刀具行业点评：钨价持续新高，国产头部刀具企业迎来历史性机遇

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [2]. Core Insights - The tungsten price has been continuously rising since 2025, benefiting leading domestic tool manufacturers while putting pressure on smaller companies, which may face cost challenges or even production halts [1][10]. - The domestic tool industry is experiencing a historical opportunity for restructuring due to the rising tungsten prices, with demand likely shifting towards capable domestic leaders [1][19]. - The global cutting tool market is projected to grow from $28.65 billion in 2024 to $33.85 billion by 2027, while China's tool market is expected to increase from 39.3 billion yuan in 2019 to 53.8 billion yuan in 2023 [6][19]. Industry Overview - The domestic tool market remains highly fragmented, with the top ten companies holding less than 20% market share, indicating significant room for consolidation [16][19]. - Leading companies like Huari Precision and Oke Yi are expected to benefit from the current rise in tungsten prices due to their stronger financial positions and inventory management [12][19]. - The report highlights that China controls over 80% of the global tungsten supply, and strategic tightening of supply may lead to increased market share for domestic manufacturers at the expense of smaller firms and foreign competitors [19].