According to the research report released on January 28, the purchase rating of China Tungsten And Hightech Materials Co.Ltd(000657) (000657.sz, latest price: 13.13 yuan) was maintained, and the target price was 20.10 yuan. The reasons for rating mainly include: 1) the production and sales of main products are growing rapidly, reducing costs and increasing efficiency and improving the company's performance; 2) The company is the leader of CNC cutting tools in China and the global leader of PCB cutting tools, with the advantages of cemented carbide industry; 3) The reform of state-owned enterprises continued to deepen, with great potential for performance release. Risk tip: manufacturing investment has fallen sharply; The company's capacity expansion is lower than expected; The competition pattern of the industry has deteriorated.