● 本报记者 刘英杰 今年以来，北交所市场交投活跃，流动性改善。Wind数据显示，北证50指数今年以来累计上涨 36.79%。 投资者持续关注北交所上市公司的投资机遇。分析人士认为，随着北证专精特新指数的推出、新股发行 的稳步推进和更多并购重组项目落地，北交所的交投活跃度和市场关注度有望维持在较高水平，北交所 板块具备长期投资价值。 "展望后市，北交所板块中期逻辑并未改变。"西部证券北交所首席分析师曹森元表示，首先，高质量供 给趋势或延续；其次，北证专精特新指数产品推进，四季度或带动增量资金入市；最后，政策红利蓄 势，产业基金倾斜，专精特新、并购重组活跃度提升。 曹森元认为，短期需警惕高估值压力及其他市场虹吸效应的持续扰动，若中报业绩验证高增长或政策催 化落地，市场有望迎来阶段性修复，建议聚焦创新药械国产化、AI硬件技术迭代、新质生产力领域的 景气赛道，静待量能回暖与基本面拐点共振。 方正证券北交所首席分析师王玉认为，在中报业绩密集披露期，建议投资者自下而上选择强壁垒、估值 相对较低、业绩预期较强的标的；同时，建议关注产业趋势，重点把握固态电池、人工智能、机器人、 商业航天等相关标的。 中国银河证券北交所分析 ...

Group 1: AI and Robotics Industry Insights - The 2025 World Artificial Intelligence Conference showcased over 3,000 cutting-edge exhibits, including 40 large models and 60 intelligent robots, with an exhibition area exceeding 70,000 square meters[1] - As of August 1, 2025, there are 20 AI-related companies listed on the Beijing Stock Exchange, with a total market capitalization of 75.903 billion yuan[1] - The robotics sector on the Beijing Stock Exchange comprises 11 companies, with a total market capitalization of 42.815 billion yuan as of August 1, 2025[30] Group 2: Market Performance and Valuation - The average weekly performance for the pharmaceutical and biological sector saw a gain of 4.04%, while high-end equipment and information technology sectors experienced declines of -2.82% and -2.26%, respectively[3] - The median price-to-earnings (PE) ratio for the high-end equipment sector dropped to 48.7X, while the information technology sector's median PE ratio fell to 80.4X[3] - The total market capitalization of 150 technology new industry companies decreased from 485.859 billion yuan to 471.580 billion yuan, with the median market capitalization dropping from 2.452 billion yuan to 2.381 billion yuan[57] Group 3: Company Announcements and Developments - Jianbang Technology's subsidiary in Thailand has transitioned to the production phase after receiving the business license[78] - Zhongcheng Technology signed a cooperation agreement with China Mobile for a big data cloud platform service project worth 50.5207 million yuan[78] - Nacono received a patent for a method and device for detecting broken belts in a slitting machine[78] Group 4: Risk Factors - The report highlights risks associated with macroeconomic changes, market competition, and data statistical errors[81]

1. Report Industry Investment Rating - The report maintains an overall optimistic view of the North Exchange market for the whole year, believing that the positioning and development direction of the "specialized, refined, characteristic, and innovative" North Exchange market are highly consistent with the national policy orientation of the "self - controllable" and innovation - driven development strategy [24]. 2. Core Viewpoints of the Report - In July 2025, the North - 50 Index and the North Specialized, Refined, Characteristic, and Innovative Index underperformed major indices such as the ChiNext and STAR Market. However, in the first seven months of 2025, the North - 50 Index rose 37%, outperforming other major indices. The market was weak in July, but some sub - sectors like building decoration and pharmaceutical biology performed well. The market has been in a range - bound consolidation for over two months, and with continuous progress in "high - quality" expansion, code switching of existing stocks, and the issuance of specialized, refined, characteristic, and innovative index funds, the market should gradually turn optimistic. The market may return to the performance - driven mainline, and attention should be paid to high - quality companies with continuous high - growth performance [3][6][24]. 3. Summary by Relevant Catalogs 3.1 Week - view - In July 2025, the North - 50 Index fell 1.68%, and the North Specialized, Refined, Characteristic, and Innovative Index fell 2.70%, underperforming major indices. In the first seven months of 2025, the North - 50 Index rose 37%, far outperforming other major indices, and indices such as the STAR - 200 and CSI 2000 also rose over 20%. In July, sectors such as building decoration and pharmaceutical biology in the North Exchange market had relatively high increases. Only 16 companies had a monthly increase of over 20%, and 6 companies including Hengli Drilling Tools had an increase of over 50%. Compared with June 2025, trading volume, turnover, and turnover rate in July all declined. As of July 31, 2025, the overall price - to - earnings ratio (TTM, excluding negatives) of the North Exchange A - share index reached 51 times, 134% of the ChiNext index and 84% of the STAR Market index [3][6][12]. 3.2 Market Performance - This week, the overall price - to - earnings ratios of the ChiNext, STAR Market, and North Exchange A - shares declined. The North Exchange A - shares' overall PE dropped from 52.17X to 50.92X. In terms of liquidity, the daily average trading volume of North Exchange A - shares this week was 257 billion yuan, a 17% decrease from last week. The daily average turnover rate of North Exchange A - shares dropped to 5.94%, a decrease of 1.1 percentage points from last week. The North - 50 Index fell 2.70% this week, and major indices such as the CSI 300, STAR - 50, and ChiNext also declined [26][27]. 3.3 New Stock Listings - From January 1, 2024, to August 1, 2025, 30 new companies were listed on the North Exchange. From July 28 to August 1, 2025, 1 new company, Dingjia Precision, was listed. From January 1, 2023, to August 1, 2025, the average issue price - to - earnings ratio of 107 listed companies was 16.20X, and the median was 15.86X. The average first - day increase was 111%, and the median was 51% [32][35]. 3.4 New Stock IPOs - From July 28 to August 1, 2025, 2 companies, Aomisen and Sanxie Electric, updated their review status to registration; 1 company, Yangtze River Energy Technology, updated its status to passing the listing committee meeting; 22 companies updated their status to being under inquiry. Next week, the North Exchange will review the IPO applications of 2 companies, Zhongcheng Consulting and Nante Technology [41].

Group 1 - The emergence of generative AI has significantly increased the demand for computing power, transitioning from large models to intelligent agents and embodied intelligence [2] - The global AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, reaching $222.7 billion by 2028, with generative AI servers' market share increasing from 29.6% in 2025 to 37.7% in 2028 [3] - In China, the intelligent computing power is expected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028, with a compound annual growth rate (CAGR) of 46.2% from 2023 to 2028 [3] Group 2 - The trend of cross-domain and cross-cluster mixed training of large models is emerging, supported by advancements in computing network infrastructure [4] - The "East Data West Computing" initiative has seen over 43.5 billion yuan invested, with a total investment exceeding 200 billion yuan, improving network latency and energy efficiency [4] - The construction of computing networks is evolving towards AI-driven and distributed models, with a focus on multi-node and multi-mode collaboration [10] Group 3 - Companies face challenges in cross-cluster mixed training, particularly in integrating different computing service providers and ensuring effective communication protocols [5] - The shift in user demand from training to inference computing power is evident, indicating a transition from a scale-driven to an efficiency-driven industry [6][8] - The service model is evolving from traditional Infrastructure as a Service (IaaS) to Model as a Service (MaaS), focusing on industry-specific solutions [7] Group 4 - The increasing demand for computing power necessitates a reevaluation of self-built computing infrastructure, which may not be cost-effective for many companies [8] - Companies are increasingly opting for computing platforms to manage workloads, raising the bar for service providers to develop efficient scheduling platforms [9] - The construction of computing networks is crucial for driving innovation across various industries, with a focus on AI and distributed computing [9] Group 5 - The rise in computing demand also raises concerns about energy consumption in data centers, with AI data center capacity expected to grow at a CAGR of 40.5% by 2027 [12] - Innovative cooling technologies and strategic data center locations are being explored to reduce energy consumption [12][13] - The integration of AI technologies is enhancing the operational efficiency of data centers, leading to a shift towards fully automated "dark" data centers [15]

Group 1 - The core viewpoint of the article highlights the realization of AI applications moving from imagination to practical productivity, driven by advancements in domestic computing power and reduced costs [2][3] - The company, Beijing Parallel Technology Co., Ltd., leverages its high-performance computing (HPC) and AI technology to provide specialized computing solutions across various fields, including AI, intelligent manufacturing, and life sciences [2] - In the first half of 2025, the company reported a revenue of 458 million yuan, representing a year-on-year growth of 69.27%, and a net profit attributable to shareholders of 5.08 million yuan, up 20.05% year-on-year [2] Group 2 - At the World Artificial Intelligence Conference, the company showcased its Parallel Computing Network service and a cross-regional intelligent scheduling platform, emphasizing its core advantage in the commercial model of the Parallel Computing Network [3] - The Parallel Computing Network has integrated computing resources across 45 intelligent computing centers and 15 supercomputing centers, effectively adapting to various high-load scenarios such as AI model training and industrial simulation [3] - The company anticipates a continued decline in computing costs over the next three years, aiming to promote the accessibility of domestic computing power and enhance the utilization rate of domestic computing resources [3]

Market Overview - On July 31, the A-share market closed with the Shanghai Composite Index at 3573.21, down 1.18%, and the Shenzhen Component Index at 11009.77, down 1.73% [1] Top Stocks Performance - Among the top 10 stocks by trading volume on the Beijing Stock Exchange, 5 stocks experienced price increases, with an average increase of 102.09%. N Dingjia (920005) led with a trading volume of 1.06 billion yuan and a price increase of 479.12% [1][2] - The other stocks in the top 10 included Hengli Drilling Tools (836942) with a decrease of 11.39%, Wuxin Suizhuang (835174) down 7.19%, and Parallel Technology (839493) up 1.73% [2] Capital Flow Analysis - In terms of capital flow, 5 out of the top 10 stocks showed net inflows of main funds, indicating positive investor sentiment towards these stocks [1]

Group 1: Economic Strategy and Banking Support - The Central Political Bureau meeting emphasized the need for banking institutions to enhance financial support for domestic demand and foreign trade, focusing on small and micro enterprises, private enterprises, and rural markets [1] - Banks are encouraged to provide diversified and precise financial services to help businesses alleviate difficulties and stimulate market vitality [1] Group 2: Consumer Demand and Financial Innovation - Agricultural Bank of China has implemented a "one-stop" online consumption service that combines government subsidies and credit card installment discounts to enhance consumer experience [2] - The "old-for-new" consumption policy has driven sales of 2.9 trillion yuan, benefiting approximately 400 million people, indicating a significant release of domestic demand potential [3] Group 3: Support for Emerging Industries - The Central Political Bureau highlighted the importance of technological innovation in fostering new competitive industries, requiring banks to innovate financial services tailored to tech enterprises [4] - Customized credit solutions are necessary to lower financing barriers for tech companies, with a focus on providing comprehensive financial products throughout different stages of their development [4] Group 4: Foreign Trade Resilience - Despite a complex external environment, China's foreign trade showed resilience with a total import and export value of 21.79 trillion yuan in the first half of the year, a 2.9% increase year-on-year [6] - The government aims to expand high-level opening up and stabilize the foreign trade and foreign investment landscape, promoting quality trade development and enhancing international cooperation [6][7] Group 5: Cross-Border Financial Services - The restructuring of the global economic landscape presents both challenges and opportunities for China's foreign trade, necessitating enhanced trade finance support and the exploration of new international markets [7] - Customized guarantee services have been provided to companies like Yantai Jereh Petroleum Service Group to support their overseas projects, demonstrating the growing demand for cross-border financial services [7]

券商评级是指证券公司的分析师，通过分析上市公司的财务潜力、财务指标、公司运营治理能力，然后 进行实地考察调研后得出的评论，备受投资者关注。 据证券之星数据库不完全统计，7月30日券商共给予近20家A股上市公司"买入"评级。从行业分布看， 券商7月30日关注的个股聚焦于食品饮料、农牧饲渔、电网设备、物流、医疗服务、软件开发、装修装 饰、电子元件等行业。 | 股票代码 | 股票间称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605499 | 东鹏饮料 | 公司信息更新报告:高基数下较快增长,新品表 现强劲 | 增持 | 开源证券 | 22 | 食品饮料 | 7月30日 | | 002311 | 海大集团 | H1 饲料销量同比+25%,Q2收入增长提速 | 买入 | 中国银河 | র্ব | 农牧饲渔 | 7月30日 | | 600885 | 宏发股份 | 2025年半年报点评:业绩总体符合预期,高压直 流&工控超预期增长 | どん | 东吴证券 | 2 | 申网设备 ...

据证券之星数据库不完全统计，7月30日券商共给予近20家A股上市公司"买入"评级。从行业分布看，券商7月30日关注的个股聚焦于 食品饮料、农牧饲渔、电网设备、物流、医疗服务、软件开发、装修装饰、电子元件等行业。 | 股票代码 | 股票简称 | 报告名称 | 评级变动 | 机构 | 近一月个 股研报数 | 行业 | 日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605499 | 东鹏饮料 | 公司信息更新报告:高基数下较快增长,新品表 现强劲 | 增持 | 开源证券 | 22 | 食品饮料 | 7月30日 | | 002311 | 海大集团 | H1 饲料销量同比+25%,Q2收入增长提速 | 光入 | 中国银河 | র্ব | 农牧饲渔 | 7月30日 | | 600882 | 宏发股份 | 2025年半年报点评:业绩总体符合预期,高压直 流&工控招预期增长 | 买入 | 东吴证券 | 2 | 电网设备 | 7月30日 | | 600233 | 员通速递 | 件量增速持续领先,反内卷有望提升盈利弹性 | 买入 | 华源证券 | 2 | 物流行 ...

Core Insights - The company, Bianxing Technology, announced its operational cooperation models for computing power resources, including external procurement and co-construction models [1] - The company has integrated various types of domestic chip computing power resources into its service platform, providing related technical services [1] - The utilization rate of the company's own GPU computing power resources is reported to be between 85% and 90% [1] - A strategic partnership with Alibaba Cloud was revealed, which includes co-building a domestic computing power center, jointly operating a public cloud zone, and promoting industry large models [1]