Core Viewpoint - The Chinese superhard materials industry is accelerating its transformation from traditional grinding tools to high-end fields such as semiconductors and new energy, forming a three-tier product hierarchy of basic materials (HPHT/cBN), functional products (PCD tools), and high-end applications (CVD films), with the semiconductor/optical field growing at an 8% rate, becoming a new growth driver [1][6]. Product Structure - The superhard materials industry in China can be divided into three main levels: basic synthetic materials, functional products, and high-end application materials. Basic synthetic materials include industrial synthetic diamonds (HPHT), cubic boron nitride (cBN), diamond micropowder, and nanodiamonds, which are core raw materials for superhard tools. HPHT diamonds are widely used in grinding and cutting, while cBN is suitable for processing difficult materials like high-temperature alloys. CVD-synthesized diamond single crystals or films are primarily used in high-end electronics and heat dissipation devices [2][3]. Market Trends - The downstream demand for superhard materials in China is showing a trend of diversification and structural upgrading. The metal cutting tool sector still holds the largest share, while precision grinding and photovoltaic silicon wafer cutting are experiencing stable growth. The semiconductor and optical fields are emerging as new engines of growth, indicating a shift from traditional applications to high-tech areas such as semiconductors, consumer electronics, and new energy [6][10]. Supply and Demand Dynamics - The overall production and sales ratio of various segments in the superhard materials industry remains high, indicating a balanced supply-demand relationship. Diamond wire and micropowder products have a production-sales ratio close to 100%, reflecting strong demand in mature application scenarios. PCD/PCBN tools and superhard grinding wheels maintain a ratio of around 95%, showing stable penetration in traditional manufacturing and precision processing. However, the production-sales ratio for CVD diamond films is only 75%, indicating that it is still in the early stages of industrialization [7][10]. Market Composition - The Chinese superhard materials market is characterized by a leading position of industrial diamond micropowder, which accounts for over half of the market share. PCD/PCBN tools, benefiting from the rapid growth in CNC machine tools and new energy vehicle component processing, account for nearly one-fifth of the market. Superhard grinding wheels are used for precision grinding and high-hardness material processing, maintaining stable demand. Although CVD diamond films currently account for less than 10% of the market, their applications in semiconductors, optics, and thermal management are rapidly expanding, making them a high-growth category [10][15].