人造金刚石微粉是通过对合成金刚石进行粉碎、整形与精细分级而获得的一类超硬材料，具备极高硬 度、良好热稳定性以及可控的粒度分布特征。该类微粉能够在微米甚至亚微米尺度上保持稳定的力学性 能和形貌一致性，广泛用于对表面精度和材料去除可控性要求极高的抛光与精密研磨场景。在高端制造 向高精度、高一致性和高良率持续演进的背景下，人造金刚石微粉已成为先进加工体系中的关键基础材 料。 据QYResearch调研团队最新报告"全球人造金刚石微粉市场报告2026-2032"显示，预计2032年全球人造 金刚石微粉市场规模将达到2.1亿美元，未来几年年复合增长率CAGR为6.0%。 图. 人造金刚石微粉，全球市场总体规模 来源：QYResearch 材料研究中心 图. 全球人造金刚石微粉市场前14强生产商排名及市场占有率（基于2025年调研数据；目前最新数据以 本公司最新调研数据为准） 来源：QYResearch 材料研究中心。行业处于不断变动之中，最新数据请联系QYResearch咨询。 产业链分析 在产业链上游环节，人造金刚石微粉的生产主要依赖高纯度石墨原料以及气流粉碎机等关键设备投入。 石墨原料直接影响合成金刚石的晶体质量与 ...

Core Viewpoint - The recent export control on artificial diamond powder by China is a strategic move aimed at countering U.S. dominance in the semiconductor industry, highlighting China's growing influence in the global diamond market and its ability to leverage critical materials for geopolitical advantage [1][3][20]. Group 1: Export Control and Its Implications - China's Ministry of Commerce and General Administration of Customs announced the inclusion of artificial diamond powder with an average particle size of ≤50 microns in the export control list, effective November 8 [1][20]. - This regulation directly targets the U.S. semiconductor industry, as over 70% of chip-grade diamond materials are imported from China, indicating a significant leverage point for China in the ongoing U.S.-China technological rivalry [3][20]. Group 2: Importance of Diamond in Technology - Diamonds, known for their exceptional hardness and thermal conductivity (2000 W/(m·K)), are critical in semiconductor manufacturing, particularly for advanced processes below 5 nanometers [7][19]. - The unique properties of diamonds make them indispensable in various high-tech applications, including as a protective layer in EUV lithography machines, which are essential for modern chip production [7][19]. Group 3: China's Dominance in the Diamond Industry - China has emerged as the global leader in the diamond industry, with a production capacity that far exceeds that of other developed countries, controlling 80% of the diamond powder output in the country [16][19]. - The city of Zhecheng in Henan Province has developed a complete industrial chain for diamond production, from raw materials to high-end semiconductor-grade diamonds, establishing itself as a global supply center [16][19]. Group 4: Strategic Use of Export Controls - The export control measures are designed to maintain a balance between civilian and military applications, allowing for the continued supply of diamonds for decorative purposes while restricting those used in sensitive technologies [20][22]. - This approach not only safeguards China's resource security but also pressures the U.S. to reconsider its export policies in the face of dependency on Chinese materials [20][22].

Core Viewpoint - The recent export control on artificial diamond powder by China is a strategic move aimed at countering U.S. dominance in the semiconductor industry, highlighting the increasing tensions in U.S.-China relations [2][4][24]. Group 1: Export Control Announcement - China's Ministry of Commerce and General Administration of Customs announced that artificial diamond powder with an average particle size of ≤50 microns will be subject to export controls, effective November 8 [2][24]. - This regulation directly targets the U.S. semiconductor industry, which relies heavily on Chinese diamond materials, with over 70% of chip-grade diamond raw materials imported from China [4][24]. Group 2: Importance of Diamond in Technology - Diamonds, known for their exceptional hardness and thermal conductivity, are critical in various high-tech applications, including semiconductor manufacturing and precision processing [6][9]. - The thermal conductivity of diamond is reported to be 2000 W/(m·K), significantly higher than that of copper and silicon, making it essential for advanced chip cooling solutions [8][9]. Group 3: China's Dominance in Diamond Production - China has emerged as the global leader in the diamond industry, with a production capacity that far exceeds that of developed countries, capturing 80% of the global diamond powder market [13][20]. - The city of Zhecheng in Henan Province has developed a complete industrial chain for diamond production, producing 10 million carats of cultivated diamonds annually [20][22]. Group 4: Strategic Implications of Export Controls - The export control on diamond powder is part of a broader strategy by China to leverage its material advantages in high-tech industries, similar to previous controls on rare earth elements [24][26]. - The regulation allows for civilian use while restricting military and semiconductor applications, effectively maintaining a balance between global supply and national security [24][26].

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].

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 previous struggles with profitability and market challenges [1][2][5]. Group 1: Market Performance - The cultivated diamond index has risen by 16.64% since October 9, with companies like Huifeng Diamond, Sifangda, and Power Diamond seeing stock increases of over 50% [2]. - 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 [2]. - The recent export control announcement has led to a stock price rally, but the long-term sustainability of this trend remains uncertain [5][17]. Group 2: Financial Struggles - ST Yazhen has accumulated losses exceeding 400 million yuan since 2021 and faces delisting risk starting May 6, 2025 [5]. - Huanghe Xuanfeng reported a net loss of 299 million yuan in the first half of this year, continuing a trend of declining profits for three consecutive years [6]. - Power Diamond's revenue fell by 36.43% year-on-year to 242 million yuan, with net profit down 82.52% to 26 million yuan [9]. Group 3: Industry Dynamics - The cultivated diamond market is increasingly competing with natural diamonds, with cultivated diamonds capturing 56.8% of the U.S. jewelry retail market share by April 2024 [11]. - The price of cultivated diamonds has plummeted, now averaging about 1/60th of natural diamonds, with a cumulative decline of over 90% since early 2022 [14]. - Despite price increases announced by several companies, the overall performance of cultivated diamond firms remains weak, and the impact of export controls may not yield the expected benefits [17]. Group 4: Technological Advancements and Future Potential - The semiconductor industry is exploring diamond as a potential solution for heat dissipation challenges, with diamond's thermal conductivity being significantly higher than that of copper and silicon [18][21]. - The diamond cooling market is projected to grow from $0.5 billion in 2025 to $15.24 billion by 2030, with a compound annual growth rate of 214% [21]. - Companies are beginning to explore diamond applications beyond jewelry, including in semiconductors and other high-tech fields, although challenges in production and processing remain [23][26]. Group 5: Structural Challenges - The domestic cultivated diamond industry is strong in rough diamond production but weak in high-value processing, with India dominating 80% of the processing market [27]. - The industry's long-term growth will depend on technological advancements, market expansion, and collaboration across the supply chain [27].

Core Viewpoint - The detection technology has evolved from a laboratory tool to an "invisible gatekeeper" of national security, highlighting the strategic importance of diamond powder in geopolitical contexts [2][14]. Policy Upgrade: Precise Control of the Diamond Industry Chain - The announcement No. 55 by the Ministry of Commerce and the General Administration of Customs will implement export controls on synthetic diamond micro-powder and specific types of synthetic diamond single crystals starting November 8, 2025, expanding the scope of regulation from equipment and technology to materials and products directly applied in the industry [3][5]. - Six categories of controlled items have been detailed, including synthetic diamond micro-powder and single crystals, while cultured diamonds for decoration are explicitly excluded [5]. - China dominates the global synthetic diamond market, producing 90% of the world's synthetic diamonds, with 80% of that production coming from Henan [5]. Detection Challenges: Upgraded Requirements for Diamond Identification Technology - The implementation of export controls has significantly increased the demand for detection technology to ensure compliance with new regulations [6][8]. - Exporters are required to certify the authenticity of their goods, marking controlled items as "dual-use" and providing specific parameters for similar non-controlled items [7]. Market Outlook: Structural Opportunities for Detection Instruments - The shift from a "scale-oriented" to a "technology-oriented" industry will create three levels of opportunities in the detection technology market: - **Enterprise Level**: Increased demand for compliance self-testing, leading to the necessity for detection equipment to prove non-controlled attributes of products [12]. - **Regulatory Level**: Upgraded port detection networks favoring portable instruments for on-site analysis [12]. - **R&D Level**: Accelerated domestic replacement of high-end instruments, emphasizing the importance of supply chain autonomy [12]. - The synthetic diamond industry is projected to exceed $270 million in export value by 2024, with breakthroughs in technical barriers increasingly reliant on precise identification capabilities [13].

Market Performance - The three major indices opened high and fluctuated, with the Shanghai Composite Index rising by 0.63%, the Shenzhen Component Index by 0.98%, the ChiNext Index by 1.98%, and the STAR Market 50 Index by 0.35% [2] - Over 3,800 stocks in the two markets rose, with a total trading volume of approximately 1.74 trillion yuan [2] Industry Highlights - The cultivated diamond and superhard materials sectors showed strong performance, with Huifeng Diamond rising by 29.98%, Sifangda by 19.98%, and Power Diamond by over 18% [2] - The Ministry of Commerce and the General Administration of Customs announced export controls on superhard materials, effective November 8, which is expected to enhance the supply protection for the domestic superhard materials industry and strengthen market expectations for the sector's scarcity and performance certainty [2] Coal Sector - The coal sector experienced a collective surge, with major companies like Dayou Energy, Yunmei Energy, and Shanxi Black Cat all rising by 10% [2] - The cold air mass affecting the northern regions is expected to increase coal demand during the winter, as a double La Niña weather pattern may lead to a colder winter in China [3] Technology and Robotics - The CPO and computing power sectors were active, with Cambridge Technology rising by 10% and other companies like Zhongji Xuchuang and Tianfu Communication increasing by over 7% [3] - Citibank indicated potential upward demand in the optical module industry, suggesting buying opportunities after recent stock price adjustments [3] - Robotics leader UBTECH won a project for the procurement and installation of intelligent data collection and testing center equipment in Guangxi, with an order amounting to 126 million yuan [4] - UBTECH's Walker series humanoid robots have secured over 630 million yuan in orders this year, excluding a joint development project with Beijing Guodi [4] Declines in Other Sectors - The precious metals sector saw significant declines, with Hunan Silver hitting a 10% limit down, alongside other companies like Xiaocheng Technology and Western Gold experiencing heavy losses [4] - New energy-related stocks also showed weakness, with Shengxin Lithium Energy and Tianqi Lithium experiencing declines [4]

Group 1 - The report highlights the implementation of export controls on superhard materials by the Ministry of Commerce and the General Administration of Customs, affecting products such as synthetic diamond powders and CVD equipment [2][11]. - China's superhard materials industry is globally leading, with a production share of over 95% in industrial diamonds, supported by a monopolized supply chain in Henan and a significant market share in diamond wire saws [3][16]. - The future development of the superhard materials industry will focus on high-end and specialized applications, with an emphasis on technological independence and green transformation [3][23]. Group 2 - The report notes a decline of 3.59% in the chemical new materials sector on the North Exchange, with only the rubber and plastic products sector showing an increase [4][30]. - Key companies in the sector, such as LITONG Technology and HUIFENG Diamond, have shown significant stock performance, with LITONG Technology increasing by 39.83% [4][37]. - The report provides insights into the financial performance of MINSHIDA, which reported a 28.88% year-on-year increase in net profit for the first three quarters of 2025 [5][74]. Group 3 - The superhard materials industry is experiencing a trend towards high-end and diversified applications, extending from traditional industrial processing to high-value sectors like semiconductors and aerospace [13][19]. - The report outlines the core demands for various applications of superhard materials, including high hardness for industrial processing and high thermal conductivity for semiconductor applications [14]. - The competitive landscape of the superhard materials industry will increasingly focus on eliminating outdated production capacity and supporting specialized enterprises [23][26].

Core Viewpoint - The cultivated diamond sector has emerged as a standout performer in the A-share market, driven by both improving fundamentals and favorable policy changes, particularly the recent export controls on superhard materials [3][4]. Group 1: Market Performance - As of October 16, the cultivated diamond sector index rose from 1851.15 points to 2002.93 points, reflecting a significant increase [2]. - Key stocks such as Power Diamond, Sifangda, and Huanghe Xunfeng saw monthly gains exceeding 10%, while some companies like *ST Yazhen, Chaohongji, and Hengsheng Energy experienced annual increases over 100% [2][8]. - By October 17, 10 out of 15 core stocks in the sector had risen, with only 2 companies showing a decline in stock price for the year [3]. Group 2: Policy Impact - The Ministry of Commerce and the General Administration of Customs announced export controls on superhard materials, effective November 8, which is expected to create a protective barrier for the domestic superhard materials industry [3]. - This policy is anticipated to enhance market expectations regarding the scarcity and performance certainty of the cultivated diamond sector, leading to immediate stock price increases following the announcement [3]. Group 3: Demand Growth - The cultivated diamond market in China is experiencing robust growth, with projected total imports and exports of rough cultivated diamonds reaching $12,296 million in 2024, a year-on-year increase of 82.11% [4]. - The total imports and exports of finished cultivated diamonds are expected to reach $19,460 million in 2024, reflecting a year-on-year growth of 78.09% [4]. Group 4: Company Analysis - Power Diamond, Sifangda, and Huanghe Xunfeng are leading the market, with their revenue figures showing significant fluctuations. For instance, Power Diamond's revenue is projected to decline from 9.06 billion in 2022 to 6.86 billion in 2024 [6]. - R&D expenditures for these companies in the first half of 2025 were 30.44 million, 28.72 million, and 39.16 million respectively, indicating varying levels of investment in innovation [7]. - Cash flow from operating activities for these companies also varies, with Power Diamond generating 3.29 billion in 2022, while Huanghe Xunfeng had 7.06 billion in the same year [7]. Group 5: Future Outlook - The cultivated diamond sector's recent surge is attributed to a combination of policy support and a rebound in market conditions, which is expected to amplify performance expectations and market interest [8]. - However, the market may experience differentiation in performance as the focus shifts back to fundamental factors such as order volume and profit margins [9].

Market Overview - The U.S. stock market showed mixed results with the Dow Jones up by 0.44%, while the Nasdaq and S&P 500 fell by 0.76% and 0.16% respectively. The Nasdaq China Golden Dragon Index dropped by 1.95% [1] - In the A-share market, major indices experienced declines, with the Shanghai Composite Index down by 0.62%, the Shenzhen Component down by 2.54%, and the ChiNext Index down by 4.26%. Over 3,500 stocks fell, indicating a bearish sentiment [1] - The trading volume in the A-share market reached 2.58 trillion yuan, an increase of 221.5 billion yuan compared to the previous trading day [4] Sector Performance - The diamond cultivation sector saw significant inflows due to new export controls on synthetic diamond products announced by the Ministry of Commerce and the General Administration of Customs, highlighting the material's importance in semiconductor applications [1] - High dividend sectors such as banking, insurance, and coal mining showed positive performance, while semiconductor equipment and related sectors faced significant outflows [5][8] Investment Strategy - The market is expected to experience fluctuations, with a recommendation to focus on undervalued high-dividend assets and sectors benefiting from domestic consumption recovery [6][9] - The recent market adjustments are viewed as technical corrections rather than a shift in the overall bullish trend, with a focus on maintaining positions above 3,800 points in the Shanghai Composite Index [7] - Investors are advised to reduce positions gradually during any rebounds to manage risk effectively [7] Technical Analysis - The Shanghai Composite Index is currently in a strong oscillating pattern, having tested the 20-day moving average support, while the ChiNext Index has shown weakness, failing to break above its 20-day moving average [11]