CITIC Securities pointed out that with the large-scale release of 800G optical modules and 1.6T entering the first year of launch, the power consumption of a single module and the requirements for temperature control accuracy are increasing significantly, and the temperature control of the optical module is being upgraded from a “supporting link” to a “performance-determining process.” Optical module temperature control forms a three-layer system of chip-level precise temperature control, interface heat transfer, and module-level uniform heating. The value of temperature control of a single module systematically moves upward with the rate iteration; under the superimposed CPO/NPO architecture, the optical engine and switching chip dissipate heat in the same domain, and the industry ushered in a sharp rise in volume and price. In the competitive landscape, core links such as TEC and ceramic substrates have long been dominated by Japanese manufacturers. Domestic manufacturers are speeding up breakthroughs, and there is plenty of room for domestic alternatives. CITIC Securities suggests focusing on three main investment segments: TEC and ceramic substrates, TIM and graphene heat transfer materials, VC heat transfer plates, and liquid cooled structural components.

CITIC Securities pointed out that with the large-scale release of 800G optical modules and 1.6T entering the first year of launch, the power consumption of a single module and the requirements for temperature control accuracy are increasing significantly, and the temperature control of the optical module is being upgraded from a “supporting link” to a “performance-determining process.” Optical module temperature control forms a three-layer system of chip-level precise temperature control, interface heat transfer, and module-level uniform heating. The value of temperature control of a single module systematically moves upward with the rate iteration; under the superimposed CPO/NPO architecture, the optical engine and switching chip dissipate heat in the same domain, and the industry ushered in a sharp rise in volume and price. In the competitive landscape, core links such as TEC and ceramic substrates have long been dominated by Japanese manufacturers. Domestic manufacturers are speeding up breakthroughs, and there is broad scope for domestic alternatives. CITIC Securities suggests focusing on three main investment segments: TEC and ceramic substrates, TIM and graphene heat transfer materials, VC heat transfer plates, and liquid cooled structural components.