B[CITIC Securities: Optical module temperature control is being upgraded from a "supporting link" to a "performance-determining link"] On September 30, CITIC Securities pointed out that with the large-scale ramp-up of 800G optical modules and 1.6T entering the first year of mass production, single module power consumption and requirements for temperature control accuracy are significantly increasing, and optical module temperature control is being upgraded from a "supporting link" to a "performance-determining link." Optical module temperature control forms a three-layer system of chip-level precise temperature control (Micro-TEC + ceramic substrate heat sink), interface thermal conductivity (TIM gel/graphene gasket), and module-level heat distribution (VC soaking plate/cold plate). The value of single-module temperature control increases systematically with speed iterations; with the superposition of CPO/NPO architecture, optical engines and switching chips dissipate heat in the same area, and the industry is experiencing both volume and price increases. In terms of competition, core links such as TEC and ceramic substrates have been dominated by Japanese manufacturers for a long time. Domestic manufacturers are accelerating breakthroughs, and there is broad room for domestic substitution. CITIC Securities recommends focusing on three main lines of segmented investment: TEC and ceramic substrates, TIM and graphene thermal conductive materials, VC vapor chambers and liquid cooling structural parts. A[State-owned Assets Supervision and Administration Commission of the State Council: Further develop key areas such as artificial intelligence and new materials, and cultivate cutting-edge tracks such as quantum technology in advance] On September 29, Cheng Fubo, Secretary and Director of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, published a signed article in "New Industrialization" stating that we will actively cultivate and strengthen strategic emerging industries. Emerging industries and future industries are key forces leading the construction of a modern industrial system. At present, the emerging industries and future industrial layout of central enterprises need to be improved and accelerated. Some industries have not yet formed competitive advantages. Greater efforts must be made to create emerging pillar industries. In accordance with the idea of "leading a group, catching up with a group, and cultivating a group", we will coordinate and promote differentiated layout, continue to consolidate the advantages of new energy, aerospace and other industries, further develop key areas such as artificial intelligence and new materials, and cultivate cutting-edge tracks such as quantum technology, nuclear fusion energy, and bio-manufacturing in advance to promote the development of emerging industries. B[New OTC Market’s innovation layer echelon iteration speeds up, and multiple capital paths help high-quality companies to improve.] September 17th, since this year, the New OTC Board’s innovation layer echelon iteration pace has accelerated, and high-quality companies have continued to gather. The National Equities Exchange and Quotations recently released the fourth batch of preliminary screening lists for the innovation level. 12 companies including Meitong Aromatherapy, Goodeng Machinery, and Bondi Intelligence were selected, covering high-end manufacturing, new materials, digital economy and other tracks. So far, a total of more than 220 enterprises have been planned to be transferred to the innovation level this year, five of which will become national-level specialized and new "little giant" enterprises, and manufacturing enterprises account for more than 80%, covering key fields such as electrical machinery, special equipment, auto parts, electronic communications, etc., which are highly consistent with the development direction of new industrialization and new quality productivity. As of September 15, the total number of innovative companies on the New Third Board reached 2,274. From the perspective of profit quality, the average revenue and net profit of new entrants in 2025 will maintain double-digit growth, and more than 40% of companies will see net profit growth exceeding 30%. They have both hard technological attributes and growth resilience, and the overall quality of the echelon continues to improve. (Shanghai Securities News) B[Shanghai Science and Technology Commission Zhai Jinguo: Promote the close connection between cutting-edge exploration of materials and the country's future needs] September 11th, the 2026 Pujiang Innovation Forum "Materials Beyond" sub-forum was held on September 11th at the Shanghai Zhangjiang Science Hall. Zhai Jinguo, deputy director of the Shanghai Municipal Science and Technology Commission, said in his speech that in the face of the "15th Five-Year Plan", Shanghai will adhere to original innovation, technology-driven, scenario-driven development and layout in the field of materials. It will pay more attention to the end-first, based on future disruptive application scenarios and their strategic value, coordinate the advancement of cutting-edge layout of advanced materials, technological research, platform construction and achievement transformation, promote the close connection between cutting-edge exploration of materials and the country's future needs, and give full play to the basic and leading role of materials in industrial development. B[Beijing: Promote the new paradigm of "artificial intelligence + new materials" and develop large-scale material models, intelligent materials experiments and digital manufacturing equipment] On September 9, the Beijing Municipal People's Government issued the "Beijing High-Precision Industry Development Plan during the 15th Five-Year Plan Period". It pointed out that we should focus on the development needs of the country's strategic emerging industries and create a source of innovation for new materials. Promote the new paradigm of "artificial intelligence + new materials" and develop large material models, intelligent materials experiments and digital manufacturing equipment. Vigorously develop key strategic materials, carry out industry-university-research collaborative material innovation in the fields of aerospace, electronic information, biomedicine and new energy, break through a number of leading, leading and disruptive key strategic materials, and realize batch import substitution. In the fields of special functional materials, high-end structural materials, and high-performance composite materials, we will lay out and build a number of pilot verification platforms and pilot manufacturing projects to promote the industrialization of new material scientific and technological achievements and continue to improve the level of the new materials industry. B[The 21st China International Small and Medium Enterprises Expo opens in Guangzhou] On September 3rd, the 21st China International Small and Medium Enterprises Expo opened in Guangzhou on September 3rd. With the theme of "Artificial Intelligence Empowering Small and Medium-sized Enterprises", this China Expo will hold Asia-Pacific small and medium-sized enterprise digital intelligence technology and application scenarios supply and demand docking activities, APEC small and medium-sized enterprise "Investment Day" themed activities, "January One Chain" financing promotion nationwide activities (Guangzhou station), small and medium-sized enterprise service capability improvement activities, and hold professional exhibitions focusing on embodied intelligence, integrated circuits, new materials and other fields. The exhibition also held theme activities such as the docking of small and medium-sized enterprises' overseas intellectual property layout and international standards around policy publicity, new product launches, international cooperation, industry docking, innovation empowerment, etc., as well as more than 60 events such as new product launches, integration and docking of large and medium-sized enterprises, and overseas business promotions. A set of activities will comprehensively demonstrate the application results of artificial intelligence technology in manufacturing, service industries and future industries, guide small and medium-sized enterprises to explore intelligent development paths, promote the implementation of new industrial technologies, new models and new business formats, and help small and medium-sized enterprises better integrate into the global industrial chain and supply chain system. A[Henan: Strive to reach 1 million new energy vehicle production throughout the year] On August 31, the General Office of the Henan Provincial People's Government recently issued the "Notice on Key Tasks and Measures to Resolutely Win the Summer and Autumn Battle of Economic Development and Promote the Continued Economic Development in the Second Half of 2026", which mentioned the consolidation and expansion of the rapid development momentum of emerging industries. Promote the expansion of capacity and efficiency in emerging industries such as new energy vehicles, electronic information, and new materials, promote the production of 12-inch large silicon wafers and diamond heat sink wafers, complete and put into production projects such as liquid-cooled servers, pickup trucks, passenger car technical modifications, and power batteries, and strive to achieve annual production of new energy vehicles to 1 million units.
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