Core Insights - Huanghe Xuanfeng (SH600172) is making significant advancements in technology, business expansion, and market expectations as of early 2026 [1] Business and Technology Development - The company has successfully developed an 8-inch diamond heat sink that is ready for mass production, aimed at enhancing the performance of high-power devices, 5G/6G communications, and AI computing capabilities. Production is set to begin in February 2026, marking a shift from laboratory to commercial application [2] - The multi-crystalline diamond heat sink has been validated by Huawei and has entered the "6-8 inch wafer-level" mass production phase, which could positively impact the semiconductor cooling sector [2] Company Project Progress - Huanghe Xuanfeng has established a joint venture with Bozhi Jinduan, named Henan Qianyuan Xinduan Semiconductor, focusing on the research and industrialization of ultra-high-performance diamond cooling materials and devices. The company invested 5.1 million yuan for a 51% stake [3] - In 2025, the company set up a wholly-owned subsidiary, Lianyi Diamond (Henan) Co., Ltd., to enter the jewelry manufacturing, wholesale, and retail market, addressing fluctuations in the cultivated diamond market [3] Restructuring Progress - There are speculations regarding asset injections involving the company's actual controller, the Xuchang Municipal Finance Bureau, which holds a controlling stake in Xuchang Investment Group. The market anticipates potential asset injections into the listed company, although no formal announcements have been made [4] - Analysis from December 2025 suggested that the restructuring could involve shell mergers, asset acquisitions, or debt restructuring, with success dependent on policy and state-owned enterprise support [4] Performance and Operating Conditions - The company announced a projected net loss of 850 million yuan for 2025, indicating a narrowing of losses year-on-year, but cumulative losses over three years exceed 2.6 billion yuan. The debt ratio has been rising, reaching 86.73% by the end of Q3 2025, increasing repayment pressure [5] - On February 4, 2026, the company reported unusual stock trading activity, with a cumulative increase of over 20% in stock price from February 2 to 4, but stated that there were no undisclosed significant matters and that operations remain normal [5] Funding Dynamics - As of February 6, 2026, the company's stock price rose by 13.59% in the week, with a net inflow of 44.0035 million yuan in principal funds, bringing the total market value to approximately 10.73 billion yuan. A product from Western Lide Fund is among the top ten circulating shareholders, holding 9.9829 million shares [6]

证券日报网讯 2月13日，黄河旋风在互动平台回答投资者提问时表示，公司已于2026年1月17日发布 《2025年年度业绩预告》相关公告。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 2月13日，黄河旋风在互动平台回答投资者提问时表示，截至目前公司最新一期登记在册 股东人数为11.2万户。 ...

每经AI快讯，2月13日，培育钻石指数盘初下跌2%，成分股多数走低。沃尔德、四方达、力量钻石、黄 河旋风等多股跌超2%。 ...

Group 1 - The cultivated diamond sector is experiencing significant growth, with companies like Huanghe Xuanfeng reaching the daily limit increase in stock price [1] - Sifangda has seen its stock price rise by over 10%, indicating strong market interest and investor confidence in the cultivated diamond industry [1] - Other companies such as Huifeng Diamond, World, Inno Laser, Power Diamond, and Guoli Electronics are also witnessing stock price increases, reflecting a broader positive trend in the sector [1]

Group 1 - The cultivated diamond sector experienced an initial rise on February 9, with significant gains in several companies [1] - Sifangda saw an increase of nearly 9%, while Huanghe Xuanfeng and Power Diamond both rose over 5% [1] - Jing Sheng Mechanical and Chao Hong Ji also showed positive movement, with increases exceeding 4% [1]

证券代码：600172 证券简称：黄河旋风 公告编号：临 2026-006 河南黄河旋风股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 河南黄河旋风股份有限公司（以下简称公司）股票于 2026 年 2 月 2 日、 2 月 3 日、2 月 4 日连续三个交易日内收盘价格涨幅偏离值累计超过 20%。根据 《上海证券交易所交易规则》的有关规定，属于股票交易异常波动。 经公司自查，并向公司控股股东及实际控制人核实，不存在应披露而未 披露的重大事项或重要信息。 一、股票交易异常波动的具体情况 公司股票于 2026 年 2 月 2 日、2 月 3 日、2 月 4 日连续三个交易日内收盘价 格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动。 经公司自查，并向公司控股股东、实际控制人发函询问得知：公司、公司控 股股东及实际控制人均不存在应披露而未披露的影响公司股价异常波动的重大 信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业务重组 ...

Group 1 - Huanghe Xuanfeng's stock price increased by 5.13%, reaching 7.58 CNY per share, with a trading volume of 1.537 billion CNY and a turnover rate of 16.51%, resulting in a total market capitalization of 10.932 billion CNY [1] - The company, founded on November 3, 1998, and listed on November 26, 1998, is located in Changge City, Henan Province, and its main business involves superhard materials and products, electromechanical products, construction machinery, and tower cranes [1] - The revenue composition of Huanghe Xuanfeng includes superhard materials (67.22%), superhard composite materials (12.12%), metal powders (11.61%), materials and other businesses (4.91%), superhard material products (2.57%), superhard tools (1.07%), and construction machinery (0.51%) [1] Group 2 - Western Lide Fund's Event-Driven Stock A (671030) entered the top ten circulating shareholders of Huanghe Xuanfeng, holding 9.9829 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 3.6937 million CNY [2] - The fund was established on September 26, 2018, with a latest scale of 651 million CNY, achieving a year-to-date return of 6.56% (ranking 1104 out of 5562) and a one-year return of 73.38% (ranking 254 out of 4285) [2] - The fund manager, Zhang Changping, has a cumulative tenure of 5 years and 92 days, with total fund assets of 3.528 billion CNY, achieving a best fund return of 150.3% and a worst fund return of 0% during his tenure [3]

Market Overview - The general equipment sector experienced a decline of 1.47% on February 2, with the leading stock, Green Island Wind, falling significantly [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Top Performers - He Xin Instrument (688622) saw a closing price of 104.90, with a notable increase of 10.90% and a trading volume of 52,000 shares [1] - Si Kan Technology (688583) closed at 142.00, up 10.35%, with a trading volume of 76,700 shares and a transaction value of 1.032 billion [1] - Huanghe Xuanfeng (600172) closed at 7.21, increasing by 10.08% with a trading volume of 2.2954 million shares and a transaction value of 1.6 billion [1] Underperformers - Green Island Wind (301043) dropped to 63.85, down 10.25%, with a trading volume of 24,000 shares and a transaction value of 158 million [2] - Dongfang Zhizao (002175) fell to 3.81, down 9.93%, with a trading volume of 135,300 shares and a transaction value of 51.54 million [2] - Baoxue Technology (002514) closed at 5.09, down 9.91%, with a trading volume of 81,700 shares and a transaction value of 41.57 million [2] Capital Flow - The general equipment sector saw a net outflow of 378 million from institutional investors, while retail investors contributed a net inflow of 195 million [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Liou Shares (002131) had a net inflow of 507 million from institutional investors, while retail investors saw a net outflow of 182 million [3] - Huanghe Xuanfeng (600172) experienced a net inflow of 361 million from institutional investors, but a net outflow of 198 million from retail investors [3] - Wuzhou Xinchun (603667) had a net inflow of 255 million from institutional investors, with a minor net inflow from retail investors of 57.78 million [3]

Group 1: Market Performance - Huanghe Xuanfeng (600172) experienced a trading limit increase, with several other stocks in the superhard materials sector, such as Guojijinggong (002046) and Sifangda (300179), also rising [1] - The diamond market has seen a price increase since the third quarter of last year, attributed to the recovery of the cultivated diamond market [1] Group 2: Technological Advancements - Xi'an University of Electronic Science and Technology and the National Space Science Center of the Chinese Academy of Sciences have developed a high-performance single crystal diamond radiation detector, enhancing reliability and performance in deep space environments [1] - Huanghe Xuanfeng has successfully developed the largest 8-inch heat sink that can be mass-produced in China, marking a significant milestone in the commercialization of functional diamonds [1] Group 3: Industry Trends - The superhard materials industry, particularly synthetic diamonds and cubic boron nitride, is transitioning from "industrial teeth" to "semiconductor new stars," driven by demand from semiconductor localization, renewable energy, and high-end manufacturing upgrades [2] - Companies are actively investing in the sector, with Huifeng Diamond announcing a 30.62 million yuan investment in Shenzhen Shenjihongtu Venture Capital Partnership to enhance its strategic layout in high thermal conductivity diamond metal composite materials [2] Group 4: Company Developments - Guojijinggong has successfully overcome key technologies in the chemical vapor deposition method (MPCVD) for diamond synthesis, achieving breakthroughs from R&D to commercial application in defense and military sectors [3] - The company expects to generate over 10 million yuan in revenue from heat sinks and optical window products by 2025, with ongoing tests in the civilian sector [3]