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South Korea's KOSPI reversed earlier gains and was down 0.3% at 6,847.72 points.

2026-09-30

South Korea's KOSPI reversed earlier gains and was down 0.3% at 6,847.72 points.

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2026-09-30

Local officials say Russian airstrikes in the Kyiv region of Ukraine have injured three people and killed one.

Local officials say Russian airstrikes in the Kyiv region of Ukraine have injured three people and killed one.
2026-09-30

CITIC Securities says thermal management for optical modules is shifting from a supporting component to a performance-determining factor as 800G volumes scale and 1.6T enters its initial volume year, raising per-module power and temperature-precision

CITIC Securities says thermal management for optical modules is shifting from a supporting component to a performance-determining factor as 800G volumes scale and 1.6T enters its initial volume year, raising per-module power and temperature-precision requirements. Thermal solutions are evolving into a three-tier stack: chip-level precise temperature control (Micro-TEC plus ceramic-substrate heatsink), interface heat conduction (TIM gels and graphene pads), and module-level heat spreading (VC spreaders/cold plates). Per-module thermal content and pricing are rising with speed upgrades, and CPO/NPO architectures that colocate optical engines and switching ASICs increase same-domain cooling demand, supporting simultaneous volume and price growth across the supply chain. Core components such as TECs and ceramic substrates have been dominated by Japanese suppliers; domestic Chinese players are accelerating breakthroughs, leaving substantial onshore substitution potential. CITIC highlights three investment themes: TECs and ceramic substrates; TIMs and graphene thermal materials; and VC spreaders plus liquid-cooling structural parts.
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