国投证券：钨价持续上涨 关注刀具龙头企业量价齐升机遇

Group 1 - The price of tungsten has rapidly increased this year, with long-term supply tightening supporting high tungsten prices. As of December 10, 2025, the prices of black tungsten concentrate, APT, and tungsten carbide powder have risen by 157%, 158%, and 180% respectively compared to the beginning of the year. The global tungsten production is concentrated in China, which views tungsten as a strategic resource and has been tightening resource control, leading to sustained high prices in the coming years [1] - Domestic tool manufacturers have been continuously raising prices, with a price increase wave occurring in May, September, and November. Recent price adjustments by foreign brands such as Sandvik, Kennametal, Kyocera, and Sumitomo are expected to enhance the price space for domestic products, making them more competitive [2] - Due to rising tungsten prices, some small and medium-sized tool manufacturers are facing financial pressure, leading to production cuts and shutdowns. This situation is likely to benefit leading brands as market demand shifts towards them. For instance, Okoyi has reported an increase in order volume and product prices in October and November, indicating a trend of rising sales [3] Group 2 - The leading companies in the tool industry are expected to benefit from their strong financial positions and pre-stored raw material inventories, which amplify their cost advantages during the current price increase cycle. This positions them favorably against smaller competitors who are struggling with raw material procurement [3]