北交所策略专题报告 2025 年 12 月 21 日 2025 年北交所复盘：小巨人独立枝头，单项冠军稀缺性标的脱颖而出 ——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 2025 年行情复盘，看好 2026 年北交所小巨人+单项冠军稀缺性标的 2025 年以来北证 50 中枢提升至 1400 点左右。复盘 2025 年行情来看，本轮北交 所的行情可以分为三个阶段：一季度快速拉升阶段、二三季度震荡上行阶段、四 季度回调阶段。其中以 2025 年 1 月 1 日的北证 50 和北证专精特新指数为基数计 算累计收益率。快速拉升阶段（2025 年 1 月 1 日 - 3 月 11 日），北证 50 指数从 1,037.81 点快速增长至 1,418.65 点，累计收益率达 36.70%，北证专精特新从 1683.33 点增长至 2421.50 点，累计收益率达 43.85%。震荡上行阶段（2025 年 4 月 7 日 - 9 月 5 日），北证 50 指数从 1044.07 点增长至 1647.01 点，累计收益率 达 5 ...

北交所策略专题报告 2025 年 12 月 21 日 脑机接口政策强势赋能，关注北证医疗新质标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 脑机接口：政策强势赋能，技术产业化落地快速推进中 脑机接口作为十五五规划明确布局的未来产业，政策持续加码，2024 年首次被 列为未来产业，2025 年专项实施意见设定 2027 年核心技术突破、2030 年产业实 力跻身世界前列的目标；山西、河南、四川等多地积极跟进。作为神经科学、人 工智能与计算机多学科交叉的前沿技术，脑机接口上游涵盖脑电采集设备、芯片、 算法等软硬件供应，中游为采集平台与设备集成，下游广泛应用于医疗健康、军 事等领域。政策与技术的双重催化下，脑机接口市场规模持续扩容。2021 年全 球规模达 15 亿美元，预计 2027 年将达 33 亿美元；2024 年国内市场规模 32 亿 元，同比增长 18.81%，预计 2026 年将增至 46 亿元。北交所上市企业倍益康为 参与"植入式脑机接口四川省工程研究中心"联合申报企业之一。倍益康依托康复 设备研发经验构建多 ...

2025 年 12 月 9 日，江苏德源药业股份有限公司（以下简称"公司"）按照化 学药品 3 类申报的别嘌醇片收到国家药品监督管理局（NMPA）核准签发的药品注 册证书，且视同通过一致性评价。 关于别嘌醇片获国家药监局签发药品注册证书的公告 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。 一、 药品基本情况 证券代码：920735 证券简称：德源药业 公告编号：2025-116 江苏德源药业股份有限公司 别嘌醇片于 1966 年在美国上市，商品名：ZYLOPRIM；1969 年在日本上市， 商品名：Zyloric；1985 年在中国上市，规格：0.1g，该品种已被纳入国家甲类医 1 / 2 保用药目录（2024 版）。截至目前，国内有 17 家仿制企业拥有批准文号，其中有 6 家企业通过或视同通过一致性评价。 1.药品名称：别嘌醇片 剂型：片剂 规格：0.1g 注册分类：化学药品 3 类 批准文号：国药准字 H20256109 药品生产企业：江苏德源药业股份有限公司 2.药品其他情况 别嘌醇适用于原发 ...

Investment Rating - The report suggests a focus on "innovation-driven" and "steady growth" strategies within the pharmaceutical sector, indicating a positive investment outlook for the industry [3][4]. Core Insights - The North Exchange's pharmaceutical and biotechnology sector comprises 21 companies, all classified as specialized and innovative, with a significant proportion being national and provincial champions [2][16]. - The report emphasizes the potential of innovative drugs, high-end medical devices, and robust generics as key investment areas, highlighting the importance of unique products and market share advantages [3][4]. - The medical device sector has shown the highest market value growth in 2025, with an increase of 130.47%, while traditional Chinese medicine has faced performance challenges [28][32]. Summary by Sections Industry Overview - The North Exchange's pharmaceutical sector includes five sub-sectors: traditional Chinese medicine, medical devices, medical aesthetics, biological products, and chemical pharmaceuticals [12][24]. - The average market capitalization of the 21 companies in this sector reached 3.643 billion yuan as of December 1, 2025, reflecting a year-to-date increase of 41.97% [21][23]. Sub-sector Analysis - The medical device industry led the market value growth in 2025, with a total market value increase from 6.818 billion yuan at the end of 2024 to 15.713 billion yuan by December 1, 2025 [28]. - The chemical pharmaceutical sector also performed well, with notable companies like Deyuan Pharmaceutical showing a revenue increase of 22% year-on-year in the first three quarters of 2025 [4][34]. Company Case Studies - **Innovative Drugs**: Norsland's gene therapy drug NL003 is nearing approval, targeting a significant patient population with a new treatment method [4][9]. - **Medical Devices**: Weizhu Zhiyuan focuses on smart orthopedic surgical navigation systems, emphasizing the importance of unique technology and market positioning [4][11]. - **Generics**: Deyuan Pharmaceutical is transitioning from generics to innovative drugs, with a solid historical performance and a focus on diabetes and hypertension treatments [4][34]. Performance Metrics - The report notes that the average PE TTM for the pharmaceutical sector was 32X as of December 1, 2025, with the medical device sector showing a higher valuation at 78X [15][55]. - Companies like Jinbo Biological and Norsland have seen significant stock price increases, with Jinbo's stock rising by 170.68% and Norsland by 113.10% in 2025 [41][42].

证券代码：920735 证券简称：德源药业 公告编号：2025-115 江苏德源药业股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | | | 减持 数量 | 减 | | | | 减持 | | 当前 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 减持数量 | 占总 | 持 | 减持 | 减持价格 | 已减持总金 | 计划 | 当前持股 | 持股 | | 称 | （股） | 股本 | 方 | 期间 | 区间 | 额（元） | 完成 | 数量（股） | 比例 | | | | 比例 | 式 | | | | 情况 | | （%） | | | | （%） | | | | | | | | | 天津药 | | | 集 | 2025 年 | | | | | | | | | | | 月 ...

Group 1 - The average return of 11 theme funds on the Beijing Stock Exchange (BSE) reached 52.12% in 2025, indicating a strong performance and potential for diversified investor participation as the two-year fixed-open products become available for subscription and redemption [1][19][20] - The number of public fund institutions investing in BSE stocks increased to 29 by the end of 2024, a year-on-year growth of 31.82%, with the number of heavily invested companies rising from 34 to 41 in the first three quarters of 2025 [11][12] - The BSE's market performance shows a shift towards diversified investment styles, with a focus on emerging industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, and robotics [1][31] Group 2 - The BSE 50 Index reported a value of 1,387.70 points, with a week-on-week increase of 0.75%, while the BSE specialized and new index reached 2,317.70 points, up 0.79% [2][43] - The TTM PE ratios for various sectors on the BSE include high-end equipment at 38.37X, information technology at 84.54X, and chemical new materials at 42.21X, indicating sector-specific valuation trends [2][33] - The top ten companies by market value held by funds on the BSE as of Q3 2025 include Jinbo Bio, Naconoer, and Better Energy, with significant changes in holdings reflecting market dynamics [22][23][24] Group 3 - The BSE's passive index fund scale has seen significant growth, with the BSE 50 Index fund size reaching 128.93 billion yuan by November 28, 2025, and the number of tracking products increasing to 68 [13][16] - The fund holdings on the BSE show that 59.17% of companies have a market value between 2-5 billion yuan, while 49.17% of companies reported a net profit of less than 50 million yuan in 2024 [27][29] - The industry allocation preferences of funds on the BSE are similar to those on the dual innovation board, with the top five sectors being machinery, hardware equipment, electrical equipment, automotive parts, and software services [31][32]

证券代码：920735 证券简称：德源药业 公告编号：2025-113 江苏德源药业股份有限公司 持股 5%以上股东权益变动触及 1%整数倍的提示性公告 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。 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日收到 持股 5%以上股东天津药物研究院有限公司出具的《股份减持进展告知函》。上述 股东于 2025 年 11 月 13 日至 2025 年 11 月 17 日通过集中竞价方式累计减持公司 股份 781,500 股，导致其合计持有公司的股份比例从 9.6662%减少至 9.0001%， 权益变动触及 1%的整数倍情形。现将其有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 1、基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | | 天津药物研究院有限公司 | | | | 持股变动时间 | | 年 月 日至 年 2025 11 ...

Core Viewpoint - The A-share market is experiencing increased volatility and sector rotation, with brokerages adjusting stock ratings significantly as they anticipate a bullish trend for 2026, suggesting a transition towards a low-volatility slow bull market [1][8]. Group 1: Stock Ratings Adjustments - A total of 23 stocks have had their ratings upgraded since the end of October, primarily in the electronics, pharmaceutical, food and beverage, power equipment, and automotive parts sectors [2][6]. - The electronics sector has the highest number of upgrades, with companies like Guangliwei and Zhongwei receiving positive attention due to strong performance and high technical barriers [2][4]. - The pharmaceutical sector saw upgrades for companies such as Deyuan Pharmaceutical and Yiling Pharmaceutical, driven by innovation in drug development and expected performance recovery [3][4]. Group 2: Sector Performance - The food and beverage sector has also seen increased attention, with stocks like Ximai Food and Qingdao Beer receiving upgrades, indicating a positive outlook [3][4]. - Conversely, around 40 stocks have had their ratings or target prices downgraded, mainly in the pharmaceutical, food and beverage, electronics, and beauty care sectors, reflecting short-term performance pressures and declining gross margins [6][7]. - Notable downgrades in the pharmaceutical sector include Aibo Medical and Guizhou Moutai, with reasons linked to competitive pressures and performance under expectations [6][7]. Group 3: Market Outlook for 2026 - Major brokerages like CITIC Securities and CICC are optimistic about the A-share market in 2026, predicting a transition to a mature market with a focus on global demand rather than just domestic [8][9]. - The investment strategy emphasizes the importance of global market dynamics and the potential for Chinese companies to gain pricing power in the global value chain [8][9]. - CICC suggests a balanced market style in 2026, with a focus on growth sectors, external demand, and cyclical reversals, while also highlighting the importance of technology and resource sectors [9].

证券代码：920735 证券简称：德源药业 公告编号：2025-112 江苏德源药业股份有限公司 关于完成工商变更登记及公司章程备案的公告 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。 一、基本情况 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日召开第 四届董事会第十四次会议、第四届监事会第十一次会议，审议通过《关于取消监 事会、调整董事会成员人数暨修订<公司章程>的议案》，该事项已经公司 2025 年 9 月 25 日召开的 2025 年第一次临时股东会审议通过。具体内容详见公司于 2025 年 9 月 10 日在北京证券交易所网站（www.bse.cn）披露的《江苏德源药业股份有限 公司关于取消监事会、调整董事会成员人数暨修订<公司章程>的公告》（公告编号： 2025-053）。 公司于 2025 年 10 月 13 日召开第四届董事会第十五次会议，审议通过《关于 补选公司第四届董事会非独立董事的议案》《关于补选公司第四届董事会独立董事 的议案》，该事项已经公司 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong financial performance in Q3 2025, with revenue of 796 million yuan, a year-on-year increase of 21.88%, and a net profit of 159 million yuan, up 37.86% year-on-year. The Q3 revenue alone was 271 million yuan, reflecting a 23.05% increase year-on-year, with net profit soaring by 74.25% [5][8] - The approval of the Glimepiride sustained-release tablets marks the second innovative generic drug approved in 2025, enhancing the company's product pipeline in the diabetes sector [5][8] - The company maintains a robust gross margin of over 80%, indicating a strong product structure focused on chronic disease treatments, while net profit margins have shown consistent improvement [8][9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 796 million yuan, a 21.88% increase year-on-year, and a net profit of 159 million yuan, a 37.86% increase year-on-year. The gross margin stood at 84.10%, with a net margin of 19.97% [5][8] - The Q3 results showed a revenue of 271 million yuan, a 23.05% increase year-on-year, and a net profit of 61.14 million yuan, a significant increase of 74.25% year-on-year [5][8] - The company forecasts revenues of 1,055.79 million yuan, 1,209.62 million yuan, and 1,451.55 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 227.92 million yuan, 264.70 million yuan, and 311.13 million yuan [9][10] Product Development and Pipeline - The company emphasizes a research and development strategy that combines generics and innovation, focusing on expanding its product pipeline in chronic diseases and metabolic syndromes [8][9] - Key innovative drugs in development include DYX116 and DYX216, with DYX116 currently in Phase I clinical trials and DYX216 targeting treatment for resistant hypertension [8][9]