| 三一国际(00631) | 9.330 | 9.550 | 0.63% | | --- | --- | --- | --- | | 太古股份公司Ａ(00019) | 72.400 | 72.750 | 0.62% | | 威胜控股(03393) | 19.830 | 19.900 | 0.51% | | ＰＰ台湾５０(03453) | 109.400 | 109.500 | 0.50% | | 华虹半导体(01347) | 99.450 | 99.950 | 0.45% | | 新鸿基公司(00086) | 4.470 | 4.490 | 0.45% | | ＰＰ台５０Ａ－Ｕ | 14.260 | 14.260 | 0.42% | | (09159) | | | | | 中银香港(02388) | 40.400 | 40.400 | 0.40% | | 安硕中国国债(02829) | 60.380 | 60.380 | 0.33% | | 国富量子(00290) | 3.080 | 3.140 | 0.32% | | 长实集团(01113) | 43.080 | 43.160 | 0.28% | | 宏利 ...

每经AI快讯，泉峰控股(02285.HK)午后涨近12%，截至发稿涨11.5%，报23.86港元，成交额1.03亿港 元。 （文章来源：每日经济新闻） ...

来源：智通财经网 泉峰控股(02285)午后涨近12%，截至发稿，涨11.5%，报23.86港元，成交额1.03亿港元。 招商证券发布研报称，美联储连续三次降息、叠加26年主席换届，30年期住房抵押贷款利率下行有望推 动美国地产周期反转，叠加26Q1零售商从被动去库到主动补库，终端销售景气推升，预计巨星科技/泉 峰控股等26年迎来经营改善。 值得注意的是，泉峰控股旗下EGO欧洲公司此前收购荷兰Royal Reesink集团旗下SDL的全部股份。此次 并购是泉峰控股推进欧洲市场战略的关键举措。通过融合SDL的本地化优势与泉峰的全球资源，EGO在 欧洲户外动力设备领域的竞争力与品牌影响力将得到进一步提升。据悉，EGO作为锂电OPE领域头部品 牌，已占据用户心智。 ...

智通财经APP获悉，泉峰控股(02285)午后涨近12%，截至发稿，涨11.5%，报23.86港元，成交额1.03亿 港元。 招商证券发布研报称，美联储连续三次降息、叠加26年主席换届，30年期住房抵押贷款利率下行有望推 动美国地产周期反转，叠加26Q1零售商从被动去库到主动补库，终端销售景气推升，预计巨星科技/泉 峰控股等26年迎来经营改善。 值得注意的是，泉峰控股旗下EGO欧洲公司此前收购荷兰Royal Reesink集团旗下SDL的全部股份。此次 并购是泉峰控股推进欧洲市场战略的关键举措。通过融合SDL的本地化优势与泉峰的全球资源，EGO在 欧洲户外动力设备领域的竞争力与品牌影响力将得到进一步提升。据悉，EGO作为锂电OPE领域头部品 牌，已占据用户心智。 ...

值得注意的是，泉峰控股旗下EGO欧洲公司此前收购荷兰Royal Reesink集团旗下SDL的全部股份。此次 并购是泉峰控股推进欧洲市场战略的关键举措。通过融合SDL的本地化优势与泉峰的全球资源，EGO在 欧洲户外动力设备领域的竞争力与品牌影响力将得到进一步提升。据悉，EGO作为锂电OPE领域头部品 牌，已占据用户心智。 招商证券发布研报称，美联储连续三次降息、叠加26年主席换届，30年期住房抵押贷款利率下行有望推 动美国地产周期反转，叠加26Q1零售商从被动去库到主动补库，终端销售景气推升，预计巨星科技 （002444）/泉峰控股等26年迎来经营改善。 泉峰控股(02285)午后涨近12%，截至发稿，涨11.5%，报23.86港元，成交额1.03亿港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 泉峰控股有限公司（於香港註冊成立之有限公司） | | | 呈交日期: | 2026年1月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02285 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 511,053,811 | | 0 | | 511,053,811 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 511,053,811 | | ...

Core Insights - The report emphasizes the strong resilience of leading white goods companies, highlighting their high dividend yields, with Gree Electric at 7.3%, Midea Group at 5.1%, Hisense Home Appliances at 4.9%, and Haier Smart Home at 4.6% [6][22] - The "Home Appliance +" strategy indicates opportunities in extending the appliance industry into robotics, with companies like Midea Group and Fuhua Co. making significant advancements [6][58] - The export market shows potential, particularly in the U.S. real estate sector, with expectations of demand recovery due to anticipated interest rate cuts and housing stimulus policies [6][70] Section Summaries 2025 Home Appliance Review - The home appliance index has shown a modest increase of 7.7% year-to-date, underperforming the CSI 300 index by approximately 9.7 percentage points [11][14] - The market style in 2025 has favored growth stocks, while the home appliance sector has leaned towards value, leading to a mismatch in market expectations [13][14] - The public fund allocation in the home appliance sector is at a historical low of 2.94%, indicating potential for future growth as external demand remains optimistic [18][19] Dividends - Leading white goods companies maintain high dividend yields, with Gree Electric at 7.3%, Supor at 6.1%, and Midea Group at 5.1%, reflecting strong earnings resilience [24][29] - The report suggests that the dividend rates for companies like Midea and Haier may continue to increase, supported by robust profit growth [24][30] Domestic Sales - The national subsidy policy has positively impacted consumer confidence, with a clear trend towards structural upgrades in appliance consumption [34] - The sales growth of home appliances has been driven by the "trade-in" policy, although growth rates have shown a declining trend in the latter part of the year [34][39] - The air conditioning market has maintained stable pricing, with a continued trend towards mid-to-high-end products [39] "Home Appliance +" - Midea Group has made significant investments in robotics, with humanoid robots already in practical application within factories [58] - Fuhua Co. is expected to launch its grain storage robots in 2026, indicating a diversification into new growth areas [59] - Key component manufacturers like Huaxiang Co. and Hanyu Group are positioned to benefit from the robotics trend, focusing on core components such as reducers and harmonic drives [64][65] Exports - The U.S. real estate market is expected to recover, with potential interest rate cuts and housing stimulus policies likely to boost demand for home appliances [71][84] - Retail inventory levels in the U.S. are high, which may affect sales performance in the short term, but long-term housing demand remains strong [76][83] - The report anticipates that if mortgage rates fall below 6%, there could be a significant recovery in demand within the real estate chain [84]

Core Viewpoint - The consumer goods export chain is expected to face multiple external disturbances in 2025, leading to structural differentiation in market conditions, with motorcycles and ATVs remaining strong while other segments see declining growth rates [1][2]. Group 1: 2025 Review - The consumer goods export chain encompasses a wide range of industries with varying growth drivers, resulting in a bottom-up driven market where individual stock logic is relatively independent, and sector effects are weak [2]. - In the first three quarters of 2025, revenue and net profit growth rates for export chain companies showed a declining trend, primarily due to tariff impacts and early inventory stocking by overseas clients [2]. - Despite the overall decline, certain segments like motorcycles and ATVs continue to outperform expectations, leading to sustained high growth in related companies' performance and stock prices [2]. Group 2: 2026 Outlook - The macroeconomic environment is expected to improve in 2026, with easing tariff issues and low freight costs, alongside the Federal Reserve initiating a new round of interest rate cuts, which will stimulate U.S. consumer and investment activities [3]. - The recovery of the U.S. real estate cycle is anticipated to benefit the tool industry, with continued attention recommended for the bathroom pump sector and domestic motorcycle exports [3]. Group 3: Tool Industry - Tool demand is directly correlated with the real estate industry's conditions, which are highly sensitive to mortgage rates currently suppressed by high rates, placing the real estate cycle at its lowest since 1999 [4]. - As the Federal Reserve's interest rate cuts take effect, mortgage rates are expected to decline, leading to a recovery in new and existing home sales, which will subsequently drive tool demand [4]. Group 4: Plastic Bathroom Pump Industry - The plastic bathroom pump sector, used in facilities like massage bathtubs and swimming pools, sees strong demand in Europe and North America [5]. - This sector is linked to new construction projects and also benefits from upgrades in existing facilities, with demand likely to increase following interest rate cuts [5]. Group 5: Motorcycle Industry - The global motorcycle market is vast and resilient, with 2023 sales reaching 54.6 million units, a year-on-year increase of 2.44%, and a market size of $139.6 billion, up 2.72% year-on-year [6]. - The competitive landscape features Japanese brands leading, Indian brands in the second tier, and Chinese brands breaking through, while European and American brands maintain a presence in high-end segments [6]. - Domestic brands are gradually moving away from reliance on low-end commuter models, shifting towards high-value segments like large displacement and electric motorcycles, aiming to increase market share in Europe and the U.S. [6]. - Key recommendations include companies like Juxing Technology (hand tools + power tools) and Quan Feng Holdings (power tools + garden tools), with additional attention suggested for Lingxiao Pump Industry, Chunfeng Power (small and mid-cap), Longxin General (automotive), and Taotao Industry (automotive & home appliances) [6].

Core Viewpoint - QuanFeng Holdings (02285) is expected to benefit from overseas interest rate cuts, with clear medium to long-term growth prospects highlighted by Huatai Securities [1] Group 1: Short-term Outlook - Short-term disruptions from tariffs are becoming clearer, and with customer inventory digestion, there is an anticipated replenishment demand [1] - The implementation of interest rate cuts is expected to boost terminal demand, positively impacting the sales of lithium battery OPE products [1] Group 2: Medium to Long-term Outlook - The company has a strong competitive moat in the mid-to-high-end lithium battery OPE sector, with EGO recognized as a leading brand in this field [1] - There is potential for continued benefits from the increasing penetration rate of lithium batteries, alongside the company's proactive development of new products such as commercial and ride-on models [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 泉峰控股有限公司（於香港註冊成立之有限公司） | | | | 呈交日期: | 2025年12月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02285 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 511,053,811 | | 0 | | 511,053,811 | | 增加 / 減少 (-) | | | | | ...