Core Viewpoint - The article emphasizes the urgent need to address the "hotspot" issues in semiconductor chips due to increasing power density and shrinking sizes, highlighting diamond as an ideal thermal management material due to its superior thermal conductivity and other advantageous properties [2][5][10]. Group 1: Thermal Management Challenges - The semiconductor industry is progressing towards smaller nodes (2nm, 1.6nm, and 1.4nm), leading to unprecedented thermal management challenges as chips generate significant heat during operation [2][5]. - Ineffective heat dissipation can create hotspots within chips, resulting in performance degradation, hardware damage, and increased costs. For instance, when chip surface temperatures reach 70-80°C, reliability decreases by 10% for every 1°C increase [5][6]. Group 2: Advantages of Diamond as a Thermal Material - Diamond exhibits the highest thermal conductivity among known materials, reaching 2000 W/m·K, which is significantly higher than silicon, silicon carbide, and gallium arsenide [3][10]. - Diamond's bandgap of approximately 5.5 eV allows it to operate stably in high-temperature and high-voltage environments, making it suitable for high-power electronic devices [3][11]. - The material's exceptional current-carrying capacity, mechanical strength, and radiation resistance further enhance its reliability and lifespan in demanding conditions [3][11]. Group 3: Applications and Innovations - Diamond can be utilized in various forms, including diamond substrates, heat sinks, and microchannel structures, to effectively manage heat in semiconductor applications [10][11]. - Companies like Akash Systems have developed diamond cooling technologies that can reduce GPU hotspot temperatures by 10-20°C, cut fan speeds by 50%, and extend server lifespans while saving millions in cooling costs [10]. - The Diamond Foundry has made significant advancements in producing single-crystal diamond wafers, which can enhance GPU performance by three times and reduce temperatures by 60% [38][40]. Group 4: Industry Developments and Company Cases - The diamond industry in China is concentrated in regions like Henan, Shandong, and Jiangsu, with companies like Zhongnan Diamond and Huanghe Whirlwind dominating the market [31]. - Wald has reported a revenue of 679 million yuan in 2024, with a focus on CVD diamond heat sink products, indicating a growing market for diamond-based thermal management solutions [54][59]. - Power Diamond is collaborating with Taiwan's Jiesao Enterprise to enhance its capabilities in diamond functional materials, particularly for semiconductor cooling applications [65].

作者 |远禾 数据支持 | 勾股大数 据（www.gogudata.com） 近日，一明星赛道逆势上涨，接连迎来多个涨停，那就是——培育钻石。 近一段时间以来，黄河旋风直接收获三连板，四方达、盛能源、ST亚振，也相继涨停。 涨停潮背后，是10月9日，商务部、海关总署公告，经国务院批准，决定对人造金刚石微粉、人造金刚石单晶、人造金刚石线锯、人造金刚石 砂轮等相关超硬材料产品实施出口管制。 Wind数据显示，10月9日以来，超硬材料指数上涨16.64%，其中，惠丰钻石、四方达、力量钻石均涨超50%。 而今年以来，培育钻石板块的17只个股中已有5只股价翻倍，ST亚振今年股价更是已涨近600%，较年内最低点翻了8倍。 不过，作为一个高度依赖出口行业，出口管制真的能让培育钻石板块彻底翻身吗？ 01 回顾过去，在这一波强势行情之前，培育钻石企业已经陷入了长时间的阴影。 原本主营中高端家具的ST亚振，2021年以来累计亏损已经超4亿元。2025年5月6日起，公司股票被实施退市风险警示。 今年上半年，在涨停潮中收获三连板的黄河旋风，今年上半年归母净利润亏损2.99亿元，自2022年以来，黄河旋风的净利润已经连续三年同 比下滑 ...

国机精工集团股份有限公司投资者关系活动记录表 编号：2025—018 | 及世界首台 26 兆瓦系列主轴轴承及齿轮箱轴承，不断刷新产品 | | --- | | 纪录，推进国产化替代进程。 | | （三）精密机床轴承 | | 精密机床轴承近几年发展稳定，产品种类主要为精密机床主 | | 轴轴承和滚珠丝杠轴承。 | | 二、磨料磨具业务领域 | | 主要分为超硬材料磨具产品、复合超硬材料产品、金刚石功 | | 能化应用产品： | | （一）超硬材料磨具产品 | | 是具有极强市场竞争优势的核心业务，产品打破国外垄断， | | 主要服务于半导体、汽车、光电、工模具等领域。 | | （二）复合超硬材料产品 | | 聚焦石油、硬线等专业领域，金刚石复合片、金刚石拉丝模 | | 坯料和切削刀具用复合超硬材料等主要产品，金刚石复合片主要 | | 应用于石油、天然气、煤田地质钻探。 | | （三）金刚石功能化应用产品 | | 大单晶金刚石作为极限材料，拥有优异的声、光、电、磁、 | | 热等性能特点，被誉为"材料之王"，其功能化应用已经开始服 | | 务于国家重大工程和战略性新兴产业发展。金刚石更是"终极半 | | 导体材料 ...

Core Insights - The A-share cultivated diamond sector is experiencing significant growth, driven by policy changes and technological advancements, transitioning from a decorative to a functional application in high-end manufacturing [1][2] - Cultivated diamonds are being recognized for their strategic value, particularly in the semiconductor industry, where they serve as ideal heat dissipation materials [2][4] - China's dominance in the cultivated diamond market is evident, controlling 95% of global production capacity, but the industry faces structural imbalances, particularly in processing and branding [7][8] Group 1: Market Dynamics - The cultivated diamond market is undergoing a value reconstruction, shifting from decorative uses to functional applications, particularly in electronics [1] - The global cultivated diamond market is facing pressure, with India's imports of rough diamonds dropping by 37.01% year-on-year, indicating overcapacity and price wars [4][6] - In contrast, the natural diamond market shows resilience, with a 14.07% year-on-year increase in rough diamond imports in August [5] Group 2: Policy Implications - The Chinese government has implemented export controls on synthetic diamond products, which may initially hinder exports but will ultimately drive the industry towards technological advancements and high-end production [4][8] - The policy changes will create different opportunities and challenges across the supply chain, benefiting upstream manufacturers and supporting midstream processing capabilities [9][10] - The domestic market for cultivated diamonds has significant growth potential, with current penetration at only 5%, suggesting substantial room for expansion [9][11] Group 3: Investment Opportunities - Investors are advised to focus on companies with leading advantages in semiconductor heat dissipation applications and large single crystal production, as these areas are encouraged by policy and have high technical barriers [10][11] - The trend towards domestic production of detection instruments and core equipment is expected to create growth opportunities for specialized companies in the cultivated diamond sector [11][12] - The recent export control policy marks a pivotal moment for the cultivated diamond industry, shifting growth drivers from price competition to technological breakthroughs and value enhancement across the entire supply chain [12]

Core Viewpoint - The recent surge in the A-share cultivated diamond sector is driven by policy changes and technological advancements, leading to a revaluation of its market potential from decorative to functional applications [2][4]. Group 1: Market Dynamics - The cultivated diamond sector is experiencing a significant influx of capital, with stocks like Huanghe Xuanfeng and Power Diamond seeing substantial price increases, indicating a collective vote of confidence in the industry's future [2]. - The cultivated diamond's transition from jewelry to high-tech applications, such as in semiconductor cooling solutions, highlights its evolving role in the manufacturing sector [4][5]. Group 2: Technological Advancements - Cultivated diamonds are recognized for their superior thermal conductivity compared to copper and silicon, making them ideal for addressing heat dissipation challenges in advanced electronics [4]. - Power Diamond has set a global record with a 156.47-carat cultivated diamond, showcasing advancements in single crystal cultivation technology that enhance the practical applications of diamonds in electronics [5]. Group 3: Strategic Policy Impacts - The Chinese government has implemented export controls on synthetic diamond products, recognizing their strategic importance in high-end manufacturing, particularly in the semiconductor industry [6][10]. - These export controls are expected to shift the industry focus from scale to technology, promoting higher-end production and innovation within the cultivated diamond sector [10][12]. Group 4: Industry Structure and Challenges - Despite China's dominance in cultivated diamond production, the industry faces structural imbalances, with significant reliance on India for processing and branding, leading to a distorted value distribution [8]. - The Indian cultivated diamond market is under pressure, with a 37.01% year-on-year decline in rough diamond imports, contrasting with the resilience of the natural diamond market, which saw a 14.07% increase in imports [7][8]. Group 5: Future Opportunities - The policy changes are expected to create new opportunities across the industry chain, particularly for upstream manufacturers and midstream processing firms, as well as for downstream brands in the domestic market [11][12]. - The cultivated diamond market in China has a low penetration rate of 5%, indicating significant growth potential as consumer awareness and demand increase [11].

本报讯（记者 李凤虎 河南日报社全媒体记者 陈萌萌）10月15日，走进位于柘城高新技术开发区的河南 省力量钻石股份有限公司（以下简称"力量钻石"）生产车间，一排排大型六面顶压机在恒温恒压环境下 静默运行。正是这套智能化生产系统，既能稳定产出10至50克拉的常规培育钻石原石，又能突破技术瓶 颈，培育出156.47克拉的"巨无霸"单晶。 在9月举行的第十五届中国河南国际投资贸易洽谈会的展台上，一颗重达156.47克拉的人工培育钻石原 石，以璀璨光芒吸引了众人目光。这是力量钻石的最新力作，经国际宝石学院（IGI）鉴定，它超越了 2022年MeylorGlobal公司150.42克拉的纪录，成为全球最大的人工培育钻石单晶。 这一纪录，不仅是人工培育钻石的重量突破，更是柘城县超硬材料产业从"装饰应用"转向"功能突破"的 标志性见证。 "这颗钻石的成功培育，标志着我们的大颗粒单晶技术正式跻身全球领先行列，未来有望拓展出更多的 应用场景。"力量钻石项目部主任陈亚男说。 在力量钻石的生产版图中，另一项"钻石黑科技"同样破解着产业难题。 在金刚石散热片生产车间，透明的金刚石晶片在自动化设备中缓缓沉积，这些看似轻薄的晶片，正成为 ...

沃尔德 20250919 摘要 沃尔德微钻技术在硬脆材料加工中优势显著，尤其在单晶硅孔加工中表 现突出，单个微钻可完成 6,000-10,000 个孔的加工，2025 年上半年 气体分流盘业务收入同比增长 110%至 500 多万元。 沃尔德关注 PCB 板材领域麻酒材料的应用，通过激光式微钻技术提升孔 加工数量，计划 2026 年实现大规模应用，以扩大市场份额。 沃尔德致力于金刚石散热片研发，主要产品包括 12 英寸硅基和 8/6 英 寸碳化硅基散热片，与台湾客户合作进行测试和送样，用于提高芯片性 能和稳定性。 金刚石散热技术商业化落地面临挑战，但大规模微波法设备发展和下游 需求增加推动了其进程，小尺寸金刚石片需求增加，公司正与科研院所 及应用方案解决商合作。 沃尔德预计 2 纳米和 3 纳米晶圆对金刚石散热产品需求较高，这些先进 工艺节点对散热性能要求更为紧迫，但大规模商业化仍面临技术问题， 预计 2026 年可能实现规模化生产。 Q&A 请介绍一下沃尔德公司在 PCD 和金刚石工具材料方面的最新进展。 沃尔德公司在 PCD（聚晶金刚石）和金刚石工具材料方面取得了显著进展。首 先，PCD 市场主要应用于机 ...

Core Viewpoint - China Machinery Industry Group Co., Ltd. (referred to as "CMIG") aims to enhance the investment value of its listed companies and strengthen investor returns as a long-term commitment, focusing on effective market value management tools to create a cluster of leading companies with strong core competitiveness and good governance [1][2] Group 1: Strategic Focus Areas - CMIG will concentrate on five key areas: improving the quality of listed companies, enhancing capital operations, increasing reform efforts, ensuring standardized operations, and actively returning value to investors [2] - The group plans to gather high-quality resources towards listed companies, support capital operations that enhance investment value, and encourage integration of industry resources to address supply chain gaps [2][4] Group 2: Market Value Management - CMIG currently controls 11 listed companies, including 10 in A-shares and one overseas [3] - As of June 2025, the total market value of CMIG's listed companies increased by 17.5% compared to the end of 2022, outperforming the index growth during the same period [4] - The group has established a market value management mechanism, incorporating it into performance assessments for company leaders to strengthen positive incentives [4] Group 3: Company-Specific Initiatives - China Electric Research Institute reported a share increase of 6.57 million shares, accounting for 1.62% of its total share capital, with a total investment exceeding 140 million yuan [5] - China National Machinery Industry Corporation aims to become a technology-driven engineering company, focusing on enhancing core competitiveness and service capabilities [5][6] - Su-meida is actively pursuing external growth through mergers and acquisitions, with plans to acquire a listed company to enhance its capabilities in the new energy and chemical equipment sectors [7] Group 4: Financial Performance and Shareholder Returns - YTO Express has distributed a total of 1.473 billion yuan in dividends since its A-share listing, with a planned dividend of 337 million yuan for 2024 [8] - CMIG Automotive has implemented a mid-term dividend policy, ensuring that cash distributions will not be less than 35% of net profit attributable to shareholders from 2025 to 2027 [7][8]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to initiate a "second curve" of growth, focusing on strategic emerging industries and future industries [1] - China Machinery Group (Sinomach) is accelerating efforts in high-end equipment manufacturing, new materials, new energy, and energy conservation and environmental protection as part of its growth strategy [1] - Sinomach Heavy Industry plans to integrate the development of strategic emerging industries with its 14th Five-Year Plan to enhance revenue from these sectors [1] Group 2 - Sinomach Precision Engineering is focusing on high-value products in the bearing sector to support China's commercial aerospace development and humanoid robotics [2] - The company aims to enter the diamond functional application era, optimizing diamond-copper composite materials and breaking through large-size optical-grade diamond products [2] - Products such as commercial aerospace bearings and diamond heat sinks are expected to become significant profit growth points within 3-5 years [2] Group 3 - China Electric Research is developing high-potential new products in various fields, including smart home appliances, new energy, and medical devices [3] - The company has created an integrated service for national quality infrastructure (NQI) in the new energy sector, covering standards, measurement, inspection, and certification [3] - New products in electrical equipment and environmental coatings have gained recognition from industry leaders and are becoming part of the company's second growth curve [3] Group 4 - Sumec is exploring external growth through mergers and acquisitions, with plans to acquire A-share listed company Blue Science High-Tech [4] - The acquisition aims to enhance Sumec's capabilities in the new energy and chemical equipment sectors, contributing to its second growth curve [4] - The completion of this acquisition will position Sumec as one of the few companies with an "A+A" structure, reinforcing its collaborative development capabilities [4]

Company Overview - The history of Guojijiang Precision Engineering dates back to 1958 with the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute, and it was listed on the Shenzhen Stock Exchange in 2005 [3] - The company focuses on precision manufacturing, driven by technological innovation, providing key products, technologies, and services that meet national strategic needs [3] Business Segments and Applications - Guojijiang operates in the bearing and abrasive tools industry, covering five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management [3] - Products are widely used in aerospace, naval weaponry, electronic information, new energy, high-end machine tools, and automotive sectors [3] Technological Innovation - The company has achieved over 2,400 research results and revised 1,076 national and industry standards since its inception [3] - It has received 298 national and provincial-level scientific awards, with two achievements awarded the "National Science and Technology Progress Second Prize" in the last five years [3] Business Performance Bearing Business - The special bearing business has shown steady growth, contributing significantly to profit increases, with a key product matching rate of over 90% in the aerospace sector [4] - Wind power bearing business has seen strong growth, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings, fully replacing imports [4] Abrasive Tools Business - The superhard materials tools business continues to grow, with core products serving semiconductor, automotive, and optical industries [4] - The company has achieved breakthroughs in diamond functional applications, which are expected to become a new source of profit [4] Financial Highlights - Over the past five years, key financial indicators such as total profit, return on net assets, and gross profit margin have consistently increased [4] - The company aims for a long-term dividend payout ratio of no less than 40%, with a current payout ratio ranking in the 70th percentile among listed companies [7] Future Outlook - The company plans to focus on its core businesses of bearings and abrasive tools, enhancing technological research and development, and expanding into high-growth sectors [6] - It aims to consolidate existing advantages while exploring future potential businesses, such as bearings for commercial aerospace and humanoid robots [6] Governance and Investor Relations - Guojijiang emphasizes transparent governance and investor relations, establishing a trust system that includes information disclosure and ESG governance [8] - The company has implemented a three-year shareholder return plan to ensure sustainable investor benefits [7]