点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 | 1. 热流围城,散热破局 | | --- | | 1.1. 热流密度激增,散热将成为产业升级关键隘口 | | 1.2. 散热方案即热传导路径,分为被动与主动 7 | | 2. 被动式散热:VG在高密度集成场景潜力凸显 ... | | 2.1. 金属散热片:高功率场景面临效能瓶颈 . | | 2.2. 石墨膜:机械缺陷制约高功率渗透 . | | 2.3. 相变传热: 从热管一维导流到 VC 二维均温 | | 2.3.1. 热管:一维传热限制效率 | | 2.3.2. VG:二维传热破局点热源因境 | | 2.4. 实际应用:协同组合释放非线性增益 | | 3. 主动式散热:微泵液冷有望破解终端空间困境 | | 3. 1. 强制风冷: 空气对流难解题 . | | 3.2. 液冷:突破风冷瓶颈,赋能高密场景散热升级 | | 3. 2. 1. 云端应用: 数据中心与 HBM . | | 3. 2. 2. 终端应用:微泵液冷重构终端散热边界 | | 3.3. 热电制冷:局部热点精准控温 . | | 4. 产业链 ...

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].

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].