北交所信息更新 北 交 所 研 究 曙光数创（920808.BJ） 2026 年 03 月 24 日 投资评级：增持（维持） | 日期 | 2026/3/23 | | --- | --- | | 当前股价(元) | 70.33 | | 一年最高最低(元) | 111.50/43.61 | | 总市值(亿元) | 140.66 | | 流通市值(亿元) | 136.84 | | 总股本(亿股) | 2.00 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 83.72 | 北交所研究团队 受益 scaleX640 超节点大规模部署，2025 年营收同比+74.29% ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 根据业绩快报，2025 年实现营收 8.82 亿元、归母净利润 3645.97 万元 根据业绩快报，曙光数创 2025 年公司预计实现营业收入 8.82 亿元，同比增长 74.29%；归母净利润 3645.97 万元，同比下降 40.64%；扣非归母净利润 3181.77 万元，同比增长 46.67%。根据 ...

北交所信息更新 北 交 所 研 究 曙光数创（920808.BJ） 2026 年 03 月 24 日 投资评级：增持（维持） | 日期 | 2026/3/23 | | --- | --- | | 当前股价(元) | 70.33 | | 一年最高最低(元) | 111.50/43.61 | | 总市值(亿元) | 140.66 | | 流通市值(亿元) | 136.84 | | 总股本(亿股) | 2.00 | | 流通股本(亿股) | 1.95 | | 近 3 个月换手率(%) | 83.72 | 受益 scaleX640 超节点大规模部署，2025 年营收同比+74.29% ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 根据业绩快报，2025 年实现营收 8.82 亿元、归母净利润 3645.97 万元 根据业绩快报，曙光数创 2025 年公司预计实现营业收入 8.82 亿元，同比增长 74.29%；归母净利润 3645.97 万元，同比下降 40.64%；扣非归母净利润 3181.77 万元，同比增长 46.67%。根据快报我们下调 2 ...

证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 2026 年 03 月 22 日 北证盈利承压，关注科技+涨价主线 ——2025 年北交所业绩快报梳理 相关研究 联系人 吕靖华 A0230124070002 lvjh@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 略 - ⚫ 北证业绩快报全披露，预喜率仅 43.9%。截至 3/20，全 A 上市公司 2025 年盈利披露比 例 65.7%，其中，北证和科创板基本全披露，创业板和主板披露率分别为 64.6%和 56.5%。 分结构来看，北证快报预喜率较低、仅 43.9%，低于其他板块。 ⚫ 北证四季度盈利承压，中小企业景气回落。1）北证 Q4 收入延续正增长，但盈利仍承压。 根据已公布年报/快报/预告的样本，收入端，北证单 ...

证券代码：920808 证券简称：曙光数创 公告编号：2026-014 本次变更后，公司最新的联系方式如下： 办公地址：北京市海淀区东北旺西路 8 号院环宇大厦三层 101-11 号 邮政编码：100193 公司网址：https://DataEnergy.Sugon.com/ 联系电话：010-53670052 曙光数据基础设施创新技术（北京）股份有限公司 关于变更办公地址的公告 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。 因经营需要，近日曙光数据基础设施创新技术（北京）股份有限公司（以下 简称"公司"）办公地址由"北京市海淀区东北旺西路 8 号中关村软件园一期 27 号 楼C座3层301"变更为"北京市海淀区东北旺西路8号院环宇大厦三层101-11号"； 邮政编码由"100094"变更为"100193"。 除上述调整外，公司联系电话、电子邮箱等信息均保持不变。敬请广大投资 者留意上述变更事项。 号 董事会秘书邮箱： dongmi_jn@sugon.com 特此公告。 曙光数据基础设施创新技术（北京 ...

北交所策略专题报告 2026 年 03 月 15 日 北交所高景气赛道市值超 3400 亿，34 家稀缺标的覆盖机器人/航空航天/AI 等六大赛道 ——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"硬核制造"稀缺性重估，布局高景气赛道核心标的 现阶段北交所在新兴支柱产业、未来产业中均有较多的布局，其中北交所具备高 稀缺产业链主要包括机器人、航空航天及军工、算电协同及下游 AI 应用、锂电 及储能等产业链，分别拥有企业 22 家、18 家、25 家和 21 家，截至 2026 年市值 分别为 688.07 亿元、763.90 亿元、885.31 亿元、1106.19 亿元。从细分企业角度 来看，北交所作为专精特新"小巨人"聚集地，专注于创新型中小企业定位，不 乏产业链龙头公司，其中部分龙头在沪深市场没有或可比公司较少，形成了独特 的稀缺性投资机会。我们筛选出 34 家在全市场具备少数性或领先卡位优势的强 稀缺标的，锦波生物、曙光数创、富士达、纳科诺尔、鼎智科技、并行科技、民 士达、奥迪威、青矩技术、骏创科技、康普化学、 ...

AI Industry Insights - In February 2026, China's AI model API usage surpassed the US for the first time, with 41.2 trillion tokens compared to the US's 29.4 trillion tokens[5] - The average daily usage of large models in China increased by 263% from H1 2025 to H2 2025, reaching 37 trillion tokens[12] - The demand for domestic computing power is experiencing exponential growth, driven by the rapid adoption of AI technologies[5] Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +0.70% from February 24 to February 27, 2026, with 63% of companies showing an increase[37] - Notable gainers included *ST Yun Chuang (+29.55%), Ke Li Co. (+21.79%), and Tonghui Information (+19.06%) during the same period[37] Valuation Metrics - The median TTM P/E ratio for the mechanical equipment sector rose from 44.0X to 50.0X, while the electronic equipment sector's median P/E increased from 60.5X to 61.0X[43][44] - The median market capitalization for electronic equipment companies increased from 22.4 billion yuan to 23.2 billion yuan[44] Sector Developments - The Beijing Stock Exchange has 28 companies in the AI+ industry chain, covering various segments such as computing power services, AI applications, and AI-powered products[31][32] - The AI computing market in China is projected to reach $25.9 billion in 2025, reflecting a year-on-year growth of 36.2%[26]

一、2025 年年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 营业收入 | 882,349,516.85 | 506,251,725.60 | 74.29% | | 利润总额 | 36,671,223.19 | 68,007,001.77 | -46.08% | | 归属于上市公司股东的净利润 | 36,459,682.98 | 61,424,446.37 | -40.64% | | 归属于上市公司股东的扣除非经常性损益 | 31,817,679.90 | 21,692,804.13 | 46.67% | | 的净利润 | | | | | 基本每股收益 | 0.18 | 0.31 | -41.94% | | 加权平均净资产收益率%（扣非前） | 4.94% | 8.77% | - | | 加权平均净资产收益率%（扣非后） | 4.32% | 3.10% | - | | --- | --- | --- | --- | | 项目 | 本报告期末 | 本报告期初 | 变动比例% | | 总资产 | 1,887,24 ...

Core Viewpoint - The AI industry is experiencing a surge in activity with major companies like ByteDance, Alibaba, and others releasing flagship models, indicating a competitive landscape and potential investment opportunities in AI applications and related sectors [3][6]. Group 1: Industry Performance - On the last trading day before the Year of the Snake, the film and media, as well as semiconductor equipment sectors, saw significant gains, with the Seedance video model index rising against the trend [4]. - Companies such as iReader Technology and Light Media reached their daily limit up, while semiconductor stocks like Deep Technology and North Huachuang also surged [4]. - In the Hong Kong market, AI leaders MiniMax and Zhiyu both saw their market values exceed HKD 200 billion [4]. Group 2: AI Model Developments - ByteDance's Seedance 2.0 model has achieved four key breakthroughs, including multi-modal input support and a significant reduction in video production costs, with costs dropping to between 4.5-9 yuan per 15-second 1080P video [6][7]. - Zhiyu AI launched its flagship model GLM-5, enhancing programming capabilities, while MiniMax introduced its new text model MiniMax M2.5 [7]. - The rapid release of flagship models in the AI sector is noted as unprecedented, with a shift towards converting technological advancements into consumer products [7]. Group 3: Market Trends and Investment Insights - The AI sector is witnessing a surge in ETF investments, with several thematic ETFs showing over 20% gains this year [6]. - Analysts caution that the current enthusiasm in the AI sector may lead to overvaluation, with some stocks already reflecting optimistic future earnings [9]. - Investment opportunities are seen in areas with high certainty, such as computing infrastructure and content production, while risks remain due to high valuations and market volatility [9][10]. Group 4: Future Outlook - The AI commercialization path is expected to focus on user subscriptions and enterprise applications, with internet tech companies poised to benefit from advertising and value-added services [10]. - Market sentiment is anticipated to improve post-Spring Festival, with analysts expressing a relatively optimistic outlook for the A-share market [10].

Core Insights - The development of data center infrastructure is driven by the rapid growth of data centers, influenced by national policies promoting intelligent computing centers and AI industry upgrades, as well as the increasing demand for digital transformation across various sectors [1][4] - The market size of China's data center is projected to grow from 87.8 billion yuan in 2019 to 318.2 billion yuan by 2025, while the data center infrastructure market is expected to increase from 16.19 billion yuan to 46.12 billion yuan during the same period [1][4] Group 1: Industry Definition and Structure - Data center infrastructure refers to facilities that provide operational support for electronic information equipment within data centers, including cooling, power distribution, cabinets, wiring, and monitoring systems [2] - The main cooling methods for data center infrastructure are air cooling and liquid cooling, with liquid cooling being a newer technology developed to meet the increasing heat dissipation demands of data centers [2][3] Group 2: Market Growth and Trends - The market for data center infrastructure is expected to grow from 16.19 billion yuan in 2019 to approximately 35.6 billion yuan in 2024, and reach about 46.12 billion yuan by 2025 [4] - The energy consumption of cooling systems is the highest among all data center infrastructure modules, making the improvement of cooling technology a key focus for future development [4] Group 3: Policy Environment - The industry benefits from strong national policy support aimed at promoting green and high-quality development of new infrastructure, including data centers and 5G technology, as part of China's carbon peak and carbon neutrality goals [5] Group 4: Competitive Landscape - The data center infrastructure industry is characterized by intense competition, particularly in air cooling technology, while liquid cooling technology is more capital and research-intensive, with key players including Huawei, Alibaba, Lenovo, Inspur, and Dell China [6] - Shuguang Data Innovation Technology Co., Ltd. specializes in high-efficiency cooling technologies for data centers, focusing on immersion phase change liquid cooling and modular data center products [6][7] Group 5: Future Development Trends - The future of data center infrastructure is expected to focus on prefabrication, intelligence, and low carbon emissions, driven by the rapid growth of new data centers and the need for improved performance metrics such as lower PUE and higher power density [6][10]

Market Overview - The computer equipment sector experienced a decline of 1.1% on January 29, with ZhenTong Electronics leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Stock Performance - Notable gainers in the computer equipment sector included: - RuiMing Technology (002970) with a closing price of 60.91, up 10.01% and a trading volume of 171,800 shares, totaling 1.044 billion yuan [1] - MeiAnSen (300275) closed at 13.69, up 3.79% with a trading volume of 243,300 shares, totaling 330 million yuan [1] - Major decliners included: - ZhenTong Electronics (002197) closed at 8.70, down 6.25% with a trading volume of 300,200 shares, totaling 270 million yuan [2] - YuTong Optics (300790) closed at 27.05, down 6.08% with a trading volume of 184,400 shares, totaling 510 million yuan [2] Capital Flow - The computer equipment sector saw a net outflow of 1.766 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.293 billion yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - RuiMing Technology (002970) had a net inflow from institutional investors of 1.75 billion yuan, while retail investors saw a net outflow of 34.85 million yuan [3] - New大陆 (000997) experienced a net inflow of 68.71 million yuan from institutional investors, but a significant outflow of 648.16 million yuan from retail investors [3] - MeiAnSen (300275) had a net inflow of 30.47 million yuan from institutional investors, with a slight net inflow from retail investors of 51,370 yuan [3]