北交所策略专题报告 2025 年 09 月 21 日 北交所打新策略：上市提速与资金涌入下的供需博弈与投资机遇 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所新股呈现供给加速、资金踊跃、中签率低、收益率高的四重特征 从发审会节奏上来看，从 2025 年 2 季度开始，随着申报企业补充 2024 年报数据 的结束，北交所上市节奏出现提升，从 2024 年上市时间点看，3/4 季度是新股上 市的集中时间。截至 2025 年 9 月 19 日，2025 年 1-9 月北交所合计过会 23 家企 业，合计上市 14 家企业。从 2025 年三季度末开始，北交所网上发行有效申购户 数+冻结资金中枢进一步提高，2025 年 1-9 月北交所网上发行有效申购户数均值 达 56.54 万户，网上冻结资金均值达 5905.46 亿元；其中 2025 年 7-9 月网上发行 有效申购户数和网上冻结资金均值分别达 63.72 万户和 6673.86 亿元。从 2025 年北交所新股申购中签率来看，中签率整体处于低位，北交所 2025 年 ...

北交所策略专题报告 2025 年 09 月 21 日 创远信科发行股份购买微宇天导 100%股权，控股股东注入卫星导航核心资产 ——北交所策略并购专题报告第七期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 政策鼓励北交所并购，近两周发生 2 起并购事件 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。定位为主要服务创新型中小 企业的北交所，能够及时把握并购机遇。我们认为，在北交所公司并购的趋势方 向上，应重点关注：（1）同一集团内优质资源整合；（2）新质生产力行业外延并 购；（3）"强链补链"扩张版图式并购。截至 2025 年 9 月 7 日，北交所共发生 35 家次重要投资并购事件。最新 2 起分别为鼎智科技收购东莞市赛仑特实业有 限公司 51.00%股权；创远信科拟以发行股份并支付现金方式购买上海微宇天导 技术有限责任公司 100%股权，并配套募集资金。 创远信科发行股份购买微宇天导 100%股权，涉及重大事项停牌 2024 年 9 月 15 日晚间，创远信科公 ...

北交所研究团队 ——北交所化工新材专题报告 诸海滨（分析师） 北交所策略专题报告 2025 年 09 月 21 日 氨基酸多领域需求扩张与技术升级，无锡晶海引领高附加值赛道 zhuhaibin@kysec.cn 证书编号：S0790522080007 风险提示：宏观经济环境变动风险、市场竞争风险、数据统计误差风险 开 源 证 券 证 —北交所新股申购报告》-2025.9.20 《北交所 TMT 研究框架：高研发×高 壁垒×高弹性，掘金前沿科技主战场 —北交所行业主题报告》-2025.9.20 《电网投资迎高峰，配网"不停电" 作业开启黄金赛道，产业跃迁下的隐 形冠军掘金—北交所行业主题报告》 -2025.9.19 氨基酸行业迎来多领域需求共振，技术升级驱动高端化转型 中国氨基酸产业凭借成本优势主导中低端市场，但医药、化妆品等高附加值领域 仍由国际企业主导。合成生物学等技术创新正推动小品种氨基酸降本扩产，国内 企业如无锡晶海加速向医药高端原料药领域突破。氨基酸是含有氨基和羧基的一 类有机化合物的统称。氨基酸是构成蛋白质大分子的基础结构，几乎一切生命活 动都与之相关，广泛应用于医药、农业、保健、食品饲料、化妆品等 ...

计算机 数据来源：聚源 0% 22% 43% 65% 86% 108% 2024-09 2025-01 2025-05 计算机 沪深300 相关研究报告 《周观点：国产 AI 算力迎来黄金发展 期 —行业周报》-2025.9.14 《空天算力迎来布局良机—行业点评 报告》-2025.9.12 《周观点：迎接 AI 算力投资浪潮 —行 业周报》-2025.9.7 周观点：继续推荐国产 AI 算力 ——行业周报 2025 年 09 月 21 日 投资评级：看好（维持） 行业走势图 | 陈宝健（分析师） | 刘逍遥（分析师） | | --- | --- | | chenbaojian@kysec.cn | liuxiaoyao@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790520090001 | 产品层面，以寒武纪、海光信息、芯原股份为代表的国产 AI 芯片厂商及百 度、阿里、华为等国内大厂产品性能快速提升，逐渐替代国外产品。芯原股份 近期公告，截至 2025 年第二季度末，其在手订单金额为 30.25 亿元，已连续七 个季度保持高位，创公司历史新高。2025 年 7 月 ...

食品饮料 2025 年 09 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 10% 19% 29% 38% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《8 月社零增速环比放缓，消费动能仍 待提振—行业点评报告》-2025.9.17 《白酒底部等待回暖，西麦食养赛道 可期—行业周报》-2025.9.14 《白酒筑底，新消费领航—行业周报》 -2025.9.7 社零降速，食饮分化 ——行业周报 9 月 15 日-9 月 19 日，食品饮料指数跌幅为 2.5%，一级子行业排名第 23，跑输 沪深 300 约 2.1pct，子行业中预加工食品（+0.3%）、软饮料（+0.1%）、保健品 （+0.0%）表现相对领先。2025 年 8 月社会消费品零售总额同比+3.4%，增速环 比 7 月-0.3pct，8 月社零数据增速进一步走弱，一方面"以旧换新"政策效应的 边际减弱，家电音像、家具、通讯器材等增速环比回落；另一方消费需求仍然偏 弱，粮油食品、烟酒类消费增速也有回落。2025 年 8 月餐饮及限额以上餐饮收 入同比分别+2.1%、+1.0%， ...

电力设备 电力设备 2025 年 09 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 17% 34% 50% 67% 84% 2024-09 2025-01 2025-05 电力设备 沪深300 相关研究报告 《低空经济行业周报（第三十三期）： 小鹏汇天"陆地航母"获颁中国企业 首张海外有人驾驶航空器飞行证，时 的科技与 Autocraft 签署 350 架 eVTOL 协议—行业周报》-2025.9.14 《固态电池行业周报（第十四期）： 先导智能干法设备成功交付降本超 15%，恩捷股份 10 吨级的固态电解质 产线已投产—行业周报》-2025.9.14 《固态电池行业周报（第十三期）： 先导智能已打通全固态电池量产工艺 环节，亿纬锂能"龙泉二号"全固态 电池下线—行业周报》-2025.9.7 赣锋锂业子公司低空飞行器动力电池项目荣获创客中国一等奖，SK On、松下 固态电池进展加速 （1）行业：近日，2025 遂宁国际锂电大会上，专家指出固态电池 2027 年将迎 来千辆级别示范性装车关键节点，但需突破材料、工艺、界面三大核心难题。硫 化物体系面临成本高、量产难问题，长期可靠性待 ...

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - Huawei's Ascend roadmap was released, projecting a tenfold increase in computing power over the next decade, with AI storage capacity expected to grow 500 times by 2035, accounting for over 70% of total storage needs [14][15] - Microsoft announced the construction of the world's most powerful AI data center, Fairwater, with an initial investment of $3.3 billion, expected to be operational by early 2026, which will significantly boost demand for optical modules and switches [5][16] - The report emphasizes the importance of the Huawei AI chain, OCS, and domestic computing sectors, recommending various stocks across these segments [6][11] Summary by Sections 1. Investment Outlook - Huawei's new Ascend chip series will be launched in phases from 2026 to 2028, with significant improvements in bandwidth and computing power [11][12] - The report suggests focusing on seven key investment areas, including network equipment, AIDC construction, IT equipment, computing leasing, cloud computing platforms, AI applications, and satellite internet & 6G [17][18] 2. Communication Data Tracking - As of July 2025, China had 4.598 million 5G base stations, with 1.137 billion 5G mobile users, reflecting a year-on-year growth of 19.68% [25][27] - The report notes a decline in 5G smartphone shipments in June 2025, with a total of 18.436 million units shipped, a year-on-year decrease of 16.7% [25][32] 3. Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, a year-on-year increase of 11.3%, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [40][41] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Mobile and China Unicom [40][44]

投资策略周报 2025 年 09 月 20 日 策略研究团队 坚持科技，高低切的时机尚未到来 （1）近期，在中枢抬升的过程中，A 股市场呈现显著的"增量市"特征，成交 额放大与资金活跃度提升成为核心标志。同时本轮居民更多通过 ETF 入市，带 来了和历史上的"指数牛"不同的特征：①ETF 的流入强化"龙头"风格，尤其 是 ETF 权重股重要性提升，对微盘股造成虹吸；②ETF 被动配置，缺乏主动基 金经理填"估值坑"，导致本轮牛市行业之间的涨幅差异扩大，赚钱效应更集中， 未来"选行业"可能比"选股"更重要，即更容易出现在某板块躲牛市的情况。 （2）本轮产业层面的积极催化持续涌现：全球 AI 革命性发展、科技竞赛、国 产算力需求的快速增长、创新药 BD 大单、国产半导体和芯片的创新发展等多维 度的产业层面的积极催化持续涌现。 （3）但与此同时，宏观预期尚未显著变化，A 股盈利尚未出现明显的拐点信号。 从上半年的财报来看，A 股盈利和收入增速尚在底部；截至 8 月末，70 大城市 的新房销售仍在环比下降；截至 7 月末，工业企业利润同比仍在负增长区间。 高低切需要的条件：短期和长期，目前尚不具备高低切条件 （1）短 ...

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in the profitability of listed brokerages, with a net profit of 102.1 billion yuan in the first half of 2025, representing a year-on-year increase of 63.1% [5][13] - The report emphasizes the strong performance of retail brokerage and proprietary trading, driven by a bullish market, with an annualized ROE of 7.81% [5][12] - The report suggests that the brokerage sector's fundamentals are favorable, with low valuations and institutional holdings, making it a high-risk-reward investment opportunity [5][14] Summary by Sections Brokerage Business - The brokerage business saw a year-on-year revenue increase of 39%, with retail brokerage income growing by 36% [30][31] - The average daily trading volume in the stock market increased by 66%, contributing to the growth in brokerage income [31] - The report anticipates continued high demand in the brokerage business due to a recovering market and low performance base in the third quarter [30][31] Investment Banking - Investment banking revenues increased by 11% year-on-year, with a notable surge in H-share IPOs, which grew by 719% [6][34] - The report notes that the A-share IPO market remains under strict regulation, but the relaxation of policies for tech companies is expected to improve the investment banking outlook [6][34] Asset Management - The asset management segment experienced a slight decline in net income, down 5% year-on-year, with a total asset management scale increase of 1% [40][48] - The report indicates that the market for non-monetary and equity funds has grown, with total assets under management reaching 20.2 trillion yuan and 8.4 trillion yuan respectively, reflecting year-on-year increases of 13% and 27% [48][49]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the second half of 2025, the economic growth rate may not decline significantly as it has entered the horizontal part of the second L - shaped curve [6]. - Structural issues such as prices are expected to improve trend - wise [6]. - There will be a continuous switch in stock - bond allocation: bond yields and the stock market are expected to rise continuously [6]. 3. Summary by Relevant Catalogs General Public Budget - **Income**: From January to August 2025, the national general public budget income increased by 0.3% year - on - year (previous value: 0.1%). In August, the general public budget income increased by 2.0% year - on - year (2.6% in July). Tax revenue increased by 3.4% year - on - year (5.0% in July), with the securities trading stamp duty income surging by 226% year - on - year (125.4% in July), and corporate income tax increasing by 33.4% year - on - year (6.4% in July). Non - tax revenue decreased by 3.8% year - on - year (- 12.9% in July) [2]. - **Expenditure**: From January to August 2025, the national general public budget expenditure increased by 3.1% year - on - year (3.4% in the previous period). In August, the general public budget expenditure increased by 0.8% year - on - year (3.0% in July). Infrastructure expenditure items such as urban and rural community affairs decreased by 16.8% year - on - year (2.9% in July), and agriculture, forestry and water affairs decreased by 22.9% year - on - year (- 6.9% in July) [2][3]. Governmental Fund Budget - **Income**: From January to August 2025, the national governmental fund budget income decreased by 1.4% year - on - year (- 0.7% in the previous period). In August, the governmental fund income decreased by 5.7% year - on - year (8.9% in July), mainly due to the negative year - on - year growth of land transfer income. The real estate market is still in the process of bottom - seeking, and the land market is under pressure [4]. - **Expenditure**: From January to August 2025, the national governmental fund budget expenditure increased by 30% year - on - year (31.7% in the previous period). In August, the governmental fund expenditure increased by 19.8% year - on - year (42.4% in July). Driven by special bonds and special treasury bonds, it still maintained relatively high - speed growth [4]. Market On September 17, the bond market showed a narrow - range oscillation in the morning session as the market speculated on the issuance of special treasury bonds. After the issuance of 25 Te Guo 04 exceeded expectations with a winning bid rate of 2.1616%, the long - end yield declined. In the afternoon, the market's expectation of the central bank's restart of treasury bond trading fermented, pushing the long - end yield to continue to decline [5].