9月1日，北交所个股合计成交量11.80亿股，成交额280.52亿元，成交额相对上一交易日减少42.67亿 元，个股来看，收盘上涨的共149只。 证券时报·数据宝统计显示，今日可交易北交所个股中，收盘股价上涨的有149只，占可交易个股的 54.58%，收盘涨停的有宏裕包材、荣亿精密等，收盘涨幅居前的有科创新材、凯腾精工、海达尔，分 别上涨17.42%、17.14%、15.74%。收盘股价下跌的有122只，跌幅居前的有豪声电子、创远信科、国源 科技等，分别下跌5.73%、4.32%、4.27%。 成交方面，全天成交额超亿元的股票共有91只，成交额居前的北交所股票有贝特瑞、荣亿精密、戈碧迦 等，成交额分别为7.58亿元、6.74亿元、5.20亿元。 股票活跃度来看，今日可交易的北交所个股中，换手率超10%的有33只，其中，6股换手率超20%，换 手率在5%~10%之间的有73只，换手率在1%~5%之间的有166只。全天换手率居前的股票有舜宇精工、 荣亿精密、巴兰仕等，换手率分别为37.51%、35.54%、29.93%。（数据宝） | 873833 | 美心翼申 | 24.92 | 9.63 | 16.77 | ...

Summary of Key Points Core Viewpoint - As of August 29, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.372 billion yuan, showing a decrease of 13.6454 million yuan from the previous trading day, marking a continuous decline for two consecutive trading days [1]. Group 1: Margin Financing and Securities Lending - The margin financing balance was 7.371 billion yuan, down by 13.6872 million yuan from the previous trading day [1]. - The securities lending balance increased to 47.38 million yuan, up by 41,800 yuan from the previous trading day [1]. - The stocks with the highest margin financing balances included Jinbo Biological, Shuguang Digital Innovation, and Aifeng Software, with balances of 332 million yuan, 257 million yuan, and 182 million yuan respectively [1]. Group 2: Net Buying and Selling - On August 29, 95 stocks had net margin purchases, with 10 stocks having net purchases exceeding 5 million yuan [2]. - Shuguang Digital Innovation led with a net purchase of 35.7467 million yuan, followed by Better Energy and Keda Control with net purchases of 13.1971 million yuan and 9.8602 million yuan respectively [2]. - The stocks with the highest net margin sales included Minshida, Nuo Si Lan De, and Kang Bi Te, with net sales of 8.4796 million yuan, 7.9776 million yuan, and 6.9634 million yuan respectively [1]. Group 3: Industry Performance - The industries with the most stocks receiving net purchases over 5 million yuan were computer, electronics, and power equipment, with 3, 2, and 2 stocks respectively [2]. - The average increase for stocks with net purchases over 5 million yuan was 1.99%, with Keda Control, Better Energy, and Tianming Technology showing increases of 14.94%, 13.58%, and 3.08% respectively [2]. - The average turnover rate for these stocks was 5.34%, with Keda Control, Gebijia, and Yada Shares having turnover rates of 20.50%, 10.01%, and 8.23% respectively [2].

北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 相关研究报告 《十组数据透视北交所四载蜕变：从 "试验田"到"专精特新主阵地"，万 亿市场开启新征程—北交所四周年策 略专题报告》-2025.8.31 《氨基酸原料药新锐技术升级，全球 化布局焕发新动能升—北交所信息更 新》-2025.8.29 《浙江省首批智能工厂认证，汽车门 窗及车身电子放量，2025H1 扣非归母 净利润 +63% — 北交所信息更新》 -2025.8.29 北证 2025 中报"成绩单"：营收+6%净利+11%双增领跑，韧性凸显结构亮点纷呈 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025H1 北交所"成绩单"出炉，北交所企业业绩整体修复趋势明显 截至 2025 年 8 月 30 日，北交所 274 家上市公司 2025 半年度报告已全部出炉。 从整体北交所公司而言，在经济大环境逐步修复的情况下，企业营收和利润较 2024 上半年有所改善。274 家公司 2025 上半年合计实现营收 920.40 亿元，同比 增长 5.98%，实 ...

Core Viewpoint - The company, BetterRay, reported a revenue of 7.838 billion yuan for the first half of 2025, marking an 11.36% year-on-year increase, driven by strong sales in negative and positive electrode materials [1] Group 1: Financial Performance - The company achieved a revenue of 7.838 billion yuan, with negative electrode materials contributing 6.279 billion yuan and positive electrode materials contributing 1.418 billion yuan [1] - Negative electrode material sales exceeded 260,000 tons, reflecting a year-on-year growth of 32.83%, while artificial graphite sales grew by 46.23%, reaching a historical high [1] Group 2: Research and Development - The company invested 401 million yuan in R&D, accounting for 5.11% of its revenue, which is a 27.34% increase year-on-year [2] - The company developed the industry's first lithium-carbon composite negative electrode material compatible with all-solid-state batteries, featuring a porous composite structure with low volume expansion and long cycle life [2] Group 3: Strategic Transformation - BetterRay is transitioning from a single battery material supplier to a comprehensive battery material solution provider, launching the "Beian FLEX series" and "Beian GUARD series" for semi-solid and all-solid-state battery materials [3] - The company introduced a closed-loop recycling solution for positive and negative electrode materials, contributing to sustainable development in the new energy sector [3] Group 4: International Expansion - BetterRay is constructing a localized supply chain to serve overseas customers, with an 80,000-ton negative electrode material project in Indonesia completed and a second phase expected to be operational by 2025 [3] - The company is also advancing projects in Morocco for producing 50,000 tons of positive electrode materials and 60,000 tons of negative electrode materials [3]

Core Viewpoint - The frontier new materials industry is increasingly recognized as a cornerstone of modern technology and industrial development, with significant applications across various sectors such as aerospace, electronics, renewable energy, and biomedicine. The demand for these materials is growing in China, driven by advancements in technology and supportive government policies [1][6]. Industry Overview - Frontier new materials are a crucial component of the new materials sector, characterized by their strategic, forward-looking, and disruptive nature. They are developed using advanced technologies and possess superior properties compared to traditional materials, such as high strength, toughness, and corrosion resistance [4][6]. - The market size of China's frontier new materials industry is projected to grow from 117.6 billion yuan in 2017 to 307.3 billion yuan in 2024, with an expected increase to 338.1 billion yuan by 2025 [1][6]. Market Segmentation - **Graphene Market**: Known as the "king of new materials," graphene exhibits excellent mechanical strength and oxidation resistance, with a market size expected to reach 41.1 billion yuan in 2024, reflecting a year-on-year increase of 5.9% [7]. - **Nanomaterials Market**: Carbon nanotubes, a significant type of nanomaterial, are projected to have a shipment volume of 145,000 tons in 2024, marking a year-on-year growth of 13.3% [9]. Competitive Landscape - The global frontier new materials market is characterized by a multi-polar competitive landscape, with the U.S., Japan, and Europe holding distinct advantages in various fields. The U.S. leads in high-end research and innovation, while Japan excels in high-performance fibers and Europe in advanced basic materials [10]. - In China, the competitive landscape is tiered, with large enterprises like China National Materials Group and CATL in the first tier, followed by specialized leaders in specific fields such as Western Superconducting and BETTERI in the second tier, and numerous smaller firms in the third tier [10]. Development Trends - **Growing Market Demand**: The demand for frontier new materials is expected to continue rising due to population growth, economic development, and increasing quality of life [12]. - **Green Innovation**: There is a rising demand for environmentally friendly materials, with a focus on bio-based materials and biodegradable options to reduce environmental impact [13]. - **Internationalization**: The industry is witnessing increased international cooperation and competition, with Chinese companies actively participating in global markets and forming partnerships for technological advancements [14].

Core Viewpoint - The companies listed on the Beijing Stock Exchange (BSE) demonstrated strong resilience and vitality in their 2025 semi-annual reports, with a significant number achieving substantial revenue and profit growth despite a complex market environment [1][2]. Revenue Performance - A total of 208 companies reported revenues exceeding 100 million yuan, with 17 companies surpassing 1 billion yuan, marking them as the "revenue leaders" of the BSE [2]. - Among these, Better Ray (贝特瑞) led with a revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, and a net profit of 479 million yuan [2]. - Other notable companies in terms of revenue include Yinuowei (一诺威) at 3.550 billion yuan, Tongli Co. (同力股份) at 3.169 billion yuan, and Ying Tai Bio (颖泰生物) at 2.966 billion yuan [2]. Profitability - Out of 223 companies, 82.29% reported positive net profits, indicating a robust profitability landscape [3]. - Seven companies achieved net profits exceeding 100 million yuan, with Better Ray again leading at approximately 479 million yuan, followed by Development Technology (开发科技) at 395 million yuan [3]. - Jinbo Bio (锦波生物) reported a revenue of 859 million yuan, a 42.43% increase year-on-year, and a net profit of 392 million yuan, reflecting a 26.65% growth [3]. Profit Growth - Approximately 50% of companies, or 136 in total, reported year-on-year growth in net profits, with 27 companies doubling their profits [4]. - Shibibai (拾比佰) turned a profit with a net profit of 29.226 million yuan, attributed to increased sales driven by government policies and improved internal management [4]. - Chuangyuan Xinke (创远信科) achieved a revenue of 111 million yuan, a growth of 18.44%, and a net profit of 6.3153 million yuan, marking a significant increase of 354.24% [4]. Dividend Distribution - Over 20 companies announced interim dividend plans, reflecting a commitment to returning value to investors [6]. - Jinbo Bio plans to distribute a cash dividend of 10 yuan per 10 shares, totaling approximately 115 million yuan [6]. - Guoxin Technology (广信科技) proposed its first dividend since listing, with a plan to distribute 6.56 yuan per 10 shares, amounting to around 60 million yuan [6].

Group 1 - The graphite electrode sector saw a rise of 2.32%, ranking third among concept sectors, with 12 stocks increasing in value, including Puxin Technology, Shantai Technology, and Suotong Development reaching their daily limit [1][2] - Notable gainers included Zhongke Electric, Bettery, and China Baowu, which rose by 14.59%, 13.58%, and 3.70% respectively [1] - The sector experienced a net outflow of 0.11 billion yuan in main funds, with 8 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - The top net inflow was recorded for Suotong Development, with a net inflow of 324 million yuan, followed by Shantai Technology and Puxin Technology with net inflows of 220 million yuan and 205 million yuan respectively [2][3] - The net inflow ratios for Shantai Technology, Suotong Development, and Puxin Technology were 21.42%, 19.39%, and 11.52% respectively [3] - The stocks with the largest declines included Guomin Technology, Yong'an Pharmaceutical, and Huajin Co., which fell by 3.42%, 1.72%, and 1.50% respectively [1][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2025 was 7.84 billion yuan, a year-on-year increase of 11.4%, while the net profit attributable to the parent company was 480 million yuan, a decrease of 2.9% year-on-year [7] - The unit profit for the negative electrode segment is recovering, and the overseas production capacity is contributing to profit elasticity [7] - The company is developing solid-state electrolytes and CVD silicon-carbon products to create a second growth curve [7] - Operating cash flow turned positive, and capital expenditures have significantly decreased [7] - The company expects net profits attributable to the parent company to reach 1.20 billion yuan, 1.51 billion yuan, and 1.80 billion yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 22, 17, and 14 times [7] Financial Summary - Total revenue forecast for 2023 is 25.12 billion yuan, with a year-on-year decrease of 2.18% [1] - The net profit attributable to the parent company for 2023 is projected to be 1.65 billion yuan, a year-on-year decrease of 28.42% [1] - The latest diluted EPS for 2023 is estimated at 1.47 yuan per share [1] - The company’s total assets are projected to be 33.35 billion yuan in 2024, decreasing to 28.79 billion yuan in 2025 [8] - The company’s operating cash flow for 2024 is expected to be 1.25 billion yuan [8]

Core Insights - The North Exchange 50 index increased by 1.28% to close at 1574.25 points on August 29, 2025, with a trading volume of 12.96 billion shares and a total market capitalization of 907.98 billion yuan [3][4][5] - The overall trading volume on the North Exchange was 32.295 billion yuan, which is a decrease compared to the average daily trading volume of 41.701 billion yuan from the previous week [4][5] - The sectors that performed well included Beauty Care (+3.7%), Defense and Military Industry (+3.0%), Power Equipment (+2.4%), and Building Materials (+1.5%), while sectors that declined included Communication (-3.0%), Environmental Protection (-2.1%), Electronics (-1.8%), and Media (-1.1%) [4][5] Company Performance - Among the 274 listed companies on the North Exchange, 148 saw their stock prices rise, 4 remained flat, and 122 experienced declines [4] - The top gainers included Rongyi Precision (+29.95%), Derui Lithium Battery (+19.11%), and Jiezong Technology (+16.53%) [4][9] - The top decliners were Shuguang Shuchuang (-8.87%), Zhixin Electronics (-7.34%), and AVIC Taida (-7.29%) [4][10] Valuation Metrics - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 53.88 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (69.26 times) and the Growth Enterprise Market (42.90 times) [4][13] - The highest average P/E ratio among sectors on the North Exchange is in the Computer sector at 193.6 times, followed by Light Industry Manufacturing (122.4 times) and Social Services (83.7 times) [4][13]

记者丨黎雨桐 编辑丨陈思颖 A股今日8月收官，截至收盘，A股三大指数全线飘红，上证指数涨0.37%，深证成指涨0.99%。 | 全市场超3300个股下跌。 | | --- | 锂电股持续爆发 寒武纪跌超6% 相关机构表示，展望后市，长期乐观，尤其是中国市场中通信、芯片等代表先进生产力的科技行业景气度延续值得期待。海外方面杰克逊霍尔 会议打开9月降息窗口账户，宽松的美元流动性外溢推动了本轮全球市场的"水牛"行情。美元指数年初以来大幅下行约10%，接近长期均值水 平，为非美市场创造了有利条件。在全球牛市中，A股凭借独特优势展现潜力。 创业板指数冲向3 0 0 0点大关 截至29日收盘，创业板指涨超2%， 盘中突破2900点，续创3年多新高。 创业板指本月累计涨超24% 消息面上，国家发改委表示，将加快建设全国统一大市场，研究制定纵深推进全国统一大市场建设的行动方案，强化妨碍全国统一大市场建设 典型案例通报，持续推进市场准入壁垒清理整治行动，统一政府行为的尺度，进一步规范地方招商引资行为，加快推进价格法修订，出台互联 网平台价格行为规则， 会同有关部门依法依规查处低于成本倾销、夸大和虚假宣传的行为 ，加快治理部分领 ...