文/梧桐数据中心 11月15日，北交所迎来开市四周年！截至目前北交所共有282家上市公司，其中2021年79家，2022年83家，2023年77家，2024年23家，2025年至今20家。 已转板的观典防务、泰祥股份和翰博高新不纳入本次统计。这282家北交所上市公司的首发募资净额为510.50亿元。 一、保荐机构业绩排名 共有60家保荐机构为这282家北交所上市公司提供了IPO保荐业务。其中富士达、美心翼申分别聘请了两家保荐机构，各计一单，故业务单数总数为284 单。 榜单前三名： 第一名：中信建投（27单） 第二名：申万宏源（23单） 第三名：东吴证券（16单） | 排名 | 保荐机构 | 业务单数 | | --- | --- | --- | | 1 | 中信建投 | 27 | | 2 | 申万宏源 | 23 | | 3 | 东吴证券 | 16 | | 4 - | 国投证券 | 15 | | | 工温证完 | 1 4- | | 42 | 华安证券 | 1 | | --- | --- | --- | | 42 | 渤海证券 | 1 | | 42 | 财达证券 | 1 | | 42 | 财信证券 | 1 | | ...

11月17日，索通发展跌5.03%，截至发稿，报27.02元/股，成交6.09亿元，换手率4.43%，总市值134.59 亿元。 资料显示，索通发展股份有限公司位于山东省临邑县恒源经济开发区新104国道北侧，成立日期2003年8 月27日，上市日期2017年7月18日，公司主营业务涉及预焙阳极的研发、生产及销售业务。主营业务收 入构成为：预焙阳极90.75%，其他(补充)4.57%，负极材料3.68%，电容器0.99%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓索通发展。中信建投睿利A（003308）三季度增持3100股， 持有股数1.06万股，占基金净值比例为0.49%，位居第一大重仓股。根据测算，今日浮亏损失约1.52万 元。 中信建投睿利A（003308）成立日期2016年12月7日，最新规模1369.26万。今年以来收益44.27%，同类 排名1340/8213；近一年收益44.14%，同类排名978/8130；成立以来收益86.35%。 中信建投睿利A（003308）基金经理为艾翀、杨志武。 截至发稿，艾翀累计任职时间8年25天，现任基金资产总规模3.12亿元，任职期间最佳基金回 ...

智通财经APP获悉，中信建投发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和 出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机 接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整 合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 低值耗材：展望2026年，预计国内业务将保持平稳增长;随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策来判断，各公司情况有所分化， 部分龙头公司有望收入稳定增长或提速改善。医疗设备上游部分公司在新业务、新订单、新客户的驱动 下，有望加速增长。 高值耗材：受集采政策落地执行时间差异等因素的影响，板块内部公司的业绩拐点出现时间节点先后有 ...

每日经济新闻 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 中信建投指出，当前券商板块配置价值提升的核心逻辑在于政策、资金及自身转型的三方面支撑。政策 端，"活跃资本市场"导向明确，注册制深化、交易机制优化、引入中长期资金等举措持续落地，直接拓 宽了券商投行、经纪、资管等业务空间。资金端，市场信心修复带动成交回暖与两融回升，叠加养老 金、保险等增量资金入市可期，为券商业绩提供弹性基础。自身转型方面，行业正着力发展高附加值业 务，尤其是财富管理和机构业务，优化收入结构并增强盈利稳定性。因此，券商不仅受益于市场回暖的 Beta弹性，更因成功转型而具备独特的Alpha增长潜力（盈利质量提升）。政策预期、资金改善与内生 动力共同作用，使得券商板块的盈利前景确定性提升，当前具备较高的配置吸引力。 证券ETF（512880）跟踪的是证券公司指数（399975 ...

智通财经APP获悉，中信建投发布研报称，当前食饮板块经历长期回调，内需关注度较低，估值已显著 回落，市场预期处于低位，白酒等优质资产底部逻辑清晰。重点看好四个板块，1)白酒。聚焦三类优质 标的，静待需求回暖。刺激政策有望加码，经济数据有望触底带动消费回暖。2)零食保健品&饮料。零 食新渠道和新品类共振，投资机会多点开花。饮料健康化、功能化风潮流行，细分品类高景气度。保健 品新消费驱动，保健品赛道重估。3)乳制品。奶价顺周期将至，液奶或迎拐点，深加工产业崛起。4)餐 饮链。注重效率内卷趋缓，拥抱趋势拓展新销路。 中信建投主要观点如下： 白酒：聚焦三类优质标的，静待需求回暖 2025年以来，消费者信心依旧低迷，酒类CPI同比持续为负，主流产品价格逐步下探，白酒商务、宴 席、收藏场景需求疲软，高端白酒及中高端白酒表现相对稳健，次高端价格带仍然承受较大压力。白酒 行业已经进入名酒竞争时代，上市公司内部也呈现分化趋势，竞争态势更加激烈。酒企积极管控市场秩 序、推进产品迭代、促进消费者活动开展，加大费用投入以拉提动销，从而助力渠道去库存，良性提升 市占率。虽然行业整体仍然呈现结构升级，但是利润率爬坡速度放缓。考虑到较为复 ...

Group 1 - The market experienced fluctuations last Friday, with the Shanghai Composite Index down nearly 1% and the ChiNext Index down nearly 3% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.96 trillion, a decrease of 83.9 billion compared to the previous trading day [1] - Sectors such as Hainan, gas, pharmaceuticals, and Fujian saw gains, while storage chips and CPO sectors faced declines [1] Group 2 - CITIC Securities believes that the demand for computing power driven by AI remains very strong, viewing the current adjustment as an opportunity [2] - The AI industry revolution is compared to the industrial revolution, suggesting a need for a long-term perspective on AI-related investments [2] - Quantum technology is highlighted as a key future industry, with recent advancements in quantum computing, including collaborations between China Telecom Quantum Group and GuoDun Quantum [2] Group 3 - Huatai Securities reports that the pet food market during Double Eleven in 2025 shows two main characteristics: a hot trading environment and a stable landscape among leading brands [3] - The industry is entering a phase of high-quality development, leading to increased competition, with a shift towards quality products over marketing gimmicks [3] - Companies with strong R&D and supply chain advantages are expected to lead in the long term [3] Group 4 - Galaxy Securities anticipates that the year-end market will continue to exhibit a volatile structure, with rapid rotation among sectors [4] - Funds are shifting towards themes like lithium batteries and electrolyte solutions, benefiting from policy support, although the sustainability of these themes remains uncertain [4] - As the year-end approaches, institutional allocations may become more balanced, preparing for next year's economic outlook [4]

(本文来自第一财经) 中信建投研报表示，短期来看，随着政策缓和、集采出清、新产品新业务拓展和出海布局，预计2026年 多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机接口、AI医疗等医 疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整合，板块的创新性和国 际化能力逐步得到认可、估值正在被重估。 ...

Group 1: Market Overview - The market experienced fluctuations last Friday, with the Shanghai Composite Index dropping nearly 1% and the ChiNext Index falling close to 3% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.96 trillion, a decrease of 83.9 billion compared to the previous trading day [1] - By the end of last Friday, the Shanghai Composite Index fell by 0.97%, the Shenzhen Component Index decreased by 1.93%, and the ChiNext Index declined by 2.82% [1] Group 2: AI and Computing Power Demand - CITIC Securities believes that the demand for computing power driven by AI remains very strong, viewing the current market adjustment as an opportunity [1] - The firm emphasizes that the world is undergoing an AI industrial revolution, which should be observed from a long-term perspective, distinguishing it from recent trends in cloud computing and renewable energy [1] - CITIC Securities is optimistic about the demand and applications related to AI-driven computing power, highlighting the importance of quantum technology as a future economic growth point [1] Group 3: Pet Food Market Insights - Huatai Securities reports that the pet food market during the Double Eleven shopping festival in 2025 exhibited two main characteristics: a hot trading environment and a stabilizing landscape among leading brands [2] - As the industry enters a phase of high-quality development, increased investment from both industry and capital is expected to intensify short-term competition [2] - The competition among pet brands is anticipated to focus more on high-quality products rather than marketing gimmicks, with leading companies possessing strong R&D and supply chain advantages likely to emerge as winners in the long term [2] Group 4: Year-End Market Expectations - Galaxy Securities forecasts that the A-share market will continue to exhibit a consolidation pattern, with rapid rotation among sectors [3] - The technology sector, which previously saw significant gains, is currently in a consolidation phase, while funds are beginning to rotate towards themes like lithium batteries and electrolyte solutions [3] - As the year-end approaches, institutional allocations may become more balanced, preparing for next year's economic outlook, with a focus on themes such as "anti-involution" and dividends [3]

Core Insights - The recent update of GPT-5.1 focuses on efficiency and personalization, indicating a shift towards engineering in AI models [2] - Domestic AI models are accelerating their iterations, showing capabilities that are increasingly comparable to international counterparts [3] - Baidu's Wenxin 5.0 demonstrates strong multimodal understanding capabilities, which may provide richer data for future model iterations [4] - MiniMax M2 and Kimi k2 Thinking have recently topped the open-source model rankings, with MiniMax M2 being cost-effective at only 8% of Claude 3.5 Sonnet's cost [13][10] - The domestic engineering advantages and large user base feedback create a foundation for local models and AI applications to potentially surpass international models [1] Group 1 - The GPT-5.1 update includes two versions: Instant and Thinking, which enhance user engagement and task processing efficiency [2] - OpenAI has improved the routing capabilities of GPT, allowing for better adjustment of thinking time based on task complexity [2] - The focus on user preferences in the latest model update signifies a growing emphasis on engineering efficiency and user experience [2] Group 2 - Baidu's Wenxin 5.0, launched on November 13, features a unified multimodal model with a total parameter scale of 2.4 trillion, leading the industry [4] - Wenxin 5.0 excels in multimodal understanding, instruction following, and creative writing, achieving performance levels comparable to leading models like Gemini-2.5-Pro and GPT-5-High [4] - The model's low activation parameter ratio of less than 3% enhances its inference efficiency while maintaining strong capabilities [4] Group 3 - Kimi k2 Thinking, released on November 6, has shown state-of-the-art performance in various benchmark tests, indicating significant advancements in reasoning and programming capabilities [8] - The model has a total of 1TB parameters and supports a context window of 256K, making it compatible with advanced inference hardware [10] - Kimi's team is focused on optimizing token efficiency and emotional expression in future versions, highlighting the importance of engineering in model development [10] Group 4 - MiniMax M2, launched on October 27, is designed specifically for agents and coding tasks, achieving the highest ranking in open-source models [13] - The model utilizes a fully attention-based architecture with a total parameter count of 230 billion, achieving low operational costs [14] - MiniMax M2's design allows it to perform effectively in its targeted tasks while maintaining a focus on performance improvement and cost reduction [14]

Group 1 - The core viewpoint of the article is that after the improvement in China-US relations, market risk appetite has decreased, leading to fluctuations around the 4000-point mark for the Shanghai Composite Index [1] - The average trading volume for the entire A-share market has decreased to around 2 trillion yuan [1] - Recent capital flows have been active in thematic investments and sectors with growth potential, indicating a shift in market focus [1] Group 2 - The market is expected to continue its oscillating and rotating characteristics, with the key to breaking the current state lying in capital attacking new main lines [1] - The mid-term allocation strategy suggested is to adopt a balanced approach, focusing on clear growth signals without excessive switching [1] - Key sectors to watch include dividends, new chemical materials, superhard materials, lithium battery materials, steel, agriculture, forestry, animal husbandry, batteries, and AI [1]