通用设备行业2026年度策略报告：钨价上涨驱动刀具格局改善，机床存在结构性机会-20251225

Group 1 - The core viewpoint of the report indicates that the tungsten price increase is expected to drive improvements in the tool industry structure, while the machine tool sector presents structural opportunities due to emerging industries [2][27] - In 2025, the overall demand for the machine tool industry was weak, leading to stock prices underperforming compared to the machinery industry index, with the machine tool (Shenwan) index rising by 28.3%, lagging behind the machinery equipment index by 11.2 percentage points [3][10] - The report highlights that the demand for machine tools is highly correlated with the manufacturing industry's prosperity, with the manufacturing PMI fluctuating between 49% and 51% in 2025, indicating a weak recovery in the manufacturing sector [13][17] Group 2 - The report suggests that the increase in tungsten prices, which are a core raw material for CNC tools (with over 80% tungsten content in hard alloy tools), is leading to a reshaping of the tool industry, benefiting leading companies while smaller firms face cost pressures [27][29] - The report notes that the overall effective demand for machine tools remains insufficient, with fixed asset investment and investment growth in major user sectors declining, resulting in an overall weak demand for machine tools [29][30] - Investment recommendations focus on key companies in the tool sector, such as Ouke Yi and Huarui Precision, and in the machine tool sector, such as Haitian Precision and Nuwei CNC, as they are expected to benefit from structural growth opportunities in high-end manufacturing and emerging industries [40][36]