CITIC Securities says three forces — sharply higher AI chip power draw, traditional metal heatsinks approaching physical limits, and improving diamond fabrication processes — could push diamond thermal management into its first year of industrialization. The note recommends two investment themes: focus on industry leaders that have begun small-batch heatsink deliveries, possess in‑house equipment R&D and scalable capacity; and target process leaders with large‑size manufacturing, full‑chain capa

CITIC Securities says three forces — sharply higher AI chip power draw, traditional metal heatsinks approaching physical limits, and improving diamond fabrication processes — could push diamond thermal management into its first year of industrialization. The note recommends two investment themes: focus on industry leaders that have begun small-batch heatsink deliveries, possess in‑house equipment R&D and scalable capacity; and target process leaders with large‑size manufacturing, full‑chain capabilities and accelerating capacity expansion.