How do we view the increasing number of diamond companies accompanying diamonds, and preliminary research on the diamond industry has taken shape. The basic concepts of the diamond industry and the future supply and demand analysis have been relatively rich. In view of this, we did not start with the traditional supply and demand analysis framework in this report, but by studying the development history of the diamond industry, summarizing its development law, and using this as a logic to derive the future of the industry development, and to find investment opportunities. We try to solve the following questions in this report: 1. What is the driving factor for the development of new materials such as diamond? 2. What are the main reasons for the formation of the current diamond industry in China? 3. In the future, we should Which type of segment and company to invest in? Selecting the history of industrial development: a history of technological progress and cost reduction, the history of substitution and creation. By tracking the development of different materials, we find that it seems that all new materials are replaced and promoted. The same logic: the advantage is recognized and applied - the disadvantage is corrected by the scope of application - demand stimulates new application development. The key to determining the replacement and application of new materials is how to eliminate the limitations of their application while maintaining the material's own advantages. Diamond as a material, its replacement logic and most of the materials are basically the same: single crystal synthesis and polycrystalline synthesis two creative technological advances and diamond wire saw revolutionary stone processing revolution has made the industry's breakthrough growth, and production technology advances, The cost reduction brought about by the improvement of raw materials and equipment and the large-scale equipment will accelerate the development of the demand and supply of the industry. Deriving the future trend of the industry: Single crystal pays attention to supply, and polycrystalline expects to replace the current diamond industry pattern. Foreign companies still occupy the high-end polycrystalline market relying on technological advantages, while China relies on cost advantage to successfully realize the relatively mature and stable technology. Crystal global capacity transfer. Therefore, in the case of single crystals, in the case of steady growth in demand, industry supply that has been freed from technical and other factors has become an uncertain factor in the future of the industry, and the pattern of oligopoly is likely to cause enterprises to significantly increase production capacity in order to compete for the market. Although the probability of single-crystal diamonds increasing in the future and increasing profits is not high, there are still certain investment opportunities in the past one or two years. The key lies in the speed of new production capacity and the demand for stone under commercial real estate. In terms of polycrystalline, in the short term, both existing and alternative demand are facing slow growth pressure, but from the perspective of sustained growth, polycrystalline is still relatively better, after all, it represents the direction of future industrial upgrading. . However, unlike the replacement of single crystal production capacity, domestic enterprises may face more serious competition from foreign companies in the process of replacing polycrystalline production capacity. At the same time, the attention of downstream enterprises to capacity performance will also cause enterprises to pay a large replacement cost. Of course, in any case, the field of polycrystals represents the future development direction. The existing, alternative and creative needs brought about by technological advancement and cost reduction have not yet ended, and the industry has a large space, which is a variety that needs long-term attention.
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