Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge with capabilities for sound, text, photos, and videos, along with AI processing power [1] - OpenAI's device team consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [1] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [1] - The MEMS microphone business is expected to see revenue growth exceeding 50% in 2025 compared to 2024 due to increased demand for voice interaction features in AI smartphones [1] Group 3 - The demand for higher cooling performance in AI smartphones is expected to drive rapid growth in AAC Technologies' thermal management business, with overseas high-end customer orders already secured [2] - The overall revenue scale of the thermal product line is projected to triple in 2025 compared to 2024 [2] - The recently released iPhone 17 Pro/Pro Max series features a VC heat spreader for enhanced cooling performance, with AAC Technologies as a core supplier [2]

Group 1 - OpenAI is developing its own AI device in collaboration with a major iPhone assembler in mainland China, with discussions ongoing for component supply with local industry chain companies [1] - The device, likely named AI Pin, is expected to be a wearable badge featuring voice, text, photo, and video capabilities, along with AI processing power [1] - The core team of OpenAI's device division consists of members from Apple, making collaboration with Apple's supply chain companies a logical choice [1] Group 2 - AAC Technologies reported a revenue of RMB 13.32 billion for the first half of the year, marking an 18.4% year-on-year increase, setting a new record [2] - The company has significantly benefited from the growth of the AI industry, with multiple business segments experiencing rapid growth [2] - The demand for voice interaction in AI smartphones has positively impacted the MEMS microphone business, with revenue expected to increase by over 50% in 2025 compared to 2024 [2] Group 3 - The higher computational power and increased power consumption of AI smartphones are driving the demand for enhanced thermal performance, which will significantly boost AAC Technologies' thermal business [2] - The latest iPhone 17 Pro/Pro Max series has adopted VC heat spreaders for the first time, greatly improving thermal performance, with AAC Technologies as a core supplier [2] - Future adjustments in Apple's product strategy may lead to the standard iPhone models also incorporating VC heat spreaders, further accelerating the growth of AAC Technologies' thermal business [2]

Core Viewpoint - 瑞声科技 is poised to benefit significantly from the strong early demand for the iPhone 17 series, as it is a key supplier in Apple's supply chain, particularly in acoustic and motor components [1][2] Group 1: Company Performance - 瑞声科技's revenue for the first half of the year reached RMB 13.32 billion, marking an 18.4% year-on-year increase, setting a new record [1] - The management indicated that the revenue scale of the thermal products line is expected to triple by 2025 compared to 2024 [1] Group 2: Market Trends - The iPhone 17 Pro/Pro Max series features a VC thermal plate for the first time, significantly enhancing heat dissipation performance, with 瑞声科技 identified as a core supplier [1] - The demand for heat dissipation solutions is anticipated to grow rapidly due to the increasing requirements from AI smartphones and adjustments in Apple's product strategy [1] Group 3: Future Outlook - 瑞声科技's revenue in the second half of the year is expected to maintain a high growth rate, not lower than the 18.4% achieved in the first half [2] - The overall gross margin for the year is projected to be no less than 22.1%, with multiple business segments such as thermal management and MEMS microphones expected to double in growth [2]

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]. Group 1: Listed Companies - Feirongda (300602) is a leading expert in electromagnetic shielding and thermal management solutions, providing a complete product chain including thermal conductive materials, graphite films, and liquid cooling plates. 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 such as graphite heat dissipation films and modules. The company has notable clients including Xiaomi and Google [18][20]. - Suzhou Tianmai (301626) is recognized for its comprehensive thermal management solutions, with products like thermal interface materials and heat pipes, serving major clients in the telecommunications and new energy vehicle sectors [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 a revenue of 1.566 billion in 2024, with a 24.51% year-on-year increase [26][28]. - Lingyi Zhi Zao (002600) provides intelligent manufacturing services, with thermal management business revenue reaching 4.107 billion in 2024, reflecting a 9.20% increase from the previous year [30][34]. - AAC Technologies (02018) reported a significant growth of 40.1% in its thermal business, achieving a revenue of 326 million in 2024, and holds over 50% market share in the domestic flagship smartphone thermal market [35]. - Shuo Beid (300322) offers thermal products and reported a revenue of 1.86 billion in 2024, with a 12.37% increase from the previous year [36]. Group 2: Financial Performance - Feirongda's 2024 revenue reached 5.03 billion, 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 reported a revenue of 943 million in 2024, with a slight increase of 1.62% year-on-year [25]. - Zhongshi Technology's revenue for 2024 was 1.566 billion, showing a 24.51% increase from 2023 [29]. - Lingyi Zhi Zao's total revenue for 2024 was 442 billion, with a 29.56% increase from the previous year [34]. - AAC Technologies' thermal business revenue reached 326 million in 2024, reflecting a 40.1% growth [35]. - Shuo Beid's revenue for 2024 was 1.857 billion, with a 12.37% increase from the previous year [36].

终于，iPhone 用上了"正规"的散热元器件。 其实在去年的iPhone 16系列上，苹果就加入了能够将芯片热量快速导到外部的石墨烯散热膜，但仅凭一层薄薄的膜就想提升手机的散热表现未免有些异想 天开。于是在iPhone 17 Pro系列上，苹果拿出了VC均热板，其宣称这套系统的散热效率相比上一代提升了300%。 这本是一件大家喜闻乐见的事，但苹果CEO库克在接受国内某家媒体采访时表示，iPhone 17 Pro系列上的VC均热板是一个专属于苹果的发明和创新，或许 只有苹果能做到。 （图片来源：@影视飓风） 雷科技在看到这段话的第一时间以为是某些营销号断章取义，但实际看了原视频后发现库克确实说了这么段话。 这就让雷科技很不解了，VC均热板在安卓市场这边早已是见怪不怪的配置，因为早在2018年的ROG Phone上就已经搭载了VC均热板，苹果怎么敢说是专 属自己的创新呢？ 不说别的，我们立刻开挖，看看到底是库克在吹牛，还是苹果真的强无敌。 iPhone 17 Pro散热改进，VC均热板发威了？ 先抛开其他不谈，我们先来聊聊iPhone 17 Pro系列的VC均热板，是否真的像苹果宣传那样，散热效率提升300%？ ...

Core Viewpoint - The decision by Apple to switch from titanium alloy to aluminum alloy for the iPhone 17 Pro highlights a significant shift in the consumer electronics industry, emphasizing the importance of heat dissipation performance in high-end device design [3][4]. Group 1: Analysis of iPhone 17 Pro's Material Change - The core contradiction of "abandoning titanium for aluminum" lies in the trade-off between heat dissipation performance and high-end feel [5]. - Titanium alloy, while known for its strength-to-weight ratio and premium feel, has a thermal conductivity that is only 1/30th that of aluminum alloy, which has become a bottleneck for device performance as chip power increases [7]. - The new iPhone 17 Pro, utilizing 6061 aerospace aluminum and a 0.3mm ultra-thin laser-welded VC heat spreader, maintains a body temperature of 41.3°C after 30 minutes of 4K video recording, a reduction of 7.4°C compared to the previous titanium model [8][9]. - In high-performance gaming scenarios, frame rate fluctuations decreased from 15 frames to just 2 frames, significantly enhancing user experience [9]. - The aluminum and VC heat spreader combination improves heat conduction efficiency by 20 times compared to the titanium model, indicating that heat dissipation performance is now a critical metric for flagship devices [9]. Group 2: Heat Dissipation Performance Comparison - A comparative analysis of heat dissipation performance between iPhone 17 Pro and iPhone 16 Pro shows significant improvements across various metrics: - 4K recording temperature: 41.3°C (iPhone 17 Pro) vs. 48.7°C (iPhone 16 Pro), a difference of -15.2% [10]. - Frame rate fluctuation during gaming: 2 frames (iPhone 17 Pro) vs. 15 frames (iPhone 16 Pro), a difference of -86.7% [10]. - Continuous performance under full load: 40 minutes without throttling (iPhone 17 Pro) vs. 22 minutes with a 30% throttle (iPhone 16 Pro), an improvement of +81.8% [10]. - Maximum charging temperature: 38.5°C (iPhone 17 Pro) vs. 44.2°C (iPhone 16 Pro), a difference of -12.9% [10]. Group 3: Overview of the Heat Dissipation Materials Market - The global thermal interface materials (TIM) market is expected to grow at a compound annual growth rate (CAGR) of over 10%, potentially reaching approximately $7.5 billion by 2036 [15]. - The VC heat spreader is rapidly penetrating the high-end consumer electronics market, with its penetration rate in high-end smartphones projected to increase from 35% in 2023 to 62% by 2025 [17]. - The cost of thermal modules in smartphones has risen from 3.5% of the bill of materials (BOM) in 2020 to an expected 5.8% by 2025, indicating that heat dissipation systems are becoming a significant component of smartphone production costs [17]. Group 4: Evolution of Heat Dissipation Materials - The development of heat dissipation materials can be categorized into three main stages: passive heat dissipation, active heat dissipation, and smart heat dissipation [25]. - Traditional heat dissipation materials include metals like aluminum and copper, which are widely used due to their excellent thermal conductivity [26]. - Emerging materials such as graphite and phase change materials (PCM) are gaining traction due to their high thermal conductivity and efficiency in heat management applications [29][30]. - Advanced technologies like microchannel cooling and immersion cooling are being explored for high-power applications, showcasing the ongoing evolution in heat management solutions [31][32].

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The electronic industry index increased by 6.15%, outperforming the CSI 300 index which rose by 1.38% [2]. - The report highlights the launch of Apple's iPhone 17 series, showcasing significant technological innovations and ecosystem strategies [5][6]. - The introduction of the VC vapor chamber as a key innovation in the iPhone 17 Pro Max addresses the challenges of high performance and heat dissipation [10][14]. Summary by Sections iPhone 17 Series Performance - The iPhone 17 series features a tiered pricing strategy ranging from 5999 to 9999 yuan, with various models including standard, Air, Pro, and Pro Max [6][8]. - The Pro Max model includes the A19 Pro chip built on a 3nm process, enhancing performance and thermal management with a VC liquid cooling system that reduces chip temperature by 8-12°C [7][9]. VC Vapor Chamber - The VC vapor chamber is central to the iPhone 17's thermal management, providing efficient heat dissipation and supporting high-end smartphone performance [10][14]. - The global market for VC vapor chambers is projected to grow from 920 million USD in 2023 to 1.78 billion USD by 2028 [15]. Potential Suppliers for VC Vapor Chamber - Key companies benefiting from the VC vapor chamber trend include Suzhou Tianmai, Linyi Zhizao, and AAC Technologies, all of which have established production capabilities and partnerships with major smartphone brands [19][21][23]. Market Performance - The report notes that the PCB sector leads the electronic industry with a weekly increase of 13.07%, followed by digital chip design at 11.75% [2][37]. - The top-performing stocks in the electronic sector include Xiangnan Chip Creation (+71.74%) and Xinxing Micro (+34.85%) [40].

"八年来最大革新"、"史上最强"、"挤爆牙膏"……伴随着一系列噱头的iPhone 17系列已于上周正式亮 相。 无论是全系标配高刷新率屏幕、存储从256GB起步、峰值60W的快充，还是VC均热板，对于苹果用户 来说或许算得上是"惊喜"，但坊间质疑的声音也不在少数。不少网友直言道，这些技术"安卓用户早就 用烂了"。知名博主户晨风向一众安卓厂商喊出的"可以放弃2500元以上手机市场了"、"安卓已成冢中枯 骨尔"的口号更点燃了舆论。 9月13日，Linksphotograph、影视飓风共同发布了一则与苹果CEO蒂姆 库克的访谈。在采访中，库克提 到iPhone全系首次引入VC均热板的设计显得尤为兴奋。其宣称，这是专属于苹果的发明创新，"或许只 有苹果才能做到"。这一言论再次引发广泛争议。 据苹果发布会介绍，iPhone 17系列全新散热管理的核心是其"特别设计"的VC均热板 ——特殊的去离子 水密封在VC均热板内部，再通过激光焊接在铝金属机身内，能有效移走各个组件产生的热量，从而进 一步提升持续性能。VC均热板会在整个系统内有计划地传导热量，再经锻造铝金属一体成型机身高效 散出，定制的航空级铝合金热传导率是过去钛金 ...

至于iPhone 17 Pro系列首次引入VC均热板设计，库克则表示"我觉得这算是另一个专属于苹果的发明和创新，或许只有苹果才能够做到"。大家怎么看？ 历史资讯 如上图所见，首先是关于iPhone 17 Pro系列采用铝金属一体成型机身设计的原因（15 Pro系列和16 Pr系列为钛金属中框），库克称主要是铝和钛的热导率 问题，铝金属要高20倍、同时铝金属重量更轻，可以增加机身的电池容量。 本周早些时候苹果发布了全新iPhone 17系列，其中iPhone 17 Pro系列采用铝金属一体成型机身、全新VC均热板散热设计，昨日Linksphotograph、影视飓风 放出了一段采访苹果公司CEO Tim Cook的视频，库克还回应了相关问题。 ...

IT之家 9 月 14 日消息，苹果新一代 iPhone 17 Pro 和 iPhone 17 Pro Max 最大的亮点之一在于，该系列机型首次引入了 VC 均热板设计。 IT之家注：iPhone 均热板系统由密封金属腔体及少量去离子水构成。当设备运行高负载任务（如游戏）时，液体受热汽化并在腔体表面疏散热量，然后蒸汽 再冷却液化，不断循环，从而将 A19 Pro 芯片产生的热量快速导出，缓解设备过热问题。 此外，苹果还为 iPhone 17 Pro 和 iPhone 17 Pro Max 升级了铝合金中框，据称其导热系数是上一代钛合金 20 倍。同时重量也更轻，从而在相同重量的条件下 容纳更大的电池。 昨日，Linksphotograph、影视飓风放出了一段采访苹果公司 CEO 蒂姆・库克（Tim Cook）的视频。 库克在谈到 VC 液冷均热板技术的时候非常兴奋，他表示"我觉得这算是另一项专属于苹果的发明和创新，或许只有苹果才能够做到"。 ...