相关公司股价大幅飙升，其中Zhecheng Huifeng Diamond Technology Co.上周上涨51%，SF Diamond Co.上涨40%，并在本周延续涨势；这一表现远超CSI 300 Index仅1%的涨幅。这类细分领域的强势，反映投资者正在寻找新的AI赢家，因为从印刷电路板到光模组等拥挤的硬体题材在大涨后已变得更昂贵。
分析师指出，市场重心正转向下一代冷却材料，钻石正日益被视为比铜或铝等传统方案更优的替代品。华源证券分析师在周一的报告中写道，‘Diamond cooling’正朝产业共识迈进，预计其应用将扩展至AI与资料中心；与此同时，Aluminum Corp. of China和Jiangxi Copper Co.等传统材料相关公司，虽曾因AI乐观情绪上涨，但自1月在香港的近期高点以来，分别已回落约25%和28%。
China’s lab-grown diamonds are benefiting from the artificial intelligence boom, with demand rising and the materials gaining traction as a key input in advanced chipmaking. Once associated mainly with jewelry, the synthetic stones are now being used as chip-cooling materials to enable denser and more powerful AI semiconductors, and several Chinese producers say customers have validated them as effective heat spreaders and begun commercial shipments.
The market reaction has been sharp: Zhecheng Huifeng Diamond Technology Co. jumped 51% last week and SF Diamond Co. rose 40%, extending gains this week, far outpacing the CSI 300 Index’s 1% increase. The move highlights investors’ search for new AI winners as crowded hardware trades such as printed circuit boards and optical modules have become more expensive after a strong rally.
Analysts say the shift reflects growing confidence in next-generation cooling materials, with diamond increasingly viewed as a better alternative to copper or aluminum. Huayuan Securities wrote that diamond cooling is moving toward an industry consensus and is expected to expand across AI and data centers, while Aluminum Corp. of China and Jiangxi Copper Co. have fallen about 25% and 28%, respectively, from their January peaks in Hong Kong.