive Cooling Solutions - The report identifies limitations in traditional passive cooling methods, such as metal heat sinks and graphite materials, which struggle with heat transfer efficiency in high-density applications [2][33]. - Vapor Chamber (VC) technology is highlighted as a promising passive cooling solution due to its superior thermal conductivity and ability to meet the demands of increasingly compact electronic devices [2][33]. 3. Active Cooling Solutions - Liquid cooling is presented as a viable solution to overcome the limitations of forced air cooling, with applications in both cloud data centers and consumer electronics [3][4]. - The report notes that the liquid cooling market for data centers is projected to reach $9.231 billion by 2031, indicating significant growth potential [4]. 4. Market Size and Industry Chain - The global market size for VC technology is projected to be $1.089 billion in 2024, with substantial applications across consumer electronics and data centers [4]. - The report outlines the industry chain for VC technology, including upstream raw materials and production equipment, and downstream applications in various sectors [4]. 5. Beneficiary Companies - The report lists several companies that are expected to benefit from advancements in thermal management technologies, including Feirongda, Suzhou Tianmai, and others [5].