证券研究报告 中长期配置价值明确，攻守之道双轨并行 ——2026年北交所年度投资策略 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年十一月二十三日 请务必阅读正文之后的免责声明部分 1 核心要点 ➢ 中长期配置价值明确，机构参与度逐步提升： 1）北交所市场稳步扩容，流动性改善明显，估值仍有上行空间：①截至2025年11月14日，北交所共282家上市公司，较25年初新增19家，平均市值31.94亿元，北交所市场持续扩容。②在"深 改19条"政策+30%涨跌幅限制+相关基金产品推出引入较多增量资金影响下，北交所流动性显著改善，截至25年11月14日，25年北证A股个股日均成交额达1.08亿元，较24年0.5亿元翻倍增长， 北证50日均换手率5.66%，远高于其他板块。③截至2025年11月14日，北证50的PETTM为47倍，处于2022年以来的历史最高水平，但仍远低于科创50的76倍水平，北交所估值仍有上行空间。 2）新股发行节奏稳步提升，待上市企业储备充足，盈利能力持续向好：①新股发行节奏提升，北交所优质标的持续稳定增长。截至20 ...

今年以来，A股市场回暖，北交所的表现更令人瞩目，北证50指数年内累计上涨52.51%，成为市场关注 的重点。对于投资者而言，布局北交所，指数基金是一种低门槛、高效率的方式。11月17日，景顺长城 北证50指数基金（代码：A类025443/C类025444）正式发行，跟踪北证50指数，一键布局北交所创新成 长龙头，助力投资者把握北交所整体性机会。（数据来源：Wind，截至10月31日。下同） 回顾北交所近一年的行情，上涨并非偶然，而是多项利好因素共同作用的结果。首先，去年推出的"深 改19条"及"并购六条"等政策，进一步优化了北交所上市、流动性机制及并购重组规则，显著提升了市 场吸引力；其次，自去年"9.24"以来，包括中央汇金增持A股等一系列稳市场政策，提振了市场风险偏 好，推动北交所为代表的成长风格相对强势；最后，央行货币宽松的基调也有利于改善北交所的流动性 和估值定价，数据显示，北证50指数年内日均成交283.60亿元，是指数2022年11月21日发布至当年末的 45倍。 作为北交所的代表性宽基指数，北证50指数汇聚了市值规模大、流动性强、最具代表性的50家北交所上 市公司，以综合反映北交所的整体表现。W ...

Core Insights - The "Investment Education Navigation" online course series, organized by the Shaanxi Investor Education Pioneer Alliance, aims to enhance investor understanding of market rules and risk recognition [1][3] - The focus of the latest course is on the continuous expansion and increasing vitality of the Beijing Stock Exchange (BSE), emphasizing its core characteristics and future investment opportunities [3] Group 1: Market Characteristics - The BSE is positioned as "earlier, smaller, and newer," concentrating on specialized, refined, and innovative small and medium-sized enterprises [3] - The market is experiencing continuous expansion, improved liquidity, and a flexible regulatory framework [3] Group 2: Investment Opportunities - Investors are encouraged to focus on three high qualities: high scarcity, high growth, and high dividend [3] - The course highlights the importance of leveraging policy dividends and reforms in market making, financing, and indexation to enhance valuations [3] Group 3: Investment Risks - Investors should remain aware of risks related to operations, liquidity, high volatility, and information asymmetry [3] - Emphasis is placed on fundamental research, a long-term perspective, diversified allocation, and position control [3] Group 4: Participation and Education - Ordinary investors can participate in the market through index funds, which offer a low entry barrier [3] - The course aims to cultivate rational and mature investors by promoting a long-term investment philosophy [3]

Core Insights - The recent quarterly reports from companies listed on the Beijing Stock Exchange (BSE) indicate a growing interest from public funds, with new fund shareholders appearing in the top ten circulating shareholders of several stocks [1][2] - The performance of BSE-listed companies has shown signs of recovery, with a notable increase in revenue and a decrease in the decline of net profit compared to previous quarters [2][3] - The number of brokerage credit trading guarantee accounts has increased, reflecting a rise in margin trading activity among investors [1][4] Group 1: Public Fund Involvement - As of October 24, 10 BSE stocks have disclosed their Q3 reports, with new public funds appearing among the top ten circulating shareholders of companies like Guangxin Technology and Taihu Snow [1][2] - From Q2 onwards, more public funds have begun to allocate resources to BSE stocks, with 59 stocks being heavily weighted by various types of funds [3] - Notable funds such as Xingquan Commercial Model Preferred Mixed and Xingquan New Vision Flexible Allocation have entered the top ten shareholders of Guangxin Technology [2] Group 2: Company Performance - By the end of Q3, 9 out of 10 BSE-listed companies reported positive net profits, indicating a recovery trend [2] - In the first half of the year, BSE companies achieved a total operating income of 92.064 billion, with an average income of 336 million, reflecting a year-on-year growth of 6.01% [2] - The average net profit for BSE companies was 2.156 million, with a year-on-year decline of 10.59%, showing a narrowing of the decline [2] Group 3: Margin Trading Activity - The increase in brokerage credit trading guarantee accounts among the top ten shareholders indicates heightened investor participation in margin trading [1][4] - These accounts are essential for margin trading, as they manage collateral and funds for clients engaging in such transactions [4] - The BSE has established rules for margin trading, allowing stocks to be eligible from the first day of listing, provided investors meet specific conditions [5]

Group 1 - The core viewpoint of the articles highlights the increasing interest of public funds in companies listed on the Beijing Stock Exchange (BSE), as evidenced by the presence of new public fund shareholders in the top ten circulating shareholders of several companies following the release of their Q3 reports [1][2][3] - As of October 23, 2023, 10 companies listed on the BSE have released their Q3 reports, with 9 of them reporting positive net profits, indicating a recovery in performance [2][3] - The average operating revenue of BSE-listed companies reached 92.064 billion yuan in the first half of the year, showing a year-on-year growth of 6.01%, while the average net profit was 5.909 billion yuan, reflecting a reduced decline of 10.59% compared to the previous year [2][3] Group 2 - The number of brokerage credit trading guarantee accounts appearing among the top ten circulating shareholders has significantly increased, indicating a growing enthusiasm among investors for margin trading in BSE stocks [1][4] - Notably, several brokerage firms' credit trading guarantee accounts have entered the top ten shareholder lists of companies like Changhong Energy and Minshida, suggesting a rising interest in leveraging investments [4][5] - The implementation of margin trading rules for BSE stocks in 2022 has provided a regulatory framework that supports the growth of margin trading activities, with specific requirements for investors to participate [5]

Group 1: Market Overview - The current capital market is undergoing unprecedented changes and challenges, prompting investors to focus on optimizing asset allocation through professional research and analysis [1] - The Hong Kong stock market has experienced fluctuations primarily driven by short-term investor sentiment rather than long-term investment decisions [5][6] - Despite recent adjustments, the Hong Kong market remains attractive due to its valuation advantages and strong linkage with the mainland economy [6][8] Group 2: Investment Strategies - Investment decisions should focus on companies' long-term financial performance and strategic competitiveness rather than short-term market fluctuations [7] - The investment philosophy emphasizes a balanced approach between growth and value, with a focus on sustainable long-term returns [11][15] - The "FOF 2.0" era is characterized by a shift from selecting individual fund managers to a more systematic, diversified asset allocation strategy [14][15] Group 3: Sector Insights - Key sectors for investment in the Hong Kong market include high-end manufacturing, innovative pharmaceuticals, and AI-related technologies, with a particular focus on companies with global competitiveness [11][12][24] - The North Exchange market is highlighted for its unique advantages, including small market capitalization and specialization in innovative sectors, which provide high growth potential [22][24] Group 4: Performance Metrics - The North Exchange 50 Index has shown a year-to-date increase of over 45%, with certain funds achieving returns exceeding 110% [22][23] - The investment strategy in the North Exchange focuses on balancing growth and defensive positions, with a significant portion of the portfolio allocated to manufacturing [24][25] Group 5: Future Outlook - The outlook for the North Exchange remains optimistic, with expectations of continued growth and the introduction of more quality companies [26][27] - Future investment strategies will focus on innovation, consumer trends, dividend-paying stocks, and sectors poised for recovery [27]

Core Insights - The North Exchange 50 Index has seen a year-to-date increase of over 45%, benefiting actively managed equity funds focused on stocks from the North Exchange [1] - The North Exchange market is characterized by small market capitalization, specialized and innovative companies, and high elasticity, allowing for aggressive investment strategies while being cautious of volatility [1][3] - The manager of the CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund, Cold Wenpeng, reported a return of over 110% year-to-date, ranking in the top 20 among over 4,500 similar funds, with excess returns exceeding 90% [2] Market Characteristics - The North Exchange focuses on innovative small and medium-sized enterprises, closely tracking cutting-edge industrial technologies, which provides greater elasticity compared to other markets [3] - Despite the market's development and expansion potentially leading to reduced overall volatility, the future growth potential and stock price elasticity remain promising [3] Investment Strategy - The investment approach emphasizes a balance between offense and defense, focusing on selecting reasonably valued, high-growth companies while managing portfolio volatility [4] - The fund manager aims for stable returns by controlling portfolio fluctuations, especially during market downturns, and seeks to provide a relatively smooth investment experience for investors [4] - The investment strategy includes prioritizing high-growth companies with reasonable valuations and diversifying across different sectors to mitigate risks [4] Future Outlook - The North Exchange is expected to continue its rapid growth, with an increase in the number and quality of companies, enhancing market activity and long-term investment potential [5] - The current market environment shows a narrow range of fluctuations, with a decrease in individual stock bubbles, indicating an increase in companies with investment value [5] - Future investment directions will focus on innovation, consumption, dividends, and turnaround opportunities, with specific attention to sectors like artificial intelligence, smart driving, defensive assets, and industries poised for recovery [6]

Core Insights - The North Exchange 50 Index has seen a year-to-date increase of over 45%, benefiting actively managed equity funds focused on stocks from the North Exchange [1] - The manager of the CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund, Cold Wenpeng, reported a year-to-date return exceeding 110%, ranking in the top 20 among over 4,500 similar funds, with excess returns surpassing 90% [2] - The North Exchange is characterized by small and micro-cap stocks, specialized and innovative companies, and high elasticity, which provides significant investment opportunities [3] Fund Performance - The CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund had a stock allocation close to 90% by the end of Q2, with nearly 70% of the portfolio invested in the manufacturing sector [2] - Since Cold Wenpeng took over management in July 2024, the fund has achieved a cumulative return rate of over 240% [2] Investment Strategy - The investment approach emphasizes a balance between offensive and defensive strategies, focusing on selecting reasonably valued, high-growth companies while managing volatility through flexible asset allocation [4] - The fund aims for stable returns by controlling portfolio volatility, especially during market downturns, and employs strategies such as setting target prices for gradual profit-taking [4] Market Outlook - The North Exchange is expected to continue its rapid growth, with an increase in the number and quality of companies, enhancing market activity and long-term investment potential [5] - Despite recent market adjustments, the overall valuation remains relatively high, but the degree of individual stock bubbles has decreased, indicating improved investment opportunities [5] Future Investment Directions - Future investments will focus on four main areas: innovation (e.g., artificial intelligence, smart driving), consumer trends, dividend-paying defensive assets (e.g., banks, utilities), and sectors poised for recovery (e.g., renewable energy) [6]

Group 1 - The establishment of the Beijing Stock Exchange (BSE) marks a milestone in capital market reform and serves as fertile ground for specialized and innovative enterprises, with Zhongyou Fund directing capital towards dynamic small and medium-sized enterprises through professional investment capabilities [1][2] - Zhongyou Fund is the first public fund in China to be listed on the New Third Board, which has provided the company with a significant first-mover advantage in understanding BSE's policy direction and market dynamics [2] - The company has officially included BSE-listed stocks in its investment scope, recognizing them as legally issued stocks within the public fund's investment range, thus laying the foundation for future product deployment [2] Group 2 - Zhongyou Fund's investment logic is based on a clear strategic judgment, focusing on the positioning, potential, and valuation of BSE, which are seen as its greatest attractions [3] - BSE aims to serve innovative small and medium-sized enterprises, providing a platform for earlier-stage companies, distinguishing it from other boards like the Sci-Tech Innovation Board and the Growth Enterprise Market [3] - The company anticipates that the liquidity discount previously faced by BSE-listed companies will significantly improve, presenting opportunities for valuation recovery [3] Group 3 - Zhongyou Fund prioritizes risk control in its investment approach to BSE, acknowledging potential risks such as operational risks of small enterprises, stock price volatility, and policy risks [4][5] - The company emphasizes the need for careful risk assessment due to the uncertainties in the business models and profitability of most BSE-listed companies [4] Group 4 - Zhongyou Fund adheres to the principle of prioritizing investor interests, aligning with the China Securities Regulatory Commission's initiative to promote high-quality development in public funds [6] - The company aims to leverage its professional investment capabilities to better serve innovative small and medium-sized enterprises while contributing to the development of China's capital market [6][7] - By participating in the BSE market, Zhongyou Fund not only seizes investment opportunities but also supports inclusive finance and investor education, ensuring the protection of investor rights [6][7]

Group 1 - Mingya Fund announced that its public funds can invest in stocks listed on the Beijing Stock Exchange (BSE), becoming the second fund company to do so in September, following Zheshang Fund [1][2] - As of the second quarter report, 30 public fund companies have announced the ability to invest in BSE-listed stocks, with early entrants generally having larger asset management scales compared to later entrants [1][2] - The investment in BSE stocks is highlighted due to the different risk characteristics compared to the Shanghai and Shenzhen markets, necessitating full disclosure to protect investors' rights [2][3] Group 2 - A total of 60 BSE stocks have been heavily weighted in actively managed funds, with Jinbo Biological, Naconoer, Tongli Co., and Better Ray being among the most frequently held stocks [2] - Smaller funds have benefited from heavy allocations in BSE stocks, with some non-BSE themed funds also prioritizing BSE stocks in their portfolios, leading to improved performance [4] - The revenue data for BSE-listed companies has improved, with total revenue reaching 92.064 billion yuan in the first half of the year, reflecting a year-on-year growth of 6.01% [5][6]