(一)重要市场新闻 2、2025培育钻石产业大会6日在郑州启幕，现场签约30个全产业链项目，总投资额不低于150亿元。此 次大会还发布了《2025培育钻石产业发展报告》，并举办产业对话会及产教融合对接会等活动。依托7 家超硬材料领域国家级研发平台，郑州在高温高压法，大功率化学气相沉积法等关键技术上持续领先， 并拓展至散热、光学等高端应用领域。河南省中原珠宝创新产业（300832）研究院院长张杰在大会上介 绍，当前中国培育钻石市场规模约140亿元，预计到2030年将超过1025亿元，中国将是培育钻石市场规 模快速增长的千亿蓝海。 点评：随着5G通信、人工智能、云计算等技术的爆发式发展，算力呈指数级增长，对散热能力提出更 高需求。而金刚石散热在高算力场景中具有超高导热率，出色的热稳定性，与材料兼容性好等显著优 势。科技巨头已在尝试金刚石散热技术。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，其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。概念股包括国机精工（002046）、四方达（300179）、黄河旋风（600172）等。 3、中国电信（60172 ...

Market Overview - High dividend assets strengthened, with the coal sector leading the gains, while banking, electricity, and transportation sectors also performed actively [2] - As of the morning close, the Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.19%, and the ChiNext Index dropped by 0.5% [2] Individual Stock Performance - Hai Xin Food reached a trading limit, marking its sixth consecutive rise, with the company confirming no major changes in its fundamentals [3] - Tianpu Co., a notable stock, resumed trading and saw a morning increase of 7.12%, despite a previous trading halt due to significant price fluctuations [3] - Tianpu Co. stock price surged by 451.8% from August 22 to November 27, indicating substantial trading risks [3] - Xinke Materials experienced a drop of over 1% initially but then surged to a trading limit, with over 740,000 shares still on the limit order at midday [5] Industry Highlights - The cultivated diamond sector saw significant gains, with companies like Sifangda and Huifeng Diamond experiencing substantial increases [8] - The 2025 Cultivated Diamond Industry Conference is set to take place on December 5-6 in Zhengzhou, aiming to unveil key projects and investments totaling no less than 15 billion yuan [8] - The cultivated diamond industry is characterized by technological breakthroughs that create new application scenarios, particularly in high-function materials essential for various strategic industries [8][9] - The demand for traditional superhard products is under pressure, but advancements in functional diamond technology are opening new growth opportunities, especially in high-end chip cooling applications [9]

Market Overview - High dividend assets strengthened, with the coal sector leading the gains, while banking, electricity, and transportation sectors also performed actively [1] - As of the morning close, the Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.19%, and the ChiNext Index dropped by 0.5% [1] Individual Stock Performance - Hai Xin Food reached its daily limit, marking its sixth consecutive rise, with the company confirming no violations of information disclosure and no significant changes in its fundamentals [3] - Tianpu Co., a notable stock, resumed trading and saw a morning increase of 7.12%, after a previous drop limit during the opening auction [3][5] - Tianpu Co. reported a cumulative increase of 451.8% in stock price from August 22 to November 27, indicating significant trading risks [5] Cultivated Diamond Sector - The cultivated diamond sector saw a rise, with stocks like Sifangda and Huifeng Diamond experiencing substantial gains [7] - The upcoming 2025 Cultivated Diamond Industry Conference in Zhengzhou is expected to unveil significant developments, including the establishment of the "Henan Province Cultivated Diamond Promotion Center" and the signing of approximately 30 key projects with a total investment of no less than 15 billion [11] - The cultivated diamond industry has been active this year, driven by technological breakthroughs and new application scenarios, particularly in high-function materials for strategic emerging industries [11][12] Industry Insights - Traditional superhard product demand is under pressure, but ongoing technological advancements in functional diamond materials are opening new growth opportunities [12] - The application of diamond for heat dissipation in high-end chips is recognized as a key development direction, especially as the semiconductor industry progresses towards smaller technology nodes [12]

Investment Rating - Industry investment rating is "Overweight" [1] Core Views - The report highlights that the A-share market indices have shown significant recovery, with the CSI 300, ChiNext 300, STAR 50, CSI 500, and CSI 1000 indices increasing by 1.64%, 4.68%, 3.21%, 3.14%, and 3.77% respectively, with the ChiNext 300 showing the most notable rebound [10][11] - The humanoid robot sector is identified as a crucial downstream application of AI technology, with domestic industrial manufacturing leading globally. The report anticipates that as products from companies like Tesla and Zhiyuan mature, the industry chain will accelerate [3][22] - The application of diamond heat dissipation is gaining recognition among downstream customers, particularly as the semiconductor industry progresses towards 2nm and 1nm technologies. The report emphasizes the importance of timely heat dissipation to maintain chip performance and reliability [3][22] - The 2025 Intel Technology Innovation and Industry Ecosystem Conference in Chongqing introduced the first dual-path cold plate liquid cooling server, indicating a growing demand for liquid cooling equipment driven by AI data center construction [3][22] - Optical Circuit Switch (OCS) technology is advancing rapidly, particularly with Google's development of next-generation technologies, which is expected to accelerate the industry chain [3][22] Summary by Sections Weekly Market Review - The humanoid robot sector has shown a mixed performance, with the top five gaining stocks being Lixing Co., Changying Precision, Chaojie Co., Ruineng Technology, and GAC Group, while the top five losing stocks include Huada Technology, Runhe Software, Jiangte Electric, Tonghui Electronics, and Lihexing [19][20] Recent Hotspots and Events - Invech's AI temperature control solution has achieved over 22% energy savings for data centers, addressing high energy consumption issues in the manufacturing industry's digital transformation [2][25] Key Emerging Industry Company Tracking - Zhongchuang Zhiling has announced a bank loan guarantee to support its subsidiary, while Guojijiang has highlighted the potential of diamond heat dissipation applications in the semiconductor field, with expected revenues exceeding 10 million yuan by 2025 [22][23] - Anpeilong is expanding its R&D team for force sensor products, aiming to enhance its capabilities in the robotics sector [23][24]

Market Overview - A-shares experienced significant adjustments this week, with major indices showing weekly changes of -3.77% for CSI 300, -5.99% for ChiNext 300, -5.54% for STAR 50, -5.78% for CSI 500, and -5.80% for CSI 1000, with ChiNext 300 showing the most pronounced decline [1] Company Performance - In the humanoid robot sector, stock performance was mixed, with the top five gainers being Weichuang Electric, Shida Group, Longxi Co., Henggong Precision, and Anpeilong, while the top five losers included Siling Co., Fangyuan Co., Baichuan Energy, Fulim Precision, and Xingyun Co. [1] Recent Events - Yushu Technology has completed its IPO guidance report, with CITIC Securities noting that the company has established the necessary governance structure, accounting practices, and internal controls to qualify for listing, and that its management and major shareholders are well-versed in the legal responsibilities and obligations of public companies [1] Industry Insights - Humanoid robots are considered a significant downstream application of AI technology, with China's industrial manufacturing capabilities leading globally, creating substantial scale effects. As companies like Tesla and Zhiyuan continue to innovate, the industry chain is expected to accelerate [2] - The Intel Technology Innovation and Industry Ecosystem Conference held on November 19 introduced a dual-path cold plate liquid cooling server, developed in collaboration with several companies, which utilizes domestic memory to enhance reliability while reducing energy consumption and operational costs [2] - The application of diamond heat dissipation is gaining recognition among downstream clients, as the semiconductor industry progresses towards smaller nodes, necessitating effective heat management to maintain chip performance and reliability [2]

Core Insights - The article presents a knowledge package focusing on advanced technologies in diamond heat dissipation, semiconductor, and AI cooling, aimed at understanding industry trends for 2025 [2][3]. Content Overview - The knowledge package includes materials on diamond materials, heat dissipation technologies, and semiconductor developments, curated from industry institutions and leading companies [3][6]. - Highlights of the materials include: - A PPT on diamond materials emphasizing their unique advantages in heat management [6]. - An in-depth report on the semiconductor industry discussing advanced packaging and future materials, with insights from companies like Nvidia and TSMC [6]. - Research on how AI is driving innovations in cooling systems [6]. - A report on CVD diamond applications and market prospects [6]. - In-depth analysis of the tool industry and superhard materials, indicating a growing demand for high-quality products [6]. Event Information - The 9th International Carbon Materials Conference and Industry Exhibition, Carbontech 2025, will be held from December 9-11 in Shanghai, featuring key topics such as CVD growth technology and heat dissipation applications [8][10]. - The event will include participation from renowned experts and companies, providing a platform for industry exchange [8][10]. - Registration for the event is open, with free admission for end-users from sectors like AI, consumer electronics, and robotics [20][21].

Group 1: Institutional Trading Insights - On the institutional trading leaderboard, 36 stocks were listed, with 21 experiencing net buying and 15 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Sanxiang New Materials (6.55 billion), China Duty Free Group (5.17 billion), and Sifangda (1.41 billion) [1] Group 2: Sanxiang New Materials - Sanxiang New Materials saw a net purchase of 6.55 billion from one institution [2] - The company is currently supplying zirconium-based halide materials in small batches to downstream battery enterprises [2] Group 3: Diamond Industry - The diamond industry is highlighted for its stable quality and comprehensive product range, particularly in superhard materials manufacturing [2] - Diamonds are becoming a new semiconductor material due to their superior hardness, high-temperature resistance, and excellent thermal conductivity, with applications in high-power and high-frequency electronic devices [2] - The Pacific Securities report suggests that advancements in diamond cooling solutions could reshape the global competition landscape in cooling technology, with China being the largest producer of synthetic diamonds [3] Group 4: Lithium Battery Sector - The company is involved in the research, production, and application of lithium battery electrolyte and additive materials [5] - The main products in the new energy materials sector include ethylene carbonate (EC) and dimethyl carbonate (DMC), primarily used in lithium battery electrolytes [5] - The lithium battery industry is experiencing a favorable supply-demand balance, with significant price increases expected due to rising demand and limited supply expansion [5]

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].