The research report from CITIC Construction Investment Securities highlights that diamond, renowned for its ultra-high thermal conductivity (reaching up to 2000W/m·K) and low coefficient of thermal expansion, has successfully penetrated the high-performance consumer electronics and AI server markets through its composite materials. Looking forward, in the short term, diamond-copper composite materials—boasting a thermal conductivity of 600-800W and costing only 10%-20% of pure diamond—are technologically advanced and offer exceptional cost-effectiveness for industrial applications. These materials are ideally suited for packaging covers and cold plates/microchannels and are anticipated to be the first to achieve mass production. In the medium term, polycrystalline diamond heat sinks, which are directly bonded to chips, are expected to make significant strides in enhancing surface smoothness and controlling curling, with further maturation anticipated within the next 1-3 years. In the long term, single-crystal diamond wafer-level bonding technology is poised to directly interface with chip substrates; however, it remains in the technological exploration phase due to size and cost constraints. From the perspective of industrial value in the coming years, MPCVD equipment and bonding equipment capable of producing 8-inch polycrystalline diamonds will be pivotal. Industrial opportunities will predominantly hinge on the progress made by terminal manufacturers in diamond thermal management solutions.