长白山股价创60日新低，受板块调整与资金流出影响

Core Viewpoint - Changbai Mountain's stock price has reached a 60-day low due to technical adjustments, capital outflows, and seasonal industry factors, although the company's fundamentals have not significantly deteriorated [1]. Stock Performance - From January 13 to February 12, 2026, Changbai Mountain's stock fell by 10.80%, while the tourism and scenic spot sector declined by 2.35% and the social services sector by 0.80%, indicating weaker performance compared to the industry and the broader market [2]. - The stock price has dropped below the 20-day moving average of 44.008 yuan, with KDJ indicators showing K line at 13.521 and J line at 0.241, suggesting strong short-term selling pressure [2]. Capital Flow Situation - On February 12, 2026, there was a net outflow of 15.3395 million yuan from major funds, while retail investors saw a net inflow of 2.6746 million yuan, which was insufficient to offset the selling pressure from major funds [3]. - The cumulative net outflow from major funds over the past five days has been significant, exacerbating the downward trend in stock price [3]. Reasons for Stock Price Fluctuation - Previous gains were corrected after a strong winter season in 2025, where visitor numbers during the New Year holiday increased by 40.77% year-on-year, pushing the stock price to a high of 52.20 yuan in mid-January [4]. - Recent profit-taking by investors has led to a decline from this high, compounded by seasonal factors as the peak ice and snow tourism season comes to an end, leading to cautious sentiment regarding future visitor growth [4]. - A report from Zhongcheng International in February 2026 indicates that the tourism industry has shifted from "scale recovery" to "quality-price ratio improvement," making some investors sensitive to potential slowdowns in short-term performance growth [4]. Future Considerations - Attention should be paid to the progress of future financing projects, such as the second phase of the hot spring complex, and the long-term impact of transportation improvements on visitor numbers [5].