--- title: "Cathay Securities and Haitong Securities: The VC board market continues to expand, and the supply chain benefits deeply" type: "News" locale: "en" url: "https://longbridge.com/en/news/246021685.md" description: "CITIC Securities released a research report indicating that Apple's iPhone 17 Pro and Pro Max are expected to introduce pure copper VC (Vapor Chamber) heat spreaders, and it is anticipated that the iPhone 18 series will feature VC across the entire lineup, with the possibility of adding a copper-steel composite solution, thus continuously expanding market space. The manufacturing process for VC boards is mature, and production costs are decreasing, making it likely to penetrate the mid-to-low-end market in the future. Relevant targets include AAC TECH and TIANMAI" datetime: "2025-06-25T06:57:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/246021685.md) - [en](https://longbridge.com/en/news/246021685.md) - [zh-HK](https://longbridge.com/zh-HK/news/246021685.md) --- # Cathay Securities and Haitong Securities: The VC board market continues to expand, and the supply chain benefits deeply According to the Zhitong Finance APP, Guotai Junan released a research report stating that, according to IT Home, the Apple iPhone 17 Pro and Pro Max models are expected to introduce pure copper VC (Vapor Chamber) heat spreaders, and the upcoming iPhone 18 series is expected to be equipped with VC across the board, along with a new copper-steel composite VC solution to enhance mechanical performance and improve corrosion resistance. Apple has higher requirements for VC boards, and the product structure is more complex, which is expected to continuously expand the market space. In addition, as the manufacturing process of VC boards matures and large-scale production expands, production costs are gradually decreasing, and further penetration into the mid-to-low-end market is expected. Related stocks: AAC TECH (02018), TIANMAI (301626.SZ). ## Guotai Junan's main viewpoints are as follows: **Apple phones are expected to introduce pure copper VC boards, with a possible new copper-steel composite solution in 2026, and the market space is expected to continue to expand.** The heat dissipation issue is a key bottleneck restricting mobile phone performance and user experience. VC (Vapor Chamber) utilizes the principle of phase change to achieve rapid heat spreading, making it an important heat dissipation solution for high-end electronic products. It consists of two flat copper plates (or copper-steel composite plates) sealed together through precision welding, forming a hollow flat cavity inside. The cavity is evacuated to a high vacuum and filled with a small amount of working fluid (usually deionized water). The inner wall of the cavity is designed with microscopic capillary structures, such as sintered copper powder, etched grooves, or metal mesh. According to IT Home, the Apple iPhone 17 Pro and Pro Max models are expected to introduce pure copper VC heat spreaders. The upcoming iPhone 18 series is expected to be equipped with VC across the board, along with a new copper-steel composite VC solution to enhance mechanical performance and improve corrosion resistance. Apple has higher requirements for VC boards, and the product structure is more complex, which is expected to continuously expand the market space. **Long-term VC heat spreaders are expected to penetrate into mid-to-low-end phones.** High-end mobile phone heat dissipation solutions mainly use ultra-thin VC as the primary component, supplemented by graphite and graphene; mid-to-low-priced Android models still use traditional graphite heat dissipation films or simple heat pipe solutions, which have poor heat dissipation effects. However, consumers are increasingly concerned about mobile phone battery life, performance release, and temperature feel. As the manufacturing process of VC boards matures and large-scale production expands, production costs are gradually decreasing, and further penetration into the mid-to-low-end market is expected. **Domestic companies are actively laying out high-end VC products.** Currently, manufacturers in Taiwan have a deep accumulation in VC boards, with companies like AVC having significant advantages in ultra-thin VC, complex capillary structures, and large-scale production capabilities. Meanwhile, domestic companies such as AAC and TIANMAI also have advanced layouts in ultra-thin VC and pure titanium VC for mobile phones, and are expected to further benefit from the expansion of the VC market in the future. **Risk Warning** Uncertainty of trade friction; risk of new product verification progress not meeting expectations ### Related Stocks - [02018.HK](https://longbridge.com/en/quote/02018.HK.md) - [301626.CN](https://longbridge.com/en/quote/301626.CN.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [02611.HK](https://longbridge.com/en/quote/02611.HK.md) ## Related News & Research - [PharmEasy's parent has a new playbook: Profit first, growth second](https://longbridge.com/en/news/286890424.md) - [India's lifeline ferry across strategic archipelago](https://longbridge.com/en/news/286716580.md) - [TransThera Sciences to Raise HK$156 Million via Discounted H-Share Placement](https://longbridge.com/en/news/286833781.md) - [Hisense Home Appliances Deploys RMB1.81 Billion into Chongqing Trust Wealth Products](https://longbridge.com/en/news/286888326.md) - [Strix Discloses Trust-Led Share Tender by Non-Executive Director](https://longbridge.com/en/news/286884952.md)