北交所本周量能放大，指数冲高回落 ——北交所周报（1.12-1.16） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 | 上市公司数 | 288 | | --- | --- | | 行业总市值(亿元) | 9,285.86 | | 行业流通市值(亿元) | 5,789.95 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 21 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 16 日，北证成份股 288 个，平均市值 32.69 亿元。 本周（2026 年 1 月 12 日-2026 年 1 月 16 日，下同）北证 50 指数涨跌幅 1.58%，收 盘 1548.32 点；同期沪深 300 和上证指数涨跌幅分别为-0.57%和-0.45%。本周北交 所日均成交额为 409.81 亿元，较上周（2026 年 1 月 ...

Group 1: Company Overview - The report on Yihai International (1579.HK) highlights its attractive dividend returns and positive cash distribution, indicating a strong financial position [5][6] - The company has transitioned from a phase of rapid growth to a more stable valuation, with a focus on increasing dividend payouts as it navigates market fluctuations [5][6] - Yihai International's revenue is expected to grow steadily, with projections of CNY 65.7 billion, CNY 69.6 billion, and CNY 73.8 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 0.5%, 5.9%, and 6.0% respectively [6] Group 2: Industry Insights - The compound seasoning market in China is projected to reach CNY 126.5 billion, with significant segments including chicken essence, hot pot seasoning, and recipe-based seasonings [5] - The report notes that the restaurant industry's recovery, particularly in the B-end market, is a key growth driver for Yihai International, with a focus on both large and small business clients [6] - The overseas market is also expanding rapidly, with notable growth in Southeast Asia, the United States, and South Korea, indicating a successful localization strategy [6] Group 3: Market Trends - The real estate sector is experiencing a rebound due to expectations of interest rate cuts and mortgage subsidies, with a recommendation for moderate participation in policy-driven market movements [8][10] - In the pig farming industry, December 2025 saw a year-on-year increase in the number of pigs slaughtered by listed companies, with a total of 19.5 million heads, reflecting a 9.57% increase [12] - However, the revenue for these companies decreased by 24.24% year-on-year in December 2025, primarily due to low pork prices, indicating a challenging market environment despite increased output [13]

Summary of Key Points Core Viewpoint - The trading volume and turnover of stocks on the Beijing Stock Exchange (BSE) showed significant activity on January 20, with a total trading volume of 1.141 billion shares and a turnover of 26.64 billion yuan, marking an increase of 2.598 billion yuan compared to the previous trading day [1]. Trading Performance - A total of 94 stocks closed higher, accounting for 32.64% of the tradable stocks, with notable gainers including Liujin Technology, Yinen Power, and Deer Chemical, which rose by 16.22%, 11.14%, and 10.45% respectively [1]. - Conversely, 184 stocks closed lower, with the largest declines seen in Qifeng Precision, Litong Technology, and Rongyi Precision, which fell by 10.14%, 8.59%, and 6.81% respectively [1]. Stock Activity - 74 stocks had a turnover exceeding 10 million yuan, with Liujin Technology, Xingtou Measurement Control, and Yinen Power leading in turnover at 911.82 million yuan, 750.64 million yuan, and 729.98 million yuan respectively [1]. - The trading activity was characterized by high turnover rates, with 31 stocks having a turnover rate exceeding 10%, and 10 stocks exceeding 20% [1]. Notable Stocks - The top stocks by turnover included: - Liujin Technology: Closing price of 11.39 yuan, with a turnover of 911.82 million yuan and a turnover rate of 36.14% [1]. - Yinen Power: Closing price of 27.24 yuan, with a turnover of 729.98 million yuan and a turnover rate of 42.69% [1]. - Deer Chemical: Closing price of 15.32 yuan, with a turnover of 300.55 million yuan and a turnover rate of 25.44% [1]. Market Dynamics - The overall market showed a mixed performance with a significant number of stocks experiencing both gains and losses, indicating a volatile trading environment on the BSE [1].

Investment Rating - The report does not explicitly state an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace sector is experiencing significant advancements, with successful launches and developments in various projects, indicating a robust growth trajectory for the industry [3][4][5][9][14][19] Industry Developments - The successful launch of the Lihong-1 suborbital vehicle on January 12, 2026, marked a significant milestone, demonstrating capabilities for microgravity scientific experiments and in-situ exploration [5][6] - The successful launch of the Vesta-1 rocket on January 16, 2026, which deployed four satellites into low Earth orbit, highlights the growing capabilities of China's commercial space sector [9][10] - The completion of the static fire test for the Long March 12B rocket on January 16, 2026, confirms the reliability and feasibility of this new generation reusable rocket [14] - The Beijing Rocket Street project, the first common testing and research production base for commercial aerospace in China, has been completed and is set to enhance the industry ecosystem [16][17] - Zhongke Aerospace has completed its IPO guidance work, indicating a positive trend for capital market participation in the commercial aerospace sector [19] Financing Progress - Sade Satellite completed a B-round financing on January 14, 2026, which will accelerate its development in the commercial satellite manufacturing sector [20][21] Capital Market Performance - The Wind Commercial Aerospace Index experienced a weekly decline of 4.39% during the week of January 12-16, 2026, with a trading volume decrease of 2.64% [25][28] - Among the listed companies in the commercial aerospace sector, 25.40% saw their stock prices increase during the same week, indicating some resilience in the market despite the overall decline [25][28] Industry Conference Preview - Upcoming conferences include the Third Beijing Commercial Aerospace Industry High-Quality Development Conference from January 23-25, 2026, and the Second Commercial Aerospace Industry Development Conference in March 2026 [32][33]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall market performance of the North Exchange shows a significant increase, with the North 50 Index rising by 7.49% during the period from January 5 to January 16, 2026, closing at 1548.33 points. In comparison, the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 indices increased by 2.20%, 4.93%, and 12.64%, respectively [4][10] - The average market capitalization of the 288 constituent stocks in the North Exchange is 32.69 billion yuan, with a total market value of 941.449 billion yuan and a circulating market value of 573.460 billion yuan [1][4] - The daily average trading volume during this period reached 331.61 billion yuan, representing a 67.96% increase compared to the previous period [4][12] Summary by Sections North Exchange Market Overview - As of January 16, 2026, the North Exchange has 288 listed companies, with an average market capitalization of 32.69 billion yuan. The North 50 Index increased by 7.49% during the specified period [4][10] - The daily average trading volume was 331.61 billion yuan, with a turnover rate of 6.62%, which is an increase of 2.30 percentage points from the previous period [12][13] North Exchange Sector Performance - The top five performing sectors in the North Exchange during this period were Media (45.09%), Oil and Petrochemicals (22.23%), Non-ferrous Metals (16.87%), Automotive (14.64%), and Communications (13.47%) [4][15] North Exchange New Stocks - Three new stocks were issued during this period: Kema Materials (920086.BJ), Aisheren (920050.BJ), and Guoliang New Materials (920076.BJ) [5][23] North Exchange Key News - On January 5, 2026, the company Guangdao Tui (920680) was officially delisted, marking the first forced delisting due to major violations since the establishment of the North Exchange [7][24] - On January 14, 2026, the financing margin ratio for investors was adjusted from 80% to 100%, aimed at reducing leverage and protecting investors' rights [7][24] North Exchange Investment Strategy - The report suggests focusing on sectors expected to perform well in 2026, including Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology [7][26]

Group 1 - The European Union Aviation Safety Agency (EASA) has begun flight evaluation tests for the C919 in Shanghai, which is expected to accelerate the global expansion of China's commercial aviation sector [2][3] - EASA's certification is recognized globally, and the C919 has already transported millions of passengers domestically, indicating its initial market validation [2] - The China Aerospace Science and Technology Corporation (CASC) held a meeting emphasizing the advancement of manned lunar missions and deep space exploration, alongside breakthroughs in reusable rocket technology [2][3] Group 2 - The competition for near-Earth orbit resources is intensifying, with low Earth orbit satellite constellations becoming a new arena for major powers, prompting China to accelerate the development of its low Earth orbit satellite systems [3] - The ongoing support from policies, improvements in rocket capacity, and advancements in reusable technology are expected to drive rapid growth in the satellite industry, benefiting the entire supply chain from manufacturing to operation [3] - The 14th Five-Year Plan has commenced, with a focus on military and civilian dual-use technologies, including unmanned systems and deep-sea technology, highlighting the growth potential in the military sector [4]

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Group 1: Commercial Aerospace Industry - The commercial aerospace industry is on an upward trend, with a positive outlook for future market performance[5] - Key focus areas include stable or potentially increasing value in manufacturing and launch sectors, as well as communication terminal components like baseband and RF chips[22] - Significant growth expected in satellite constellations, with G60 planning to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, while GW plans to launch an average of 1,800 satellites annually post-2030[18] Group 2: Space Photovoltaic Equipment - New technologies such as heterojunction and perovskite are accelerating advancements in space photovoltaic applications, providing new demand scenarios[37] - The global supply landscape may change due to emerging applications, creating new incremental demand for equipment companies[37] - P-type HJT batteries are identified as the optimal choice for space photovoltaic technology due to their lightweight, high power density, and resistance to extreme environments[30] Group 3: Wind Power Sector - Goldwind Technology is a leading global wind power manufacturer, with a projected revenue of CNY 566.99 billion in 2024, reflecting a 12.37% year-on-year growth[49] - Taisheng Wind Power is expanding into commercial aerospace, with plans to start rocket storage tank production by mid-2026[54] Group 4: AI and AR Glasses - Meta's AI glasses are expected to double production capacity, driving market growth and enhancing consumer demand for high-end optical products[5]

Summary of Key Points Core Viewpoint - The trading volume on the Beijing Stock Exchange (BSE) reached 975 million shares with a total transaction value of 24.042 billion yuan, reflecting a decrease of 6.397 billion yuan compared to the previous trading day. A total of 118 stocks closed higher, while 163 stocks closed lower [1]. Trading Performance - The number of stocks that closed higher was 118, accounting for 40.97% of the tradable stocks. The stocks with the highest closing gains included Can Energy (up 17.72%), Iron Expansion Machinery (up 13.10%), and Yuanhang Precision (up 10.18%) [1]. - Conversely, the stocks with the largest declines included Koma Materials (down 26.75%), Hengdong Light (down 6.48%), and Tianming Technology (down 5.97%) [1]. Transaction Details - A total of 68 stocks had transaction values exceeding 100 million yuan, with the highest transaction values recorded for Tianli Composite (768.09 million yuan), Hengdong Light (722.29 million yuan), and Xingtou Measurement Control (716.31 million yuan) [1]. - The trading activity showed that 23 stocks had a turnover rate exceeding 10%, with 8 stocks exceeding 20%. The stocks with the highest turnover rates included Koma Materials (62.05%), Yinen Power (36.06%), and Can Energy (32.93%) [1]. Stock Performance Table - The trading performance of notable stocks included: - Tianli Composite: Closing price 99.36 yuan, increase of 5.59%, turnover rate 7.28%, transaction value 768.09 million yuan [1]. - Hengdong Light: Closing price 313.42 yuan, decrease of 6.48%, turnover rate 11.22%, transaction value 722.29 million yuan [1]. - Yinen Power: Closing price 24.51 yuan, increase of 29.96%, turnover rate 36.06%, transaction value 496.77 million yuan [1]. - Koma Materials: Closing price 40.25 yuan, decrease of 26.75%, turnover rate 62.05%, transaction value 495.00 million yuan [1].

Group 1 - The National Bureau of Statistics will hold a press conference on the economic performance of 2025 on January 19 [2] - The central bank announced a reduction in the re-lending and rediscount rates by 0.25 percentage points, effective January 19, 2026 [3] - The 56th World Economic Forum Annual Meeting will take place from January 19 to January 23 in Davos, Switzerland, with around 850 top executives and leaders from unicorn and tech companies attending [4] Group 2 - On January 19, a total of 17 companies will have their restricted shares unlocked, amounting to 876 million shares with a total market value of 20.861 billion yuan [5] - Three companies disclosed progress on private placement announcements, with one company revealing a stock issuance plan and two plans approved by the securities regulatory commission [6] - Two A-shares will undergo equity registration today, with dividends announced; Longxin General will distribute 2.00 yuan per 10 shares, and Iwu Biological will distribute 1.00 yuan per 10 shares [7]