| 截至月份: | 2026年2月28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3月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 0 511,053,811 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | ...

工具行业专题：周期共振，成长可期 20260226 摘要 工具行业的市场空间与细分结构如何，区域分布对行业经营特征意味着什么？ 工具市场规模达千亿美元级别，增速与 GDP 相关，稳态下保持中个位数 增长。美国是最大单一市场，重点公司在美洲市场营收占比普遍超 60%，行业对美国市场敞口较高。 美国地产周期与工具需求高度相关。当前房贷利率高企，成屋销售筑底， 但随降息推进，地产景气有望修复，进而驱动工具需求释放。预计 26 年美联储有望降息，地产周期复苏可期。 工具行业下游以线下渠道为主，受渠道商库存周期影响。24 年下半年渠 道去库已进入尾声，25 年渠道库存增速平稳，库销比企稳回落。预计 26 年有望迎来地产周期与渠道库存周期共振的复苏阶段。 创科实业已成为全球工具龙头，泉峰控股和巨星科技分别在 OPE 和手工 具品类位列全球第二，市场份额持续提升。各公司通过"内生+外延" 实现规模扩张，龙头企业更早完成 OBM 转型。 锂电化是行业趋势，电动工具渗透率已达 70%-80%，OPE 渗透率较低， 提升空间大。锂电化推动竞争要素转向电池平台通用化，创科实业和泉 峰控股在电池平台布局上具有先发优势。 Q&A 当前 ...

兴业证券主要观点如下： 市场空间：千亿美元赛道，欧美需求主导 全球工具市场规模超千亿美元，稳态增长中枢约6.4%。分品类看，电动工具、OPE合计占比超6成，量 价增长弹性更优;手工具占比约2成，规模稳步扩张。分区域看，欧美需求主导，深厚的DIY文化及高人 工成本是核心长期驱动，工具企业北美收入敞口超6成。 催化剂：地产周期+库存周期共振，景气趋势向上 1)地产筑底修复：工具需求约60%与地产链相关，与美国地产周期高度同步。当前美联储处于降息通 道，抵押贷款利率已自高位回落，有望拉动处于历史底部的成屋销售回暖，从而驱动工具终端需求改 善。2)渠道补库开启：家得宝、劳氏两大KA渠道市占率超50%，其补库/去库行为直接主导上游订单。 2020-2024年行业经历完整库存周期，当前时点渠道库存处于偏低水位，叠加终端需求回暖，新一轮补 库周期有望开启。 智通财经APP获悉，兴业证券发布研报称，展望2026年，降息预期下美国地产及消费周期有望触底反 弹，叠加库存周期、更新周期共振，工具行业景气趋势上行。竞争格局方面，强者恒强，具备品牌势 能、产品持续迭代能力强、渠道布局持续深化、全球化产能布局完善的中国工具企业有望加速崛 ...

关税影响：1、对于全球范围内来说，对各国施加的对等关税取消；2、对中国而言，除10%对等关税外，还有10% 的芬太尼关税在IEEPA范围内，即对华关税20%立即取消；3、法院并未明确要求如何处理已征收的约1500亿美元 关税收入。 #中国对美出口总体关税下降5%~10%，出口成本下降，美进口商采购意愿有望回升，出口预期改善。我们认为， 对美综合关税降低，对美出口占比较高的公司有望迎来阶段性利好。建议关注以下北美出海链： 1、工具行业。工具行业需求与美地产及降息节奏关联较大，若实施降息，有望逐步传导至地产链、同时提振工具 类需求。目前美国成屋及新房销售持续低位，但#30年期贷款利率呈持续回落趋势，或推动美国地产市场回暖，地 产链有望得到复苏。国内工具类出海公司有望抓住产能转移及商超自有品牌代工机遇，与降息周期共振。建议重 点关注：【巨星科技】（双产能基地+电动工具代工逻辑）、【欧圣电气】（马来产能投产，拓展新品类及机器人 业务）、【山东威达】（最大客户TTI，有望受益于TTI份额提升）、【泉峰控股】、大叶股份。 2、其他地产/基建链。建议关注【凌霄泵业】（高股息，塑料卫浴泵有望受益于房地产回暖）。高机方面，目前 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, Juxing Technology (002444.SZ) [6][17]. Core Insights - The tools industry is a significant market with a global scale of approximately 100 billion USD, characterized by stable growth driven by home renovation investments [1][22]. - Juxing Technology has established itself as a leading hand tools manufacturer in Asia, holding the second-largest market share globally, and is expected to outperform the industry due to its competitive advantages in channel expansion, brand acquisition, and product innovation [1][3]. - The company is positioned to benefit from a recovery in the economic cycle, with anticipated support from a Federal Reserve interest rate cut, a healthy inventory cycle, and a new product cycle in electric tools [2][3]. Summary by Sections Industry Overview - The tools industry is categorized as a necessity consumer product, with demand primarily concentrated in Europe and North America, while supply is mainly from Asia [1][25]. - The market is characterized by a high concentration of demand from large retailers, with the top four channel players accounting for over 70% of the market [1][35]. Company Development - Juxing Technology has transitioned from OEM to ODM and OBM models, with a significant focus on brand acquisition and product innovation [1][2][69]. - The company has shown robust revenue growth, with a compound annual growth rate (CAGR) of approximately 16.44% from 2018 to 2024, outperforming industry growth rates [72]. Financial Performance and Forecast - Revenue projections for Juxing Technology are estimated at 155.06 billion, 184.80 billion, and 222.90 billion CNY for 2025, 2026, and 2027, respectively, with corresponding growth rates of 4.8%, 19.2%, and 20.6% [3][17]. - The net profit attributable to the parent company is forecasted to be 25.87 billion, 28.51 billion, and 34.51 billion CNY for the same years, with growth rates of 12.3%, 10.2%, and 21.0% [3][17].

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the ShenZhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Mechanical Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include ShenChengJiao, SuJiaoKe, HuaShe Group, and NaRui Radar; for complete machines, focus on WanFeng AoWei, YiHang Intelligent, ZongHeng Co., and Green Energy HuiChong; for core components, consider ZongShen Power, WoLong Electric Drive, YingLiu Co., and YingBoEr; in air traffic management and operations, look at CITIC HAIZHI, ZhongKe XingTu, and Sichuan JiuZhou [5] - In the mechanical equipment sector, recommended companies include JuXing Technology, QuanFeng Holdings, and JiuHao Company for the export chain; for engineering machinery, focus on SANY Heavy Industry, XCMG, and Anhui Heli; for industrial mother machines, consider HuaZhong CNC, KeDe CNC, and HengLi Hydraulic [5] Economic Data Tracking - The manufacturing PMI and its components are being closely monitored, with significant fluctuations noted in production and new orders [32][33] - The monthly export totals and changes are also being tracked, indicating trends in the mechanical equipment sector [38]

自2026年2月4日起，范博士已获委任为薪酬委员会主席以及审核委员会及提名委员会成员。 泉峰控股(02285)发布公告，委任范浩博士(范博士)为独立非执行董事、薪酬委员会主席以及审核委员会 及提名委员会成员，自2026年2月4日起生效。 ...

自2026年2月4日起，范博士已获委任为薪酬委员会主席以及审核委员会及提名委员会成员。 智通财经APP讯，泉峰控股(02285)发布公告，委任范浩博士(范博士)为独立非执行董事、薪酬委员会主 席以及审核委员会及提名委员会成员，自2026年2月4日起生效。 ...

Group 1 - The core point of the article is the appointment of Fan Hao as an independent non-executive director of QuanFeng Holdings, effective from February 4, 2026 [1] Group 2 - Fan Hao will also serve as the chairman of the remuneration committee and a member of the audit committee and nomination committee [1]