Performance Insights - The proportion of companies with positive revenue growth on the North Exchange is high, indicating a stronger seasonal rally in spring. In 2025, 62% of companies reported positive revenue growth, while 48% reported positive net profit growth[12][14]. - The spring rally in 2025 saw a significant increase of +40.17% in the North Exchange 50 Index, supported by optimistic performance expectations[12][15]. Liquidity Factors - Improved liquidity is a key driver for the seasonal rally, with trading volumes in 2024 and 2025 starting from two consecutive days of increased trading volume. The average daily trading amount reached over 100 billion yuan in these years[16][17]. - The North Exchange's trading volume has shown significant fluctuations, but the North Exchange 50 Index's volatility has been relatively small, suggesting stable liquidity conditions[22]. Valuation Trends - Valuations have experienced a phase of correction before seasonal rallies, with the North Exchange's overall price-to-earnings ratio dropping from 55 times in September 2025 to 47 times currently, providing a foundation for potential rallies[26]. - Historical data shows that prior to the spring rallies, valuations were at relatively low levels, which attracted more investments and facilitated valuation recovery[23][26]. Market Dynamics - The spring rally is influenced by multiple factors, including concentrated policy expectations, thematic investment opportunities, and performance-driven market sentiment[5][6]. - The North Exchange has shown a decreasing "see-saw effect" with the Shanghai and Shenzhen markets, indicating a growing recognition and acceptance of the North Exchange among investors[17]. Investment Recommendations - Focus on sectors such as new energy, embodied intelligence, and emerging industries with unique business models that are scarce in the A-share market[15]. - Emphasize companies with strong financial indicators, high growth potential, and significant R&D investments to capitalize on the expected spring rally[15].

证券代码：920418 证券简称：苏轴股份 公告编号：2026-004 苏州轴承厂股份有限公司 关于预计 2026 年日常性关联交易的公告 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、 日常性关联交易预计情况 （一） 预计情况 单位：元 | 关联交易类 | 主要交易内容 | 预计 2026 年发生 | 2025 年与关联方 | 预计金额与上年实际发 | | --- | --- | --- | --- | --- | | 别 | | 金额 | 实际发生金额 | 生金额差异较大的原因 | | 购买原材料、 | 购买原材料、接 | | | 公司业务发展及生产经 | | 燃料和动力、 | 受劳务 | 101,700,000.00 | 74,052,839.13 | 营需要 | | 接受劳务 | | | | | | 销售产品、商 | 销售商品、提供 | 6,600,000.00 | 14,012,085.77 | 公司生产经营需要 | | 品、提供劳务 | 劳务 | | | | | 委托关联方 销售产品、 ...

证券代码：920418 证券简称：苏轴股份 公告编号：2026-005 苏州轴承厂股份有限公司 关于召开 2026 年第一次临时股东会通知公告（提供网络投票） 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、会议召开基本情况 本次会议为 2026 年第一次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 经本公司第五届董事会第三次会议审议通过，决定召开公司 2026 年第一次临时 股东会，本次股东会会议召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 同一表决权只能选择上述投票方式中的一种表决方式。同一表决权出现重复投票 的以第一次有效投票结果为准。 （五）会议召开日期和时间 （一）股东会届次 1、现场会议召开时间：2026 年 2 月 25 日 15:00。 2、网络投票起止时间：2026 年 2 月 24 日 15:00—2026 年 2 月 25 日 15:00。 登 ...

证券代码：920418 证券简称：苏轴股份 公告编号：2026-003 苏州轴承厂股份有限公司 第五届董事会第三次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 2 月 4 日 2.会议召开地点：公司行政大楼三楼第一会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2026 年 1 月 30 日以书面方式送达各位董事 5.会议主持人：董事长张文华先生 6.会议列席人员：全体高级管理人员 7.召开情况合法合规的说明： 本次会议召开符合《中华人民共和国公司法》《公司章程》以及公司《董事会议 事规则》的相关规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于预计 2026 年日常性关联交易的议案》。 1.议案内容： 根据《北京证券交易所股票上市规则》及《上市公司信息披露管理办法》等相关 规定的要求以及公司业务发展和生产经营情况，公司 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10]. - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [4][10]. - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [4][12]. - The top five performing sectors during this period were non-ferrous metals, building materials, chemicals, steel, and electronics, with increases of 9.24%, 8.49%, 8.25%, 5.26%, and 5.22% respectively [4][14]. Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [4][10]. - The North 50 Index closed at 1588.66 points, with a trading volume of 334.1 billion and a turnover rate of 6.79% [4][12]. New Stocks in the North Exchange - During the period from January 12 to January 23, 2026, three new stocks were issued: Koma Materials, Aishalen, and Guoliang New Materials [23]. Key News from the North Exchange - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% for new financing contracts [6][26]. Investment Strategy for the North Exchange - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2026 [6][27].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10] - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [10] - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [12] Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [10] - The North 50 Index closed at 1588.66 points, with a trading volume increase and a daily turnover rate of 6.79% [12] Sector Performance - The top five performing sectors in the North Exchange during the reporting period are Non-ferrous Metals (9.24%), Building Materials (8.49%), Chemicals (8.25%), Steel (5.26%), and Electronics (5.22%) [14] Individual Stock Performance - Out of 288 stocks listed on the North Exchange, 216 stocks increased in value, 71 decreased, and 1 remained flat, resulting in a 75% increase ratio [16] New Stocks in the Period - During the reporting period, three new stocks were issued, and several companies updated their review status, indicating ongoing market activity [5][23] Key News - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% [26] Investment Strategy - The report suggests focusing on sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology for potential investment opportunities in 2026 [27]

Q&A 请介绍一下开源证券北交所研究中心的背景和特点。 开源证券北交所研究中心是业内较早设立的专门针对新三板和北交所的研究团 队。我们从 2015 年新三板开板时就开始进行研究，经历了十多年的发展。我 们的特点主要体现在三个方面：首先，我们的研究起步较早，积累了丰富的经 验；其次，我们覆盖的公司数量较多，包括新三板和北交所的大量企业；最后， 我们的研究深度较高，长期跟踪并深入了解许多细分行业中的公司。 苏州股份 2026 年前三季度毛利率达 37%，较 2022 年提升显著，净利 率从 14.86%升至 22%，ROE 保持较高水平，负债率稳定在 10%- 14%，财务状况良好。 苏州股份未来发展重点包括机器人、新能源汽车、航空航天及全球化布 局和产能扩张，尤其是在人形机器人领域，精密轴承需求将显著增加， 公司致力于研发超薄精密滚针谐波传动装置，实现进口替代。 中国汽车制造业和工业机器人行业对滚针轴承需求持续增长，国家政策 大力支持关键零部件产业发展，苏州股份作为细分行业龙头，有望受益 于汽车以旧换新、新能源汽车及人形机器人等高景气赛道，实现高速增 长。 为什么会推出"龙头集结号"系列电话会议？ 推出"龙头集 ...

Group 1 - The article discusses the limited resources in low Earth orbit (LEO) and the accelerated competition among countries to secure these resources, particularly in satellite deployment and frequency bands [3][6][9] - Satellites are categorized into three types: scientific satellites, technology demonstration satellites, and application satellites, each serving distinct functions and applications [3][4] - The International Telecommunication Union (ITU) rules dictate a "first come, first served" approach for occupying orbital and frequency resources, leading to intensified competition among nations [9][10] Group 2 - The article highlights that the number of global rocket launches is on the rise, with the United States leading the growth, primarily due to SpaceX's advancements in reusable rocket technology [12][14] - SpaceX's Falcon 9 rocket has significantly reduced launch costs, enabling large-scale deployment of the Starlink satellite constellation [15][21] - SpaceX has deployed nearly 10,000 satellites, aiming for a total of 42,000, establishing a dominant position in the global low Earth orbit communication network [21][23] Group 3 - Other countries and companies are also accelerating their satellite constellation deployments, with projects like OneWeb and Amazon's Kuiper Project emerging as competitors to SpaceX [23][24] - China's satellite constellation plans are ambitious, with over 200,000 satellites applied for, indicating a strong commitment to participating in the space race [26][27] - The demand for satellite launches in China is expected to surge between 2026 and 2030, driven by the need to meet ITU deployment requirements [28][30] Group 4 - The commercial space market is projected to reach $800 billion by 2030, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [34] - The commercial space industry encompasses a full value chain from materials to end-user applications, including satellite manufacturing, launch services, and satellite applications [37][38] - Companies like Xingtu and Chuangyuan are leading in satellite management services and satellite communication testing, respectively, showcasing the growth of specialized firms within the commercial space sector [40][43]

Group 1 - The core viewpoint is that the competition for space resources is accelerating, leading to rapid development in China's commercial space sector, with over 250,000 satellite applications submitted and a projected global space market exceeding $800 billion by 2030 [1][3] Group 2 - The deployment of satellites in the U.S. is significantly ahead, with SpaceX leading the way; by the end of 2025, SpaceX is expected to have deployed over 9,000 satellites, accounting for about 60% of the global total [2] - China's actual satellite deployment is notably lower than that of the U.S., with a strong demand for satellite launches; policies are being implemented to support the acceleration of space development [2] - The global commercial space market is projected to reach $6.13 trillion by 2024, with commercial space accounting for approximately $4.8 trillion; by 2030, the market is expected to grow to $8 trillion, with a CAGR of about 10% from 2025 to 2030 [3]

Investment Rating - The report suggests a positive outlook for the commercial aerospace industry, highlighting significant growth potential and investment opportunities [3]. Core Insights - The commercial aerospace sector is experiencing high demand driven by limited low Earth orbit (LEO) satellite resources and competitive international efforts to secure orbital and frequency resources [3][10]. - The global commercial aerospace market is projected to reach $800 billion by 2030, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2030 [3][39]. - The report emphasizes the urgency for China to accelerate its satellite deployment, with over 250,000 satellites applied for, while actual launches remain significantly lower compared to the U.S. [3][31]. Summary by Sections Section 1: Limited Low Earth Orbit Resources - The LEO satellites are crucial for commercial applications, with the ITU rules favoring early applicants for orbital and frequency resources [3][10]. - The U.S. leads in satellite deployment, primarily through SpaceX, which has launched over 9,000 satellites, accounting for about 60% of the global total [3][23]. - China's satellite deployment is lagging, with a pressing need for launches from 2026 to 2030 to meet its ambitious plans [3][31]. Section 2: U.S. Satellite Deployment and Competitive Landscape - The U.S. has significantly increased its rocket launch frequency since 2015, with projections of 324 launches in 2025, of which 194 will be from the U.S. [3][13]. - SpaceX's Falcon 9 rocket has drastically reduced launch costs, facilitating the rapid deployment of the Starlink satellite constellation [3][17]. - Other international players, such as OneWeb and Amazon's Kuiper Project, are also expanding their satellite constellations, contributing to a competitive landscape [3][29]. Section 3: Market Growth and Investment Opportunities - The commercial aerospace market is expected to grow from $4.8 trillion in 2024 to $8 trillion by 2030, driven by increasing demand for satellite services [3][39]. - The report identifies several companies as potential investment opportunities, including Minstar, Optoelectronics, and Fujida, among others [3]. - The commercial aerospace industry is characterized by a comprehensive supply chain, from materials to end-user applications, indicating robust growth potential across various segments [3][43].