2025.06. 09 本文字数：1904，阅读时长大约3分钟 作者 | 第一财经 周楠 成立近四年的北交所，即将进入"双指数"投资时代。 北交所官网最新披露，北交所和中证指数公司将于本月底发布"北证专精特新指数"。指数样本来源 为，从符合条件的北交所专精特新"小巨人"上市公司证券中，筛选出市值最大的50只。指数基点为 1000点，每半年调整一次样本股。 披露显示，50家北交所公司入选了首批新指数样本名单，涉及丰光精密（430510.BJ）、万通液压 （830839.BJ）、润农节水（830964.BJ）。记者对比发现，27家公司同时入选北证50、北证专 精特新指数名单，涉及华岭股份 (430139.BJ)、苏轴股份 (430418.BJ)等。 "北交所时隔两年多推出第二个指数，说明对此经过充分酝酿，新指数与北交所服务专精特新的定位 非常契合。"华兴会计师事务所合伙人、副总裁朱为绎对记者表示，北交所将进入双指数运行阶段， 新指数在推出初期有望为北交所带来数十亿增量资金，也为北交所ETF的推出提供契机。 北证专精特新指数月底上线 对于新指数的推出，北交所称，该指标将反映北交所专精特新上市公司证券的整体表现，为市 ...

Core Viewpoint - The Beijing Stock Exchange (BSE) and China Securities Index Co., Ltd. have jointly announced the launch of the North Certificate Specialized, Refined, Unique, and Innovative Index, which will officially start providing real-time market data on June 30, 2023, enhancing investment options and performance benchmarks for investors [1][2]. Group 1: Index Characteristics - The North Certificate Specialized, Refined, Unique, and Innovative Index will consist of the 50 largest companies from the "little giant" category listed on the BSE, reflecting the overall performance of specialized and innovative companies [2]. - The index aims to objectively reflect the operational status of specialized and innovative enterprises, incorporating unique features in liquidity thresholds and periodic adjustments [2]. - The index will exclude the bottom 30% of securities based on average daily trading volume to facilitate market investment, and will adjust samples semi-annually based on the Ministry of Industry and Information Technology's evaluation cycle [2][3]. Group 2: Sample Stocks and Performance - The initial sample includes 50 listed companies across key sectors such as biomedicine, high-end equipment manufacturing, new materials, and new-generation information technology, with a total R&D expenditure of 1.79 billion yuan in 2024, reflecting a 2.6% year-on-year increase [3]. - The selected companies are expected to achieve revenue and net profit growth of 8.6% and 9.6% respectively in 2024, with a three-year average compound annual growth rate of 10.4% in revenue [3]. - Notably, 27 stocks are included in both the North Certificate 50 Index and the new index, indicating strong market recognition of their innovation capabilities and growth potential [3]. Group 3: Market Impact and Future Outlook - The launch of the North Certificate Specialized, Refined, Unique, and Innovative Index is seen as a significant benefit for the BSE, potentially attracting billions of yuan in incremental funds [3][4]. - The index reflects the BSE's commitment to supporting innovative small and medium-sized enterprises, with over half of its listed companies classified as national-level "little giants" [5][6]. - The introduction of this index is expected to lead to the development of corresponding public fund products, providing new investment opportunities for retail investors [6].

Core Viewpoint - The Beijing Stock Exchange (BSE) is set to launch a new index, the North Certificate Specialized and Innovative Index, on June 30, 2025, marking the beginning of a "dual index" era for the exchange [1][3]. Group 1: Introduction of the New Index - The North Certificate Specialized and Innovative Index will consist of the 50 largest "specialized and innovative" companies listed on the BSE, reflecting the overall performance of these firms [1][3]. - The index aims to provide diverse investment targets and performance benchmarks for the market [1][2]. Group 2: Rationale Behind the New Index - The introduction of the new index is a response to the unique characteristics of the BSE, which has a high proportion of national-level "specialized and innovative" small giant enterprises [3][4]. - As of January 3, 2025, approximately 58.56% of the BSE's listed companies are classified as "small giants," surpassing the Sci-Tech Innovation Board and significantly higher than the Growth Enterprise Market and Main Board [3][4]. Group 3: Comparison with Existing Index - The North Certificate Specialized and Innovative Index shares similarities with the existing North Certificate 50 Index, including sample selection criteria and adjustment mechanisms [6][8]. - Key differences include the requirement for selected companies to be classified as "specialized and innovative small giants" and the frequency of sample adjustments, with the new index adjusting semi-annually compared to quarterly for the North Certificate 50 [8][9]. Group 4: Market Impact and Future Developments - The dual index era is expected to lead to the development of new public and private investment products, enhancing the investment product structure of the BSE and attracting more investors [13][14]. - The introduction of the new index may not directly influence the launch of ETFs on the BSE, but it is anticipated that the market will eventually see ETF products in the future [14].

Core Points - The Beijing Stock Exchange (BSE) is entering a "dual index" investment era with the upcoming launch of the "Beijing Specialized and Innovative Index" [2][3] - A total of 27 companies are included in both the Beijing 50 Index and the new Specialized and Innovative Index, indicating a strong alignment with the BSE's focus on specialized and innovative enterprises [2][4] Group 1 - The new index will consist of the 50 largest "specialized and innovative" companies listed on the BSE, with a base point of 1000 and a semi-annual adjustment schedule [2][3] - As of the end of May, the BSE has gathered 138 specialized and innovative "little giant" enterprises, with a total market capitalization of 423.693 billion, accounting for 53.25% of the BSE's total market value [3][4] - The new index aims to provide a multi-dimensional investment benchmark and will reflect the overall performance of specialized and innovative companies on the BSE [3][7] Group 2 - The new index emphasizes higher liquidity requirements for listed companies compared to the Beijing 50 Index, which may lead to a more accurate reflection of the specialized and innovative companies' performance [7][8] - The launch of the new index is expected to attract tens of billions in incremental funds to the BSE, with long-term potential for hundreds of billions, similar to the Beijing 50 Index [7][8] - The introduction of the new index allows public fund institutions to develop corresponding mutual fund products, providing new investment opportunities for retail investors [9]

6月6日晚，记者获悉，北京证券交易所和中证指数有限公司将于6月30日正式发布北证专精特新指数，为市场提供多维度投资标的和业绩基准。 经流动性筛选后，北证专精特新指数从符合条件的北交所专精特新"小巨人"上市公司证券中选取市值最大的50只作为指数样本，以反映北交所专精特新上市 公司证券的整体表现。 北证专精特新指数代码为899601，简称"北证专精特新 "。指数以2024年6月28日为基日，基点为1000点。 去年10月20日，北交所、全国股转公司制定中小企业专精特新发展综合服务行动计划，推出一系列服务举措，打造资本市场服务专精特新中小企业重要平 台。其中就提到，开展北交所上市公司专精特新指数研发编制工作，适时推出相关指数。 根据指数编制方案，北证专精特新将按照以下方法选择经营状况良好、无违法违规事件、财务报告无重大问题、价格无明显异常波动或市场操纵的上市公司 证券： 对样本空间内的证券按照过去六个月的日均成交金额由高到低排名，剔除排名后30%的证券；对上述符合流动性条件的证券，选取其中专精特新"小巨人"作 为待选样本；对待选样本按照过去六个月的日均总市值由高到低排名，选取排名前50的证券，构成最新一期指数样本。 ...

证券代码：430418 证券简称：苏轴股份 公告编号：2025-048 苏州轴承厂股份有限公司 公司已完成工商变更登记及《公司章程》备案手续，并取得苏州市数据局换发的《 营业执照》。本次工商变更完成后，注册资本由"13540.8万元整"变更为"16248.96 万元整"。除以上变更外，《营业执照》记载的其他工商登记事项未发生变更。具体工 商登记信息如下： 统一社会信用代码：9132050013770288XN 关于完成工商变更登记及公司章程备案并取得营业执照的公告 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。 一、基本情况 苏州轴承厂股份有限公司（以下简称"公司"）分别于2025年4月3日召开第四届董 事会第二十次会议，2025年4月29日召开2024年年度股东会，审议并通过《关于2024年 度利润分配及资本公积转增股本方案的议案》《关于变更公司注册资本暨修订<公司章 程>的议案》，具体内容详见公司于2025年4月7日及2025年5月6日在北京证券交易所信 息披露平台（www.bse.cn）披露的《苏州 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report highlights the first revision of the "North Certificate Index Calculation and Maintenance Rules" by the Beijing Stock Exchange, aimed at enhancing market service levels [4][14] - The North Certificate 50 index will undergo sample stock adjustments effective June 16, 2025, with new entrants and removals from the index [7][14] - The report expresses optimism for the high-quality development of the Beijing Stock Exchange in 2025, suggesting a focus on specific sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology [7][15] Summary by Sections 1. Revision of Index Rules - The revision of the index rules includes changes to the regular review data cutoff date and considerations for temporary adjustments during the announcement period [5][14] - Stocks that are long-term suspended but have a clear resumption expectation after the effective date will not be eligible for new sample inclusion [5][14] 2. Sample Stock Adjustments - New entrants to the North Certificate 50 index include Tonghui Electronics, Yinuowei, Weida Optoelectronics, Wanda Bearings, and Tongguan Mining [7][14] - Stocks removed from the index include Xingchen Technology, Kangle Guardian, Kaide Quartz, Tongxiang Technology, and Guangsha Environmental Energy [7][14] 3. Investment Strategy - The report recommends focusing on sectors such as: - Data Centers: Kelaite and Shuguang Data Creation - Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials - Semiconductors: Hualing Co. and Kaide Quartz - Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., and Kangbiter - Military Information Technology: Chengdian Guangxin and Xingtuzhihui [7][15]

Core Insights - The performance of actively managed equity funds in the first five months of 2025 shows a significant disparity, with the best-performing fund achieving a return of 69.30% and the worst losing over 37%, resulting in a nearly 108% difference between the top and bottom performers [1] - The average return for all 4,516 actively managed equity funds was 2.64%, with 190 funds exceeding a 20% return in the first two months [1] - The North Exchange 50 Index outperformed other indices, leading to strong performances from several North Exchange-themed funds and a rebound in pharmaceutical-themed funds due to the strong performance of the innovative drug sector [1] Fund Performance - The top two funds in terms of performance for the first five months of 2025 were the CITIC Securities North Exchange Selected Two-Year Open A, managed by Leng Wenpeng, with a return of 69.30%, and the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open, managed by Gu Xinfeng, with a return of 67.38% [1][5] - Other notable funds include Changcheng Pharmaceutical Industry Selected A and Guangfa Growth Navigation One-Year Holding A, both exceeding 60% returns [3] Sector Analysis - The innovative drug sector has seen a significant increase in market costs since 2022, with a notable second wave of cost increases occurring after the Lunar New Year [4] - The analysis suggests that the second wave of cost increases in the innovative drug sector may present greater potential for returns compared to the first wave, driven by a combination of policy, capital, and industry dynamics [4]

Core Viewpoint - The Beijing Stock Exchange and China Securities Index Co., Ltd. announced a regular adjustment of the sample stocks and reserve list for the Bei Zheng 50 Index (899050), effective June 16, 2025 [1] Group 1: Sample Stocks - The Bei Zheng 50 Index (899050) includes a total of 50 sample stocks, with notable companies such as: - Nuo Si Lan De (430047) - Hua Ling Co., Ltd. (430139) - Su Zhou Axle Co., Ltd. (430418) - Feng Guang Precision (430510) - An Da Technology (830809) [2] - Additional companies in the index include: - Sen Xuan Pharmaceutical (830946) - Chuang Yuan Xin Ke (831961) - Ao Di Wei (832491) - Na Ke Nuo Er (832522) - De Yuan Pharmaceutical (832735) [2][3] Group 2: Reserve List - The reserve list for the Bei Zheng 50 Index (899050) includes: - Jia Xian Co., Ltd. (920489) - Lei Shen Technology (872190) - Hui Feng Diamond (839725) - Lian Di Information (839790) - Yun Li Wu Li (872374) [3]

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [20]. Core Insights - The first nationwide public company bond supporting small and micro enterprises was successfully issued on the Beijing Stock Exchange, with a total issuance scale of 500 million yuan and an interest rate of 2.50% [1][16]. - Of the raised funds, 350 million yuan is allocated to support the development of small and micro enterprises related to the industry chain, while 150 million yuan is designated for replenishing working capital [1][16]. - The issuance aims to alleviate the financing difficulties faced by small and micro enterprises by providing liquidity support [1][16]. Summary by Sections 1. Nationwide First Public Company Bond for Small and Micro Enterprises - The bond was issued by Jiangxi Financial Holding Group on April 23, 2025, with a term of 3+N years [1][16]. - The issuance is a significant step towards promoting inclusive finance and addressing the financing challenges of small and micro enterprises [1][16]. 2. Beijing Stock Exchange Bond Market Situation - The bond market officially opened on January 15, 2024, and has developed a product system that includes 10 specialized types of bonds [2][17]. - The exchange has conducted targeted research and training to align financial resources with the needs of small and micro enterprises [2][17]. 3. Investment Strategy for the Beijing Stock Exchange - The report highlights several sectors to watch in 2025, including: - Data Centers: Companies like Clait and Shuguang Data Creation are noted for their advantages in nuclear power and liquid cooling technology [6][14]. - Robotics: Key players include Suzhou Axis and Audiwei, focusing on bearings and sensors [6][14]. - Semiconductors: Hualing and Kaide Quartz are recognized as leaders in third-party testing and quartz devices [6][14]. - Consumer Goods: Companies such as Taihu Snow and Lusi are highlighted for their innovative products [6][14]. - Military Information Technology: Chengdian Guangxin and Xingtuzhihui are expected to benefit from advancements in military and aerospace sectors [6][14].