北交所策略专题报告 2026 年 01 月 04 日 掘金北交所科技产业：从 2025 年度复盘看两大主线——汽车智能化与硬科技稀缺龙头 ——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 2025 收官：科技新产业总市值近 5000 亿，汽车分类实现市值持续提升 北交所科技新产业截至 2025 年 12 月 31 日共有标的 158 家，总市值达到 4,815.74 亿元。智能制造分类 2025/12/31 总市值收于 1,612.81 亿元，PE TTM 中值收于 39.97X。智能制造分类 2025 涨跌幅排名前十均在年内实现超 100%涨幅。分类重 点标的包含万通液压等。信息技术分类 2025/12/31 总市值收于 865.77 亿元，PE TTM 中值收于 85.42X 出现回升。星图测控在 2025 年内实现 237.52%涨幅，共 有 8 只标的实现 50%以上年内涨幅。关注星图测控、并行科技等高稀缺性优质 信息技术标的。汽车分类总市值在 2025 年内持续上涨，2025 年 12 月 31 日收于 768.9 ...

Core Viewpoint - The article highlights the significant performance of the stock market in 2025, with various indices and stocks experiencing substantial gains, indicating a bullish trend and potential investment opportunities in the coming years [3]. Group 1: Market Performance - In 2025, micro-cap stocks surged by 80%, the ChiNext Index rose by 50%, and the North Exchange 50, China Securities 2000, and Sci-Tech 50 indices all increased by over 35% [3]. - The Shanghai Composite Index gained nearly 20% throughout the year, leading to over 600 A-shares achieving a doubling in price, with four stocks increasing by more than ten times [3]. Group 2: Top Performing Stocks - The top-performing stock in 2025 was Aowei New Materials (688585.SH), which saw an 18-fold increase, driven by market interest following the acquisition by Zhiyuan Robotics [5]. - Tianpu Co., Ltd. (605255.SH) ranked second with a 16-fold increase, attributed to rumors of a partnership in artificial intelligence, although the company later clarified it had no such plans [5]. - Other notable stocks included Star Map Control (920116.BJ) and Haibo Technology (688411.SH), both of which also experienced significant price increases [7]. Group 3: Sector Trends - The second half of 2025 was characterized by a focus on technology, particularly in the hardware sector driven by the demand for computing power, with PCB-related stocks becoming particularly popular [8]. - Companies like Shenghong Technology and Dingtai High-Tech saw their stock prices increase by over 5.5 times, with Shenghong's market capitalization reaching 245.9 billion [8]. Group 4: Institutional Investment - In 2025, the total market turnover reached 41.98 trillion, a 64.1% increase from the previous year, indicating a recovery in market activity [9]. - Key players in the AI wave included companies like Zhongji Xuchuang and Xinyi Technology, which were among the top traded stocks, although their price increases varied significantly [9]. Group 5: Future Outlook - The focus for 2026 will be on deepening the exploration of industrial chains, particularly in the robotics sector, with companies like Sanhua Intelligent Control and Wolong Electric Drive favored by institutions [11][12]. - The securities sector is expected to see a valuation recovery in 2026, with significant interest in brokerage stocks, despite mixed performance in 2025 [13].

Industry News - In 2025, multiple types of commercial rockets will be launched, significantly boosting China's space industry, with plans for manned lunar missions and the Chang'e 7 mission to search for water ice on the Moon [2] - By 2025, China has approved 76 innovative drugs for market, surpassing the 48 approved in 2024, marking a historical high. The total amount of authorized transactions for innovative drugs is expected to exceed $130 billion, with over 150 transactions [2] - As of January 3, 2026, the box office for the New Year holiday period has surpassed 700 million yuan, with films like "Zootopia 2," "Avatar 3," and "Kill the Messenger" leading the box office [2] - Tujia, a global apartment and homestay booking platform, reported a 1.6 times year-on-year increase in homestay orders during the New Year holiday, with Chengdu, Guangzhou, and Chongqing being the top three cities for orders [2] Company News - iMoutai announced that from January 4 until before the Spring Festival, the maximum quantity of its Feitian 53% vol 500ml Guizhou Moutai liquor that can be purchased per person per day will be adjusted to 6 bottles [4] - Luxshare Precision issued a clarification regarding recent rumors about the company, stating that its core business is progressing smoothly and there are no abnormal situations affecting normal operations and development [4] - BMW China responded to the price reduction of 31 models, stating that it is not a price war and that dealers set the final selling prices [4]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant high-quality development in 2025, with a total of 26 companies listed, raising a total of 7.619 billion yuan [1] - The newly listed companies exhibit a trend of quality improvement, with a notable concentration of "specialized, refined, distinctive, and innovative" small giant enterprises, accounting for nearly 70% of the new listings [1] - The BSE's secondary market remains active, with the North China 50 Index increasing by 38.8% and the specialized index rising by 44.01% [1] Group 1 - The listing of Hengtongguang marks the 26th company to join the BSE in 2025, focusing on passive optical devices in the optical communication sector [1] - A total of 26 companies raised 7.619 billion yuan, indicating a robust fundraising environment [1] - The new listings include 18 specialized small giant enterprises across key sectors such as high-end manufacturing, new materials, TMT, biomedicine, and rail transportation [1] Group 2 - The average first-day stock price increase for new shares exceeds 300%, with some stocks experiencing intraday gains over 1000% [2] - The total funds for individual new shares approached 1 trillion yuan, reflecting strong investor interest in innovative small and medium-sized enterprises [2] - As of December 31, 2025, the total number of listed companies on the BSE reached 288, with a total market capitalization of 869.4 billion yuan [2]

Core Insights - The aerospace digital simulation industry is essential for optimizing aerospace mission plans and has become a necessary choice for countries to gain a competitive edge in space strategy [1][11] - The market size of China's aerospace digital simulation industry is projected to reach 38.5 billion yuan in 2024, an 11% increase year-on-year, and further grow to 42.3 billion yuan in 2025 [1][11] Industry Overview - Aerospace digital simulation is a specialized field within the aerospace industry that combines digital simulation with aerospace engineering, providing a simulated environment for various stages of aerospace missions [4] - The industry can be categorized into different types based on the mission object, including rocket launch simulation, satellite orbit operation solutions, and aircraft flight simulation solutions [5] Industry Barriers - **Technical Barriers**: The industry involves complex technologies across multiple disciplines, requiring deep knowledge and understanding of aerospace dynamics, control, and various technical fields [5] - **Talent Barriers**: There is a limited supply of high-end talent with the necessary expertise and experience in aerospace engineering, making talent reserve a key indicator of a company's core competitiveness [6] - **Qualification Barriers**: Companies must obtain various qualifications to engage in complex aerospace tasks, which creates a high barrier to entry due to the stringent requirements [6] - **Financial Barriers**: The industry requires significant upfront investment and has long return cycles, creating financial barriers for new entrants lacking sufficient funding [7] Industry Chain - The aerospace digital simulation industry has a supply chain that includes hardware (high-performance servers, precision sensors) and software support (algorithm libraries, operating systems) [8] - The downstream demand covers special, civilian, and commercial aerospace sectors, with commercial aerospace being a major application area [8] Competitive Landscape - The industry is becoming increasingly competitive with numerous enterprises emerging across various segments, including major players like China Aerospace Science and Technology Corporation and Beijing Huaru Technology Co., Ltd. [11][12] Development Trends - **Technological Optimization**: Continuous improvement in simulation technology is necessary to handle the complexities of large-scale satellite constellations and their intercommunication [14] - **Increased Demand in Special Fields**: The demand for aerospace digital simulation in special fields is expected to rise due to increased military spending and the modernization of military equipment [15] - **Policy Support**: The Chinese government is expected to introduce policies to promote the development of the aerospace digital simulation industry, creating a favorable environment for growth [16]

Summary of Key Points Core Viewpoint - The trading volume and value of stocks on the Beijing Stock Exchange (BSE) showed a significant decrease, with a total trading volume of 763 million shares and a total trading value of 20.739 billion yuan, down by 2 billion yuan from the previous trading day. Despite this, 114 stocks closed higher, indicating some positive market activity [1]. Trading Performance - The total trading volume on December 31 was 763 million shares, with a trading value of 20.739 billion yuan, a decrease of 2 billion yuan from the previous day [1]. - Among the stocks traded, 114 stocks (39.72% of the total) closed higher, while 168 stocks closed lower [1]. - Notable gainers included 蘅东光, which surged by 878.16%, and other significant gainers were 立方控股 and 雷神科技, with increases of 24.94% and 10.23% respectively [2]. - Conversely, stocks like 广道退, 大鹏工业, and 丰光精密 saw declines of 21.82%, 12.57%, and 10.52% respectively [1][2]. Stock Activity - 蘅东光 had a trading volume of 364.75554 million yuan and a turnover rate of 53.79% [2]. - A total of 48 stocks had trading values exceeding 100 million yuan, with 蘅东光 leading at 3.648 billion yuan [2]. - The trading activity was characterized by high turnover rates, with 21 stocks having turnover rates exceeding 10%, and 7 stocks exceeding 20% [2]. Market Dynamics - The market experienced a mixed performance, with a notable number of stocks achieving significant price movements, both upward and downward [1][2]. - The overall market sentiment appears cautious, reflected in the reduced trading value compared to the previous day [1].

Core Insights - The A-share market concluded the last trading day of 2025 with a mixed performance, where the Shanghai Composite Index rose by 0.09% to 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points, and the ChiNext Index decreased by 1.23% to 3203.17 points [1] - In 2025, the A-share market experienced a "slow bull" trend, with the total market capitalization surpassing 100 trillion yuan, and the Shanghai Composite Index returning to the 4000-point mark for the first time in a decade [1] - Notably, the Hong Kong stock market regained its position as the global leader in fundraising [1] Stock Performance - Top-performing stocks in 2025 included: - Shangwei New Materials (688585.SH) with an increase of over 18 times, earning the title of the best-performing stock of the year - Tianpu Co., Ltd. (605255.SH) and Xingtou Measurement Control (920116.BJ) both saw increases exceeding 1600% [1][2] - The worst-performing stocks included: - Guangdao Tui (920680.BJ) with a cumulative decline of 94.18%, followed by Dongtong Tui (300379.SZ) with a drop of 91.78% [2][3]

Investment Highlights - The commercial aerospace sector is entering a demand realization phase, with low Earth orbit (LEO) satellite constellations becoming the core driver. The transition from planning to implementation of LEO communication constellations is expected to create a long-term and continuous demand curve for rocket launches, satellite manufacturing, and related systems [8][20][21] - The industry focus is shifting from "capability" to "stable, high-frequency, and low-cost delivery," benefiting companies with engineering and large-scale delivery capabilities [8][20] - The industry chain structure shows clear logic, with upstream manufacturing and midstream launch services exhibiting significant elasticity. Upstream components such as rocket manufacturing and satellite platforms are foundational, while midstream commercial launch services are critical for the successful advancement of satellite constellations [8][27][34] Policy-Driven Growth - Recent policies have intensified support for the commercial aerospace industry, integrating it into national space development plans and encouraging private sector participation in satellite manufacturing and launch services [15][17][18] - Local governments are also implementing supportive policies, with Beijing aiming for large-scale satellite construction by 2028 and Guangdong targeting a commercial aerospace industry scale of 300 billion yuan by 2026 [16][18] Industry Chain Overview - The upstream segment includes rocket manufacturing, satellite platform and complete satellite manufacturing, and core component supply, which are essential for the safety, reliability, and scalability of the entire industry chain [27][31] - The midstream segment is characterized by the emergence of commercial launch services, which are becoming a key constraint for the successful deployment of satellite constellations. The focus is shifting towards the ability to deliver at controlled costs and stable frequencies [34][35] - The downstream segment is evolving towards smaller, more integrated satellite communication modules and terminal devices, expanding into various applications such as emergency communication and remote monitoring [38][40] Key Companies in the North Exchange - Star Map Control is a leading company in commercial aerospace measurement and control services, focusing on providing full lifecycle management and digital simulation for satellites. The company has developed an AI-based control system capable of managing large-scale satellite constellations [41][42] - Tianli Composite specializes in layered metal composite materials and has established itself as a leader in the domestic market, with a strong focus on high-end applications in aerospace and nuclear industries [46][47] - Fujida is a high-tech enterprise focusing on RF coaxial connectors and related products, with a strong presence in the aerospace and commercial satellite sectors, and is actively expanding into new applications [49][50] Investment Recommendations - The commercial aerospace sector is characterized by long industry cycles and clear demand sources, making it suitable for medium to long-term investment perspectives. Companies with strong engineering capabilities, scalable manufacturing, and mature business models are expected to benefit from increased launch frequencies and order volumes [53]

Core Insights - The A-share market in 2025 experienced a "long bull, slow bull, and structural bull" trend, driven by policy support, capital inflow, and industrial transformation, with the Shanghai Composite Index rising by 18.41% and reaching a ten-year high [3][4] - The total market capitalization of A-shares surged to 109 trillion yuan, setting a historical record, with nearly 600 stocks doubling in value [3][9] Market Performance - The Shanghai Composite Index closed at 3968.84 points, the Shenzhen Component Index at 13525.02 points, and the ChiNext Index at 3203.17 points, with a trading volume decrease of 95.6 billion yuan compared to the previous trading day [1] - The Shenzhen Component Index saw a cumulative increase of 29.87%, while the ChiNext Index led with a 49.57% rise, highlighting strong momentum in the technology sector [3] Sector Highlights - The technology innovation theme dominated the market, with significant contributions from sectors such as communication equipment (119.77%), non-ferrous metals (97.61%), and general machinery (76.87%) [5][6] - Concept sectors also showed remarkable performance, with CPO concept stocks rising by 96.59% and controlled nuclear fusion by 92.26% [7][8] Stock Performance - Nearly 600 stocks achieved over 100% annual growth, with top performers including Shangwei New Materials (1821.11%), Tianpu Shares (1662.49%), and Xingtou Measurement Control (1645.87%) [9][10] - The top ten industries with the highest number of doubling stocks included components (20), electrical equipment (20), and specialized machinery (19) [11][12] Future Outlook - For 2026, the focus remains on technology innovation and expanding domestic demand, with expectations for continued investment opportunities in AI and core technologies [16][17] - The external environment, including US monetary policy and the sustainability of AI as a technological revolution, will significantly influence market dynamics [17]

| | 工 | | | | | 备 | | --- | --- | --- | --- | --- | --- | --- | | 920002 | 万达轴 | 1.23 | 6151.25 | 307.53 | 1.81 | 机械设 | | | 承 | | | | | 备 | | 920121 | 江天科 | -7.96 | 949.35 | 306.83 | 1.67 | 轻工制 | | | 技 | | | | | 造 | | 920599 | 同力股 | -1.28 | 15469.42 | 294.75 | 2.13 | 机械设 | | | 份 | | | | | 备 | | 920245 | 威博液 | 1.77 | 1190.88 | 292.87 | 1.07 | 机械设 | | | 压 | | | | | 备 | | 920017 | 星昊医 | -0.81 | 4283.34 | 242.93 | 1.90 | 医药生 | | | 药 | | | | | 物 | | 920706 | 铁拓机 | -2.82 | 2563.65 | 227.79 | 2.34 | 机械设 | | | 械 | ...