行业日报 | 北交所 放量大涨 5.15% 新能源领涨结构性行情 北交所市场点评——20250905 核心结论 行情回顾：1）指数层面：9 月 5 日北证 A 股成交金额达 440.6 亿元，较上一 交易日增加61.0亿元，北证50指数收盘价为1618.18，上涨5.15%，PE_TTM 为 79.12 倍。北证专精特新指数收盘价为 2774.44，上涨 4.04%。2）个股 层面：当日北交所 274 家公司中 252 家上涨，2 家平盘，20 家下跌。其中 涨幅前五的个股分别为：泓禧科技（30.0%）、派特尔（30.0%）、华洋赛 车（30.0%）、天宏锂电（30.0%）、科创新材（30.0%）；跌幅前五的个 股分别为：鸿智科技（-15.5%）、恒进感应（-6.8%）、太湖雪（-4.3%）、 宏裕包材（-4.2%）、中科美菱（-3.9%）。 新闻汇总：1）公募销售费用新规来了！降费"三步走"落地，累计每年向 投资者让利 500 亿：证监会发布新规降低公募基金认购费、申购费和销售服 务费率，优化赎回费安排，鼓励长期持有，设置差异化尾随佣金比例，规范 销售费用，建立直销服务平台。预计每年为投资者节省约 300 ...

公司点评 | 潮宏基 产品创新与渠道优化，加盟渠道扩张势能凸显 潮宏基（002345.SZ）2025 年半年报点评 事件：公司 2025 年上半年实现营业收入 41.02 亿元，同比+19.54%，归母 净利润 3.31 亿元，同比+44.34%。其中，25Q2 实现营业收入 18.50 亿元， 同比+13.13%，归母净利润 1.42 亿元，同比+44.29%。 产品创新与渠道优化，加盟渠道扩张势能凸显。分产品看，时尚珠宝/传统黄 金产品收入为 19.90/18.31 亿元，分别同比+20.33%/+23.95%。公司持续优 化产品结构，推出布丁狗、线条小狗等 IP 授权系列，并深化"东方美学" 黄金产品线，有效触达年轻消费群体。截至 2025 年 6 月，门店总数达 1,54 2 家，其中加盟店 1,340 家，净增 68 家，自营店 202 家，净减 37 家，渠道 扩张策略成效显著。 毛利率小幅波动，费用管控显效。公司 25H1 毛利率为 23.81%，同比-0.34 pcts，产品结构优化下，25Q2 毛利率显著改善，同比提升 1.57pcts 至 24.8 8%。费用方面，销售/管理/研发费率为 ...

公司点评 | 科博达 营收稳增&核心产品矩阵拓展，持续深化全球化战略 证券研究报告 2025 年 09 月 08 日 科博达（603786.SH）2025 年中报点评 事件：2025 年 8 月 28 日，公司发布 2025 年半年度报告：2025 年上半年公 司营业总收入为 30.47 亿元，同比增长 11.1%；归母净利润为 4.51 亿元， 同比增长 21.34%。2025 年第二季度，公司营业总收入为 16.73 亿元，同比 增长 26.22%，归母净利润为 2.45 亿元，同比增长 60.66%。 持续拓展核心产品矩阵，不断优化产品结构。截至 2025 年上半年底，公司 已孵化出智能配电盒、天幕智能控制器、底盘控制器等一系列符合产业发展 趋势、单车价值量高的新产品，其中，智能配电盒产品在已有定点、量产项 目的基础上，进一步加大向欧美客户、新能源客户的推广力度。 获突破性定点项目，稳步推进全球化战略。2025 年上半年，科博达新获定 点项目预计生命周期销售额超过 70 亿元，其中包含某国际知名整车厂新世 代架构下超级大脑之一中央域控产品定点。此外，公司通过全资子公司德国 科博达以自有资金收购位于捷克的 ...

Investment Rating - The report maintains a "Buy" rating for NIO-SW (09866.HK) [5] Core Views - The company achieved revenue of 19.01 billion yuan in Q2 2025, a year-on-year increase of 9.0%, and a gross profit of 1.90 billion yuan, up 12.4% year-on-year, with a gross margin of 10% [1][5] - The net loss narrowed to 4.99 billion yuan, a decrease of 1.0% year-on-year [1] - The gross margin is steadily recovering, with Q2 gross margin at 10.0%, up 0.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [1] - The company expects Q3 2025 vehicle deliveries to be between 87,000 and 91,000 units, representing a year-on-year growth of approximately 40.7% to 47.1% [2] Financial Performance - In Q2 2025, the automotive sales revenue was 16.14 billion yuan, a year-on-year increase of 2.9%, driven by an increase in delivery volume [2] - The company delivered 72,000 vehicles in Q2 2025, a year-on-year increase of 25.6% and a quarter-on-quarter increase of 71.2% [2] - The report forecasts revenues of 99.01 billion yuan, 133.00 billion yuan, and 148.68 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51%, 34%, and 12% [3][4] Key Data - The projected net profit for 2025 is -16.17 billion yuan, with a year-on-year growth rate of 28.62% [4] - The earnings per share (EPS) for 2025 is estimated at -7.14 yuan [4] - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 1.00, 0.75, and 0.67 respectively [3][4]

公司点评 | 海正药业 人药、动保稳健增长，新业务布局加速落地 业绩摘要：2025 上半年公司实现收入 52.50 亿元（+0.13%），归母净利润 2.99 亿元（-31.29%），扣非归母净利润 3.21 亿元（+23.92%），经营性现金 流净额 12.11 亿元（+54.98%），毛利率 43.94%（+4.57pcts），净利率 5.81% （-2.47pcts），公司扣非归母净利润及现金流大幅改善，主要受益于主业加 速增长与经营效率稳步提升，生产技术工艺优化叠加规模效应，降本工作成 效显著。 销售体系持续优化，制剂业务加速增长。公司销售体系持续优化，院内外多 渠道协同深化布局，2025 上半年公司新增县域覆盖超 200 家，医院准入超 800 家，基层市场渗透加速；电商平台建设持续推进，单品市场份额稳步提 升，2025 上半年销售收入增长超 30%。人药方面，核心产品海博麦布片 2025 上半年销售增速超 30%；海正动保销售额创历史新高，海妙哆等 3 个新品上 市，其中宠物电商业务同比增长超 60%，含税销售额破亿。 合成生物及大健康新业务落地加速。2025 上半年公司各项新业务加速落地， 合成 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a total revenue of 3.83 billion yuan in the first half of 2025, a year-on-year decline of 9.9%, with a net profit attributable to shareholders of 354 million yuan, down 31.5% [1][5] - Excluding the impact of reduced bank wealth management and interest income, as well as increased exchange losses, the net profit attributable to shareholders decreased by 25.8% year-on-year [1] - The company is undergoing a strategic transformation towards becoming a "product-oriented, platform-oriented, and industrial AI company," with new business segments showing rapid growth [2] Summary by Sections Financial Performance - In the first half of 2025, revenue from control systems was 1.498 billion yuan, industrial software revenue was 1.032 billion yuan, instrument revenue was 677 million yuan, and S2B platform revenue was 414 million yuan, with S2B revenue declining by 52.8% year-on-year [1] - The company is expected to achieve revenues of 9.172 billion yuan, 9.981 billion yuan, and 10.933 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.109 billion yuan, 1.237 billion yuan, and 1.4 billion yuan for the same years [3][4] Strategic Initiatives - The company launched the TPT 2.0 time series hybrid expert model, which aims to provide solutions for industrial problems and enhance the reliability of industrial AI applications [3] - The industrial AI business generated 117 million yuan in revenue, with over 110 successful projects in industries such as petrochemicals and coal chemical [2] - The robot business achieved revenue of 110 million yuan in the first half of 2025, with new orders totaling 200 million yuan, surpassing the total revenue for 2024 [2]

公司点评 | 神州数码 经营保持稳健，自有品牌业务持续增长 神州数码（000034.SZ）2025 年半年报点评 业绩摘要：2025 年上半年，公司实现营业收入 715.86 亿元（YoY+14%）， 实现归母净利润 4.26 亿元（YoY-16%）。其中，公司 2025Q2 单季度实现营 业收入 398.07 亿元（YoY+20%），实现归母净利润 2.09 亿元（YoY-24%）。 截至 2025 年二季度末，公司经营活动产生的现金流净额为 5.04 亿元，整体 经营情况稳健。 公司自有品牌业务在 2025 年上半年持续增长，实现营业收入 31.0 亿元，同 比增长 16.6%，实现毛利率 10.3%，同比下降 0.2 pct。自有品牌业务税后 净利润总额为 5957 万元，同比增长 90.5%。公司已在神州鲲泰合肥生产基 地落地首条 PC 生产线，全力推动商用电脑、服务器等产品的本地化制造。 公司数云服务及软件业务稳健发展，在 2025 年上半年实现营业收入 16.4 亿 元，同比增长 14.1%，实现毛利率 21.4%，同比提升 2.3 pct，税后净利润 3537 万元，同比增长 30.6%。公司的 ...

Investment Rating - The report maintains a positive outlook on the mid-term market performance of the Beijing Stock Exchange, indicating a "structural opportunity" in the market [3][4]. Core Insights - The market showed resilience with a trading volume of 37.96 billion yuan on September 4, 2025, an increase of 5.94 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times [1][7]. - Among the 274 companies listed on the North Exchange, 191 saw an increase in stock prices, while 82 experienced declines. The top five gainers included Hongyu Packaging, Tianhong Lithium, Lijia Technology, Runpu Food, and Hongzhi Technology, each rising by 30% or more [1][16]. - The report highlights the strong performance of specialized and innovative companies in the new energy materials sector, as well as the resilience of consumer service companies [3]. Summary by Sections Market Review - On September 4, 2025, the North Exchange A-share trading volume reached 37.96 billion yuan, up 5.94 billion yuan from the previous day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times. The specialized and innovative index closed at 2666.79, down 1.16% [1][7]. Important News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation announced an action plan to boost the electronic information manufacturing industry, aiming for a revenue growth rate exceeding 5% by 2026 and a server industry scale exceeding 400 billion yuan [2][19]. - The State Council aims for the sports industry to exceed 7 trillion yuan by 2030, fostering world-class sports enterprises and events [2][20]. Key Company Announcements - Haomiao Technology announced the acquisition of a patent for a high-flow multifunctional smoke exhaust device, enhancing its competitive edge [2][21]. - Biyang Technology announced the lifting of restrictions on 45,000 shares, accounting for 0.0261% of its total share capital [2][22]. - Boshun Biological reported using 16 million yuan of idle funds to purchase structured deposit products with an expected annual yield of 1.64% [2][23].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a total revenue of 5.164 billion yuan for the first half of 2025, representing a year-on-year growth of 30.04%, and a net profit attributable to shareholders of 522 million yuan, up 14.19% year-on-year [1][6] - The main business revenue reached 5.048 billion yuan, with a year-on-year increase of 31.58%, driven by strong sales growth in smart electronic control products and disc brakes, which grew by 43.10% and 28.7% respectively [1][2] - The company is focusing on the development of an integrated automotive chassis domain control system and is advancing new technologies and products [2] - The company has established 17 manufacturing bases and 7 R&D centers globally, enhancing its international business layout [2] - Future revenue projections are optimistic, with expected revenues of 12.67 billion yuan, 16.08 billion yuan, and 20.11 billion yuan for 2025, 2026, and 2027 respectively [2][10] Summary by Sections Financial Performance - In the second quarter of 2025, the company achieved a revenue of 2.526 billion yuan, a year-on-year increase of 19.66%, with a net profit of 252 million yuan, up 1.80% year-on-year [1][6] - The company has a total of 486 ongoing research projects, with 282 new projects added, marking a 43.88% increase compared to the same period last year, with a significant portion focused on new energy vehicle projects [1][2] Product Development - The company holds a total of 418 valid patents, including 108 invention patents, and has successfully launched several new products into mass production [2] - New products such as lightweight aluminum fixed calipers and advanced braking systems have been successfully supplied in multiple projects [2] Capacity Expansion - The company is accelerating capacity construction and has added multiple production lines for calipers, electric power steering, and lightweight casting based on future market predictions [2] - The company is well-positioned to capitalize on the growth of the new energy vehicle market through its expanded production capabilities [2]

Market Performance - In August, the Shanghai Composite Index rose by 7.97%, while the ChiNext Index increased by 24.13%[1] - Despite a weakening macroeconomic backdrop in July, liquidity and risk premiums were the primary drivers of the recent market rally[2] Liquidity and Economic Outlook - Liquidity is identified as the main driver of the recent market uptrend, with expectations for continued liquidity-driven performance in the stock market[3] - Since 2020, residents have accumulated 24 trillion yuan in excess savings, which could flow into the stock market if market conditions remain favorable[4] Domestic Policy Developments - The "anti-involution" policy continues to be implemented, with a focus on improving livelihoods and consumption policies[5] - Recent policies aim to expand consumer demand while ensuring high-quality economic development, with a strong emphasis on fiscal investment in human capital[6] Overseas Policy Impact - The U.S. "America First" investment policy is accelerating geopolitical fragmentation and localization, affecting global investment flows[7] - Trade fragmentation is encouraging companies to adjust supply chains, benefiting strategic and emerging technology sectors in allied countries[8] Fixed Income Market Dynamics - The current trend of deposit migration is linked to declining deposit rates and rising stock markets, which may slow down as equity market volatility increases[9] - The yield spread between 10-year government bonds and policy rates has returned to a "normal" range, potentially reducing the selling pressure on bonds[10] Investment Strategy - September is characterized as a "bullish option" period for A-shares, with limited downside risks and potential for significant upward movement driven by new capital inflows[11] - The correlation between A-share performance and the renminbi exchange rate is strong, with expectations for continued support from foreign capital allocation[12]