CICC: Focus on the main line of chip TIM material upgrades and opportunities from expanding new application scenarios.

CICC's research report states that it is bullish on the increasing importance of TIM in thermal management systems against the backdrop of continuously rising power consumption and heat flux density of AI chips, and recommends focusing on two main lines: First, chip material upgrades. During the Blackwell phase, mature solutions such as PCM remain mainstream. As Rubin and subsequent platforms advance, new materials such as high-thermal-conductivity graphene pads are expected to be adopted at an accelerating pace. Competitive barriers are also shifting from traditional formulations toward vertical thermal conduction structural orientation, long-term reliability, and consistency in large-scale manufacturing. Manufacturers with key customer certifications, technical reserves, and mass production capabilities are expected to benefit first. Second, expansion of application scenarios. High-speed optical modules, liquid-cooling cages, and the evolution of NPO/CPO are bringing new demand for internal, external, and multi-heat-source TIM. At the same time, further liquid-cooling coverage of devices such as HBM, SSD, and NIC opens up additional growth space. On the supply chain side, mainland manufacturers are gradually achieving breakthroughs in high-performance materials such as graphene pads.