东吴证券：端侧AI散热机遇微泵液冷关注艾为电子(688798.SH)、南芯科技(688484.SH)

智通财经2025-09-03

智通财经APP获悉，东吴证券发布研报称，设备算力需求的激增，使得传统石墨烯、VC等被动散热有望有效满足高功耗散热需求。传统被动散热有望逐渐朝主动散热方案迁移。当前微泵液冷主动散热方案趋势明确，落地确定性强。微泵液冷方案技术壁垒在于微泵液冷驱动芯片。目前国外模拟厂商对该料号布局较少，竞争格局优良。国内艾为电子(688798.SH)、南芯科技(688484.SH)前瞻布局，有望核心受益。东吴证券主要...

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SH), Nanxin Technology (688484. SH)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601555":1,"688484":1,"688798":1},"content_text":"智通财经APP获悉，东吴证券发布研报称，设备算力需求的激增，使得传统石墨烯、VC等被动散热有望有效满足高功耗散热需求。传统被动散热有望逐渐朝主动散热方案迁移。当前微泵液冷主动散热方案趋势明确，落地确定性强。微泵液冷方案技术壁垒在于微泵液冷驱动芯片。目前国外模拟厂商对该料号布局较少，竞争格局优良。国内艾为电子(688798.SH)、南芯科技(688484.SH)前瞻布局，有望核心受益。东吴证券主要观点如下：端侧AI赋能，功耗提升带动散热需求25H2，伴随以苹果为代表的AI革新。各类旗舰AI手机有望接力面世。设备算力需求的激增，使得传统石墨烯、VC等被动散热有望有效满足高功耗散热需求。传统被动散热有望逐渐朝主动散热方案迁移。其中，压电微泵液冷散热驱动方案有望通过驱动芯片加速冷却液流动，提升循环效率，精准应对芯片核心区域散热痛点。根据艾为电子官方公众号，相较被动方案，液冷散热驱动方案有望将热效率提升3倍以上。微泵液冷主动散热方案推进，25Q4有望上机终端目前，微泵液冷主动散热方案趋势明确，落地确定性强。此前，华为于23年以推出“微泵液冷手机壳”，其内置超薄液冷层，搭载高精微泵，通过冷却液循环带走机身散热，还可根据手机温度和环境智能启停液冷功能。同时，手机壳内还有高性能相变材料PCM，内含多达2亿颗微胶囊，可以高效吸收机身发热。25Q4，行业微泵液冷趋势有望从手机壳，逐步迁移到手机，有望上机国内知名手机厂商高端机型。26年有望迎来微泵液冷主动散热放量“元年”。艾为电子、南芯科技抢先布局，受益端侧主动散热浪潮微泵液冷方案技术壁垒在于微泵液冷驱动芯片。目前国外模拟厂商对该料号布局较少，竞争格局优良。国内艾为电子(688798.SH)、南芯科技(688484.SH)前瞻布局，有望核心受益。艾为电子：公司已推出的全新的国产液冷驱动AW86320压电驱动“静界·冰核”。该方案可以提供超过180Vpp的驱动电压，为控制液冷散热提供充足动力。功耗与海外Top1友商相当，为小型化电子设备量产应用带来极大便利。高负载场景下温度可降低10-15℃。南芯科技：公司宣布推出自主研发的190Vpp压电微泵液冷驱动芯片SC3601，可在移动智能终端实现低功耗液冷散热。SC3601可实现10倍的节电效率提升，驱动波形的总谐波失真加噪声(THD+N)低至0.3%，待机功耗低至微安级。搭载该芯片的液冷方案可大幅提升移动智能终端散热性能，填补了国产技术空白。目前，SC3601已在多家客户导入验证并即将量产。风险提示：AI应用进展不及预期，技术发展不及预期，市场竞争风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2564353276","isCrawlerRequest":true}

东吴证券：端侧AI散热机遇 微泵液冷关注艾为电子(688798.SH)、南芯科技(688484.SH)

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东吴证券：端侧AI散热机遇微泵液冷关注艾为电子(688798.SH)、南芯科技(688484.SH)