月度分析报告·综述 EPMI 新兴产业综述报告 202602 首次 9 天假，订单较强库存新低 2026 年 2 月 25 日 月度分析报告 数据概况 中采咨询、科技部中国科学技术发展战略研究院联合发布，2 月份 中国战略性新兴产业采购经理指数（Emerging Industries PMI）为 44.6， 比上月回落 5.4 个百分点。 数据点评 中采咨询于颖认为："2026 年 2 月，新兴产业 EPMI 回落至 44.6%， 环比值与往年春节月份持平。今年春节假期落在 2 月中下旬，打乱了调 研时间表，且今年 9 天春节长假历史首次，因此本月因生产很少导致 PMI 读数较低很正常，且分项反映产业韧性较强。从三个月与两个月均 值看，EPMI 都不弱于历史可比的同期，而新订单的环比值高于历史可 比同期。本月，生产量、产品订货分别回落至 38.9%和 42.8%；产需比 大幅收窄至-3.9，当然这是因生产大幅减少而导致，但同时可看出订单 不弱；再观察现有订货 34.3%，需求端虽强于生产端，但也同步受到大 幅压制；出口订单继续回落 8.1 个百分点至 36.6%，回落幅度高于新订 中采咨询版权所有，数据分析有 ...

Core Viewpoint - The company reported a significant increase in revenue but also faced a larger net loss due to decreased gross profit and increased financial costs [1] Financial Performance - Revenue for the six months ending September 30, 2025, was HKD 51.738 million, representing an approximate 59% year-on-year growth [1] - The loss attributable to owners was HKD 35.509 million, which is a 31.65% increase compared to the previous year [1] - The loss per share was HKD 0.0261 [1] Revenue Drivers - The revenue growth was primarily driven by increased sales in the building materials and health, medical, and leisure segments [1] - The net impact of reduced property deliveries under the Yangzhong project for the six months ending September 30, 2024, also contributed to the revenue changes [1] Cost Factors - The increase in net loss was mainly due to a decrease in gross profit and an increase in financial costs [1]

Group 1 - Dahu Co., Ltd. experienced a 5.07% decline in stock price, trading at 6.93 yuan per share, with a total transaction volume of 1.95 billion yuan and a turnover rate of 5.72%, resulting in a total market capitalization of 3.335 billion yuan [1] - The company, established on January 18, 1999, and listed on June 12, 2000, operates in health product manufacturing and sales, as well as health medical services through rehabilitation hospitals [1] - The revenue composition of Dahu Co., Ltd. includes 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business income [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) fund entered the top ten circulating shareholders of Dahu Co., Ltd., holding 2.5675 million shares, which is 0.53% of the circulating shares, with an estimated floating loss of approximately 950,000 yuan [2] - The Noan Multi-Strategy Mixed A fund was established on August 9, 2011, with a latest scale of 1.855 billion yuan, achieving a year-to-date return of 5.52% and a one-year return of 79.39% [2] - The fund manager, Kong Xianzheng, has a tenure of 5 years and 51 days, with the fund's total asset scale at 5.608 billion yuan, achieving a best return of 93.39% and a worst return of -16.74% during his tenure [3]

Group 1 - The core viewpoint of the news is that Dahu Co., Ltd. has seen a significant increase in its stock price, rising by 5.57% to 6.63 CNY per share, with a trading volume of 1.74 billion CNY and a turnover rate of 5.65%, resulting in a total market capitalization of 31.91 billion CNY [1] - Dahu Co., Ltd. is primarily engaged in the production and sales of health products and the operation management of rehabilitation hospitals, with its main business revenue composition being 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business income [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Nuoan Fund, specifically Nuoan Multi-Strategy Mixed A (320016), has entered the top ten circulating shareholders of Dahu Co., Ltd. in the third quarter, holding 2.5675 million shares, which accounts for 0.53% of the circulating shares, with an estimated floating profit of approximately 898,600 CNY [2] - Nuoan Multi-Strategy Mixed A (320016) has a total asset scale of 18.55 billion CNY, with a year-to-date return of 70.98%, ranking 404 out of 8,155 in its category, and a cumulative return since inception of 230% [2]

Group 1 - Dahu Co., Ltd. experienced a 1% decline in stock price, reaching 5.92 CNY per share, with a total market capitalization of 2.849 billion CNY as of the report date [1] - The company has seen a cumulative decline of 7% over the past five trading days [1] - Dahu Co., Ltd. was established on January 18, 1999, and listed on June 12, 2000, with its main business activities including the production and sales of health products and the operation of rehabilitation care hospitals [1] Group 2 - The main revenue composition of Dahu Co., Ltd. includes 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business activities [1] - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of Dahu Co., Ltd., holding 2.5675 million shares, which is 0.53% of the circulating shares [2] - The fund has incurred a floating loss of approximately 154,100 CNY today and a total floating loss of 1.1554 million CNY during the five-day decline [2] Group 3 - The fund manager of Noan Multi-Strategy Mixed A is Kong Xianzheng, who has been in the position for 5 years and 35 days, managing a total fund size of 5.608 billion CNY [3] - During his tenure, the best fund return was 86.1%, while the worst return was -16.74% [3]

Group 1 - The core viewpoint of the article highlights that southbound funds have increased their holdings in Health Road (02587.HK) by 2.302 million shares on December 9, indicating a growing interest from investors [1] - Over the past five trading days, there have been three days of net increases in holdings by southbound funds, totaling 1.8575 million shares [1] - In the last twenty trading days, there were eleven days of net increases, with a cumulative net increase of 458,700 shares [1] Group 2 - As of now, southbound funds hold 18.3 million shares of Health Road, accounting for 20.81% of the company's total issued ordinary shares [1] - Health Road Holdings Limited primarily engages in providing enterprise services, digital marketing services, and health care services [1] - The company operates through three segments: enterprise services and digital marketing services, health care services, and other health services and products [1]

Group 1 - The core viewpoint of the news is that Dahu Co., Ltd. experienced a stock price increase of 5.12%, reaching 6.36 CNY per share, with a trading volume of 1.29 billion CNY and a turnover rate of 4.37%, resulting in a total market capitalization of 30.61 billion CNY [1] - Dahu Co., Ltd. is primarily engaged in the production and sales of health products, as well as the operation and management of rehabilitation care hospitals, with its main business revenue composition being 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business income [1] Group 2 - Among the top ten circulating shareholders of Dahu Co., Ltd., a fund under Nuoan Fund, specifically Nuoan Multi-Strategy Mixed A (320016), has recently entered the list, holding 2.5675 million shares, which accounts for 0.53% of the circulating shares, with an estimated floating profit of approximately 795,900 CNY [2] - Nuoan Multi-Strategy Mixed A (320016) has achieved a year-to-date return of 74.3%, ranking 206 out of 8199 in its category, and a one-year return of 64.98%, ranking 342 out of 8131 [2]

Core Insights - Dahu Co., Ltd. experienced a stock price increase of 5.04%, reaching 6.67 CNY per share, with a trading volume of 421 million CNY and a turnover rate of 13.57%, resulting in a total market capitalization of 3.21 billion CNY [1] Group 1: Company Overview - Dahu Health Industry Co., Ltd. is located in Changde City, Hunan Province, and was established on January 18, 1999, with its listing date on June 12, 2000 [1] - The company's main business includes the production and sales of health products and the operation management of rehabilitation nursing hospitals [1] - Revenue composition is as follows: 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business income [1] Group 2: Shareholder Information - Noan Fund has a fund that ranks among the top ten circulating shareholders of Dahu Co., Ltd. Noan Multi-Strategy Mixed A (320016) entered the top ten in the third quarter, holding 2.5675 million shares, which is 0.53% of the circulating shares [2] - The estimated floating profit for Noan Multi-Strategy Mixed A today is approximately 821,600 CNY [2] - The fund was established on August 9, 2011, with a latest scale of 1.855 billion CNY, achieving a year-to-date return of 77.88% and a one-year return of 83.58% [2]

Group 1 - The core point of the news is that Dahu Co., Ltd. experienced a significant stock price increase of 10.06%, reaching 6.89 CNY per share, with a total market capitalization of 3.316 billion CNY [1] - Dahu Co., Ltd. was established on January 18, 1999, and listed on June 12, 2000, primarily engaged in the production and sales of health products and the operation management of rehabilitation care hospitals [1] - The main revenue composition of Dahu Co., Ltd. includes 45.76% from aquatic products, 42.99% from medical services, 9.45% from liquor, 0.94% from rental income, and 0.71% from other business income [1] Group 2 - According to the top ten circulating shareholders, a fund under Nuoan Fund, Nuoan Multi-Strategy Mixed A (320016), entered the top ten circulating shareholders in the third quarter, holding 2.5675 million shares, accounting for 0.53% of circulating shares [2] - The estimated floating profit for Nuoan Multi-Strategy Mixed A today is approximately 1.6175 million CNY [2] - Nuoan Multi-Strategy Mixed A was established on August 9, 2011, with a latest scale of 1.855 billion CNY, achieving a year-to-date return of 77.77% and a one-year return of 76.76% [2]

Core Viewpoint - Southbound funds have significantly reduced their holdings in Health Road (02587.HK), indicating a potential shift in investor sentiment towards the company [1]. Group 1: Shareholding Changes - On November 12, southbound funds reduced their holdings by 279.25 thousand shares, marking a decrease of 1.53% [2]. - Over the past five trading days, there have been reductions in holdings for four days, totaling a net decrease of 942.2 thousand shares [1]. - In the last 20 trading days, there were 15 days of reductions, with a cumulative net decrease of 1,959.4 thousand shares [1]. Group 2: Current Holdings - As of now, southbound funds hold 1.8 million shares of Health Road, which represents 20.44% of the company's total issued ordinary shares [1]. Group 3: Company Overview - Health Road Holdings Limited primarily engages in providing enterprise services, digital marketing services, and health care services [2]. - The company operates through three segments: enterprise services and digital marketing, health care services, and other health services and products [2]. - The enterprise services and digital marketing segment includes content services, IT services, and digital marketing services [2].