Industry Insights - The build-out of artificial intelligence (AI) infrastructure is facing significant energy constraints, with data center electricity consumption projected to grow from approximately 448 terawatt-hours (TWh) in 2025 to around 980 TWh by 2030, and AI-optimized servers expected to account for 21% of total data center electricity usage in 2025, potentially rising to 44% by 2030 [1] - Thermal management is becoming as critical as power delivery in modern AI data centers due to the heat generated by AI chips, necessitating efficient cooling systems to prevent hardware damage and performance issues [2] Company Performance - Vertiv's revenue increased by 29% year over year to $2.68 billion in the third quarter, with adjusted diluted earnings per share (EPS) rising 63% to $1.24 [4] - The company reported a book-to-bill ratio of 1.4, with orders up 60% year over year, and exited the third quarter with a backlog of $9.5 billion, reflecting a 30% year-over-year increase and providing strong revenue visibility into 2026 [4][6] - Vertiv is positioned to benefit from the 59% increase in global data center capital expenditures and the 85% expansion of the direct liquid cooling market, as it offers critical power distribution, thermal management solutions, and software services for complex AI workloads [3][6] Future Outlook - Vertiv anticipates significant benefits from its services platform, which includes remote monitoring, predictive analytics, thermal mapping, power quality analysis, and energy optimization, as data center racks become denser and systems more complex [5]

【DT新材料】 获 悉， 北京证券交易所上市委员会2025年第45次审议会议结果公布，专业 从事陶瓷管壳和封装散热基板等功率半导体器件关键部件研发、制 造和销售的 赛英电子 ，符合发行条件、上市条件和信息披露要求，成功过会。 公司的主要产品是晶闸管用 陶瓷管壳、平板压接式IGBT用陶瓷管壳、平底型散热基板、针齿型散热基 板 。产品应用于特高压、新能源汽车、轨道交通等领 域。公司掌握高密度等静压陶瓷金属化等核心技术，主导制定IGBT平板 陶瓷管壳行业标准。 凭借多年技术积累，公司已与 英飞凌、日立能源、中车时代、 斯达半导等国内外功率半导体龙头企业 建立长期合作关系，其产品质量与技术实力获得行业认可。 01 功率模块的"上限瓶颈"，正在被散热结构重新定义 功率器件封装结构示意图（ 来源：洞见热管理绘制 ） 常见的几种散热技术如下所示： 功率器件热管理技术（来源：洞见热管理整理） 02 平底型与针齿型散热基板，为什么开始成为"量产标配" 赛英电子的产品主要用于的就是该功率器件模块结构中的 散热基板（平底型封装散热基板、针齿型封装散热基板） 如下图所示，主要 用于IGBT功率器件、 工业控制、新能源发电、新能源汽车 ...

ab 4 December 2025 Powered by YES UBS Evidence Lab Global Research Transition Materials Cooler Chips - Addressing the AI Thermal Bottleneck Al Compute Is Straining Thermal and Sustainability Limits Al accelerators are now operating at 700-1,200 W per device, pushing both cooling systems and packaging materials toward their physical limits. The recent CME datacentre outage - triggered by overheating - underscores how narrow thermal margins have become. This challenge also intersects with the sustainability p ...

Event Overview - The iTherM2025 (Thermal Management Expo) will take place from December 3 to December 5, 2025, at the Shenzhen International Convention and Exhibition Center, Hall 10 [2][3]. - The exhibition hours are as follows: December 3 and 4 from 09:00 to 17:00, and December 5 from 09:00 to 16:00 [2]. Registration and Venue - Attendees must register at the South Entrance Hall of the Shenzhen International Convention and Exhibition Center [3][4]. - It is important for exhibitors and attendees driving to the venue to avoid going directly to the second floor and to collect their credentials at the registration area [4]. Transportation - The venue is accessible via metro lines 1 and 4, with the nearest station being the Convention Center Station (Exit D) [6]. - Shuttle buses are available to connect various metro stations and the exhibition center [6]. - For those driving, parking is available at the P1 and P2 underground parking lots [7]. Accommodation - A list of nearby hotels with pricing and amenities is provided, including options for luxury and standard accommodations [8]. - Contact information for booking is available, ensuring convenience for attendees [8]. Exhibitor List - A comprehensive list of exhibitors includes companies such as Shenzhen Huaar Technology Co., Ltd., and Suzhou Datong Thermal Control Technology Co., Ltd. [9][10]. - The exhibitor list highlights a diverse range of companies involved in thermal management technologies [9][10]. Conference Agenda - The conference will feature various sessions on topics such as thermal interface materials, chip and electronic device thermal management, and liquid cooling technologies [14][24][27]. - Notable speakers include professors and researchers from prestigious institutions, discussing advancements and challenges in thermal management [19][20][26]. Supporting Organizations - The event is organized by DT New Materials, with support from various academic and industry partners [13]. - Prominent figures in the field, including academicians and industry leaders, are involved as advisors and speakers [13].

Core Insights - Panoramic Capital increased its stake in Modine Manufacturing Company by purchasing an additional 26,547 shares, bringing its total holdings to 65,116 shares valued at $9.26 million as of September 30, 2025 [1][2][8] Company Overview - Modine Manufacturing Company is a global leader in engineered heat transfer solutions, focusing on complex thermal management needs for OEMs and commercial clients [6] - The company operates with a diverse product portfolio and a multi-segment approach, providing a competitive advantage in both established and emerging markets [6] Financial Performance - As of November 14, 2025, Modine's stock price was $132.02, with a market capitalization of $6.95 billion [4][8] - The company reported trailing twelve months (TTM) revenue of approximately $2.69 billion and net income of approximately $186.20 million [4][8] Market Position - Modine's Climate Solutions segment is experiencing accelerating demand, particularly for data center solutions, with management expecting net sales to rise between 15% and 20% in the fiscal year ending next March [11] - Adjusted EBITDA is projected to increase between 12% and 20%, reaching a range of $440 million to $470 million [11] Investment Insights - Panoramic Capital's investment in Modine represents 4.16% of its 13F assets under management (AUM), ranking as the fund's 5th-largest holding [8] - The value of Modine shares held by Panoramic Capital rose by 144% over the three-month period following the purchase [7]

Summary of Key Points from the Conference Call Industry Overview - The focus of the TPCA Show 2025 in Taipei shifted from manufacturing equipment to materials essential for next-generation electronics, particularly in the context of AI computing growth [5][15][18] - PCB materials, especially copper foils, glass fabrics, and copper-clad laminates (CCLs), are now critical resources in the semiconductor and advanced packaging supply chain [5][15] Core Insights - Industry experts describe the current situation as a "battle before the battlefield," where upstream material bottlenecks are influencing the competition for AI hardware [6][15] - AI servers are redefining material requirements, necessitating substrates that can handle increased thermal stress and high-frequency signaling [7][8] - Traditional materials like FR-4 laminates are becoming inadequate as signaling speeds exceed 224 Gbps, leading to a shift towards low-Dk, low-Df resin systems and advanced copper foils [8][9] Material Shortages and Challenges - Fine-weave glass fabrics and ultra-thin copper foils are in critical shortage, with suppliers fully booked into 2026 [10][11] - The prices of high-end copper foil and T-glass have surged, creating challenges for CCL manufacturers in securing stable long-term supply [12][13] - CCL producers face dual challenges of improving resin performance while managing upstream constraints [13] Strategic Shifts in the Industry - The AI boom is transforming global supply chains, making materials a new geopolitical and economic leverage point [15][16] - Companies that control critical materials will dominate the AI infrastructure market, marking a shift from design-driven differentiation to material-driven leadership [16][18] - Long-term sourcing and co-development alliances are becoming essential strategies for CCL manufacturers to stabilize costs and secure supply [17] Market Dynamics - Demand for GB200/GB300 foils and AI ASIC substrates is surging, with material shortages spreading upstream [17] - The competition is no longer solely about chip design but also about securing high-quality materials and stable supply chains [18][20] - The semiconductor industry is entering a phase of vertical integration that begins in the materials lab, emphasizing the importance of material ownership for future AI developments [20] Conclusion - The TPCA Show 2025 highlights the critical role of materials in the AI era, where advancements in computing depend on the availability and performance of high-quality substrates [18][20] - The future of computing is increasingly tied to the materials that enable technological advancements, making them strategic assets for companies in the semiconductor space [18][20]

Core Viewpoint - The article emphasizes the critical role of thermal management in various technological advancements, including AI, high-density data centers, electric vehicles, and consumer electronics, highlighting its importance as an "invisible core" that ensures product performance, safety, and reliability [2]. Group 1: Thermal Science - Thermal science serves as the theoretical foundation of the thermal management industry, focusing on cutting-edge heat transfer mechanisms and innovative theoretical research, expanding understanding of thermal management [4]. Group 2: Thermal Interface Materials - Thermal interface materials (TIM) are crucial for heat dissipation efficiency, with emerging materials like liquid metals, diamond heat sinks, and graphene thermal pads providing solutions for various applications [6]. Group 3: Chip Thermal Management - Chip thermal management is essential due to the rise of AI computing and high-density chip packaging, with the conference focusing on advanced cooling technologies and new material applications to enhance performance and reliability [9]. Group 4: Liquid Cooling Technology - Liquid cooling technology is becoming a key solution for high-density data centers and power devices, covering various advanced techniques and emphasizing the importance of coolant selection and system stability [11]. Group 5: Battery Thermal Management - Battery thermal management is critical for safety and performance in electric vehicles and energy storage systems, exploring methods for efficient heat dissipation under extreme thermal loads [13]. Group 6: Consumer Electronics Thermal Management - Consumer electronics thermal management is vital for user experience and device reliability, focusing on innovative cooling solutions and materials to achieve efficient heat transfer in compact designs [15]. Summary - The sixth Thermal Management Industry Conference and Expo presents a comprehensive view of the industry, showcasing the latest research, material innovations, and practical applications across six thematic areas, fostering collaboration and innovation within the industry [17].

Summary of Honeywell's Investor Day for Solstice Advanced Materials Company Overview - **Company Name**: Solstice Advanced Materials, a spin-off from Honeywell - **Sales**: Approximately $4 billion with 4,000 employees globally [9] - **History**: Built on over a century of breakthroughs from Honeywell and Allied Signal [4] Core Business Segments 1. **Refrigerants and Applied Solutions** - Sales: $2.7 billion with strong margins [33] - Key Products: Hydrofluoroolefins (HFOs) including 1234YF, 1234ZE, and 1233ZD [36] - Market Trends: Transition from HFCs to HFOs driven by regulations like the EU F-Gas regulation and the American Innovation and Manufacturing Act [43] - Growth Projections: 8% CAGR for new HFO technology through 2030 [20] 2. **Electronics and Specialty Materials** - Sales: Approximately $1 billion with 19% EBITDA margins [58] - Key Products: Sputtering targets, thermal interface materials, and ballistic protection solutions [58] - Market Trends: Significant growth driven by advancements in AI and electronic applications, particularly in electric vehicles [61] 3. **Healthcare Packaging** - Focus on innovative solutions like ultra-high moisture barrier polymers and medical propellants [50] - Notable Partnership: Collaboration with AstraZeneca to reduce carbon footprint in inhalers by over 99% [51] 4. **Alternative Energy Solutions** - Nuclear business with a unique position as the only domestic conversion facility in the U.S. [55] - Backlog of orders extending through the decade, indicating strong demand [54] Financial Performance and Growth Strategy - **Financial Profile**: Strong cash flow and leverage of 1.5 times, allowing for flexibility in investments [9] - **Growth Strategy**: Focus on organic growth, R&D investment, and potential bolt-on acquisitions [27][30] - **R&D Investment**: Increasing spend in R&D with over 300 scientists and 5,700 patents globally [23][24] Market Opportunities - **Advanced Computing**: Positioned to benefit from the growth in AI and data centers [18] - **Environmental Solutions**: Development of sustainable technologies like hydrofluoroolefins [19] - **Healthcare Innovations**: Unique solutions aimed at improving healthcare outcomes [19] - **Nuclear Energy**: Expected to see a 300% growth rate through 2050, with significant market potential [21] Customer Relationships and Manufacturing - **Customer Base**: Over 3,000 customers with the largest customer accounting for less than 3% of sales, ensuring diversity [13] - **Manufacturing Strategy**: 90% of U.S. sales manufactured domestically, with 60% of international sales produced in local markets [14] Key Takeaways - Solstice Advanced Materials is positioned for strong growth in multiple sectors, leveraging its innovative technologies and deep customer relationships. - The company aims to maintain a disciplined operating model while pursuing aggressive growth strategies in attractive markets. - Regulatory trends and environmental concerns are driving demand for new technologies, particularly in refrigerants and healthcare packaging. This summary encapsulates the key points discussed during Honeywell's Investor Day for Solstice Advanced Materials, highlighting the company's strategic direction, market opportunities, and financial outlook.

Core Insights - Beam Global's shares increased significantly following the announcement of a new U.S. patent for its Smart Phase Change Composite (PCC) material, aimed at enhancing lithium-ion battery performance in extreme temperatures [1][6] Company Developments - The new technology, protected under Patent No. 12,422,195, functions as a thermal switch, insulating batteries in cold conditions and cooling them in hot environments, thereby improving safety, extending battery life, and enhancing performance across various applications including electric vehicles, robotics, and defense systems [2][3] - CEO Desmond Wheatley emphasized that this patent enhances the company's competitive advantage as demand for advanced battery solutions increases [3] - The patent is particularly relevant for Beam Global's operations in Europe and its new presence in the Middle East, with the technology already being utilized in devices such as drones, medical equipment, and classified government programs [4] Industry Context - The patent aligns with the growing challenges in thermal management within the expanding electric mobility and energy storage sectors, positioning Beam Global favorably against competitors striving to deliver safer and longer-lasting battery solutions [6]

Core Insights - TotalEnergies SE (TTE) has entered a strategic partnership with XING Mobility to promote advanced immersion cooling battery systems, targeting energy storage solutions, mobility, and backup power for AI data centers, with an initial focus on electrified marine applications [1][9] Partnership Overview - The collaboration combines XING Mobility's innovative immersion cooling battery technology, originally designed for high-performance electric sports cars, with TotalEnergies' expertise in advanced fluids and global energy solutions [2] - The partnership aims to enhance the integration of high-safety, high-power energy storage systems and next-generation battery cooling technologies in marine applications, as well as in critical sectors like sports cars, underground mining equipment, and aviation [3] Technological Advancements - TotalEnergies' capabilities in advanced dielectric fluids, robust R&D, and extensive distribution network will facilitate the scaling of this technology into mainstream sectors, reducing execution risks and creating new revenue opportunities [4] - Ongoing research will focus on developing more cost-effective and environmentally friendly dielectric fluids and improving system designs for various battery chemistries, including next-generation solid-state batteries [6] Market Potential - The immersion battery cooling systems market is projected to reach between $1.5 billion and $2.5 billion by 2025, driven by the growing electric vehicle market and the need for improved thermal management technologies [7] - Leading companies such as Mahle, Tesla, and AVL are significantly contributing to the development and adoption of immersion cooling technologies, enhancing market penetration [7] Stock Performance - TotalEnergies' shares have increased by 5.5% over the past month, compared to a 6.1% growth in the industry [8][9]