Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [23] Core Insights - The North Exchange A-share trading volume reached 22.508 billion yuan on February 4, an increase of 0.958 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1,538.571, down 0.71% [1][7] - The market exhibited characteristics of "few leading stocks declining, many individual stocks diverging," with notable rebounds in undervalued stocks like Kaiter Co., while weighted stocks like Liancheng CNC dragged down the index [3] - The report highlights ongoing positive factors for the North Exchange market, including policy support from the central bank for technology and green sectors, and successful IPOs of national-level specialized and innovative "little giant" enterprises [3] Market Review - On February 4, among 292 companies listed on the North Exchange, 113 stocks rose, 9 remained flat, and 170 declined [15] - The top five gainers were *ST Yunchuang (24.1%), Haitai New Energy (14.1%), Oputai (13.0%), Kaiter Co. (8.7%), and Tress (8.4%) [15] - The top five decliners were Liancheng CNC (-9.1%), Tianli Composite (-8.8%), Meibang Technology (-7.6%), Meideng Technology (-6.9%), and Liujin Technology (-5.8%) [15] Important News - Elon Musk's teams from SpaceX and Tesla are exploring China's photovoltaic industry, with the Tesla team currently in the factory inspection phase and SpaceX having placed orders with a leading heterojunction equipment manufacturer [2][17] - The first satellite launch technology facility for commercial aerospace has been established, which is expected to double the efficiency of single-rocket launches and reduce network costs by over 30% [2][18] Company Announcements - Yizhi Magic Yam announced the completion of a share buyback of 17,521 shares, accounting for 0.0170% of the total share capital before the buyback [19] - Tress plans to repurchase shares primarily to reduce registered capital, with a total repurchase amount between 10 million and 20 million yuan, representing 0.41%-0.82% of the current total share capital [20]

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]

证券之星消息，2月3日光伏设备板块较上一交易日上涨6.68%，泽润新能领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301636 | 泽润新能 | 74.56 | 20.01% | 6.41万 | | 4.40亿 | | 300842 | 竞科股份 | 123.97 | 20.00% | 22.89万 | | 26.85亿 | | 688516 | 奥特维 | 116.24 | 20.00% | 13.92万 | | 15.70 乙 | | 688680 | 海优新材 | 67.64 | 19.99% | 7.32万 | | 4.66亿 | | 920368 | 连城数控 | 68.90 | 18.18% | 25.44万 | | 16.34亿 | | 300316 | 晶盛机电 | 55.07 | 17.34% | 90.49万 | | 48. ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 02 月 02 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 两部门发文完善发电侧容量电价机制，关注北交所储能产业链标的 ——北交所科技成长产业跟踪第六十二期（20260201） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国家发展改革委、国家能源局印发《关于完善发电侧容量电价机制的通知》。近日国家发展改革委、国 家能源局联合印发《关于完善发电侧容量电价机制的通知》（发改价格〔2026〕114 号，以下简称《通 知》）。《通知》提出，适应新型电力系统和电力市场体系建设需要，分类完善煤电、气电、抽水蓄能、 新型储能容量电价机制。根据 CNESA 信息，截至 2025 年底，中国电力储能累计装机规模达 213.3GW， 同比增长 54%。储能技术路线格局发生重大重塑：以锂离子电池为代 ...

北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | "太空+"产业成为布局重点，关注北证商业航天高增标的 北交所策略专题报告 "太空+"未来产业加速：从太空算力到太空交通，关注北证商业航天标的 公告：业绩预告收官，关注 2025 预期高增长公司 蘅东光：业绩预告归母净利润 27,000～31,000 万元，同比增幅 82.95%～110.05%。 富士达：业绩预告归母净利润 7,690～8,480 万元，同比增幅 50.41%～65.86%。 并行科技：业绩预告归母净利润 2,000～2,500 万元，同比增幅 65.88%～107.35%。 广信科技：业绩预告归母净利润19,000～21,000万元，同比增幅63.55%～80.77%。 星辰科技：业绩预告归母净利润 3300～3500 万元，同比+105.30%～117.74%。 舜宇精工：业绩预告归母净利润 2 ...

Core Insights - The report indicates that since the fourth quarter, the funding structure of the Beijing Stock Exchange (BSE) has shown a "dual expansion" characteristic, with both the number and attention towards index funds steadily increasing, forming a preliminary bottom position for index products. Concurrently, some active funds are beginning to identify individual stocks with growth potential and undervaluation advantages, transitioning from a concentrated to a structured optimization approach, maintaining overall market stability [7][16] - From the market ecology perspective, the concentration of index constituent stocks has increased, and the valuation anchoring effect is gradually becoming evident. Some newly listed stocks with solid fundamentals and low coverage have become focal points for new incremental funds. As the allocation logic evolves towards the medium to long term, the market style is gradually shifting to a "selected + low turnover" characteristic. Overall, the current valuation of the BSE market offers relative cost-effectiveness, with a resonance structure among index funds, active funds, and new stock supply, which is expected to provide medium-term support for the market [7][16] Market Review and Valuation - As of January 29, 2026, the BSE 50 Index rose by 6.64% in January, with a maximum increase of 3.96% during the period. Among BSE stocks, 222 stocks increased, 69 stocks decreased, and none remained flat [8][17] - The average PE (TTM) of the BSE 50 Index as of January 29, 2026, is 64.50 times, with a median of 64.74 times. In comparison, the average PE (TTM) of the ChiNext Index is 43.24 times, and the Sci-Tech Innovation Board is 175.49 times [22] New Stock Dynamics - In January, four new stocks were listed on the BSE, bringing the total number of listed companies to 291 as of January 29, 2026. From January 1 to January 30, 2026, five companies were subscribed and five were listed [32] Key Company Announcements - The report includes various company announcements, highlighting significant contracts and operational updates from companies such as Copper Crown Mining, Taihu Yuanda, and Dana Biotechnology, which indicate ongoing business activities and strategic developments [40]

大连连城数控机器股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 证券代码：920368 证券简称：连城数控 公告编号：2026-005 一、 投资者关系活动类别 √特定对象调研 二、 投资者关系活动情况 活动时间：2026 年 1 月 27 日至 2026 年 1 月 29 日 活动地点：大连连城数控机器股份有限公司会议室、公司位于无锡的全资子 公司连城凯克斯科技有限公司会议室及线上会议 参会单位及人员：安信基金、大家资产、东方证券、东吴证券、富国基金、 广发机械、国联民生、华福证券、华泰机械、华西电新、华夏基金、华源证券、 嘉实基金、景顺资产、山西证券、西部证券、新华资产、银华基金、招商证券、 中金机械、中银基金等多家机构（排名不分先后） □业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 回答：公司主要产品单晶炉的自动化水平和一体化优势主要包括，通过集 成基于设备大数据的 BI 与 AI，优化了全工艺流程；通过一键智能拉晶程序， ...

对于本期业绩重大变化的主要原因，连城数控表示，2025年，受光伏行业供需错配问题持续、下游企业 设备需求较弱及内卷式竞争等因素的影响，公司主营的光伏设备业务继续承压，导致报告期内经营业绩 规模出现阶段性下滑。同时，基于谨慎性原则，公司进一步计提了相应减值准备，亦对业绩造成了一定 影响。 北京商报讯（记者 王蔓蕾）1月28日晚间，连城数控（920368）发布2025年年度业绩预告显示，公司预 计全年实现归属净利润6300万—9400万元，上年同期为3.4亿元。 ...

证券代码：920368 证券简称：连城数控 公告编号：2026-004 大连连城数控机器股份有限公司 2025 年年度业绩预告公告 (一)业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 √年度实现盈利，且净利润与上年同期相比下降 50%以上 单位：万元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 归属于上市公司股 | 6,300～9,400 | 34,049.30 | -81.50%～-72.39% | | 东的净利润 | | | | 二、本期业绩重大变化的主要原因 2025 年，受光伏行业供需错配问题持续、下游企业设备需求较弱及内卷式 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、本期业绩预告情况 2 1 ...

| | 2026-01-27连城数控(920368) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ਜੇਟ ਹ | 华鑫证券有限责任公司上海苑平南路营业部 | 95192213.34 | 11304518.42 | | 买2 | 光大证券股份有限公司汕头华山路营业部 | 56649631.4 | 3429871.96 | | ग्रें3 | 国信证券股份有限公司深圳互联网分公司 | 39891991.41 | 4751121 36 | | न्द्र 4 | 机构专用 | 33491755.41 | 27936336.61 | | જેટ | 中国国际金融股份有限公司上海分公司 | 25142863.57 | 235902.94 | | 卖T | 机构专用 | 0 | 39374371.3 | | 卖2 | 机构专用 | 33491755.41 | 27936336.61 | | 卖3 | 国金证券股份有限公司深圳分公司 | 23284180.16 | 24944052.35 | | 卖4 | 国信证券股 ...