Sinolink Securities: Diamond high thermal conductivity materials have vast substitution space, and related targets in the industrial chain have long-term investment value.

CICC Securities pointed out that the commercialization process of diamond heat dissipation materials is accelerating, with large-scale products in the AI server and consumer electronics sectors. In terms of computing power, companies such as Inspur and AMD have mass-produced diamond heat dissipation AI servers, Sugon has utilized megawatt-level diamond copper immersion liquid-cooled cabinets in bulk, and Akash's diamond cooling GPU server has secured large orders. On the consumer end, MSI gaming graphics cards, Lenovo AI ultrabooks, and high-end PC water-cooled heads have all adopted diamond composite heat dissipation solutions. Intel's next-generation server processors are also expected to be paired with diamond thermal materials. With the continuous iteration of high computing power hardware in AI, the replacement space for diamond high thermal conductivity materials is broad, and related investments in the industry chain have long-term value.