Group 1 - The core viewpoint of the news is that Fengpei Investment has conducted research on a listed company, Fuxin Technology, which is making progress in its Micro TEC products for optical modules [1] - Fuxin Technology's Micro TEC products have started bulk shipments to overseas customers and are currently being validated with several domestic optical module clients [1] - The Micro TEC products are used in 400G/800G optical modules, with 400G typically requiring one Micro TEC and 800G requiring one to two [1] - The company currently produces 600,000 Micro TEC units per month, with an expected increase to 1 million units per month in the third quarter [1] - Fuxin Technology's Micro TEC products are on par with foreign competitors and have a cost advantage [1] - The company sources single-element metal tellurium and bismuth for its materials and self-manufactures bismuth telluride [1] - The reduction in holdings by executives and major shareholders is based on personal financial needs [1] - The energy storage liquid cooling and dehumidification system has begun bulk shipments to several leading companies, which is expected to become a new profit growth point [1]

Investment Rating - The report does not explicitly state an investment rating for the electronic components industry or the specific company, 富信科技 [1]. Core Insights - The semiconductor thermoelectric cooling technology has significant advantages such as small size, lightweight, no vibration, no noise, high reliability, and environmental friendliness. It can achieve precise temperature control with an accuracy of up to 0.01°C [18]. - The main application scenarios for the semiconductor thermoelectric cooling technology include small volume, low cooling capacity scenarios in consumer electronics, micro-precision temperature control in communication fields, and high environmental adaptability in automotive applications [19]. - The company has established technical barriers in material technology and manufacturing processes, being one of the few in the industry to master multiple preparation techniques for bismuth telluride-based semiconductor materials [20][21]. - The company is currently validating its Micro TEC products for 400G/800G optical modules, which are in the reliability verification stage [22]. - The company has developed a liquid cooling dehumidification system for energy storage battery cabinets, which is expected to become a new profit growth point as liquid cooling technology penetrates the energy storage market [22]. Summary by Sections 1. Basic Research Information - The research was conducted on 富信科技 in the electronic components industry on March 10, 2025, with participation from institutions such as 中信建投, 国泰君安, and 新华基金 [13][14]. 2. Detailed Research Institutions - The institutions involved in the research include 中信建投 (Securities Company), 国泰君安 (Securities Company), and 新华基金 (Fund Management Company) [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16]. 4. Main Content Information - The company’s semiconductor thermoelectric cooling technology is complementary to other temperature control solutions and cannot fully replace them [18]. - The company is exploring applications in emerging fields such as robotics, although it has not yet entered this market [23].