Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the machine tool industry [6]. Core Insights - The tungsten price has been rapidly increasing this year, with black tungsten concentrate, APT, and tungsten carbide powder prices rising by 157%, 158%, and 180% respectively compared to the beginning of the year. This price increase is supported by tightening supply and strong demand from emerging sectors such as photovoltaics, military, and PCB drilling [1]. - Domestic tool manufacturers have been raising prices, with a series of price hikes occurring in May, September, and November. Recent price adjustments by foreign brands like Sandvik, Kennametal, Kyocera, and Sumitomo are expected to enhance the price space for domestic products [2]. - Smaller tool manufacturers are facing financial pressures leading to production cuts, while leading companies are likely to gain market share due to their stronger financial positions and inventory advantages [3]. - The report highlights that leading companies such as Ouke Yi and Huarui Precision have shown significant revenue and profit growth, with Ouke Yi's revenue and net profit increasing by 33.0% and 69.3% respectively, and Huarui Precision's revenue and net profit increasing by 44.5% and 915.6% respectively [4]. Summary by Sections - **Tungsten Price Trends**: The report notes a significant increase in tungsten prices due to supply constraints and strong demand from various sectors, indicating a potential for sustained high prices in the coming years [1]. - **Domestic Price Adjustments**: Domestic tool manufacturers are adjusting prices in response to foreign brand price hikes, which may enhance the competitiveness of domestic products [2]. - **Market Dynamics**: The financial strain on smaller manufacturers may lead to a consolidation of market demand towards leading brands, which are better positioned to capitalize on the current market conditions [3]. - **Performance of Leading Companies**: The report emphasizes the strong performance of leading companies in the industry, suggesting a favorable outlook for their financial results in the near future [4].

智通财经APP获悉，国投证券发布研报称，今年以来钨价快速上涨，长期看供给收紧支撑钨价高位运 行。2025Q3刀具龙头经营拐点已现，行业公司业绩端收入及利润均上行。考虑到钨价上涨带来的刀具 顺价存在时滞性，龙头企业低价库存优势将在四季度及后续陆续体现，该行看好国产刀具业绩弹性。 国投证券主要观点如下： 今年以来钨价快速上涨，长期看供给收紧支撑钨价高位运行 钨铁是刀具的关键原材料，今年以来钨制品市场报价持续上涨，根据中钨在线，截至2025年12月10日， 黑钨精矿、APT、碳化钨粉价格相较年初分别上涨157%、158%、180%。全球80%的钨矿产量集中在中 国，我国长期将钨金属视为战略资源，近年持续加大钨矿开采资源管控，在供给持续紧缩，以及光伏、 军工、PCB钻针等新兴需求较为强劲的影响下，未来几年钨价有望维持高位运行态势。 国产刀具持续提价，年末外资调价进一步提高国产价格空间 国内刀具企业价格机制相对灵活，刀具售价与原材料价格关联度较高，今年5月、9月和11月行业先后出 现涨价潮。近期山高、肯纳、京瓷、住友等欧美日韩品牌陆续发布涨价函，将在2025年12月-2026年2月 期间上调价格体系。考虑到外资刀具客户 ...