New Export Momentum Continued to Build

According to Cailian Press, transformer enterprises in multiple regions across China are operating at full capacity, with abundant export orders, and some have production schedules extending to 2027. Ultra-large-scale AI data centers have power loads exceeding 1 GW, comparable to the summer peak electricity consumption of a mid-sized city. Driven by growing global power infrastructure spending, ex-China demand for transformers remains robust and exports have hit new highs. Caixin Securities recommends paying attention to transformer producers with advantages outside China and related parts enterprises.

As chips evolve toward higher integration and higher power, traditional copper heat dissipation materials can no longer meet stringent thermal management demands. Diamond thermal conductivity can reach four to five times that of copper, making it a key heat dissipation material for resolving chip performance bottlenecks. Currently, China has achieved mass production of large-size diamond wafers, and coupled with the implementation of related cooperation with NVIDIA, diamond heat dissipation has officially moved from the laboratory to the industrialisation stage. Liquid cooling and diamond materials will create synergistic effects, and China's diamond industry, leveraging its globally leading capacity advantages, is expected to embrace broad development prospects.