Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a clear recovery trend in the industry, with optimistic expectations for the sector [3] - The packaging water industry is experiencing steady growth driven by an upgrade in health awareness among consumers, with market size expected to exceed 300 billion by 2028 [5] - The competitive landscape of the packaging water industry is evolving, with a shift from price wars to value competition, benefiting leading companies [6] - Product innovation and segmentation are accelerating, with a focus on quality upgrades and tailored products for specific consumption scenarios [7] - Structural opportunities are emerging in the industry, particularly for high-quality leading companies such as Nongfu Spring, China Resources Beverage, and Quanyuan Spring [8] Summary by Sections Industry Overview - The packaging water market size grew from 152.6 billion in 2018 to 215 billion in 2023, with a compound annual growth rate (CAGR) of 7.1% [5] - The industry is expected to maintain a mid-to-high single-digit growth rate in the medium to long term [5] Competitive Landscape - The industry is characterized by high concentration, with the top five companies holding nearly 60% market share as of 2023 [6] - Future competition is anticipated to focus on value rather than price, favoring established brands with strong resources and market presence [6] Product Development - There is a notable trend towards product innovation, with leading companies investing in high-quality mineral water and convenient packaging options [7] - New product categories targeting specific consumer needs, such as maternal and infant water and sports water, are emerging [7] Investment Opportunities - The report highlights the potential for structural opportunities in the packaging water sector, particularly for companies with strong competitive advantages [8] - Nongfu Spring is noted for its recovery in performance and market confidence, while China Resources Beverage is expected to benefit from strategic adjustments under new management [8] - Quanyuan Spring is focusing on its core mineral water business, which has shown significant sales growth [8]

Core Viewpoint - The company, Quan Yang Quan, is focusing on optimizing its asset structure by gradually divesting non-core assets and concentrating on the forest health industry, primarily centered around natural mineral water [1] Group 1: Company Actions - On January 16, 2026, the company held a temporary board meeting where it approved a proposal to publicly transfer 100% equity of a subsidiary [1] - The company has received approval from its indirect controlling shareholder, Jilin Changbai Mountain Forest Industry Group Co., Ltd., regarding the equity transfer [1] - On February 11, 2026, the company submitted a pre-listing application for the equity transfer to the Jilin Changchun Property Rights Exchange Center [1] Group 2: Current Status and Future Steps - The current progress is only a pre-disclosure of information and does not constitute a transaction [1] - The pre-listing phase will require auditing and evaluation work, and the listing base price has not yet been determined [1] - There is uncertainty regarding whether potential buyers will be found during the pre-listing period and the timing of the formal listing [1]

证券代码：600189 证券简称：泉阳泉 公告编号：临 2026-007 吉林泉阳泉股份有限公司 关于拟预挂牌公开转让子公司 100%股权的进展公告 吉林泉阳泉股份有限公司董事会 二〇二六年二月十二日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易事项及审议程序概述 为优化资产结构，逐步剥离非主业资产，聚焦以天然矿泉水为主的森林大健 康产业发展，公司已于2026年1月16日召开第十届董事会临时会议审议通过了《关 于拟预挂牌公开转让子公司100%股权的议案》（具体内容详见公司公告：临 2026-004）。 二、本次交易的进展情况 1、公司已于近日取得上级国资监管单位暨公司间接控股股东吉林长白山森 工集团有限公司的同意批复文件； 2、公司已于2026年2月11日向吉林长春产权交易中心递交本次股权转让事项 的预挂牌（预披露）申请文件。 三、风险性提示 本次进展仅为信息预披露、征集受让人，不构成交易行为；预挂牌（预披露） 阶段尚需开展审计、评估工作，挂牌底价尚未确定；预挂牌期间是否征集到受让 人、后续正式挂牌时间等事项也存在 ...

Group 1 - The report indicates that the A-share market is experiencing a typical spring rally characterized by initial strength followed by stabilization and structural differentiation, with major indices recording positive returns as of January 28, 2026 [6] - The average daily trading volume in January reached 3.04 trillion yuan, an increase of 1.16 trillion yuan month-on-month, indicating a significant influx of new capital and a loose liquidity environment driving the index upward [2] - Regulatory measures, including raising the minimum margin requirement from 80% to 100%, have led to fluctuations in market sentiment and a deceleration in the index's upward momentum [3] Group 2 - The report highlights that technology assets are experiencing a rotation between thematic and cyclical investments, with thematic investments (e.g., commercial aerospace, AI applications) initially favored but cooling off due to increased margin requirements [4] - In the cyclical sector, non-ferrous metals, basic chemicals, and oil & petrochemicals have shown strong performance driven by three factors: demand from high-end manufacturing, proactive supply-side adjustments, and external geopolitical risks [4] - The report anticipates a structural market characterized by a focus on "resources + technology + overseas expansion," with low-risk preference assets potentially outperforming in certain phases [5] Group 3 - The investment strategy emphasizes focusing on "external demand cyclical + AI industry chain," highlighting the potential for global manufacturing recovery to support resource prices and opportunities for Chinese manufacturing to expand overseas [5] - The AI industry remains a clear investment theme, with a shift from thematic to performance-driven investments, particularly in areas with supply shortages such as power supply and semiconductor sectors [5] - The report recommends a selection of stocks across various sectors, including Invesco's Nonferrous ETF, Dongpeng Beverage, and Huazhong Precision, among others, reflecting a diversified investment approach [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [25]. Core Insights - The report highlights a shift in mineral water consumption from "basic hydration" to "health empowerment," with consumers increasingly prioritizing water quality, mineral content, and source traceability [5][15][18]. - The company, Quan Yang Quan, is positioned to benefit from the growing health awareness among consumers, with a focus on high-quality natural mineral water sourced from the Changbai Mountain region, which is recognized as one of the world's top three mineral water sources [11][12]. - The report projects steady growth in the bottled water industry, with expected revenues for Quan Yang Quan of 1.274 billion yuan in 2025, 1.450 billion yuan in 2026, and 1.722 billion yuan in 2027, reflecting year-on-year growth rates of 6%, 14%, and 19% respectively [2][23]. Company Financial Forecasts - Revenue and profit forecasts indicate a recovery from previous losses, with net profit expected to reach 15 million yuan in 2025, 20 million yuan in 2026, and 30 million yuan in 2027, representing significant year-on-year growth of 137%, 40%, and 47% respectively [2][23]. - Earnings per share (EPS) are projected to be 0.02 yuan in 2025, 0.03 yuan in 2026, and 0.04 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 346, 247, and 168 [2][23]. Industry Overview - The mineral water market in China is expected to reach a scale of 73.63 billion yuan by 2025, with a year-on-year growth of 2.5% and a sales volume of 7.969 billion liters, reflecting a slight decrease in average price due to industry price wars [13][15]. - The report emphasizes the geographical concentration of mineral water resources, particularly in the Changbai Mountain area, which boasts superior water quality and a high concentration of mineral content, making it a prime location for high-end mineral water brands [11][12][10].

Company and Industry Summary Company:泉阳泉 Key Changes and Developments - **Shift in Growth Strategy**: The company has transitioned from steady growth to a focus on high-quality growth with speed. The new management has set higher expectations, aiming for increases in sales, revenue, and profit. The performance forecast indicates a projected sales growth of approximately 34% by 2025, suggesting a significant acceleration in growth targets for the coming years [2][3]. - **Focus on Core Business**: The company is prioritizing its mineral water business by divesting non-core assets, such as the landscaping business. This strategic shift is expected to enhance investment in the mineral water segment while actively reducing losses from non-core operations, leading to a more focused asset structure for the listed company [4]. - **Improvement in Subsidiary Management**: The company is implementing management adjustments aimed at refining the oversight of its subsidiaries. This includes enhancing the assessment criteria from headquarters, which is anticipated to improve operational efficiency and internal effectiveness [4].

Company and Industry Summary Company: Quan Yang Quan Key Changes and Developments 1. **Shift in Growth Strategy** The company has transitioned from steady growth to a focus on high-quality and rapid development. The new management has set higher expectations for growth, aiming for increases in sales, revenue, and profit. The performance forecast indicates a projected sales growth of approximately 34% by 2025, suggesting a significant acceleration in growth targets for the coming years [2][2][2] 2. **Focus on Core Business** The company is prioritizing its mineral water business and has announced the divestment of its landscaping business. This strategic move is expected to enhance investment in the mineral water sector while actively reducing losses from non-core operations, leading to a more focused asset structure [3][3][3] 3. **Improvement in Subsidiary Management** Management adjustments are being made to enhance the oversight of subsidiaries. The company plans to strengthen the assessment criteria from headquarters, which is anticipated to improve operational efficiency and internal effectiveness [3][3][3] Core Insights - The company's growth strategy is optimistic, with high product quality and a strong market foundation in Northeast China. Key markets for expansion include Liaoning and Beijing, along with plans to penetrate weaker markets in East and South China. The strategy for sustained growth is clear, supported by the divestment of loss-making assets and internal management optimization, which is expected to lead to continuous improvement in revenue and profitability [3][3][3]

Core Viewpoint - The company has approved the use of temporarily idle self-owned funds to purchase government bond reverse repos, with a limit of up to 300 million RMB for a period of 12 months [1][2]. Group 1: Investment Decision - On March 28, 2025, the company's board of directors and supervisory board approved the proposal to use temporarily idle self-owned liquid funds for purchasing government bond reverse repo products [1]. - The investment limit is set at a daily balance not exceeding 300 million RMB, which can be recycled within the effective period of the resolution [1]. - The investment period is valid for 12 months from the date of board approval, with the authorization for decision-making granted to the company's chairman and authorized personnel [1]. Group 2: Implementation and Management - The finance department of the company is responsible for organizing the specific implementation and management of the investment [1]. - The authorization period for this investment decision is from March 28, 2025, to March 27, 2026 [1]. Group 3: Current Status - As of the date of this announcement, the company and its subsidiaries have utilized temporarily idle self-owned funds for purchasing government bond reverse repos in January 2026 [1].

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 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。 证券代码：600189 证券简称：泉阳泉 公告编号：临 2026-006 截至本公告披露日，公司及控股子公司 2026 年 1 月份使用暂时闲置自有资 金购买国债逆回购情况如下： | 序 | 产品 | 金额 | | 购买日 | | | | 到期日 | | | 年化收益率 （未扣除交 | 产品 | | 取得收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 名称 | （万元） | | | | | | | | | 易费用） | 期限 | | （元） | | 1 | GC028 | 5,028.20 | 2025 | 年 12 | 月 | 11 日 | 2026 | 年 01 | 月 | 08 日 | 1.6000% | 28 | 天 | 61,715.99 | | ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that supply pressure for pigs is postponed, leading to a risk of price decline before and after the Spring Festival. The average price of live pigs in China as of January 23, 2026, is 12.92 CNY/kg, with a week-on-week increase of 0.15 CNY/kg but a year-on-year decrease of 2.40 CNY/kg [3][11] - The white feather chicken sector has transitioned from losses to profits, with prices slightly declining but profitability improving due to stable feed costs and weak supply elasticity [4][23] Summary by Sections Supply and Demand Observations - The average weight of pigs remains high, and the utilization rate of secondary fattening barns has increased to 38%, creating a short-term support effect on prices. However, the risk of price decline exists due to potential supply release around the Spring Festival [11][12] - The demand side shows that the price of white strips has recovered to 17.15 CNY/kg, with the price difference between lean and fat pigs expanding, indicating improved slaughtering profits but weak volume performance [11][12] Market Performance - From January 19 to January 23, the agricultural sector underperformed the market by 0.43 percentage points, with the Shanghai Composite Index rising by 0.84% and the agricultural index by 0.40% [5][27] - Key stocks such as Jingji Zhino (up 29.47%), Quanyuan (up 13.57%), and Honghui Fruits and Vegetables (up 9.94%) led the gains in the agricultural sector [5][27] Key News - As of the end of 2025, the number of breeding sows in China was 39.61 million, a decrease of 1.16 million, or 2.9%, which is within the normal holding capacity [33] - The Ministry of Finance announced that a guiding document to promote the high-quality development of agricultural insurance will be issued in 2026 [4][33] Price Tracking - As of January 23, 2026, the average price of live pigs is 12.97 CNY/kg, with a week-on-week increase of 0.19 CNY/kg. The average price of piglets is 23.54 CNY/kg, up 1.55 CNY/kg from the previous week [35] - The average price of white feather chicken is 7.50 CNY/kg, down 1.19% week-on-week, while the average price of chicken seedlings is 2.20 CNY, down 19.71% [38][35]