Indonesia Revises Copper ore Pricing Formula to US$/WMT Effective April 2026

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.

Jiaxing released its 15th Five-Year Plan outline, with the energy sector focusing on advancing modern power engineering. The plan is expected to accelerate the construction of Zhejiang's 1000 kV ultra-high voltage AC ring network, as well as the Haining and Jinhu 500 kV transmission and substation main grid projects, while simultaneously implementing reinforcement of 220 kV and below distribution networks, upgrading the central urban power grid, and renovating the rural power grid, to build a safe and efficient modern power supply system.