According to the CICC research report, it is optimistic that the importance of TIM in cooling systems will increase in the context of the continuous increase in power consumption and heat flow density of AI chips. It is recommended to focus on two main lines: first, chip material upgrades, and mature solutions such as PCM at the Blackwell stage still dominate. As Rubin and subsequent platforms advance, new materials such as high-conductivity graphene gaskets are expected to be introduced at an accelerated pace. The competitive barriers are also oriented towards vertical thermal conductivity in traditional matching directions, long-term reliability, and consistent migration of large-scale manufacturing. Second, manufacturers with key customer certification, technical reserves and mass production capabilities are expected to take the lead; Application scenarios have been expanded, and the evolution of high-speed optical modules, liquid cooling cages, and NPO/CPO has brought new demand for internal, external, and multi-heat source TIM. At the same time, liquid cooling coverage for HBM, SSD, NIC and other devices has further opened up room for growth. At the supply chain level, mainland manufacturers are gradually making breakthroughs in the field of high-performance materials such as graphene gaskets.

According to the CICC research report, it is optimistic that the importance of TIM in cooling systems will increase in the context of the continuous increase in power consumption and heat flow density of AI chips. It is recommended to focus on two main lines: first, chip material upgrades, and mature solutions such as PCM at the Blackwell stage still dominate. As Rubin and subsequent platforms advance, new materials such as high-conductivity graphene gaskets are expected to be introduced at an accelerated pace. The competitive barriers are also oriented towards vertical thermal conductivity in traditional matching directions, long-term reliability, and consistent migration of large-scale manufacturing. Second, manufacturers with key customer certification, technical reserves and mass production capabilities are expected to take the lead; Application scenarios have been expanded, and the evolution of high-speed optical modules, liquid cooling cages, and NPO/CPO has brought new demand for internal, external, and multi-heat source TIM. At the same time, liquid cooling coverage for HBM, SSD, NIC and other devices has further opened up room for growth. At the supply chain level, mainland manufacturers are gradually making breakthroughs in the field of high-performance materials such as graphene gaskets.