钨是数控刀具核心原材料，2025年以来，钨精矿价格持续走高，对刀具公司的影响有明显分化，头部企 业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至减产停工。头部企业资金实力 更雄厚，提前储备了原材料库存，钨价上涨带来的顺价存在时滞性，这些低价库存让企业在成本端形成 明显优势，其利润空间会随着产品提价进一步扩大。 智通财经APP获悉，招商证券发布研报称，2025年以来，钨精矿价格持续走高，中小公司则面临成本压 力甚至减产停工，日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实现业绩 增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。刀具行业过去格局分散，价格 竞争激烈，在钨价影响下，正迎来格局重塑的历史性机遇，重点推荐关注。 招商证券主要观点如下： 刀具是机加工耗材，随着制造业发展，需求端平稳增长 QY Research数据显示，2024年全球切削刀具市场销售额达到了286.5亿美元，预计2027年市场规模将为 338.5亿美元。根据观研天下整理的数据，我国刀具行业市场规模从2019年的393亿元增长至2023年的 538亿元。 钨价持续上涨，提前备库+顺价形成利润 ...

证券研究报告 | 行业点评报告 2026 年 01 月 28 日 钨价持续新高，国产头部刀具企业迎来历史性机遇 刀具行业点评 中游制造/机械 3、《商业航天系列研究（一）—国 家战略与产业趋势共振，看好商业航 天 2026 年投资机会》2026-01-16 2025 年以来，钨精矿价格持续走高，中小公司则面临成本压力甚至减产停工， 日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实 现业绩增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。 刀具行业过去格局分散，价格竞争激烈，在钨价影响下，正迎来格局重塑的历 史性机遇，重点推荐。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 478 | 9.2 | | 总市值（十亿元） | 5565.9 | 4.9 | | 流通市值（十亿元） | 4801.0 | 4.6 | 行业指数 % 1m 6m 12m 绝对表现 12.8 35.2 61.9 相对表现 11.8 21.1 38.7 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Feb/25 May/25 ...

证 券 研 究 报 告 "制造强国"实干系列周报(26/01/25期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 穆少阳 A0230524070009 李冲 A0230524070001 沈呈熹 A0230524070004 苏萌 A0230524080011 联系人：何佳霖 A0230523080002 2026.1.27 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 商业航天：1）制造及发射端关注份额或价值量在降本趋势下有望维持相对稳定或具备提升潜力的核心标的；2）应用 端关注通信终端基带、射频芯片及相控阵天线配套标的；3）航天科技集团拥有较多体外资产，有较强并购重组预期。 重点关注标的：1）卫星载荷：信科移动+烽火通信+航天电子+上海瀚迅+臻镭科技，2）卫星平台：复旦微电+智明 ...

【中泰研究丨晨会聚焦】策略张文宇：宽基 ETF 资金大幅流出： 规模，节奏与影响 证券研究报告/晨会聚焦 2026 年 01 月 26 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行戴 志锋：详解基金 4Q25 银行持仓：板 块资金面整体稳健，主动基金比例小 幅 提 升 0.04pcts 至 2.08% 》 2026-01-26 2、《【中泰研究丨晨会聚焦】医药祝 嘉琦：政策打通手术机器人收费瓶颈， 临床应用有望加速落地》2026-01-22 3、《【中泰研究丨晨会聚焦】地产由 子沛：美国次贷危机下的房地产市场》 2026-01-20 今日预览 今日重点>> 请务必阅读正文之后的重要声明部分 【中小盘和先进产业】冯胜：刀具"供给侧改革"启动，上行周期确立 ——刀具行业深度报告 【策略】张文宇：宽基 ETF 资金大幅流出：规模，节奏与影响 研究分享>> 【非银】葛玉翔：聚力赋能精耕细作，重塑健康险新生态-——多机构 召开健康保险高质量发展工作座谈会点评 今日重点 【中小盘和先进 ...

Group 1 - The core focus of the training program is to enhance the capabilities of entrepreneurs in understanding industry frontiers and leading innovation, contributing to the construction of a resilient and competitive modern industrial system in Sichuan [1][3] - The training program is part of Sichuan's initiative to empower "specialized, refined, distinctive, and innovative" enterprises, aiming to provide in-depth support for promising entrepreneurs [3] - Sichuan has developed a robust nurturing system for quality enterprises, with 12,679 innovative small and medium-sized enterprises, 6,010 provincial specialized and innovative enterprises, and 543 national "little giant" enterprises [3] Group 2 - The integration of digital economy and manufacturing is increasingly attracting attention from "specialized, refined, distinctive, and innovative" enterprises, with a focus on transforming traditional industries through digital technologies [4] - Companies are adopting digital transformation strategies to achieve precise control and cost reduction, with examples from the tool industry highlighting the importance of digital collaboration in optimizing internal management and production processes [5] - The upcoming training sessions will cover advanced topics such as artificial intelligence, robotics, biomedicine, integrated circuits, and commercial aerospace, aimed at cultivating a high-quality, versatile entrepreneurial workforce in Sichuan [6]

证券日报网讯 1月15日，张小泉发布公告称，公司2026年第一次临时股东会审议通过《关于补选第三届 董事会非独立董事的议案》《关于补选第三届董事会独立董事的议案》。 （文章来源：证券日报） ...

Core Viewpoint - The company anticipates an increase in revenue for the first three quarters of 2025 due to recovering downstream demand, improved product performance, a more complete product range, and steady channel expansion [2] Group 1 - The main reason for the revenue change is the recovery in downstream demand [2] - The company has been enhancing product performance, contributing to revenue growth [2] - The product range is becoming more comprehensive, which supports sales [2] Group 2 - The company is steadily expanding its distribution channels, which aids in increasing sales volume [2] - Year-on-year growth in production and sales volume is expected [2]

Core Insights - In December 2025, over 600 A-share listed companies underwent institutional research, indicating a strong interest in investment opportunities in the A-share market as the new year approaches [2][3]. Group 1: Institutional Research Activities - The research activities in December 2025 maintained a high level of engagement, with more than 600 A-share companies participating [3]. - Among these, companies like Boying Special Welding received significant attention, with over 10 research sessions conducted, involving various types of institutions such as public funds, private equity, and insurance companies [3]. - Boying Special Welding plans to launch two HRSG production lines in 2026, primarily targeting non-North American markets [3][4]. Group 2: Company Performance and Insights - Boying Special Welding was noted as one of the standout stocks in December 2025, with a cumulative increase of over 30% [4]. - Jerry Holdings also ranked high in terms of institutional research frequency, focusing on supply chain resilience and partnerships with major gas turbine manufacturers [5]. - Jerry Holdings' stock price rose by over 20% in December 2025, reflecting strong market performance [5]. Group 3: Market Trends and Sector Focus - The research highlighted a concentration of interest in sectors such as machinery, electronics, basic chemicals, automotive, pharmaceuticals, power equipment, and computers [6]. - Over 100 companies that saw their stock prices double in 2025 participated in institutional research, indicating a correlation between research engagement and stock performance [8]. - Companies like Shenghong Technology, which experienced a stock price increase of over 500%, engaged with numerous institutional investors to discuss expansion plans and production capacity [8].

国元证券近日发布机械设备行业2026年年度投资策略：伴随工程机械出口端实现稳定增长，政策端支持 力度进一步加大，叠加大型工程项目推动构成行业新增长引擎，工程机械明年仍存在较为明确的布局机 会。刀具行业作为机械制造的基础支撑性行业，政策端及行业需求端将持续催化。我们认为，刀具行业 作为半周期+半消费/成长类板块，虽然仍受部分下游需求扰动影响，但当前时点已存在较为明确的布局 机会。 以下为研究报告摘要： 报告要点： 人形机器人：技术传导订单，产业聚焦核心 中国低空经济快速扩张，预计2026年突破万亿，复合增长率约30%。产业结构中，飞行器制造与运营服 务占比55%，供应链、消费与交通等约40%，基础设施空间有待释放。中美领跑全球，中国无人机产业 优势明显，eVTOL商业化加速推进。政策与资本双轮驱动成型，2025年政府工作报告首次提出"安全规 范发展"，发改委设立低空经济司，空域改革深化，六城开展600米以下空域授权试点。30个省份将低空 经济列为重点，深圳建设全球首个eVTOL智能机坪，上海布局跨省航线，北京推进AI+低空巡检。技术 层面，无人机与eVTOL为核心力量，智能化、无人化持续迭代，物流配送、城市交通 ...

Core Viewpoint - Zhang Xiaoqin announced that on July 31, 2025, the People's Court of Fuyang District, Hangzhou City, Zhejiang Province, ruled for the substantial merger and reorganization of Fuchun Holdings Group, Zhang Xiaoqin Group, and 67 other companies [1] Group 1 - The reorganization manager has issued a recruitment announcement for investors, with the application deadline set for January 20, 2026 [1] - The listed company maintains independent and complete business and operational capabilities, remaining independent in terms of business, personnel, assets, institutions, and finances from the controlling shareholder [1] - The bankruptcy reorganization will not have a substantial impact on the daily production and operation of the listed company [1]