On September 30, CITIC Securities released an analysis highlighting that, with the widespread adoption of 800G optical modules and the commencement of volume production for 1.6T modules, there has been a notable surge in both power consumption and the precision requirements for temperature control within optical modules. Consequently, the temperature control segment has transitioned from a mere 'supporting' element to a 'performance-critical' one. Presently, a three-tiered framework has been established for temperature management in optical modules: precise chip-level temperature control (utilizing Micro-TEC technology alongside ceramic substrate heat sinks), efficient interface thermal conduction (employing TIM gel and graphene pads), and module-level heat dissipation (incorporating VC heat spreaders and cold plates). As data transmission rates escalate, the significance of temperature control per module increases systematically. This, combined with the necessity for co-domain heat dissipation between optical engines and switching chips under CPO and NPO architectures, is driving growth in both volume and value within the industry. In terms of the competitive landscape, key segments such as TECs and ceramic substrates have traditionally been dominated by Japanese manufacturers. However, domestic companies are rapidly making breakthroughs, presenting substantial opportunities for import substitution. CITIC Securities recommends focusing on three investment themes: TECs and ceramic substrates, TIM and graphene thermal conductive materials, and VC heat spreaders along with liquid cooling structural components.