来源：新浪证券-红岸工作室 2月5日，美德乐跌2.61%，成交额1.96亿元。两融数据显示，当日美德乐获融资买入额263.77万元，融 资偿还0.00元，融资净买入263.77万元。截至2月5日，美德乐融资融券余额合计1725.13万元。 资料显示，大连美德乐工业自动化股份有限公司位于辽宁省大连市普兰店经济开发区海湾工业区，成立 日期2009年7月6日，上市日期2026年1月30日，公司主营业务涉及智能制造装备的研发、设计、制造和 销售。主营业务收入构成为：高精度输送系统72.62%，通用输送系统14.19%，工业组件12.87%，其他 (补充)0.32%。 截至1月21日，美德乐股东户数14.00，较上期增加0.00%；人均流通股0股，较上期增加0.00%。2025年1 月-9月，美德乐实现营业收入10.56亿元，同比增长25.15%；归母净利润2.23亿元，同比增长38.83%。 融资方面，美德乐当日融资买入263.77万元。当前融资余额1725.13万元，占流通市值的1.15%。 融券方面，美德乐2月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股， ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange's stock market activity has significantly increased, with new stock market funds exceeding 1 trillion [1] - The North Exchange added 5 new listed companies this month, bringing the total to 292, with a total market value of 936.30 billion and a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The North Exchange's trading volume and amount for the month were 24.52 billion shares and 607.72 billion, with a month-on-month increase of 26.8% in volume and 38.6% in amount [1][16] - The North Exchange 50 Index had a price-to-earnings ratio (PE-TTM) of 45.96, ranking in the 60.46th percentile over the past two years, and a price-to-book ratio (PB-MRQ) of 9.50, ranking in the 91.10th percentile [2][25] - The North Exchange's various sectors, except for the automotive sector, experienced a general increase in returns this month, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [32][37] Summary by Sections Market Overview - The North Exchange's trading activity has shown a notable increase, with a monthly trading volume of 24.52 billion shares and a trading amount of 607.72 billion, marking a month-on-month increase of 26.8% and 38.6% respectively [1][16] - The North Exchange's total market value reached 936.30 billion, with a circulating market value of 580.36 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] Valuation - As of January 30, the North Exchange 50 Index's PE-TTM was 45.96, and its PB-MRQ was 9.50, indicating high valuation levels compared to historical data [2][25] - The dividend yield was recorded at 0.72, placing it in the 18.09th percentile over the past two years [2][25] Industry Performance - The North Exchange 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors saw positive returns, with notable increases in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37] - The top-performing stocks this month included Kema Materials, Medela, Aishalon, and Guoliang New Materials [42]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The Beijing Stock Exchange (BSE) has seen a significant increase in trading activity, with a notable rise in both transaction volume and value [1][20] - The total number of listed companies on the BSE reached 292, with a total market capitalization of 936.30 billion and a circulating market value of 58.04 billion, reflecting increases of 7.7% and 10.3% respectively [1][13] - The BSE's new stock market has attracted over 1 trillion in frozen funds, indicating strong market interest [3] Market Overview - In January 2026, the BSE's trading volume was 24.52 billion shares, with a transaction value of 607.72 billion, marking a month-on-month increase of 26.8% in volume and 38.6% in value [1][16] - The average daily margin financing balance increased to 8.83 billion, up 14.1% from the previous month [23] Valuation Metrics - As of January 30, the PE ratio of the BSE 50 Index was 45.96, placing it at the 60.46th percentile over the past two years, while the PB ratio was 9.50, at the 91.10th percentile [25][26] - The dividend yield stood at 0.72, at the 18.09th percentile over the same period [25] Industry Performance - The BSE 50 Index experienced a monthly increase of 6.33%, while the specialized index rose by 6.06% [32] - Most sectors, except for the automotive industry, saw positive returns, with significant gains in media, non-ferrous metals, telecommunications, public utilities, and agriculture [37][42] New Listings - Five new companies were listed on the BSE this month, including Meidele (920119.BJ), Nongda Technology (920159.BJ), Guoliang New Materials (920076.BJ), Aishalen (920050.BJ), and Kema Materials (920086.BJ) [1][3][13] Policy and Events - The BSE is characterized by a dual approach of "strict regulation" and "promoting activity," as evidenced by the recent delisting of ST Guandao and the strong market appeal indicated by the frozen funds exceeding 1 trillion [3]

证 券 研 究 报 告 单月发行5家企业，步入高质量扩容加速期 ——2026年北交所新股申购1月报 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 2026.02.04 主要内容 ◼ 融资&审核 ◼ 申购&发行 ◼ 上市&收益 (1) 1 月 5 只 新 股 上 市 ， 首 日 涨 幅 中 值 +186.93% ， 科 马 材 料 / 爱舍伦 / 美 德 乐 / 国亮新材 / 农 大 科 技 首 日 涨 幅 为 +367.92%/+204.40%/+186.93%/+178.00%/+105.63%。 (2) 单只新股顶格申购收益率，新股美德乐/科马材料/爱舍伦/ 农大科技/国亮新材为+0.130%/+0.117%/+0.081%/+0.044%/+0.044%。 (3) 2025年北交所新股申购收益率累计+3.31%， 26年1月新股申购收益率累计+0.42%（注：按首日均价计算涨幅，不考虑产品现金冗余）。 ◼ 2026年新股申购收益及收益率预测 www.swsresearch.com 证券研究报告 2 1 3 1 2 3 3 3 3 1 1 1 1 1 2 ...

广东省有1家企业登陆A股，恒运昌在科创板上市，上述1家企业募资15.61亿元。 山东省有1家企业登陆A股，农大科技在北交所上市，上述1家企业募资4.00亿元。 河北省有1家企业登陆A股，国亮新材在北交所上市，上述1家企业募资1.94亿元。 江苏省有1家企业登陆A股，爱舍伦在北交所上市，上述1家企业募资2.70亿元。 中国经济网北京2月3日讯 （记者 关婧 田云绯） 2026年1月，上交所、深交所及北交所共计新增9家 上市企业，合计募集资金90.53亿元。其中沪深主板有3家企业上市，科创板有1家企业上市，北交所有5 家企业上市。 从归属地来看，2026年1月上市企业分布于8个省份及直辖市，其中浙江省有2家企业上市，辽宁 省、广东省、山东省、河北省、江苏省、重庆市、陕西省各有1家企业上市。 从单只个股募资金额来看，排名前五位的企业分别是振石股份、恒运昌、陕西旅游、至信股份、美 德乐，募资金额分别为29.19亿元、15.61亿元、15.55亿元、12.40亿元、6.70亿元，分别归属于浙江省、 广东省、陕西省、重庆市、辽宁省。 具体从归属地来看，浙江省有2家企业登陆A股，其中振石股份在沪市主板上市，科马材料在北交 ...

证券研究报告 2026 年 2 月 2 日 星期一 【新股发行跟踪（20260202）】 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 一、上周新股表现情况 上周（1 月 26 日-1 月 30 日）共有 4 只新股上市，上市首日涨跌幅均 值为 174.37%。其中，有 4 只新股上市首日涨幅超 100%，为美德乐、振石 股份、农大科技、恒运昌。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD，其中"--"为数据不可得。 二、周度新股上市情况走势 从周度新股上市规模来看，上周（1 月 26 日-1 月 30 日，下同）较上 上周（1 月 19 日-1 月 23 日，下同）相比，首发募资金额多 50.85 亿元。 资料来源：东莞证券研究所，iFinD 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 920119.BJ 美德乐 46052 北证 41.88 14.99 通用设备制造业 161.46 601112.S ...

（记者 曾健辉） 每经讯，2026年2月2日，北交所上市公司美德乐（920119，收盘价：110.36元）登上龙虎榜，交易方式是连续竞价，披露原因是 当日换手率达到30.42%，成交数量438.05万股，成交金额4.96亿元。买一席位为国信证券股份有限公司上海北京东路证券营业 部，买入1466.87万元；卖一席位为华泰证券股份有限公司深圳益田路荣超商务中心证券营业部，卖出1560.14万元。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 ...

北交所策略专题报告 2026 年 02 月 01 日 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 新一轮北证 50 成分预计 3 月将迎来调整，天工股份等 3 家公司或调入 2026 年 3 月第二个周五的下一个交易日（即 3 月 16 日），北证 50 指数样本股将 进行 2026 年第一次调整。预计调入方面，在剔除上市时长和日均成交额不达标 的公司后，2026 年 7 月 31 日-2026 年 1 月 31 日，按照日均总市值从高往低排序， 得出排名前 50 中有 7 家，按照区间成交额和市值计算符合指数样本调入规则标 准的 3 家公司或为天工股份、广信科技、基康技术，备选公司预计为路桥信息、 创远信科、利通科技。预计调出方面，而现有北证 50 样本按照日均总市值标准， 需剔除排名靠后的公司。其中被调出北证 50 指数样本股对公司经营并无实质性 影响，但短期会导致指数基金被动卖出而出现股价短期波动性。从被动指数基金 规模角度来看，2025 年北证 50 指数基金规模高增长。数据截至 2026 年 1 月 31 日，2022-2026 年 ...

Trading Activity - The average daily trading amount on the North Exchange increased by 8.83% to 28.738 billion yuan[7] - The weekly turnover rate for the North Exchange was 27.94%[7] - The North Exchange's trading amount accounted for 0.94% of the total market, remaining stable compared to the previous week[11] Index Performance - The North 50 Index declined by 3.59% during the week[16] - Other major indices also experienced declines, with the ChiNext Index down by 0.91% and the Shanghai Composite Index up by 0.10%[16] Sector Analysis - Most sectors on the North Exchange had negative median returns, with the petroleum and petrochemical sector leading with a median increase of 33.99%[21] - The power equipment sector had the largest median decline at -8.07%[21] - The computer industry had the highest median P/E ratio at 139.33 times, indicating high valuation compared to other sectors[21] New Listings - One new stock was offered and two new stocks were listed on the North Exchange during the week[44] - The first-day average price increase for the newly listed stocks was 105.63% for Agricultural University Technology and 186.93% for Meidel[44] New Third Board Trading - The trading scale of the New Third Board decreased, with the innovative tier's trading amount down by 12.08% to 0.965 billion yuan, while the basic tier increased by 22.05% to 0.372 billion yuan[36]

Group 1 - The report highlights the impact of the "Walsh trade" on market risk appetite, indicating a potential shift in global asset allocation and market style due to the nomination of Kevin Walsh as the next Federal Reserve Chair, which has already affected market risk preferences [9][11]. - The North Exchange 50 Index experienced a decline of 3.59% this week, with notable sector rotations observed, where previously high-performing sectors like military and power equipment corrected, while previously lagging sectors such as oil and gas, real estate, food and beverage, and communications rebounded [5][8]. - Key performing sectors this week included space photovoltaic (Liancheng Numerical Control +21.73%), seed industry (Qiule Seed +22.55%, Kangnong Seed +13.5%), and optical communication (Hengdong Light +14.83%, Gebijia +19.72%) [5][8]. Group 2 - The report notes an acceleration in new stock issuances, with five new stocks launched in January 2026, and a total of 123 companies having released performance forecasts by January 30, 2026, indicating a need for expansion in the North Exchange due to its limited number of companies and small market capitalization [10][24]. - The median net profit forecast for companies in the North Exchange is over 80 million yuan, with several companies, including Fujida and Jilin Carbon Valley, expected to see over 30% year-on-year growth in Q4 2025 [10][11]. - Investment recommendations suggest focusing on sectors with clear industry trends and catalysts, such as AI, commercial aerospace, and optical communication, while monitoring the effects of the "Walsh trade" on interest rates and small-cap stocks [11][24]. Group 3 - The North Exchange's trading volume reached 5.961 billion shares this week, reflecting a 9.27% increase, while the trading value was 143.655 billion yuan, up 8.82% from the previous week [14][23]. - The report indicates that 43 stocks rose while 249 fell, resulting in a rise-to-fall ratio of 0.17, with notable gainers including Keli Co. and Qiule Seed [33][34]. - The report also details the performance of newly listed stocks, with Nongda Technology and Meidele experiencing significant first-day gains of 111.56% and 161.46%, respectively [24][27]. Group 4 - The report outlines the new three-board situation, with 14 new companies listed and 6 delisted, alongside a planned financing of 150 million yuan, which was completed at 161 million yuan [46][47]. - The report emphasizes the need for ongoing monitoring of the North Exchange's stock performance and the implications of new listings on market dynamics [10][24].