2025 年 10 月 19 日 x 险偏好继续下降， 机+得经 指标已至绝对低位 -北交所策略周报 (20251013-20251019) 本周策略观点: 本周市场行情: 北交所新股: 新三板动态: ● 本周新挂牌 10 家，摘牌 1 家，周新增计划融资 4.53 亿元，完成融资 1.66 亿元。 风险提示: 个股业绩季度波动过大风险，宏观经济下行的风险。 申万宏源研究微信服务号 目靖华 (8621)23297818× lvjh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 品 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 研究支持 目靖华 A0230124070002 lvjh@swsresearch.com 联系人 本周北证 50 下跌 4.91%，跌幅小于科创 5 ...

2025 年 10 月 19 日 风险偏好继续下降，北证短线交易 指标已至绝对低位 ——北交所策略周报（20251013-20251019） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 10 家，摘牌 1 家，周新增计划融资 4.53 亿元，完成融资 1.66 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 证 券 研 究 报 告 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 新 三 板 研 究 本研究报告仅通过邮件提供给 中 ...

zhuhaibin@kysec.cn 证书编号：S0790522080007 国庆后全球市场普跌+双创板补涨，北交所短期估值性价比逐步显现 由于国际贸易环境影响，国庆收假后全球主要指数均出现下跌，其中北交所调整 幅度有限。截至 2025 年 10 月 9 日-10 月 17 日，北证 50、北证专精特新、沪深 300、科创 50、创业板指分别下跌-6.09%、-6.60%、-4.15%、-11.43%、-10.01%， 在市场 TACO 预期下，北交所跌幅小于 2025 年 4 月初跌幅，北交所市场短期承 压。从北交所强势股指标来看，2025 年 9 月末开始北交所涨停家数和创历史新 高家数均已回落至低位，率先调整后市场情绪已逐步稳定。从流动性方面来看， 2025 年 9 月末开始北交所流动性出现下滑，2025 年 9 月 29 日-10 月 17 日的日均 成交额 181.85 亿元以及日均换手率 3.87%，与"924"后北交所四轮行情日均成 交额 343.25 亿元，平均每日换手率 9.91%，已下滑不少。从主要指数行情来看， 2025 年 8 月 1 日-2025 年 10 月 9 日，主要是科创板和 ...

（原标题：长江能科换手率42.67%，龙虎榜上机构买入949.59万元，卖出0.57万元） 长江能科（920158）今日下跌2.01%，全天换手率42.67%，成交额3.02亿元，振幅16.12%。龙虎榜数据显示，机构净买入949.02万元，营业部席位 合计净卖出1208.02万元。 北交所公开信息显示，当日该股因日换手率达42.67%上榜，机构专用席位净买入949.02万元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 相关ETF 数字经济ETF (产品代码: 560800) ★ 跟踪：中证数字经济主题指数 近五日涨跌：-6.32% 市盈率：76.52倍 证券时报•数据宝统计显示，上榜的前五大买卖营业部合计成交5496.95万元，其中，买入成交额为2618.98万元，卖出成交额为2877.98万元，合计 净卖出259.00万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买一，买入金额949.59万元，卖出金额0.57万元，合计净买入949.02万元。（数 据宝） 长江能科10月17日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） ...

（记者 曾健辉） 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 每经讯，2025年10月17日，北交所上市公司长江能科（920158，收盘价：18.49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42.67%，成交数量1627.46万股，成交金额3.02亿元。买一席位为机构专用，买入949.59万元；卖一席位为 东方财富证券股份有限公司拉萨团结路第一证券营业部，卖出763.87万元。 | | 2025-10-17长江能科 (920158) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ポリ | 机构专用 | 9495892.33 | 5654 | | 买2 | 东方证券股份有限公司成都天府二街证券营业部 | 4369251.14 | 0 | | ग्रेउ | -证券营业部 东方财富证券股份有限公司拉萨团结路第一 | 3472365.31 | 7638686.28 | | 买4 | 财通证券股份有限公司杭州秋涛路证券营业部 | 34347 ...

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The mechanical equipment industry experienced a 2.50% decline in the last two weeks, underperforming the CSI 300 index by 2.02 percentage points, ranking 25th among 31 industries [12][18]. - Year-to-date, the mechanical equipment sector has increased by 33.88%, outperforming the CSI 300 index by 16.50 percentage points, ranking 6th among 31 industries [12][18]. - The demand for industrial robots has rebounded in the first half of 2025, with exports increasing by approximately 54.90% year-on-year [42]. - The domestic sales of excavators have shown a month-on-month increase, supported by the commencement of major national projects and ongoing demand in downstream sectors [42]. Summary by Sections 1. Market Review - As of October 16, 2025, the mechanical equipment industry has seen a 2.50% decline in the last two weeks, ranking 25th among 31 industries [12]. - The industry has increased by 33.88% year-to-date, outperforming the CSI 300 index [12][18]. - The sub-sector performance shows that the rail transit equipment II sector had the highest increase of 3.45% [18]. 2. Valuation Situation - The current PE TTM for the mechanical equipment sector is 31.64 times, with sub-sectors showing varied valuations: - General Equipment: 40.72 times - Specialized Equipment: 31.43 times - Rail Transit Equipment II: 18.39 times - Engineering Machinery: 23.84 times - Automation Equipment: 52.74 times [3][22]. 3. Data Updates - The report indicates a significant increase in the demand for industrial robots, with exports rising by 54.90% year-on-year in the first three quarters of 2025 [42]. - The domestic sales of excavators have also shown positive trends, with both domestic and international sales increasing month-on-month [42]. 4. Industry News - The Shanghai Municipal Economic and Information Commission has issued a development action plan for the intelligent terminal industry, emphasizing support for humanoid robot product development [40]. - The introduction of new industrial robots and the acceleration of product launches are expected to stimulate market performance [42]. 5. Company Announcements - Companies such as SANY Heavy Industry and Hengli Hydraulic are highlighted for their strong market positions and expected growth due to increased domestic demand [43][45]. 6. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentech Harmonic, which are positioned to benefit from the growth in the robotics sector [42][43].

| | 股份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 301575 | 艾芬 达 | 2025.09.10 | 170.03 | 2814.94 | 2.28 | 0.00 | | 920100 | 三协 | 2025.09.08 | 785.62 | 650.64 | 0.49 | 0.00 | | | 电机 | | | | | | | 603370 | 华新 | 2025.09.05 | 272.58 | 6245.95 | 2.63 | 0.00 | | | 精科 | | | | | | | 920112 | 巴兰 | 2025.08.28 | 205.13 | 990.17 | 0.89 | 0.00 | | | 仕 | | | | | | | 920056 | 能之 | 2025.08.22 | 344.38 | 456.30 | 0.46 | 0.00 | | | 光 | | | | | | | 920018 | 宏远 | 2025.08.20 | 358.02 | 925.32 | 0.76 | 0.00 | | | 股 ...

Core Viewpoint - The recent listing of Changjiang Sanxing Energy Technology Co., Ltd. on the Beijing Stock Exchange has seen significant first-day trading performance, reflecting strong investor interest in new stocks in the market [1][4]. Group 1: Company Performance - Changjiang Sanxing Energy Technology Co., Ltd. opened with a 294% increase, reaching a peak price of 21.96 yuan before closing with a 254.03% gain [1]. - The company issued 30 million shares at an initial price of 5.33 yuan per share, raising a total of 160 million yuan [1]. - For 2024, the company is projected to achieve revenues of 314 million yuan and a net profit of approximately 49.16 million yuan [1]. Group 2: Market Trends - The average first-day increase for new listings on the Beijing Stock Exchange in September was nearly 4 times, with a recent average increase of 297% for the last five new stocks [2]. - The average first-day increase for 16 companies listed on the Beijing Stock Exchange as of October 10, 2023, was 336%, significantly higher than in 2024 [2]. - The top three companies with the highest first-day increases in 2024 were Sanxie Electric Motor, Tongguan Mining Construction, and Fangzheng Valve, with increases of 785.62%, 731.41%, and 518.23%, respectively [2]. Group 3: Investor Sentiment - The high first-day returns have led to increased enthusiasm among investors for participating in new stock offerings on the Beijing Stock Exchange [4]. - Average online subscription funds reached 607.9 billion yuan in the first nine months of the year, with September averaging 724.8 billion yuan [5]. - The average online subscription limit for individual accounts has significantly increased, indicating heightened competition for new stock offerings [5]. Group 4: Future Outlook - Analysts expect the pace of IPOs on the Beijing Stock Exchange to continue accelerating, supported by a rich pipeline of projects awaiting issuance [6]. - As of October 10, 2023, there are 15 companies that have passed the review but have not yet issued shares, with an average intended fundraising amount exceeding 200 million yuan per company [6]. - The market's active trading environment is seen as a foundation for the sustainability of regular new stock issuances [6].

Core Viewpoint - Changjiang Energy Technology Co., Ltd. (referred to as "Changjiang Energy") has successfully listed on the Beijing Stock Exchange, raising 160 million yuan to expand its production capacity and R&D in heavy special materials and equipment, aiming to strengthen its foothold in the energy equipment sector and expand into the "Belt and Road" market [1] Group 1: Market Position and Business Structure - Changjiang Energy's core business revolves around "electro-dehydration equipment" and "marine and land oil and gas equipment/LNG clean energy equipment," aligning with national energy security strategies and the "Belt and Road" energy cooperation needs [1][2] - The company has maintained the leading market share in electro-dehydration equipment in China from 2021 to 2023, providing stable equipment support to major domestic refining projects [2] - Revenue from existing customers has increased from 103 million yuan in 2022 to 254 million yuan in 2024, indicating a strong customer retention rate and the essential role of its products in the energy supply chain [2] Group 2: International Expansion and Strategic Initiatives - In line with the "Belt and Road" initiative, Changjiang Energy has expanded its operations to over 20 countries, including Singapore and Algeria, and has become a key player in the global energy equipment supply chain [3] - The company plans to establish a subsidiary in Dubai to enhance its local operations and focus on overseas electro-dehydration equipment, marine equipment, and LNG clean energy equipment [3] Group 3: Market Growth and Technological Advancements - The marine equipment market is experiencing significant growth due to global shipping environmental regulations and accelerated domestic marine energy development, with the domestic marine engineering equipment manufacturing industry expected to grow from 57.3 billion yuan in 2020 to 103.2 billion yuan in 2024 [4] - Changjiang Energy has established technological barriers in the LNG equipment sector, holding multiple patents and being recognized for its innovative technologies, which are crucial for meeting the growing demand in the marine energy market [4][6] Group 4: Funding and Future Plans - Of the 160 million yuan raised, 100 million yuan will be allocated to projects aimed at producing 1,500 tons of heavy special materials and 4,500 tons of marine and land oil and gas engineering equipment, addressing the domestic high-end marine equipment supply gap [5] - The company emphasizes technological innovation as a core strategy, with R&D investment growing at an annual compound rate of 26.61% over the past three years, and plans to continue leveraging high-tech equipment to support domestic oil and gas development and international energy cooperation [6]

Core Points - The total trading volume of stocks on the Beijing Stock Exchange reached 765 million shares, with a total transaction value of 17.747 billion yuan, representing a decrease of 5.75 billion yuan compared to the previous trading day [1] - Among the traded stocks, 43 stocks closed higher, accounting for 15.47% of the total, with notable increases from Changjiang Nengke (up 254.03%), Hongyuan Co. (up 7.35%), and Qifeng Precision (up 6.44%) [1][2] - Conversely, 233 stocks closed lower, with the largest declines seen in Luqiao Information (down 11.45%), Wantong Hydraulic (down 9.66%), and Tonghui Electronics (down 7.14%) [1][2] Trading Activity - Changjiang Nengke, which was newly listed, saw a significant increase of 254.03% with a turnover rate of 67.65% and a transaction value of 524.41 million yuan [2] - A total of 48 stocks had transaction values exceeding 100 million yuan, with Tonghui Electronics and Changjiang Nengke leading at 527.08 million yuan and 524.41 million yuan, respectively [2] - The trading activity showed that 19 stocks had a turnover rate exceeding 10%, with 4 stocks exceeding 20% [2] Stock Performance - The closing prices and performance of notable stocks included: - Tonghui Electronics: closing price of 39.00 yuan, down 7.14%, turnover rate of 15.08%, transaction value of 52.71 million yuan [2] - Changjiang Nengke: closing price of 18.87 yuan, up 254.03%, turnover rate of 67.65%, transaction value of 524.41 million yuan [2] - Qifeng Precision: closing price of 33.70 yuan, up 6.44%, turnover rate of 17.27%, transaction value of 29.97 million yuan [2]