3 月金股报告 ——指数震荡，风格再平衡 证券研究报告/策略定期报告 2026 年 02 月 27 日 分析师：王永健 执业证书编号：S0740522050001 （2）国内政策流动性宽松，筑牢市场底部。2 月 25 日央行开展 6000 亿元 MLF 操作 并净投放 3000 亿元，连续第 12 个月加量续作，确保春节前后的流动性合理充裕；人 民币汇率持续走强稳定了跨境资金流动预期。 科技大类中，高端制造领涨；周期品中，建材钢铁走强。 （1）科技类资产内部，中游高端制造领涨。国防军工、机械设备、电力设备等中游 高端制造表现突出。其中，地缘政治动荡推动国防军工的走强，产业突破亦为其注入 了新的增长动力；海外制造业回暖、国内设备更新周期为机械设备提供支撑；电力设 备受益于 AI 产业海外缺电叙事与两会前的产业政策预期。 （2）周期大类中，建筑材料、钢铁、煤炭占优，有色金属回调。建筑材料中以玻璃 纤维主题领涨，主要受益于供给端优化、AI 算力和新能源需求预期的外溢。此外，在 地产政策托底预期与高股息属性共振下，钢铁与煤炭板块亦有突出表现。相反，受美 联储降息预期反复、海外地缘扰动与商品震荡走势传导，前期涨幅过大的 ...

Group 1 - Company Changbaishan announced on February 27 that it received a notification from Jilin Forest Industry Group regarding the completion of its share reduction plan, during which Jilin Forest reduced its holdings by 650,600 shares, accounting for 0.239% of the total share capital of the company [1] - As of the date of the announcement, Jilin Forest holds 12,556,903 shares in Changbaishan, representing 4.61% of the company's total share capital [1] Group 2 - The news highlights a significant shift in the AI sector, indicating that China's AI usage has surpassed that of the United States for the first time, leading to a surge in various sectors within the A-share market [1] - A well-known Wall Street analyst commented that China's computing power path is overturning traditional perceptions, suggesting a transformative impact on the industry [1]

证券日报网讯 2月25日，泉阳泉发布公告称，截至本公告披露日，2026年2月以闲置自有资金分两笔合 计约1.01亿元买入GC028国债逆回购，其中5034.3万元已于2月24日到期，获收益79693.66元；5042.2万 元新购产品将于3月24日到期，年化收益率1.54%。 （文章来源：证券日报） ...

证券代码：600189 证券简称：泉阳泉 公告编号： 临 2026—008 吉林泉阳泉股份有限公司 关于使用暂时闲置募集资金进行现金管理 到期收回的公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 吉林泉阳泉股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日利用 中国建设银行股份有限公司长春西安大路支行募集资金专户资金 6,000.00 万元 购买的"单位结构性存款"已到期，公司现将使用暂时闲置募集资金进行现金管 理情况及到期收回情况公告如下： 二、公司使用闲置募集资金进行现金管理到期收回的情况 公司于 2025 年 12 月 12 日利用中国建设银行股份有限公司长春西安大路支 行募集资金专户资金 6,000.00 万元购买了"单位结构性存款"（详见公司公告： 临 2025-073），产品信息如下： （一）吉林泉阳泉股份有限公司募集资金专户购买产品情况 1、产品名称：中国建设银行单位人民币定制型结构性存款 2、产品类型：保本浮动收益型产品 3、产品风险水平：无风险或风险极低 4、产品预期年化收益率：0.8%至 2 ...

本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 2025 年 3 月 28 日，吉林泉阳泉股份有限公司（以下简称"公司"）第九届 董事会会议、第九届监事会会议审议通过了《关于使用暂时闲置自有流动资金购 买国债逆回购产品的议案》，同意公司及控股子公司在保证日常经营所需资金及 资金安全的前提下，使用单日余额不超过 3 亿元人民币（在上述额度及决议有效 期内可循环使用）的暂时闲置自有流动资金购买上海证券交易所、深圳证券交易 所挂牌交易的国债逆回购产品；投资期限自公司董事会审议通过之日起 12 个月 内；在决议有效期和额度范围内，董事会授权公司董事长及其授权人员行使该项 投资决策权并签署相关合同文件，由公司财务部负责组织具体实施和管理，授权 期限自 2025 年 3 月 28 日至 2026 年 3 月 27 日内有效。 证券代码：600189 证券简称：泉阳泉 公告编号：临 2026-009 吉林泉阳泉股份有限公司 关于使用暂时闲置自有资金购买国债逆回购的 进展公告 特此公告。 吉林泉阳泉股份有限公司 二〇二六年二月二十六日 截至本公告披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][10]. Core Insights - The company, relying on the Long White Mountain as a premium water source, is positioned to enhance its brand influence as the region's mineral water representative. The company is expected to improve its profitability following the divestiture of loss-making assets starting January 2026 [3][5][6]. - The mineral water market in China is projected to grow, with the company aiming to expand its market share in Northeast China, particularly in Liaoning and Heilongjiang provinces, where significant sales growth is anticipated [7][8][84]. Summary by Sections Company Overview - Established in 1998, the company originally focused on timber-related industries before transitioning to mineral water production. It underwent significant restructuring in 2017, integrating its mineral water and landscaping businesses, and officially rebranded in 2020 [6][18][24]. Market Position - The company holds a leading position in the mineral water market in Jilin Province, with a projected market share of 30% by 2025. Approximately 76% of its revenue is generated from the Northeast market, indicating strong regional dominance [7][8][84]. Growth Strategy - The company is actively developing markets in Liaoning and Heilongjiang, with expected sales growth rates of 26% and 101% respectively by 2024. The expansion strategy includes enhancing brand visibility through advertising and partnerships with e-commerce platforms [8][84]. Financial Projections - The company anticipates a net profit of 0.15 billion, 0.8 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.02, 0.12, and 0.27 yuan [8][84]. Product Quality and Competitive Edge - The company benefits from high-quality water sourced from five locations in Long White Mountain, which is recognized as one of the world's premier natural water sources. Its product offerings emphasize affordability and quality, appealing to consumer preferences [62][67].

Core Viewpoint - The company,泉阳泉, is strategically optimizing its asset structure by divesting non-core assets, which is expected to enhance its competitiveness and profitability in the natural mineral water sector [2][3][4]. Group 1: Asset Divestiture -泉阳泉 has received approval from its controlling shareholder, 吉林长白山森工集团有限公司, for the pre-listing transfer of 100% equity in its subsidiary, 园区园林 [2][3]. - The subsidiary, 苏州工业园区园林绿化工程有限公司, has been operating at a loss and is expected to continue doing so in the short term, with total liabilities of approximately 13.31 billion [3][4]. - The divestiture is part of泉阳泉's ongoing strategy to focus on its core business, which is anticipated to improve overall profitability and operational results [3][4]. Group 2: Financial Performance - In 2024,泉阳泉 is projected to achieve a revenue of approximately 1.198 billion, with a net profit of about 6.14 million, marking a significant recovery from a loss of 457 million in 2023 [2][6]. - The mineral water segment is expected to see a sales volume increase to 1.5034 million tons in 2025, representing a growth of 33.84% compared to 2024 [7]. - The company anticipates a net profit of 15.22 million in 2025, reflecting a year-on-year growth of 147.89% [7]. Group 3: Strategic Focus -泉阳泉's board has reaffirmed its commitment to strengthening its core business in natural mineral water and is exploring new business opportunities related to forest specialty beverages [7]. - The company has consistently achieved growth in mineral water sales, with a compound annual growth rate of 14.4% over the past four years, significantly outpacing the national beverage product growth rate of 3.6% [6].

Company Events - The company plans to publicly transfer 100% equity of its wholly-owned subsidiary "Suzhou Industrial Park Landscaping Engineering Co., Ltd." to divest loss-making assets and focus on its core mineral water business, with the announcement made on February 11, 2026 [1] Related Transactions - The company’s subsidiary "Jilin Forest Industry Group Qianyuan Spring Beverage Co., Ltd." intends to purchase property for 25.0064 million yuan from its related party "Jilin Forest Industry Group Financial Co., Ltd." to consolidate office space, with the transaction approved by the board and funded by its own resources [2] Recent Performance - The company forecasts a net profit attributable to shareholders of 15.2236 million yuan for 2025, representing a year-on-year increase of 147.89%, driven by a 33.84% rise in mineral water sales; however, the non-recurring net profit remains a loss of 15.7603 million yuan, indicating that the landscaping segment is dragging down overall performance [3]

Core Viewpoint - The packaging water industry is expected to continue its steady expansion driven by health consumption demand, with an anticipated market size exceeding 300 billion yuan by 2028, and structural opportunities emerging among leading companies [1][2]. Group 1: Market Growth and Trends - The core driver of growth in the packaging water sector is the upgrade in health awareness among consumers, leading to a shift from sugary beverages to healthier hydration options [2]. - The market size of packaging water has grown from 152.6 billion yuan in 2018 to 215 billion yuan in 2023, with a compound annual growth rate (CAGR) of 7.1% [2]. - The industry is projected to maintain a mid-to-high single-digit growth rate in the medium to long term, with expectations to surpass 300 billion yuan by 2028 [2]. Group 2: Competitive Landscape - The packaging water industry is characterized by multi-dimensional competition involving price, channels, brands, and water sources, with a high concentration of market share among leading companies [3]. - The CR5 market share of the industry reached nearly 60% in 2023, indicating a strong position for top players [3]. - Future competition is expected to shift from price wars to value wars, benefiting leading companies that leverage their resources, channels, brands, and production capacity [3]. Group 3: Product Innovation and Market Segmentation - Product innovation and market segmentation are becoming crucial growth drivers in the packaging water industry, responding to diverse and refined consumer demands [4]. - Two main trends in product development are emerging: quality upgrades with a focus on mineral and natural spring waters, and innovations in packaging formats such as small portable sizes for outdoor and office use [4]. - The segmentation of consumption scenarios is also evolving, with products tailored for specific needs like maternal and infant water, sports water, and tea pairing water rapidly gaining traction [4].

Group 1 - The company aims to optimize its asset structure by gradually divesting non-core assets and focusing on the natural mineral water sector within the forest health industry [2] - The board of directors approved the proposal for the pre-listing public transfer of 100% equity of a subsidiary on January 16, 2026 [2] - The company has received approval from its indirect controlling shareholder, Jilin Changbai Mountain Forest Industry Group Co., Ltd., for the equity transfer [2] Group 2 - The company submitted a pre-listing application for the equity transfer to the Jilin Changchun Property Rights Exchange on February 11, 2026 [2] - The pre-listing phase is currently in the information disclosure stage, and the final listing price has not yet been determined [3] - There are uncertainties regarding the collection of potential buyers and the timeline for the formal listing [3]