2月27日晚，上交所和中证指数有限公司联合发布公告称，根据指数规则，上交所与中证指数有限公司决定调整科创50等指数样本，于3月13日收市后生 效。 图片来源："中证指数"微信公众号 其中，科创50指数更换3只样本，国盾量子、中科飞测、中科星图将被调入科创50指数。热景生物、斯瑞新材、君实生物等将被调入科创100指数。 | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 688180 | 君实生物 | 688027 | 国唐量子 | | 688475 | 萤石网络 | 688361 | 中科飞测 | | 688819 | 天能股份 | 688568 | 中科星图 | | 排序 | 证券代码 | 证券名称 | | --- | --- | --- | | | 688002 | 客创微纳 | | 2 | 688629 | 华丰科技 | | 3 | 688318 | 财富趋势 | | 4 | 688347 | 华虹公司 | | 5 | 688172 | 燕东微 | 另一方面，科创50指数和科创100指数实现了体系内样 ...

Core Viewpoint - The STAR Market indices collectively rose this week, with the STAR 200 Index increasing by 4.0%, while the STAR Growth Index and STAR Composite Index both rose by 2.2%, the STAR 100 Index by 1.3%, and the STAR 50 Index by 1.2% [1]. Index Performance - The STAR 50 Index had a weekly increase of 1.2% [3]. - The STAR 100 Index rose by 1.3% this week [3]. - The STAR 200 Index saw the highest increase at 4.0% [3]. - Both the STAR Growth Index and STAR Composite Index increased by 2.2% [3]. Index Adjustments - On February 27, the Shanghai Stock Exchange and China Securities Index Co., Ltd. announced adjustments to the STAR 50 Index, adding Guoshun Quantum, Zhongke Feimeng, and Zhongke Xingtou, while removing Junshi Biosciences, Yingxishi Network, and Tianneng Co., Ltd. This adjustment will take effect after the market closes on March 13, 2026 [1]. Index Composition - The STAR 100 Index consists of 100 medium-sized stocks with good liquidity, focusing on small and medium-sized innovative enterprises, with over 80% of its composition in the electronics, biomedicine, computer, and power equipment sectors [5]. - The STAR 200 Index includes 200 smaller, liquid stocks, focusing on "growth potential" innovative enterprises, with nearly 70% in electronics, biomedicine, and machinery sectors [5]. - The STAR Composite Index covers all market securities, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries listed on the STAR Market [5]. - The STAR Growth Index is composed of 50 stocks with high growth rates in revenue and net profit, with over 95% in high-growth sectors like electronics, power equipment, biomedicine, and automotive [5]. ETF Tracking - There are currently 19 ETFs tracking the STAR 50 Index, 13 for the STAR 100 Index, 9 for the STAR 200 Index, 15 for the STAR Composite Index, and 4 for the STAR Growth Index [5].

根据指数规则，上海证券交易所与中证指数有限公司决定调整科创50等指数样本，于2026年3月13日收 市后生效。其中科创50指数更换3只样本，将君实生物(688180.SH)、萤石网络(688475.SH)、天能股份 (688819.SH)调出名单；将国盾量子(688027.SH)、中科飞测(688361.SH)、中科星图(688568.SH)调入名 单。 | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 688180 | 君实生物 | 688027 | 国盾量子 | | 688475 | 竜石网络 | 688361 | 中科飞测 | | 688819 | 天能股份 | 688568 | 中科星图 | ...

根据指数规则，上海证券交易所与中证指数有限公司决定调整科创50指数样本，于2026年3月13日收市 后生效。其中科创50指数更换3只样本。将君实生物、萤石网络、天能股份调出名单；将国盾量子、中 科飞测、中科星图调入名单。 ...

觅睿科技（920036.BJ） 新股覆盖研究 2026 年 02 月 26 日 公司研究●证券研究报告 相关报告 华金证券-新股- 新股专题覆盖报告（海菲 曼）-2025 年 18 期-总第 655 期 2026.2.22 华金证券-新股- 新股专题覆盖报告（通领科 技）-2025 年 17 期-总第 654 期 2026.2.12 华金证券-新股- 新股专题覆盖报告（固德电 材）-2026 年 15 期-总第 652 期 2026.2.8 华金证券-新股- 新股专题覆盖报告（通宝光 电）-2025 年 16 期-总第 653 期 2026.2.8 华金证券-新股- 新股专题覆盖报告（海圣医 疗）-2025 年 14 期-总第 651 期 2026.2.4 投资要点 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 40.82 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC 执业证书编号：S0910519100001 | | | | lihui1@huajins ...

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [38]. Core Insights - The company, MiRui Technology, specializes in the research, design, production, and sales of intelligent network cameras and IoT video products, integrating hardware, software, cloud services, and AI [7][8]. - The company is projected to achieve revenues of 673 million yuan, 743 million yuan, and 802 million yuan for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 22.67%, 10.42%, and 7.90% [9][4]. - The net profit attributable to the parent company is expected to be 72 million yuan, 82 million yuan, and 79 million yuan for the same years, with year-over-year growth rates of 82.84%, 14.09%, and -3.08% [9][4]. Summary by Sections Basic Financial Status - The company is expected to generate revenues of 6.73 billion yuan in 2023, 7.43 billion yuan in 2024, and 8.02 billion yuan in 2025, with corresponding year-over-year growth rates of 22.67%, 10.42%, and 7.90% [9][4]. - The net profit attributable to the parent company is projected to be 0.72 billion yuan in 2023, 0.82 billion yuan in 2024, and 0.79 billion yuan in 2025, with year-over-year growth rates of 82.84%, 14.09%, and -3.08% [9][4]. Industry Situation - The global smart civil security market is expected to grow from approximately 23.68 billion USD in 2024 to 35.95 billion USD by 2028, with a compound annual growth rate (CAGR) of 15.16% from 2019 to 2028 [16]. - The smart network camera market is projected to have significant growth potential, with a penetration rate expected to rise from 4.3% in 2023 to 7.1% in 2026 [24]. Company Highlights - The management team includes several members with experience at Hikvision, a leading global security video surveillance company, providing a strong technical foundation [29]. - The company has integrated core technologies such as audio and video AI, enabling it to become a representative enterprise in the global intelligent network camera sector [30]. - The company has launched low-power products and achieved technological innovations in areas such as baby monitors, enhancing its competitive edge in the market [31]. Fundraising Project Investment - The company plans to invest in two projects through its IPO: a headquarters and brand building project, and a research and development center construction project [33]. - The total investment for these projects is approximately 320 million yuan, with a significant portion allocated to enhancing R&D capabilities [34]. Peer Company Comparison - Compared to peer companies, MiRui Technology's revenue is below the average, but its sales gross margin is in the mid-to-high range of the industry [35]. - The average PE ratio for comparable companies is 41.18, while MiRui Technology's PE ratio is 11.24, indicating a potential undervaluation [36].

智能民用安防市场增长较快，云技术推动行业发展 随着物联网基础设施完善，智能终端高度普及，云计算技术迅猛发展，智能民用 安防市场近几年实现了高速发展。Statista 的数据显示，2024 年全球民用安防市 场规模约 236.80 亿美元，预计到 2028 年，全球智能民用安防市场规模将达 359.5 亿美元，智能民用安防家庭用户数量亦呈现快速增长趋势。预计至 2028 年，全 球智能民用安防市场家庭用户数量将达 6.31 亿户。Statista 预计 2027 年全球智能 网络摄像机的家庭用户数将增长至 18,070 万户，较 2023 年增长 82.79%。全球智 能网络摄像机市场渗透率仍有较大增长空间，预计 2026 年渗透率将提升至 7.10%。 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 智能网络摄像机小巨人，产品辐射全球主流渠道，入驻沃尔玛、亚马逊平台 觅睿科技是国家级专精特新"小巨人"，主营业务为集硬件、软件、云服务、AI 为一体的智能网络摄像机及物联网视频产品的研发、设计、生产和销售。公司拥 有完整的产品线，主要应用于室外安防、 ...

| 业务及亮点 | 增值服务： 15.59%； | | | --- | --- | --- | | | 其他: 0.57% | | | 近三年营收 | 8.02 亿元 (2025年, +7.94%) | 近三年归母 | | | 7.43 亿元 (2024年, +10.40%) | 净利润及业 | | | 6.73 亿元(2023年,+22.59%) | 绩预告 | | 募资投向 | 总部基地及品牌建设项目、研发中心建设项目 | | *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 2月26日新股申购 (共1只) 员睿科技(北交所,92003 | | ZOENTIA (40XM) J2003 | | --- | --- | | 申购代码 | 920036 | | 发行价格 | 21.52元 顶格 | | 总市值 | 8.784亿 | | 发行市盈率 | 14.99 行业 | | | 萤石网络 同业公司 | | 目亦可比公司 | 动态市盈率 | | | 奥尼电子 | | 1、 主营构成 | 公司主营为集硬件、软件、云服务、Al为一体 | | | 品的研发，2024年，在知名安防媒体 ...

本期投资提示： 购 策 略 证 券 研 究 汪秉涵 A0230525090003 wangbh@swsresearch.com 联系人 2026 年 02 月 25 日 觅睿科技（920036.BJ）：物联网设 备国家级"小巨人" ——北交所新股申购策略报告之一百六十四 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 申 报 告 相关研究 - 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 基本面：深耕工业物联网领域，抢先布局智慧安防与场景化增值服务体系。公司成立于 2017 年 2 月 15 日，主要从事智能网络摄像机及物联网视频产品的研发、制造与销售， 为国家级专精特新"小巨人"，公司采用自主研发模式，主要业务包括智能网络摄像机及 物联网视频产品和云存储、AI 等增值服务，产品主要应用于主要应用于室内、外安防、智 能入户 ...

证券研究报告 计算机 | 计算机设备 北交所|新股申购 hyzqdatemark 2026 年 02 月 25 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 觅睿科技(920036.BJ) 证券分析师 ——民用视频监控"小巨人"企业，聚焦物联网、云平台与 AI 技术 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 发行价格 21.52 元/股，发行市盈率 14.3X，申购日为 2026 年 2 月 26 日。觅睿科技 本次发行数量为 1,360.5500 万股，发行后总股本为 5,442.1827 万股，本次发行数 量占发行后总股本的 25.00%。本次发行不安排超额配售选择权。经我们测算，公司 发行后预计可流通股本比例为 26.5%，老股占可流通股本比例为 5.66%。本次发行 战略配售发行数量为 136.0550 万股，占本次发行数量的 10.00%。募集资金在扣除 发行费用后拟用于投资"总部基地及品牌建设项目"、"研发中心建设项目"。 ...