北交所策略专题报告 2025 年 09 月 14 日 北交所机构化浪潮引领生态重构，"920 代码"切换赋能市场活力 ——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 专题：北交所指数创新高，交易生态向机构偏好加强 920 代码切换准备就绪 本周2025年9月8日，北证50与北证专精特新指数均创历史新高，分别为1647.01 点和 2806.39 点。本轮行情中，北证 50 与科创 50、创业板指等指数走势趋于一 致均在 2025 年 8-9 月创新高。究其原因是三者从都同为科技类板块驱动特征， 近期 AI、机器人，固态电池以及新能源板等板块轮动，拉动了相关指数上涨。 本轮（2025 年 8 月 1 日-2025 年 9 月 12 日）指数上涨中，北交所与以往不同的 是大市值板块涨幅高于小市值板块，20 亿以下、20-30 亿、30-50 亿、50-100 亿、 100 亿以上涨幅均值分别为 4.12%、4.44%、8.48%、15.61%、18.75%。机构较偏 好的大市值公司整体涨幅更大，也成为推动了北证指数创出新高重要 ...

Group 1 - The report highlights a significant recovery in the Hong Kong stock market, with the Hang Seng Index rising by 31.5% and the Hang Seng Tech Index increasing by 34.0% as of September 12, 2025, driven by capital inflows and improved market sentiment [13][14][17] - The average daily trading volume in the Hong Kong stock market reached HKD 249.4 billion in September 2025, reflecting a year-on-year increase of nearly 93% [13][14] - Cumulative net inflows from southbound funds have surpassed HKD 1 trillion since the establishment of the Stock Connect, marking a historical high [17][18] Group 2 - The report indicates that the top three brokerage firms account for 54.8% of the total market value held in the Hong Kong Stock Connect, demonstrating a concentration of assets among major players [22][24] - A negative correlation exists between the market value held by brokerage firms and their turnover rates, with larger firms generally exhibiting lower turnover rates compared to smaller firms [22][24] - The report identifies several outstanding brokerage firms, including辉立证券 (Futu Securities) and沪市港股通 (Shanghai-Hong Kong Stock Connect), which have achieved high excess Sharpe ratios, indicating superior performance [29][33] Group 3 - The report presents a quantitative model that optimizes the selection of top-performing brokers and stocks, achieving an annualized excess return of 16.5% and a maximum drawdown of -15.2% [5][28] - The performance of the selected brokers and stocks is notably higher during bull markets, suggesting that the model is effective in capturing market upswings [5][28] - The report emphasizes the importance of utilizing detailed data from the Hong Kong Stock Exchange's CCASS system to gain insights into market dynamics and investor behavior [20][22]

行 业 研 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 12% 24% 36% 48% 60% 2024-09 2025-01 2025-05 银行 沪深300 相关研究报告 《理财规模有望受益，投资基金偏好 或生变—基金销售费新规征求意见稿 点评》-2025.9.10 《测算：高息定存到期规模、节奏与 成 本 改 善 空 间 — 行 业 点 评 报 告 》 -2025.8.21 《"过度减点"贷款减少，定价暂难突 破成本线—2025Q2 央行货币政策执 行报告学习》-2025.8.17 存款非银化延续，贷款投放或"价在量先" ——8 月金融数据点评 刘呈祥（分析师） 朱晓云（分析师） liuchengxiang@kysec.cn 证书编号：S0790523060002 zhuxiaoyun@kysec.cn 证书编号：S0790524070010 M2-M1 剪刀差持续收窄，存款非银化趋势延续 8 月 M1、M2 同比增速分别为 6.00%（环比+0.4pct）、8.80%（环比持平），M2-M1 剪刀差延续收窄。8 月人民币存款同比少增 1600 亿元，居民 ...

食品饮料 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 10% 19% 29% 38% 48% 2024-09 2025-01 2025-05 食品饮料 沪深300 相关研究报告 《白酒筑底，新消费领航—行业周报》 -2025.9.7 《中报综述：传统消费微光渐明，新 消 费 繁 花 正 盛 — 行 业 投 资 策 略 》 -2025.9.4 《中报承压下微光渐显，业绩分化中 孕育新机—行业周报》-2025.8.31 白酒底部等待回暖，西麦食养赛道可期 风险提示：经济下行、食品安全、原料价格波动、消费需求复苏低于预期等。 ——行业周报 张宇光（分析师） 张思敏（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 证书编号：S0790525080001 zhangsimin@kysec.cn 核心观点：白酒基本面逐渐稳定，健康营养孕育西麦第二增长曲线 9 月 8 日-9 月 12 日，食品饮料指数涨幅为 1.1%，一级子行业排名第 17，跑输沪 深 300 约 0.3pct，子行业中肉制品（+3.0%）、白酒（+1.7%）、 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Viewpoints - The domestic AI computing power is entering a golden development period, driven by continuous high growth in capital expenditure from internet companies like Alibaba and Tencent. In Q2 2025, Alibaba Cloud reported revenue of 33.398 billion yuan, achieving a 26% year-on-year growth, while Tencent's financial technology and enterprise services revenue reached 55.536 billion yuan, with a capital expenditure increase of 119% [5][12] - Domestic AI chip manufacturers such as Cambricon, Haiguang Information, and Chipone are rapidly rising, with significant performance and order growth. Chipone reported an order backlog of 3.025 billion yuan, with new orders in Q3 2025 increasing by 85.88% year-on-year, and AI-related orders accounting for about 64% [6][13] - Baidu and Alibaba are gradually applying their self-developed chips for AI model training, partially replacing foreign products. Baidu's Kunlun chip has shown strong performance in procurement projects, winning significant market shares [7][14] Summary by Sections Section 1: Industry Overview - The domestic AI computing power is experiencing a significant growth phase, with major internet companies increasing their capital expenditures substantially [5][12] Section 2: Company Dynamics - Companies like Cambricon and Haiguang Information are showing impressive performance and order growth, indicating a strong demand for domestic AI computing power [6][13] - Baidu and Alibaba are making strides in utilizing their proprietary chips for AI applications, enhancing their competitive edge in the market [7][14] Section 3: Investment Recommendations - The report highly recommends investing in companies such as Haiguang Information, Zhongke Shuguang, and Inspur Information, which are expected to benefit from the growing demand for domestic AI computing power [8][15]

医药生物 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 2024-09 2025-01 2025-05 医药生物 沪深300 相关研究报告 《中药及医药商业 2025H1 复盘：短期 承压，静待花开—行业点评报告》 -2025.9.8 《创新药产业链迎来明确拐点，重点 推荐板块性机会 — 行 业 周 报 》 -2025.9.7 《关注 PD-(L)1/VEGF 双抗海内外临 床进展—行业周报》-2025.8.24 创新药行业进入快速成长期，关注未来 6-12 个月投资机会 ——行业周报 未来 6-12 个月，我们建议关注包括下一代 IO、减重、小核酸等在内的市场空间较 大的 7 个创新药赛道。这些领域正在发生着积极变化或在短期内有望迎来价值拐 点，国内相关公司亦在积极布局，甚至在某些领域做到了全球领先。 推荐标的 推荐标的：制药及生物制品：恒瑞医药、华东医药、三生制药、联邦制药、人福 医药、恩华药业、信达生物、再鼎医药、百利天恒、泽璟制药-U、诺诚健华、科 伦博泰生物-B、三生国健、康诺亚-B、一品红、海思科、艾力斯、艾迪 ...

行 业 研 究 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 29% 58% 86% 115% 144% 2024-09 2025-01 2025-05 通信 沪深300 相关研究报告 《世纪互联获 40MW 新订单用于部署 国产芯片，国产算力渐迎拐点—行业 点评报告》-2025.9.12 《Rubin CPX 或大幅提升光模块和液 冷需求—行业点评报告》-2025.9.11 《OCS 或加速发展，光通信、液冷迎 新机遇—行业点评报告》-2025.9.8 光博会总结：硅光时代龙头优势凸显，OCS/空芯 光纤/薄膜铌酸锂/CPO 等新技术孕育新机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S0790124040002 | 硅光子时代龙头竞争优势凸显，众多 ...

行 业 研 究 通信 2025 年 09 月 12 日 投资评级：看好（维持） ——行业点评报告 蒋颖（分析师） 雷星宇（联系人） jiangying@kysec.cn 证书编号：S0790523120003 世纪互联获 40MW 新订单，国产芯片成为增长引擎之一 2025 年 9 月 11 日，世纪互联发布公告，已从一家领先互联网公司获得 40MW 的 批发订单，位于大北京地区中固安 IDC 园区，公司将分阶段交付订单容量，主 要提供定制化服务，为客户核心业务部署国产芯片，公司表示国产芯片将成为公 司 IDC 业务未来关键的增长引擎。我们认为随着国产芯片供给逐步提升，国产 芯片能耗或更高，对于 AIDC 需求或持续提升，AIDC 订单或将持续释放。 阿里开源新模型 Qwen3-Next，AI 持续赋能公司业务提升 9 月 12 日，阿里开源新架构模型 Qwen3-Next-80B-A3B，Qwen3-Next 是一个混 合专家模型总参数 800 亿，仅激活 30 亿，在混合注意力机制、高稀疏性 MoE 结 构、训练稳定性等方面进行多项改进，训练成本较 Qwen3-32B 降低 90%，但推 理效率却提升 1 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The release of the Rubin CPX inference chip by Nvidia emphasizes cost-effectiveness and is designed specifically for large-scale context AI models, providing 20 PFLOPS of computing power with a memory bandwidth of 2TB/s, significantly reducing memory costs by over 50% by switching from HBM to GDDR7 [5][6] - The introduction of the Rubin CPX chip expands the VR200 server architecture into three versions, which is expected to create new opportunities in the supply chain, particularly increasing demand for PCB and copper cable connectors due to the complexity of interconnections [6][7] Summary by Sections Industry Investment Rating - The report maintains a "Positive" rating for the industry, indicating expectations for the industry to outperform the overall market [2] Nvidia Rubin CPX Chip - The Rubin CPX chip is designed for two critical stages of AI inference: Prefill and Decode, with a focus on maximizing computational throughput while minimizing memory bandwidth waste [5] - The chip features a design that prioritizes computational FLOPS over memory bandwidth, making it suitable for high-demand AI applications [5] Supply Chain Opportunities - The new architecture introduced by the Rubin CPX chip is anticipated to generate additional demand in the supply chain, particularly for PCB and copper cable connectors, as the complexity of interconnections increases [6][7] - Beneficiary companies in the PCB segment include Huadian Co., Shenghong Technology, and others, while copper cable connector beneficiaries include Huafeng Technology and others [7]

Quantitative Models and Construction Methods - **Model Name**: Chip Return Feature **Model Construction Idea**: The chip structure estimates the average holding cost of investors at different price levels, and the chip return measures the profitability of the current price relative to historical chip costs. It reflects the market's profit-making effect, which exhibits momentum effects in strong markets and reversal effects in weak markets[24] **Model Construction Process**: The chip return is calculated as the return rate of the current price relative to the historical chip cost. The detailed methodology is elaborated in the research team's report "Fusion of Momentum and Reversal from the Perspective of Chip Structure"[24] **Model Evaluation**: The model effectively captures the market's profit-making effect and provides insights into momentum and reversal dynamics[24] Model Backtesting Results - **Chip Return Feature**: Current profit-making effect of the solid-state battery index is 11.11%[5][25][26]