1. Reported Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The diamond heat dissipation material of the reported company shows a promising commercial application prospect and is expected to develop rapidly in the next few years. The company's diamond functional applications are mainly diamond heat sinks and optical window sheets, with expected sales revenue exceeding 1 million yuan this year, all from non - civilian fields [23]. - The company's super - hard material grinding tool business has a large domestic substitution space in the chip field, and with the expansion of domestic chip production capacity and the improvement of product performance, it has good growth potential in the future [24]. - The company has included robot bearings in the "14th Five - Year" business sector plan, focusing on high - value - added products, and has not yet established a business relationship with humanoid robot companies [24]. - The development of commercial aerospace will bring new business growth opportunities to the company, as it has a market share of over 90% in the domestic aerospace bearing field [24]. - The company believes that the export control policy in October has little impact on it [25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Guoji Precision Industry, belonging to the general equipment industry. The reception time was October 24, 2025, and the listed company's reception personnel were the board secretary Zhao Xianggong and the investor relations assistant Wang Zhiting [17]. 3.2. Detailed Research Institutions - The research institutions include Caitong Securities (with relevant personnel Meng Xin) and E Fund Management Co., Ltd. (with relevant personnel Zhang Yizhe) [18]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - **Diamond Heat Dissipation Application**: Diamond has excellent heat dissipation performance. Cost has restricted its wide - spread application. With the development of high - power devices and high - performance chips, diamond heat dissipation materials are attracting more attention from potential application manufacturers and are expected to develop rapidly. The company's diamond functional applications are mainly diamond heat sinks and optical window sheets, with expected sales revenue exceeding 1 million yuan this year, all from non - civilian fields [23]. - **Preparation Method of Diamond**: The company has focused on the microwave plasma chemical vapor deposition method since 2015 and has no current plan to invest in the hot - wire method. However, it will closely monitor the technical route and progress of diamond heat dissipation and may actively deploy in the hot - wire method if proven effective [23]. - **Advantages of MPCVD Method**: The MPCVD method has high quality and strong compatibility, with a wide range of compatible product lines such as optical window sheets [23]. - **Super - hard Material Grinding Tool Business**: In 2024, the revenue of the super - hard grinding tool business was about 580 million yuan, with downstream applications in semiconductor and non - semiconductor (automobile, refrigeration, LED, tool and die, etc.) fields. The products for the semiconductor field have grown significantly in recent years. The company's products have high performance and technical thresholds, and competitors are mainly international multinational enterprises [24]. - **Domestic Substitution Space in the Chip Field**: There is a large domestic substitution space in the chip field. With the expansion of domestic chip production capacity and the improvement of product performance, it has good growth potential in the future [24]. - **Robot Bearing Business**: The company has included robot bearings in the "14th Five - Year" business sector plan, focusing on high - value - added products such as crossed roller bearings, thin - walled bearings, and angular contact bearings. It has not yet established a business relationship with humanoid robot companies [24]. - **Impact of Commercial Aerospace Development**: The company has a market share of over 90% in the domestic aerospace bearing field. Products include rocket fuel turbine pump bearings, satellite momentum wheel bearing assemblies, and satellite battery solar panel bearings. The development of commercial aerospace will bring new business growth opportunities [24]. - **View on Export Control Policy**: The company believes that the export control policy in October has little impact on it [25].

Group 1: Diamond Applications - Diamond has excellent thermal conductivity, and its application in heat dissipation is gaining attention due to the increasing demand from high-power devices and high-performance chips. The commercialization prospects are bright, with expected rapid development in the coming years [2]. - The company's diamond functional applications mainly include diamond heat sinks and optical window pieces, with projected sales revenue exceeding 10 million yuan this year, all from non-civilian sectors [2]. Group 2: Manufacturing Techniques - The company has focused on microwave plasma chemical vapor deposition (MPCVD) since 2015 and currently has no plans to invest in the hot wire method for diamond production. However, it will monitor advancements in this area for potential future investment [2]. - MPCVD offers high quality and strong compatibility, allowing for a wide range of compatible products, such as optical window pieces [2]. Group 3: Superhard Materials Business - The revenue from the superhard materials business is approximately 580 million yuan in 2024, with applications in both semiconductor and non-semiconductor fields (automotive, refrigeration, LED, tooling, etc.). The semiconductor sector has seen significant growth in recent years [3]. - There is substantial domestic substitution potential in the semiconductor field, driven by the expansion of domestic chip production capacity and improvements in product performance [3]. Group 4: Robotics and Aerospace - The company has included robotic bearings in its "14th Five-Year" business plan, focusing on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings. Currently, there are no direct business relationships with humanoid robot companies [3]. - The company holds over 90% market share in domestic aerospace bearings, with products used in rocket fuel turbine pump bearings, satellite momentum wheel bearing assemblies, and satellite solar panel bearings. The development of commercial aerospace presents new growth opportunities [3]. Group 5: Export Control Policy - The company believes that the recent export control policy will have minimal impact on its operations [3].

Group 1: Diamond Applications - Diamond has excellent thermal conductivity, and its application in heat dissipation is gaining attention due to the increasing demand from high-power devices and high-performance chips. The commercialization prospects are bright, with expected rapid development in the coming years [2]. - The company's diamond functional applications mainly include diamond heat sinks and optical window pieces, with projected sales revenue exceeding 10 million yuan this year, all from non-civilian sectors [2]. Group 2: Manufacturing Techniques - The company has focused on microwave plasma chemical vapor deposition (MPCVD) since 2015 and currently has no plans to invest in the hot wire method for diamond production. However, it will monitor advancements in this area for potential future investment [2]. - MPCVD offers high quality and strong compatibility, allowing for a wide range of compatible products, such as optical window pieces [2]. Group 3: Superhard Materials Business - The revenue from the superhard materials business in 2024 is expected to be around 580 million yuan, with applications in both semiconductor and non-semiconductor fields (automotive, refrigeration, LED, tooling, etc.) [3]. - There is significant potential for domestic substitution in the semiconductor sector, driven by the expansion of domestic chip production capacity and improvements in product performance [3]. Group 4: Robotics and Aerospace - The company has included robotic bearings in its "14th Five-Year" business plan, focusing on high-value-added products like crossed roller bearings and thin-walled bearings, although no direct business relationships with humanoid robot companies have been established yet [3]. - The company holds over 90% market share in domestic aerospace bearings, with products used in rocket fuel turbine pump bearings and satellite components. The development of commercial aerospace is expected to create new business growth opportunities [3]. Group 5: Export Control Policy - The company believes that the recent export control policy will have minimal impact on its operations [3].

Market Overview - The Shanghai and Shenzhen stock indices opened lower on October 22, with significant fluctuations observed throughout the morning session, leading to a decline by midday [1] - The Shanghai Composite Index closed at 3899.05 points, down 0.44%, with a trading volume of approximately 479.3 billion yuan [1] - The Shenzhen Component Index closed at 12971.98 points, down 0.81%, with a trading volume of approximately 618.7 billion yuan [1] - The ChiNext Index closed at 3056.23 points, down 0.89%, with a trading volume of approximately 280.7 billion yuan [1] - The North Star 50 Index, however, saw an increase of 1.19%, closing at 1475.71 points with a trading volume of approximately 16.2 billion yuan [1] Sector Performance - The artificial meat and combustible ice sectors led the gains in the early trading session, while engineering machinery and wind power sectors experienced significant increases [1] - Notable declines were observed in the precious metals, shipping, and non-ferrous metals sectors [1] Industry Insights - Citic Securities highlighted the acceleration of commercialization in quantum communication and measurement, with domestic research leading globally and key advancements in industrial applications [3] - The report emphasized the potential investment opportunities in the quantum information sector due to supportive policies and competitive advancements [3] Government Initiatives - The Guangdong provincial government announced an action plan for AI empowerment in manufacturing from 2025 to 2027, focusing on digital transformation and intelligent upgrades across various industries [5] - The plan includes 16 policy measures aimed at enhancing supply, promoting application, and optimizing support systems for manufacturing [5] - Specific industries targeted for AI application include smart terminals, new energy vehicles, and textiles, with financial support for qualifying small and medium-sized enterprises [5] Corporate Engagement - The Chinese Minister of Commerce met with the CEO of Airbus, discussing continued cooperation in the Chinese market, which has become a significant consumer and import market [4] - Airbus expressed confidence in the Chinese economy and the aviation industry, particularly with the upcoming launch of a second A320 assembly line in Tianjin [4]

太平洋证券表示，未来随着金刚石散热方案不断完善，有望重构散热技术全球竞争格局，而我国为世界 超硬材料生产大国，人造金刚石的产量位居全球第一，产业链优势明显，有望充分受益，建议关注产业 相关标的。 （文章来源：证券时报网） 随着半导体产业更先进制程迈进，芯片尺寸缩小而功率激增，"热点"问题突出，芯片表面温度过高会导 致安全性和可靠性下降，催生对高效散热方案的需求。 中信建投证券指出，金刚石是理想散热材料，热导率可达2000W/m·K，是铜、银的4—5倍，也是硅、碳 化硅等半导体材料的数倍至数十倍，且兼具高带隙、极高电流承载能力、优异机械强度与抗辐射性，在 高功率密度、高温高压等严苛场景中优势显著。其应用形式包括金刚石衬底、热沉片及带微通道的金刚 石结构，可适配半导体器件、服务器GPU等核心散热需求。在制备上，化学气相沉积法（CVD）为主 流，可生产单晶、多晶、纳米金刚石，国内外企业已开发相关产品。伴随算力需求提升与第三代半导体 发展，未来金刚石在高端散热市场空间广阔。 ...

Group 1: Diamond Applications - Diamond has excellent heat dissipation properties, but cost issues limit its functional applications. As high-power devices and high-performance chips develop, the demand for diamond as a heat dissipation material may increase [1] - The industry has introduced diamond-copper composite materials, which have heat dissipation performance between copper and diamond but at a lower cost, showing good application prospects. The company has successfully developed diamond-copper products and is currently promoting them in the market [1] Group 2: Industry Challenges - The main challenge for the industrialization of diamond heat dissipation products is cost, which restricts the expansion of application scenarios. Currently, the industrialization of diamond heat dissipation applications is in its early stages, with demand expected to gradually open up [1] Group 3: Aerospace Sector Impact - The company holds over 90% market share in the domestic aerospace bearing sector, with products including rocket fuel turbine pump bearings and satellite momentum wheel bearing components. The development of commercial aerospace will provide new business growth opportunities for the company [2] Group 4: Business Performance - The recovery of special bearing product business volume is below expectations, while wind power bearings are growing rapidly. The relocation to a new industrial park is expected to enhance capacity and support more business [2] - In 2024, the revenue from superhard grinding tools is projected to be around 580 million yuan, with downstream applications in both semiconductor and non-semiconductor fields. Products for the semiconductor sector have seen significant growth in recent years [2]

Group 1: Diamond Applications and Market Potential - Diamond has excellent thermal conductivity, but cost issues limit its functional applications. As high-power devices and high-performance chips develop, the demand for diamond as a thermal material may increase [2] - The company has developed diamond-copper composite materials, which have thermal performance between copper and diamond but at a lower cost, showing good market potential [2] - The industrialization of diamond thermal applications is still in its early stages, primarily constrained by cost, but demand is expected to gradually open up [2] Group 2: Business Performance and Revenue - In 2024, the superhard tools business generated approximately 580 million yuan, with significant growth in the semiconductor sector [3] - The company holds over 90% market share in domestic aerospace bearing applications, including rocket fuel turbine pump bearings and satellite momentum wheel bearings [3] - The special bearing business has seen an increase in orders in the first half of the year, although pricing pressures have affected profitability [3] Group 3: Strategic Initiatives and Future Plans - The company focuses on high-value-added products in the robotics bearing sector, including cross-roller bearings and thin-walled bearings, with no current business relationships with humanoid robot companies [3] - Collaboration with local governments to establish a diamond company aligns with national strategic requirements and aims to promote the development of the superhard materials industry [3]