Core Insights - The superhard materials industry, known as the "industrial teeth," is becoming a key measure of advanced manufacturing strength in regions across China [1][2] - The 2025 China Superhard Materials Industry City Competitiveness TOP 50 list highlights Zhengzhou, Shangqiu, Nanyang, Jiaozuo, and Xuchang as the top five cities, with competitiveness indices of 94.04, 89.17, 88.91, 86.81, and 84.44 respectively [1] Group 1: Industry Overview - The competitiveness ranking is based on six dimensions: industry scale, quality enterprises, innovation capability, financing ability, industry efficiency, and growth capability [1] - Zhengzhou leads in both "industry scale" and "quality enterprises," while also ranking in the top three for "innovation capability" and "financing ability," showcasing a comprehensive leading advantage [2] Group 2: Regional Strengths - Henan province, as the birthplace and core area of the superhard materials industry, accounts for over 90% of the national production capacity, with a complete supply chain from raw materials to finished products [2] - The strong industrial cluster effect in Henan has led to significant technological innovations, particularly in cutting-edge fields like CVD diamonds and nano-diamonds [2] Group 3: Competitiveness of Other Cities - Other cities like Shenzhen, Xiamen, and Beijing are forming a distinctive second tier in the competitiveness ranking, with Shenzhen showing notable advantages in "growth capability" [4] - Xiamen excels in nurturing specialized "little giant" enterprises, while Beijing maintains a leading position in basic research and frontier applications in superhard materials [4] Group 4: Future Trends - The competition in the superhard materials industry is shifting from production capacity to technological innovation, product performance, and brand value [4] - The superhard materials sector is crucial for supporting strategic emerging industries such as aerospace, semiconductors, and new energy vehicles, indicating its importance in future manufacturing competitiveness [4][5]

Investment Rating - The report does not explicitly state an investment rating for the diamond heat dissipation industry, but it highlights significant growth potential and market opportunities [1][23]. Core Insights - The diamond material exhibits superior thermal conductivity, making it a promising candidate for high-performance chip cooling solutions, especially as chip integration and power density increase [4][15]. - The diamond heat sink material has a thermal conductivity of 2000-2500 W/(m·K), which is four times that of copper and eight times that of aluminum, ensuring stability during temperature cycling [15][16]. - The market for diamond heat dissipation is projected to reach 9.7 billion yuan by 2032, indicating a substantial growth opportunity as technology matures [23][24]. Summary by Sections 1. Diamond Materials: Excellent Chip Cooling Materials - High-power chip cooling issues need urgent solutions, with diamond materials expected to be widely applied in aerospace, electronics, and other rapidly developing fields [4][6]. - The MPCVD method is identified as the optimal approach for producing semiconductor diamond materials, offering high purity and quality [21][19]. 2. Related Companies: World, Sifangda, Guojijinggong - **World**: A leading enterprise in superhard tools, with a stable revenue growth of 12.54% in 2024, focusing on diamond materials [26][28]. - **Sifangda**: A leader in composite superhard materials, with a focus on self-developed MPCVD equipment to expand applications in precision tools and chip heat sinks [30][33]. - **Guojijinggong**: A leading enterprise in superhard materials, showing accelerated revenue and net profit growth, with a focus on MPCVD equipment [34].

Core Viewpoint - The company, Sifangda, is actively engaging with institutional investors, focusing on its advancements in diamond heat dissipation and PCD micro-drill products, indicating a strong market interest and potential growth opportunities. Group 1: Diamond Industry - Sifangda specializes in the research and development of diamond technologies, particularly in the CVD diamond industry chain, with proprietary MPCVD synthesis and processing equipment, and has developed multiple patents [1][3] - The company has the capability to produce large-size (12-inch) diamond substrates and films in bulk, leveraging the advantages of diamond such as wide bandgap, high breakdown field strength, and high thermal conductivity for applications in optical windows, chip heat sinks, semiconductors, and power devices [1][3] Group 2: PCD Micro-Drill Products - Sifangda emphasizes the importance of R&D for PCD micro-drill products, which are characterized by long lifespan, high processing precision, and good surface finish, aiming to reduce domestic high-end manufacturing reliance on imported precision tools [2] - The company is exploring applications of PCD micro-drills in high-end manufacturing sectors such as PCB boards, while continuously optimizing product performance [2] Group 3: Market Trends and Strategy - In the resource extraction and engineering construction sector, domestic economic recovery is driving growth in oil and gas consumption, with a positive outlook for the domestic oilfield service market [2] - The company plans to enhance its market competitiveness by optimizing strategies for oil composite sheets and expanding its presence in both domestic and international markets [4] - In the precision processing sector, Sifangda aims to capitalize on the rapid growth of the new energy vehicle market and the trend of import substitution to increase sales of super-hard tools [4] Group 4: Future Outlook - Sifangda intends to accelerate the industrialization of CVD diamonds, dynamically adjusting production capacity based on market demand, and innovating marketing models [4] - The company is committed to maintaining high R&D investment and expanding market development efforts, with a focus on steady growth in composite super-hard materials and stable operations in the CVD diamond business [4]

调研基本情况 2026年1月22日下午15:00-16:00，河南四方达超硬材料股份有限公司（以下简称"公司"）以"公司会议室 结合线上会议"形式开展投资者关系活动，活动类别为"特定对象调研"及"其他（电话会议）"。南方基 金、国海证券、易方达基金、财通证券、浙商证券等5家机构参与本次调研，公司董事会秘书兼财务总 监李炎臻、职工董事兼证券事务代表杨易硕负责接待并与机构就业务进展等问题进行交流。 核心交流要点 自研CVD设备优势：降本增效与工艺迭代双驱动 金刚石散热领域：技术积累与批量制备能力凸显 针对机构关注的金刚石散热领域进展，公司表示，金刚石因禁带宽大、击穿场强高、热导率高等特性， 在光学窗口、芯片热沉、半导体及功率器件等领域应用潜力显著。作为国内设备规模优势明显的CVD 金刚石厂商，公司已拥有自主知识产权的MPCVD合成及加工设备技术和CVD金刚石生长工艺技术，目 前已具备批量制备能力。 PCD微钻产品：聚焦高端制造进口替代 在PCD微钻产品进展方面，公司称高度重视相关研发，目前已具备生产适用于特定需求的微钻钻针的能 力。该产品具有寿命长、加工精度高及光洁度好等特点，未来有望逐步降低国内高端制造业对进口 ...

Core Viewpoint - The company, Sifangda, has developed its own MPCVD equipment for producing CVD diamonds, which significantly reduces procurement costs and supply chain uncertainties while enhancing production efficiency and adaptability [1] Group 1: Cost and Supply Chain - The self-developed MPCVD equipment allows the company to lower procurement expenses and avoid uncertainties associated with external equipment suppliers [1] - This approach leads to a more stable supply chain and cost management [1] Group 2: Production Efficiency - The equipment is tailored to meet actual production needs, which helps improve production efficiency [1] - Enhanced adaptability in processing is achieved through the use of this equipment [1] Group 3: Research and Development - The company benefits from high flexibility in research and development, enabling rapid iteration of process solutions [1] - Continuous enhancement of product differentiation competitiveness is supported by this R&D flexibility [1]

Group 1: Company Overview and Capabilities - The company is a leading CVD diamond manufacturer in China, possessing proprietary technology for MPCVD synthesis and processing equipment [2][6] - It has the capability to produce large-sized (12-inch) diamond substrates and films, indicating significant production capacity [2] Group 2: Product Development and Market Focus - The company has developed PCD micro-drills that are characterized by long lifespan, high precision, and good surface finish, aiming to reduce reliance on imported precision tools in high-end manufacturing [4] - Continuous R&D investment is emphasized to enhance product performance and market development, particularly in the CVD diamond sector [5] Group 3: Market Trends and Opportunities - The domestic oilfield service market is recovering, with an expected increase in demand for petroleum composite sheets due to rising oil and gas consumption [7] - The high-end manufacturing sector is evolving, with a growing market share for super-hard tools driven by the rapid growth of the new energy vehicle industry [7] Group 4: Strategic Advantages - Self-developed equipment significantly reduces procurement costs and supply chain uncertainties, enhancing production efficiency and adaptability [6] - The flexibility in equipment development allows for rapid iteration of process solutions, focusing on improving product differentiation [6]

Core Viewpoint - Hengsheng Energy (SH605580) experienced a trading limit increase, reaching a price of 27.47 yuan, with a rise of 10.01%, and a total market capitalization of 7.692 billion yuan, indicating strong investor interest driven by technological advancements and improved financial performance [1][2]. Group 1: Technological Advancements - Hengsheng Energy's CVD diamond technology is leading in the industry, with a cultivated diamond yield rate exceeding 80% and functional materials over 90%, showcasing the potential for future growth despite current CVD diamond revenue being only 0.15% of total income [2]. - The company adheres to a strategy focused on "ultra-hard material cutting-edge manufacturing," emphasizing the development of this business segment [2]. Group 2: Business Performance - The company's operating revenue increased by 16.32% year-on-year, reflecting strong market expansion capabilities and stable development in core businesses such as the thermoelectric industry, which supports the stock price [2]. - There was a significant improvement in operating cash flow, with a net increase of 171.2%, indicating enhanced operational quality and an overall better financial condition [2]. Group 3: Market Dynamics - Hengsheng Energy's stock performance is influenced by the broader electricity sector, which has shown a certain degree of correlation, as evidenced by its inclusion in the "Dragon and Tiger List" on January 15, with a transaction volume of 646 million yuan [2]. - Despite the positive developments, foreign capital showed net selling on the same day, indicating some market divergence in sentiment [2].

Group 1 - The company has a significant scale advantage in CVD diamond manufacturing in China and possesses nanodiamond coating technology [2] - The company currently does not engage in electrode-related business but is open to exploring more business opportunities based on its operational needs and development requirements in the future [2]

Group 1: Functional Diamond Products - The company focuses on the research and development of diamond products, particularly in the CVD diamond sector, with proprietary MPCVD synthesis and processing equipment [2][3] - High-quality large-size ultra-pure diamonds are applicable in jewelry, precision tools, optical windows, CVD chip heat sinks, and semiconductor devices [2][3] - The company plans to increase R&D investment in functional diamonds and accelerate technological breakthroughs in optical windows, chip heat sinks, and semiconductor devices [3] Group 2: PCD Micro Drill Progress - The PCD micro drill bits produced by the company are characterized by long lifespan, high processing precision, and good surface finish [4] - The development of PCD micro drills aims to reduce domestic high-end manufacturing reliance on imported precision tools, with ongoing exploration of applications in PCB manufacturing [4] Group 3: Diamond Heat Dissipation - Diamonds possess a wide bandgap, high breakdown field strength, and high thermal conductivity, making them suitable for optical windows, chip heat sinks, and semiconductor devices [5] - The company is a leading domestic CVD diamond manufacturer with the capability to produce large-size (12-inch) diamond substrates and films in bulk [5] Group 4: Market Trends - Domestic oil and gas consumption is expected to grow due to the recovery of the Chinese economy, with a positive outlook for the oilfield service market [6] - The demand for precision machining tools is increasing as high-end manufacturing and the electric vehicle sector grow, leading to a higher market share for superhard tools [6] - The CVD diamond market is accelerating, with ongoing research into diamond materials and applications, leading to the emergence of more functional applications [6]

Core Viewpoint - Sifangda has been deeply engaged in the superhard materials sector for over 20 years, focusing on the production of three main types of products: composite superhard material products for resource extraction/engineering construction, composite superhard material products for precision processing, and CVD diamonds [1] Group 1: Product Categories - The resource extraction products are widely applicable in land oil fields and offshore oil well exploration and extraction [1] - The precision processing products are utilized in high-precision component processing across various industries, including automotive, aerospace, rail transportation, and electronic information [1] - CVD diamonds are used in high-end advanced manufacturing and consumer sectors, including jewelry, precision tools, optical windows, chip heat sinks, semiconductors, and power devices [1]