作者 | 第一财经 王方然 十多年前，一枚价值数万元的钻戒是婚礼上的顶流标配；二十年后，它却在二手市场近乎无人问津。而当年 每克百元的黄金，如今价格早已突破千元大关。 这种"踩准"与"踏空"，不仅是个人的选择差异，更清晰映射出两类资产在全球经济周期与产业变革中的不 同命运。过去十年间，黄金价格涨幅近4倍，不断刷新历史高点；而钻石价格指数则自高位回落超45%，行 业巨头戴比尔斯也不得不大幅降价以应对"罕见"的衰退。国内资本市场的反馈更为直接：头部钻石品牌股 价较历史峰值蒸发逾八成，而A股黄金龙头市值已突破万亿元大关。 2026.01. 26 本文字数：3546，阅读时长大约6分钟 展望未来，多名受访业内人士认为，钻石市场调整源于供需关系的逆转。两者背离的趋势短期内恐难逆转， 但驱动因素和市场前景正悄然孕育新的变数。 一涨一跌 20年前，张琳结婚时，婆家特意花10万元在广州为她买了一枚时髦的钻戒，堪称当时的"顶流"。那时金价 加工费每克才100多元，她也象征性打了"三金"，总重约100克。 如今儿子也要办婚礼了。最近，张琳去金店打听，当年那枚钻戒如今几乎无人问津，而金价早已突破每克千 元。当年攒下的百克黄金，如今 ...

这种"踩准"与"踏空"，不仅是个人的选择差异，更清晰映射出两类资产在全球经济周期与产业变革中的 不同命运。过去十年间，黄金价格涨幅近4倍，不断刷新历史高点；而钻石价格指数则自高位回落超 45%，行业巨头戴比尔斯也不得不大幅降价以应对"罕见"的衰退。国内资本市场的反馈更为直接：头部 钻石品牌股价较历史峰值蒸发逾八成，而A股黄金龙头市值已突破万亿元大关。 展望未来，多名受访业内人士认为，钻石市场调整源于供需关系的逆转。两者背离的趋势短期内恐难逆 转，但驱动因素和市场前景正悄然孕育新的变数。 一涨一跌 二十多年前，张琳结婚时，婆家特意花10万元在广州为她买了一枚时髦的钻戒，堪称当时的"顶流"。那 时金价加工费每克才一百多元，她也象征性打了"三金"，总重约一百克。 如今儿子也要办婚礼了。最近张琳去金店打听，当年那枚钻戒如今几乎无人问津，而金价早已突破每克 千元。当年攒下的百克黄金，如今市值正好十万。不多不少，抵回了那枚钻戒。 "像是时光打了个平手，"她笑着说，"挺有意思的。" 两者背离的趋势短期内恐难逆转，但驱动因素和市场前景正悄然孕育新的变数。 在深圳从事金融行业的李小姐告诉记者，8年前结婚时听从朋友"钻石更保值" ...

证券研究报告：机械设备|深度报告 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 2116.63 | | --- | --- | --- | | 52 | 周最高 | 2116.63 | | 52 | 周最低 | 1420.7 | 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 机械设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 近期研究报告 高功率电子器件热管理问题愈发严峻，散热会明显影响电子器件 性能、寿命、安全性。近年来，随着电子器件遵循着摩尔定律逐步向 集成化、高热流密度和微小型化 ...

Core Viewpoint - The article discusses the recent structural opportunities in the market driven by AI, highlighting significant movements in various sectors, particularly in the cultivated diamond and photovoltaic industries [3][9]. Group 1: AI-Driven Market Opportunities - The AI power infrastructure chain, including solid-state transformers, gas turbines, and solid oxide fuel cells, has seen substantial gains recently [3]. - The cultivated diamond sector has experienced a surge, with leading stocks like Sifangda and World achieving significant price increases, with Sifangda hitting a 20% limit up [6][9]. - The storage chip sector remains active, with companies like Shenkong and Jiangbolong reaching historical highs [3]. Group 2: Cultivated Diamond Sector Insights - Cultivated diamonds, which are synthetic diamonds of gem quality, are increasingly being integrated into various consumer and industrial applications, including fashion items and high-tech fields [9]. - The demand for cultivated diamonds is driven by advancements in semiconductor technology, particularly in the context of fourth-generation semiconductor materials and diamond cooling solutions [9][10]. - The diamond cooling technology is expected to enhance the performance of electronic devices significantly, with potential cost savings in data centers [10]. Group 3: Photovoltaic Sector Developments - The photovoltaic sector has shown strong performance, with companies like Zhonglai and Xiexin experiencing notable stock price increases [13][15]. - Recent advancements include a new perovskite solar cell prototype achieving a conversion efficiency of 27.2%, which could support the commercialization of this technology [15]. - The National Development and Reform Commission has outlined new guidelines to promote renewable energy consumption, aiming for a more efficient integration of renewable resources by 2035 [15].

Group 1 - The recent market activity around AI has created structural opportunities, particularly in the AI power infrastructure supply chain, with significant gains in sectors like solid-state transformers, gas turbines, and solid oxide fuel cells [1] - The cultivated diamond sector has seen a surge, driven by the performance of leading stocks such as Sifangda and World, with Sifangda hitting a daily limit up and World rising over 16% [1] - Cultivated diamonds, which are synthetic diamonds of gem quality, are increasingly being integrated into various consumer products and have growing demand in industrial markets, particularly in high-tech fields like semiconductors and quantum computing [1] Group 2 - The industrial market is a key catalyst for the cultivated diamond sector, particularly in relation to fourth-generation semiconductor materials that can withstand extreme conditions, with diamonds being a prime example [2] - Diamond's superior thermal conductivity makes it an ideal material for cooling solutions in high-performance computing, with potential applications in computers, cars, and smartphones, significantly improving efficiency and reducing cooling costs [2] - The diamond cooling technology can enhance GPU and CPU performance by three times, reduce temperatures by 60%, and lower energy consumption by 40%, leading to substantial savings in data center cooling costs [2] Group 3 - The recent surge in the diamond micro-drill sector is closely linked to PCB circuit boards, with diamond micro-drills being used for precision drilling in materials like silicon and PCB [3] - Nvidia's upcoming Rubin AI computing platform will utilize upgraded materials that require advanced drilling solutions, positioning polycrystalline diamond (PCD) drills as a viable option due to their durability and efficiency [3]

Group 1: AI and Market Opportunities - The market has recently seen structural opportunities around AI, particularly in the AI power infrastructure supply chain, with significant gains in sectors like solid-state transformers, gas turbines, and solid oxide fuel cells [1] - The diamond micro-drill theme has shown active performance, leading to a surge in the cultivated diamond sector, with major stocks like Sifangda and World achieving substantial price increases [1][2] - The storage chip sector remains active, with companies like Shenkong and Jiangbolong reaching historical highs in stock prices [1] Group 2: Cultivated Diamonds Sector - The cultivated diamond sector has seen a notable increase, with stocks like Sifangda and World leading the gains, reflecting a growing interest in this market [2][3] - Cultivated diamonds, which possess the same physical properties as natural diamonds, are increasingly being integrated into various consumer and industrial applications, including fashion items and high-tech fields [3][4] - The demand for cultivated diamonds is driven by both consumer markets and industrial applications, particularly in high-tech sectors such as semiconductors and quantum computing [3][4] Group 3: Industrial Applications and Innovations - The diamond cooling technology is gaining traction in the semiconductor industry, with diamond's thermal conductivity being 13 times that of silicon, making it a viable solution for high-performance computing challenges [4] - The recent surge in diamond micro-drills is linked to their application in PCB drilling, which is essential for the production of advanced electronic components [4][5] - Nvidia's upcoming AI computing platform will utilize upgraded materials that require advanced drilling solutions, further boosting the demand for diamond tools [5] Group 4: Photovoltaic Sector - The photovoltaic sector has shown strong performance, with significant gains in stocks related to solar equipment and materials, driven by recent technological advancements [6][7] - A recent breakthrough in perovskite solar cell technology has achieved a conversion efficiency of 27.2%, enhancing both efficiency and stability, which is crucial for commercialization [8] - New government guidelines aim to optimize the development and consumption of renewable energy, setting ambitious targets for 2030 and 2035 to improve the integration of renewable resources into the energy system [8]

Group 1: AI-Related Market Opportunities - The market has recently seen structural opportunities around AI, particularly in the AI power infrastructure supply chain, with significant gains in sectors like solid-state transformers, gas turbines, and solid oxide fuel cells [1] - The storage chip sector remains active, with companies like ShenGong Co. and JiangBoLong reaching historical highs [1] - The overall market indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, experienced declines of 0.38%, 0.52%, and 0.74% respectively [1] Group 2: Cultivated Diamond Sector Surge - The cultivated diamond sector saw a significant rise, with leading stocks such as Sifangda and World achieving substantial gains, including a 20% limit up for Sifangda [2][4] - The demand for cultivated diamonds is driven by both consumer and industrial markets, with applications expanding into fashion items and high-tech fields like semiconductors and quantum computing [5] - The recent surge in the cultivated diamond sector is attributed to industrial market demands, particularly in fourth-generation semiconductor materials and diamond cooling technologies [5][6] Group 3: Diamond Cooling Technology - Diamond cooling technology has the potential to enhance the performance of electronic products, with capabilities to triple GPU and CPU computing power while reducing temperatures by 60% and energy consumption by 40% [6] - The diamond cooling industry is rapidly advancing, with China producing 90% of the global synthetic diamond output, positioning domestic companies favorably in this technology [6] - The introduction of diamond micro-drills, which are essential for processing materials like silicon and PCB boards, has contributed to the recent market activity [6][7] Group 4: Photovoltaic Sector Developments - The photovoltaic equipment sector is experiencing growth, with companies like Zhonglai and KuaiKe Electronics seeing significant stock price increases [8] - Recent advancements in solar technology, such as the development of a perovskite solar cell with a conversion efficiency of 27.2%, are expected to support the industry's growth [9] - Policy initiatives from the National Development and Reform Commission and the National Energy Administration aim to enhance the consumption and regulation of renewable energy, setting ambitious targets for 2030 and 2035 [10]

Core Viewpoint - The cultivated diamond sector is experiencing a surge in stock prices due to recent export controls on synthetic diamond products, despite the industry's historical struggles with profitability and reliance on exports [1][3][10]. Group 1: Market Performance - The cultivated diamond index rose by 16.64% since October 9, with companies like Huifeng Diamond and Sifangda seeing stock increases of over 50% [1]. - Five out of seventeen cultivated diamond stocks have doubled in price this year, with ST Yazhen's stock increasing nearly 600% from its lowest point [1][3]. - The recent export control announcement has led to a wave of stock price increases, including three consecutive trading limits for Huanghe Xuanfeng [1][3]. Group 2: Industry Challenges - The cultivated diamond industry has faced significant losses, with ST Yazhen reporting over 400 million yuan in cumulative losses since 2021, and Huanghe Xuanfeng losing 299 million yuan in the first half of this year [3][5]. - Despite a recent price increase for rough diamonds, the overall performance of cultivated diamond companies remains weak, indicating that the impact of export controls may not be as beneficial as anticipated [12][13]. Group 3: Technological Developments - Cultivated diamonds are increasingly being recognized for their potential applications beyond jewelry, particularly in the semiconductor industry for heat dissipation [16][20]. - The thermal conductivity of diamond makes it a promising material for future semiconductor applications, with projections indicating significant market growth in diamond-based thermal management solutions [20][21]. Group 4: Future Outlook - The cultivated diamond sector is at a critical juncture, with companies exploring new applications in semiconductor technology, which could drive future growth [20][22]. - However, challenges remain in the production and processing stages, particularly in matching the efficiency required by the semiconductor industry [22][25].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 1.2%, the Shenzhen Component Index up by 1.97%, and the ChiNext Index up by 2.92% [2] - The trading volume showed a unique characteristic where only one stock, XianDao Intelligent, experienced a slight decline of 0.04%, while the rest of the top 50 stocks by trading volume all rose [1] Industry Performance Cultivated Diamonds - The cultivated diamond sector experienced significant gains, with stocks like HuiFeng Diamond, SiFangDa, and InnoLaser seeing substantial increases [3] - The demand for cultivated diamonds is driven by both consumer and industrial markets, with applications expanding into fashion items and high-tech fields such as semiconductors and aerospace [5][6] - The cultivated diamond industry is witnessing a shift towards industrial applications, particularly in semiconductor cooling solutions, where diamond's thermal conductivity offers substantial advantages [6] Consumer Electronics - The consumer electronics sector also saw a rise, with leading stocks such as Luxshare Precision and Lens Technology showing strong performance [7] - The strong sales of the iPhone 17 series in both China and the US markets have contributed to the positive sentiment in the sector [10] - Analysts suggest focusing on AI-driven innovations in consumer electronics, as AI capabilities are becoming key selling points for new devices [10][11]

Core Viewpoint - The A-share market is experiencing a bullish trend, with significant gains across various sectors, particularly in cultivated diamonds and consumer electronics [3][10]. Group 1: A-Share Market Performance - All three major A-share indices rose, with the Shanghai Composite Index up 1.2%, the Shenzhen Component Index up 1.97%, and the ChiNext Index up 2.92% [4]. - The market showed a rare occurrence where only one stock, XianDao Intelligent, slightly declined by 0.04%, while the rest of the top 50 stocks by trading volume increased [3][4]. Group 2: Cultivated Diamonds Sector - The cultivated diamond sector saw strong performance, with stocks like Huifeng Diamond, Sifangda, and Inno Laser experiencing significant gains [5][6]. - The demand for cultivated diamonds is driven by both consumer and industrial markets, with applications expanding into fashion items and high-tech fields such as semiconductors and quantum computing [8][9]. - Cultivated diamonds are recognized for their superior thermal conductivity, making them suitable for advanced cooling solutions in electronics, potentially enhancing performance and reducing energy costs [9]. Group 3: Consumer Electronics Sector - The consumer electronics sector also showed positive momentum, with leading stocks like Luxshare Precision and Lens Technology posting substantial increases [11][12]. - The recent surge in Apple’s stock price and strong early sales of the iPhone 17 series in both China and the U.S. are contributing factors to the optimism in the sector [13][14]. - Analysts suggest focusing on AI-driven innovations in consumer electronics, as well as the potential for exceeding sales expectations in the Apple supply chain [14].