根据披露的机构调研信息2025年11月7日，泉果基金对上市公司欧科亿进行了调研。 泉果基金Q1、公司目前订单情况如何？ 答：公司当前在手订单充足，随着下游需求的逐步恢复和渠道补库存的需求，新增订单呈现快速增长趋 势。 泉果基金Q2、公司产能情况如何？产能利用率怎么样？ 答：公司产能储备充足，各产品产能利用率均呈现快速提升趋势。公司数控刀片经过产品结构升级和下 游行业切换，自2025年三季度开始，产能利用率快速提升。公司新项目"数控刀具产业园项目"包括棒材 1300吨、整体硬质合金刀具300万支（目前产能已提升到600万支）、数控刀具20万套，金属陶瓷刀片 500万片，今年该新项目为投产第一年，2025年三季度产能利用率平均约为50%，四季度产能继续爬 升。随着下游渠道开启补库存周期，市场需求回暖，各产品产能利用率呈现环比快速提升的势头，各产 品毛利率也同步提升。 泉果基金Q3、刀具价格有什么变化？是否还会进一步上涨？ 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （ ...

内容概要：刀具是机械制造中完成切削加工的工具，是最活跃的生产要素，也是工业母机进行切削加工 的最终执行部件，被称为工业母机的"牙齿"，现代制造业对先进精密刀具有着显著的依存，刀具技术在 制造业中有着重要、不可或缺的地位，近年来，随着国家制造业的高速发展，各类零部件越来越精密， 对刀具需求也与日俱增，尤其是汽车、航空航天等高端制造领域对精密刀具需求显著提升，螺纹加工刀 具作为刀具重要细分市场，也迎来快速发展的黄金时期，据统计，2024年我国螺纹加工刀具行业市场规 模达33.23亿元，同比增长7.40%。 相关上市企业：中钨高新（000657）、欧科亿（688308）、恒锋工具（300488）、秦川机床（000837） 相关企业：厦门金鹭特种合金有限公司、汉江工具有限责任公司、哈尔滨第一工具制造有限公司、杭州 杭刃工具有限公司、苏州阿诺精密切削技术有限公司、山特维克（中国）投资有限公司、肯纳金属（中 国）有限公司、伊斯卡刀具国际贸易（上海）有限公司 关键词：螺纹加工刀具市场政策、螺纹加工刀具产业链图谱、螺纹加工刀具市场规模、螺纹加工刀具竞 争格局、螺纹加工刀具发展趋势 一、概述 螺纹加工刀具是专门用于在金属、塑料 ...

欧科亿具体介绍称，公司在机器人核心零件加工刀具方面已有较多布局。公司已有刀具产品可用于机器 人零部件加工，例如丝杠、减速器、行星轮等零件的加工；公司研发的旋风铣刀具，可用于人形机器人 丝杠加工，如用于行星滚柱丝杠等高精度丝杠的加工，能提高生产效率和加工精度；用于齿轮加工的齿 轮滚刀已通过下游客户验证并进入供货阶段；公司在减速器龙头企业已完成刀具测试。此外公司将持续 优化和开发相关刀具产品，并加大在机器人核心零件加工的整体解决方案方面的布局。 欧科亿认为，当前，硬质合金刀具行业的国产进口替代已进入加速阶段，国产刀具凭借不断提升的技术 实力和显著的成本优势，通过逐步完成高端制造领域产品试用与认证，开始从"能用"迈向"好用"乃 至"首选"。尽管我国刀具市场规模已超500亿元，但高端数控刀具仍高度依赖进口，进口单价远高于出 口单价，价差反映出国产高端产品仍有巨大渗透潜力。尤其在高精度、高寿命、复杂工况应用场景中， 进口品牌仍占据主导地位，这为国产替代提供了明确方向和广阔空间。国内钨、钴等原材料供应充足， 产业链完整，使国产刀具在同等性能下具备一定的价格优势。总体来看，未来3至5年将是国产高端刀具 替代的加速期，存量市 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the machine tool industry [7]. Core Insights - The leading companies in the tool industry, such as Oukeyi and Huarui Precision, have shown significant improvement in their performance in Q3 2025, with Oukeyi's revenue and net profit increasing by 33.0% and 69.3% year-on-year, respectively, and Huarui Precision's revenue and net profit soaring by 44.5% and 915.6% year-on-year [1]. - The recovery of industrial growth momentum is expected to benefit the tool sector the most, as policies aimed at reducing inefficient competition and encouraging value-oriented development are in place, leading to a stabilization and improvement in industrial producer prices [2]. - The prices of core raw materials, particularly tungsten, have risen significantly, which has led to increased sales prices for tools. The report indicates that the tool industry is likely to exhibit strong price elasticity during this recovery phase [3]. Summary by Sections Industry Performance - The tool industry is experiencing a high level of production and sales, with leading companies reporting a surge in new orders and improved capacity utilization rates [1]. - The Producer Price Index (PPI) has shown signs of recovery, with a month-on-month increase of 0.1% in October, marking the first rise of the year, which supports the demand for general equipment [2]. Investment Recommendations - The report suggests focusing on domestic leading tool companies with scale effects and robust sales networks, specifically recommending Huarui Precision, Oukeyi, Zhongtung Gaoxin, and Xinrui Co., Ltd. as potential investment opportunities [4].

每经AI快讯，11月10日，工业母机概念尾盘拉升，华东数控触及涨停，沈阳机床、欧科亿、宇晶股 份、浙海德曼、华中数控等个股涨幅居前。 （文章来源：每日经济新闻） ...

Core Insights - The report from Hualong Securities highlights the resilience of China's tool exports, with a significant export value of 200.01 billion yuan from January to September 2025, reflecting a year-on-year growth of 5.34% [1][2] - The import value during the same period was 64.19 billion yuan, showing a modest growth of 0.96%, indicating a focus on high-end products [1][2] Export and Import Overview - China's tool export value is 3.12 times that of imports, solidifying its position as a core supplier in the global tool supply chain [2] - Major export products include drill bits (69.29 billion yuan) and circular saw blades (34.61 billion yuan), catering to the basic needs of global infrastructure and manufacturing [2] - Imports are primarily high-end products, with the import value of carbide blades (28.38 billion yuan) and drill bits (8.96 billion yuan) indicating a reliance on core technologies [2] Product Structure Analysis - Export volume has increased while prices have decreased, leading to intensified competition; for instance, drill bit exports grew by 6.22% but the average price fell by 2.03% [3] - The average import price for similar products is significantly higher than export prices, with coated blades averaging 3.2 times the export price, highlighting a gap in material processing and precision manufacturing capabilities [3] - Demand for super-hard tools is rising, benefiting from upgrades in industries like aerospace and precision molds, while traditional products face pressure from international competition [3] Market Distribution - Drill bits are primarily exported to major manufacturing countries such as the US, Germany, and Russia, while blade exports are distributed to countries like Russia, India, and Germany, showing strong market resilience [4] - Imports are heavily concentrated from Japan and Europe, with Japan accounting for 25.7% of coated blade imports and a staggering 74.22% for non-coated blades [4] Investment Targets - Companies to watch include World (688028.SH), Huarui Precision (688059.SH), Oke Yi (688308.SH), and Xinxin Co. (688257.SH) [5]

Core Insights - The stock price of Oko Yi has decreased by 2.10% on November 5, trading at 27.99 CNY per share, with a total market capitalization of 4.444 billion CNY [1] - The company has experienced a year-to-date stock price increase of 56.36%, but has seen a decline of 12.42% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Oko Yi reported a revenue of 1.023 billion CNY, representing a year-on-year growth of 14.34% [2] - The net profit attributable to shareholders for the same period was 51.126 million CNY, which reflects a year-on-year decrease of 43.09% [2] Shareholder Information - As of September 30, the number of shareholders for Oko Yi increased by 13.48% to 7,667 [2] - The average number of circulating shares per shareholder decreased by 11.88% to 20,709 shares [2] Dividend Distribution - Oko Yi has cumulatively distributed 261 million CNY in dividends since its A-share listing, with 158 million CNY distributed over the past three years [3]

Core Viewpoint - The stock of Oke Yi has experienced fluctuations, with a recent decline of 2.06%, while the company has shown significant growth in stock price over the year, indicating potential volatility and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Oke Yi achieved a revenue of 1.023 billion yuan, representing a year-on-year growth of 14.34% [2]. - The net profit attributable to shareholders for the same period was 51.126 million yuan, which reflects a year-on-year decrease of 43.09% [2]. Stock Market Activity - As of November 4, Oke Yi's stock price was 29.43 yuan per share, with a total market capitalization of 4.673 billion yuan [1]. - The stock has increased by 64.40% year-to-date, but has seen a decline of 3.76% over the last five trading days [1]. Shareholder Information - As of September 30, the number of shareholders for Oke Yi was 7,667, an increase of 13.48% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.88% to 20,709 shares [2]. Dividend Distribution - Oke Yi has distributed a total of 261 million yuan in dividends since its A-share listing, with 158 million yuan distributed over the past three years [3]. Company Overview - Oke Yi, established on January 23, 1996, specializes in the research, production, and sales of CNC tool products and hard alloy products, with a revenue composition of 50.72% from CNC tools and 46.91% from hard alloy products [1]. - The company is categorized under the machinery equipment sector, specifically in general equipment and metal products [1].

Group 1 - The A-share market experienced a significant increase in public fund research activities in October 2025, with 159 public institutions participating and covering 632 stocks, resulting in a total of 7,452 research instances, a 60.57% increase from September [1] - The computer industry saw a notable focus, with Nengke Technology being the most researched company, receiving 73 research instances from 53 public institutions, highlighting interest in its AI business developments [1] - The top ten researched stocks in October were primarily from the power equipment, machinery, and communication sectors, indicating strong interest in these industries [1][2] Group 2 - The pharmaceutical and biological industry emerged as the hottest sector for research, with 85 stocks receiving a total of 1,229 research instances, significantly outpacing other industries [2][3] - The electronics industry followed closely, with 78 stocks and a total of 1,069 research instances, indicating a strong interest from public institutions [3] - The power equipment and machinery sectors also showed high research activity, each with over 750 research instances and more than 55 stocks being researched [3] Group 3 - Chuangjin Hexin Fund was the most active public institution in October, conducting 302 research instances, primarily focusing on the pharmaceutical, electronics, and machinery sectors [3] - Ping An Fund followed with 169 research instances, concentrating on electronics, machinery, power equipment, and computer industries [3] - Bosera Fund ranked third with 137 research instances, focusing on power equipment and electronics, aligning with current market trends [3]

Core Viewpoint - The company has successfully begun supplying PCB drill needle rod materials to key downstream customers and plans to expand production capacity and supply in this area while seeking to extend its industrial chain [1] Group 1 - The company has achieved supply to core downstream customers in the PCB drill needle rod material business [1] - Future plans include actively expanding production capacity and supply of PCB drill needle rod materials [1] - The company is also looking to extend its industrial chain [1]