北交所周报 交投活跃度节前回落，北交所优化再融资 2026 年 02 月 23 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj@chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相关研究 1. 【银河北交所】2026 年度策略_"小而美"到"强 而久"，推动北证高质量发展 2. 【银河北交所】"十五五"：北交所引领中小企业 再进阶 3. 【银河北交所】2025 年度中期策略_并购协同促 新格局，提质扩容迎新供给 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 相对沪深 300 表现图 2026-02-23 资料来源：iFinD，中国银河证券研究院 ⚫ 北证 50 指数周涨幅为+0.58%。2 月 9 日至 2 月 13 日，北证 50 涨幅为 +0.58%。北交所 294 家上市公司中，共 103 家公司周涨幅为正，其中新股 爱得科技（+144 ...

Wind数据显示，今年以来，北交所共有26只个股涨幅超过20%，除了连城数控以172.98%的涨幅外，流金科技获得128.27%涨幅，亿能电力获 99.7%涨幅。科力股份、民士达、欧普泰等个股表现较好。 【环球网财经综合报道】2026年开年以来，北交所市场热度持续攀升，北证50指数累计上涨6.20%，个股表现分化显著。其中，连城数控以超 170%的累计涨幅居首，流金科技、亿能电力等紧随其后。 市值方面，贝特瑞以332.5亿元市值稳居北交所首位。其次是蘅东光，以264.8亿元市值排名第二。该公司预计2025年实现归母净利润2.7亿元至3.1 亿元，同比增长超80%。此外，锦波生物、曙光数创、星图测控等市值超百亿元。 对于后市，机构认为，北证市场经过数年运行，春季躁动行情也有所显现。银河证券认为，从2026年春季行情来看，北证上市公司仍有较好的年 度业绩预期，板块交投活跃度持续高位波动，估值相对处于阶段性低位，在事件、政策的推动下，或将从新质生产力细分赛道走出一波春季阶段 性行情。（闻辉） ...

2026年2月11日，美国商务部发布了一项决定，宣布对中国出口的电池级石墨征收高达160%的综合关税。这一举措，绝非小打小闹。石墨，作为电动车锂电 池负极的核心材料，构成了电池成本的四成以上。而中国，正是全球石墨市场的主力供应国，提供了美国68%的人造石墨以及近一半的天然石墨。令人咋舌 的是，就在这一关税决定发布的第二天，2月12日，美国总统特朗普却在全球媒体前笑容满面地宣布，他非常期待将在4月访问中国，并且强调中美关系目前 非常好。一边加税压榨，另一边却热情洋溢地表示要访问中国，这种精神分裂式的行为，让全世界都感到迷惑不解。 那美国为什么还要如此做？关键在于时机的选择。2月11日的最终裁定虽然发布了，但并未立即生效。根据程序，3月份，美国国际贸易委员会还将投票决定 是否确认加税对产业构成损害，只有通过这一关，160%的关税才会正式生效。而特朗普计划在4月初访问中国，看来他此刻掌握着一张随时可以打的牌。这 个策略似曾相识，2018年贸易战爆发时，特朗普也喜欢用类似的手法：先抛出极端的数字制造恐慌，待对方坐到谈判桌前，再以让步姿态换取实质利益。如 今不过是故技重施。 更深层的原因可能是，石墨是新能源产业链中中国 ...

2026年2月11日，美国商务部的最终裁定如同一记重锤落下：对从中国进口的电池级石墨，同时征收反倾销税和反补贴税，综 合税率超过160%。 这份裁定直接影响了价值约3.47亿美元的对美出口货物。 美国商务部的理由依旧是那套熟悉的指控，声称 中国企业获得了不公平补贴，并以低于公平价格在美国销售，损害了美国本土产业的利益。 这160%的关税，听起来是对中国企业的致命一击，但现实的剧本却充满了讽刺。 最感到刺痛的，恐怕不是中国的石墨企业， 而是大洋彼岸美国本土的新能源巨头们。 就在这份充满火药味的裁定公布仅仅一天之后，2026年2月12日，中国外交部发言人林剑在例行记者会上，面对全球媒体的镜 头，证实了一个截然不同的消息。 林剑指出，在不久前的中美元首通话中，特朗普总统再次表达了将于今年4月访华的强烈愿 望，中方也重申了对特朗普总统访华的邀请，双方就此保持着密切沟通。 特朗普本人更是在社交媒体上形容这次通话"非常 棒"，并称中美关系"非常好"。 早在这次加税之前，特斯拉就已经多次向美国政府提交申请，苦苦哀求豁免对中国石墨的关税。 在最初的豁免申请中，特斯 拉明确辩称，如果拒绝其请求，"将给特斯拉带来竞争劣势"。 到 ...

美国对中国石墨产品祭出超过160%的双反关税，这件事本身并不复杂，但背后透出的信号却非常拧巴。 一边是特朗普公开说中美关系"非常好"，还高调预告四月要访华；另一边是美商务部冷冰冰地把税率定在160%以上，直接掐住锂电池产业链的咽喉。 所谓"不公平补贴"到底补在哪？怎么测算的？数据是否经得起WTO规则检验？统统语焉不详。 实际上，中国石墨产业的优势来自完整的上下游配套、规模化生产和技术迭代，不是靠什么神秘补贴堆出来的。 这种言行割裂不是偶然，而是当前美国对华政策最真实的写照——嘴上谈合作，手上搞施压。 石墨这东西，听起来不起眼，却是新能源车和储能电池的核心材料。 负极做不出来，电池就废了。 中国在全球石墨供应链里占着绝对主导地位，天然石墨六成靠中国，人造石墨更是接近七成。 美国自己既没矿也没加工能力，短期内根本找不到替代来源。 可偏偏就在这种高度依赖的情况下，美方硬是把综合税率推到160%以上。 贝特瑞、凯金新能源这些被点名的企业要交93.5%的反倾销税，其他出口商更惨，一律102.72%，再加上统一征收的66.8%左右的反补贴税，算下来几乎等于 封杀。 美方给出的理由老掉牙：一是说中国企业拿政府补贴，二是说卖 ...

Group 1 - The U.S. Department of Commerce has imposed anti-dumping tariffs exceeding 160% on Chinese graphite, with specific companies facing a 93.5% tariff, while others face rates of 102.72% plus additional countervailing duties [1][3] - The tariffs are justified by claims of "unfair subsidies" and "low-price dumping," which are viewed skeptically even within the U.S. [3] - The initial push for these tariffs came from a temporary alliance of U.S. active anode material producers, who had originally sought a 920% tariff [5] Group 2 - The U.S. is heavily reliant on Chinese imports for graphite, with 59% of natural graphite and 68% of synthetic graphite sourced from China, indicating a significant dependency [9] - The imposition of tariffs is expected to increase the cost of electric vehicle batteries, with estimates suggesting an additional $7 per kilowatt-hour due to the tariffs [11] - The conflicting actions of the U.S. government, with tariffs being imposed while President Trump expresses a desire for cooperation with China, highlight internal divisions within U.S. policy [13][15] Group 3 - The tariffs are seen as a strategic move to test China's response and potentially use them as leverage in upcoming negotiations [17] - The internal conflict between hawkish and pragmatic factions in the U.S. government is evident, with hawks pushing for tariffs while pragmatists recognize the risks of dependency on Chinese graphite [19] - China's response to U.S. tariffs may include accelerating its global expansion in graphite production, with companies like Sanyuan and BTR establishing operations in countries like Finland and Indonesia [20] Group 4 - The global demand for graphite is projected to quadruple by 2040, emphasizing China's dominant position in the market, which cannot be easily undermined by tariffs [22] - The U.S. risks losing out on opportunities for green transition by pursuing protectionist measures, which could lead to higher costs for its own industries [22] - The Chinese government has indicated that it will respond to U.S. tariffs with countermeasures, emphasizing the importance of mutual respect in trade relations [24][26]

Core Viewpoint - The new materials industry in China is experiencing a historic development window driven by domestic substitution becoming a necessity and the emergence of new production demands. The Beijing Stock Exchange (北交所) serves as a core platform for innovative small and medium enterprises, gathering a number of "invisible champions" in niche markets [4][8]. Group 1: Overview of the New Materials Industry on the Beijing Stock Exchange - The new materials industry is categorized into five major segments: non-metal functional materials, new energy materials, polymer and composite materials, metal materials, and fine chemicals [6][10]. - Companies listed on the Beijing Stock Exchange typically focus on niche markets, demonstrating high technical barriers, high gross margins, and rapid growth [7][10]. - The industry is characterized by a high degree of specialization, with many companies being in the early to mid-stages of development, offering significant growth potential [7][10]. Group 2: Investment Themes in New Materials - The investment focus is on domestic substitution and new production capabilities, particularly in semiconductor materials and lightweight, high-performance materials for robotics and low-altitude economies [8][16]. - Key companies in semiconductor materials are making breakthroughs in critical areas such as photoresists and electronic gases, which are essential for the semiconductor supply chain [17][26]. - The demand for lightweight and high-performance materials is driven by new applications in robotics and low-altitude economies, creating new market opportunities [30][31]. Group 3: Future Outlook and Target Companies - The new materials industry is expected to transition from scale advantages to quality advantages, focusing on high-end breakthroughs and domestic substitution [4][42]. - Specific directions for development include the high-endization of bulk materials, the localization of electronic chemicals, and the upgrading of new energy materials [42]. - Companies such as 贝特瑞 (BTR), 安达科技 (Anda Technology), and 民士达 (Minsida) are highlighted as key players in the new energy materials sector, focusing on battery materials and lightweight structural components [17][33]. Group 4: Methodology for Investment Tracking - A three-dimensional analysis framework is proposed, focusing on demand drivers, core competitiveness, and industry value chain positioning [4][11]. - Key indicators for tracking investment value include capacity release, price signals, product breakthroughs, and customer certifications [11][12]. - The investment strategy should revolve around industry trends, selective stock picking, and identifying incremental opportunities, particularly in companies with technological leadership and strong customer ties [4][12].

Investment Rating - The report highlights a significant investment opportunity in the new materials industry, particularly focusing on the Beijing Stock Exchange (北交所) as a core platform for innovative small and medium enterprises [5]. Core Insights - The new materials industry is experiencing a historic development window driven by domestic substitution becoming a necessity and new productivity demands [5]. - The report categorizes companies in the new materials sector into five main segments: non-metal functional materials, new energy materials, polymer and composite materials, metal materials, and fine chemicals, with a focus on semiconductor materials and new productivity supporting materials [5]. - Companies in the semiconductor materials sector are making breakthroughs in critical areas such as photoresist-related chemicals and electronic specialty gases, indicating a shift towards domestic production [5]. - The new productivity sector is defined by the demand for lightweight and high-performance materials, with companies in this space expected to see significant growth opportunities [5]. - A three-dimensional analysis framework is proposed to assess investment value based on demand drivers, core competitiveness, and industry value chain position [5]. Summary by Sections 1. Overview of the New Materials Industry Chain - The industry is characterized by a diverse distribution of emerging enterprises that possess unique advantages, often referred to as "invisible champions" [11]. - The companies typically focus on niche markets and exhibit high technical barriers, high gross margins, and rapid growth rates [12]. 2. Investment Main Lines in New Materials - The investment focus is on domestic substitution trends in semiconductors and the new productivity demands driven by sectors like robotics and low-altitude economy [26]. - Key materials include new battery materials, lightweight structural materials, and advanced friction materials, which are essential for the ongoing energy transition [26]. 3. Outlook and Target Companies in New Materials - The report anticipates that the new materials industry will transition from scale advantages to quality advantages, with a focus on high-end breakthroughs and domestic substitution [75]. - Specific areas of growth include high-end materials, electronic chemicals, and new energy materials, with an emphasis on companies that can meet the evolving demands of industries such as AI and robotics [75].

Group 1 - The core point of the news is the recent changes in shareholder equity and convertible bond matters for Fangyuan Co., Ltd. [1] - As of February 10, 2026, major shareholder Betterray New Materials Group Co., Ltd. reduced its holdings by 5,800 shares, decreasing its ownership from 5.0011% to 5.0000%, effectively becoming a non-major shareholder [1] - The company announced on February 9, 2026, that Fangyuan convertible bonds may trigger conditions for a downward adjustment of the conversion price, which will be reviewed by the board if conditions are met [1] Group 2 - Fangyuan Co., Ltd. stock price has shown volatility recently, closing at 8.49 yuan on February 12, 2026, down 0.70% with a trading volume of 81.0369 million yuan [2] - On February 11, 2026, the stock price was 8.55 yuan, reflecting an increase of 0.83% [2] - On February 12, 2026, there was a net outflow of 9.092 million yuan in main funds, accounting for 11.22% of the total trading volume, while on February 11, 2026, there was a net inflow of 6.1439 million yuan [2] - The financing balance has decreased continuously, with a reduction of 0.06 billion yuan over the past five days, representing a decline of 3.59% [2] Group 3 - In the third quarter of 2025, the company reported an improvement in performance with a quarterly revenue of 590 million yuan, a year-on-year increase of 57.3% [3] - The net profit attributable to the parent company was 28.0594 million yuan, marking a turnaround from losses [3] - However, the company is expected to incur an annual loss for 2025, with a projected net loss attributable to the parent company ranging from 120 million yuan to 80 million yuan, primarily due to production line upgrades and high costs in the first half of the year [3] - The third-quarter report for 2025 indicated a debt ratio of 84.32% and a gross profit margin of 3.05% [3]

2026年2月8日，第三届中国全固态电池创新发展高峰论坛高层论坛在北京顺利召开。由中国全固态电池 产学研协同创新平台主办，设置1场高层论坛与3场专业论坛，涵盖关键材料与电芯创新、工艺创新与关 键装备、知识产权战略重塑与风险前瞻三大主题。 作为全固态电池领域的高规格会议，论坛汇聚政产学研各界400 余人，涵盖9位院士、8家行业组织代 表、专家学者及电池、材料、整车、装备等企业骨干，聚焦行业共性关键问题，为我国全固态电池突破 技术瓶颈，实现高质量跃升，提供系统性支撑。 锚定战略方向 聚力协同攻关 中国科学院院士、中国全固态电池产学研协同创新平台理事长欧阳明高在致辞中指出，中国电池产业保 持高速增长，技术快速迭代，应用场景从汽车、储能拓展至机器人、低空飞行器等领域。当前电池技术 仍需系统性提升，需围绕全气候快充、全过程安全、全工况高效三大目标持续优化。他表示，重大技术 变革都不是一蹴而就，要厚积薄发，全固态电池是下一代电池的重大战略方向。目前，产业发展进步很 快，但竞争形势严峻，挑战巨大、使命重大。我们全固态电池协同创新平台，是聚力产学研联合攻关的 高端交流合作平台，为全行业打造科学、技术、工程、工艺多层次跨学科、 ...