Market Overview - On May 20, the total trading volume of stocks on the Beijing Stock Exchange reached 1.975 billion shares, with a total transaction value of 41.723 billion yuan, an increase of 9.135 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 237 stocks closed higher, accounting for 89.10% of the total, while 29 stocks closed lower [1] Stock Performance - The stocks with the highest closing price increases included Xujie Technology, Lusi Co., and Donghe New Materials, which rose by 19.66%, 18.10%, and 14.48% respectively [1] - Conversely, the stocks with the largest declines were Guohang Ocean, Qifeng Precision, and Changfu Co., which fell by 17.92%, 15.25%, and 8.89% respectively [1] Trading Activity - A total of 145 stocks had transaction values exceeding 10 million yuan, with Guohang Ocean, Wuxin Tunnel Equipment, and Lusi Co. leading at 1.138 billion yuan, 985.37 million yuan, and 770.12 million yuan respectively [1] - The trading activity was notably high, with 101 stocks having a turnover rate exceeding 10%, and 30 stocks exceeding 20% [1] Notable Stocks - Guohang Ocean closed at 11.04 yuan with a decline of 17.92% and a turnover rate of 34.58% [1] - Wuxin Tunnel Equipment closed at 55.69 yuan with a significant increase of 30.00% and a turnover rate of 22.17% [1] - Lusi Co. closed at 31.78 yuan, up by 18.10% with a turnover rate of 26.01% [1]

Core Insights - The competition among actively managed equity funds is intense as the half-year performance deadline approaches, with significant fluctuations in rankings among fund managers [1][2]. Fund Performance Summary - As of May 19, the top three actively managed equity funds by year-to-date returns are: - 华夏北交所精选两年定开混合发起式 with a return of 73.01% [2][4] - 中信建投北交所精选两年定开混合A with a return of 69.43% [2][4] - 鹏华碳中和主题混合A with a return of 63.09% [2][4] Market Trends - The top-performing funds include two focused on the North Exchange theme and one heavily invested in the robotics sector, indicating a strong market interest in these areas [3][5]. - The year-to-date performance rankings show that four of the top ten funds are North Exchange theme funds, highlighting their popularity [4]. Sector Focus - Several top-performing funds are heavily invested in the robotics sector, with notable holdings in companies like 中大力德 [5]. - Additionally, two funds with significant investments in consumer stocks have also made it to the top ten, showcasing a diverse investment strategy among successful funds [5][7].

Group 1 - The recent research and discussions led by Beijing officials emphasize the importance of the Beijing Stock Exchange (BSE) in promoting high-quality financial development and supporting innovative small and medium-sized enterprises (SMEs) [1][2] - The BSE is undergoing reforms aimed at enhancing its institutional framework and accelerating the expansion and quality improvement of listed companies [1][5] - Analysts believe that the recent meetings and reforms will inject confidence into the BSE's future development and signal a new phase of growth for the market [1][5] Group 2 - As of May 19, 2025, the BSE has 266 listed companies with a total market capitalization of approximately 816.81 billion [2] - The BSE's revenue for the first quarter of 2025 reached about 40.36 billion, reflecting a year-on-year growth of approximately 5.80%, while net profit saw a decline of about 9.05% [2] - The BSE's market performance has shown a significant increase of approximately 56.97% since the beginning of 2025, outperforming the Sci-Tech Innovation Board and the Growth Enterprise Market [2] Group 3 - The recent introduction of new rules for major asset restructuring aims to streamline the approval process for mergers and acquisitions among listed companies, particularly benefiting SMEs [5][6] - The new regulations allow for faster review times, with approvals expected within two working days for qualifying companies, enhancing the efficiency of the restructuring process [6] - The focus on supporting innovative SMEs through these reforms is expected to create new growth opportunities and boost market confidence [6]

中美谈判超预期，关注后续进程 ——可转债周报 20250519 2025 年 5 月 12 日，中美双方发表《中美日内瓦经贸会谈联合声明》，宣布在 未来 90 天内暂停征收部分加征关税，会谈结果超出市场普遍预期。从结果上 来看： 债券研究 证 券 研 究 报 告 【债券周报】 中美关税冲突缓和，权益市场小幅回暖。本轮会谈大幅降低双边关税，中美贸 易冲突的扰动有所缓和，且在结果超预期的助力下权益市场情绪显著提振，恒 生指数 5 月 12 日涨幅 2.98%，万得全 A 上涨 1.29%，中证转债指数微涨 0.60%。 分板块来看，由于关税调降导致中国制造商成本快速下降以及风偏修复，前期 处于压力的制造及科技板块率先抬升，对应转债均价抬升但弹性较权益偏弱， 估值被动压缩，而医药医疗及周期板块则显得相对平淡。 谨慎情绪仍在，或需继续关注谈判进程。5 月 13 日市场表现出一定回调，这 一角度来看短期谨慎情绪或仍未完全消散，本轮贸易冲突的缓和不难使人联想 到 2019 年。从参考时点来看，存在两种不同假设，类比年初的"协议停战" 还是年底的第一阶段经贸协议，或代表两类完全相反的风险偏好，在特朗普政 策反复的假设下后续 ...

2025 年 05 月 19 日 北交所行业研究 天工股份正式上市 ——北交所行业周报 | 行业相对表现 | | | 2025/05/16 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | 8.90% | 15.56% | 79.80% | | 沪深 | 300 | 3.40% | -1.27% | 7.25% | 相关报告 《北交所行业周报：本周北证 50 实现领涨、交投 活跃度明显提升，下周天工股份上市（推荐）*中 小盘*罗琨》——2025-05-12 《北交所行业周报：本周北证 50 小幅回调，下周 天工 股份申购 （推荐）* 中小 盘* 罗琨 》—— 2025-04-28 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周北证 50 继续领涨，交投活跃度持续上升， 《北交所行业周报：本周北证 50 涨幅延续、交易 放缓，交大铁发提交注册（推荐）*中小 ...

北交所策略专题报告 2025 年 05 月 18 日 北交所服务创新型中小企业主阵地与改革深化下的 2025Q1 掘金指南 ——北交所策略专题报告 北交所研究团队 zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北交所 2025Q1 季报掘金，关注高连续成长性+低估值企业 北交所 266 家上市公司 2025Q1 报告已全部出炉。北交所作为服务创新型中小企 业主阵地建设，从整体北交所公司情况而言，2025Q1 营收端出现修复。266 家 公司 Q1 合计实现营收 403.58 亿元，同比增长 5.30%，实现归母净利润 26.12 亿 元，同比下滑 9.03%。分行业营收端来看，根据开源证券北交所行业分类，2025Q1 高端制造、化工新材料、消费服务、信息技术、医药生物营收增长同比分别为 +9.50%、+3.73%、+4.86%、-0.91%、+8.51%。分行业利润端来看，2025Q1 高端 制造、化工新材料、消费服务、信息技术、医药生物归母净利润增长同比分别为 +1.52%、-10.63%、-27.64%、+23.50%、-49.99%。从北交所细分公司营收和利润 增长 ...

北交所上或迎年入近20亿的重量级选手。 广东百利食品股份有限公司（下称"百利食品"）启动了北交所辅导。 百利食品的终端客户以塔斯汀、华莱士等中式连锁餐厅为主。 这些连锁餐厅的兴起推动了复合调味品的需求增长，作为西式调味品企业的百利食品迎来了业绩高光。 2022年至2024年收入分别达到12.61亿元、16.05亿元和19.12亿元；同期归母净利润分别为1.57亿元、 2.22亿元和2.76亿元。 沙拉、番茄酱等酱汁产品系百利食品主要收入来源，2023年贡献了超7成收入。 百利食品此番上市辅导正受到市场关注。 主因系去年末以来，多家食品公司冲刺北交所上市未果，不得不撤回申报材料。 此番若百利食品能够顺利登陆北交所，或许正在给同业带来更多希望。 客户注销之谜 但实操上，直至今年5月6日，百利食品才完成新三板的挂牌。 不过百利食品相当高效。 挂牌当日，百利食品就立马与保荐机构招商证券签订了北交所上市合作协议，并向广东证监局递交辅导 备案申请，计划今年8月完成辅导。 这意味着，百利食品有望在年内踏出北交所上市申报的第一步。 百利食品的沙拉酱等各类酱汁产品主要销往华莱士、塔斯汀、好利来等中式连锁餐厅。 2024年前7个 ...

北交所个股今日成交明细 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 换手率（%） | 成交额（万元） | | --- | --- | --- | --- | --- | --- | | 833171 | 国航远洋 | 13.43 | 8.74 | 46.24 | 188972.74 | | 920068 | 天工股份 | 24.54 | 20.29 | 75.59 | 108891.91 | | 872351 | 华光源海 | 38.40 | -1.11 | 62.28 | 93377.00 | | 836077 | 吉林碳谷 | 15.56 | 4.08 | 15.40 | 80216.06 | | 873169 | 七丰精工 | 37.31 | -5.88 | 36.13 | 71064.82 | | 839273 | 一致魔芋 | 52.15 | 9.10 | 17.65 | 62064.14 | | 837023 | 芭薇股份 | 35.39 | 29.97 | 54.19 | 60663.66 | | 832171 | 志晟信息 | 30.49 | -12.08 | 26.58 | ...

根据调研日期截止日统计，近一个月（4月16日至5月15日），共有39家北交所公司获机构调研，其中， 一致魔芋最受关注，参与调研的机构有78家。 证券时报·数据宝统计显示，近一个月共有39家北交所公司获机构调研，调研机构类型显示，券商共对 39家公司进行调研；基金调研33家；阳光私募调研27家；保险调研19家；海外机构调研5家。 机构调研榜单中，一致魔芋参与调研的机构合计达78家，最受关注；其次是利通科技、康比特、基康仪 器，参与调研的机构分别有75家、73家、50家。 （文章来源：证券时报网） 按申万行业分类，获机构调研的北交所公司分属于14个行业，机械设备、基础化工、电子等行业较为集 中，分别有10家、7家、5家公司上榜。 机构调研次数来看，一致魔芋、中草香料等机构调研最为密集，均获机构3次调研。利通科技、康比 特、同力股份等机构调研也较为密集，均被机构调研2次。 | 920106 | 林泰新材 | 22 | 2 | 146.68 | 26.01 | 汽车 | | --- | --- | --- | --- | --- | --- | --- | | 832662 | 方盛股份 | 22 | 1 | 25. ...

-20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 -40% ⚫⚫⚫⚫⚫⚫ 国银河证券|CGS 北交所日报 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.05.14) ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 35 30 25 20 15 10 5 ■ 0 -5 资料来源：iFinD，中国银河证券研究院 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。 2 图1:北证成交额与换手率情况(截至2025.05.14) ■成交金额（合计/亿元) =换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-19 04-15 05-14 02-13 0518 02-26 03-03 03-06 03-11 03-14 03-24 03-27 04-01 04-07 04-10 04-18 04-28 05-06 05-09 01-23 02-05 02-10 04-23 01- 01 资料来源：iFinD，中国银河证券研究院 可证券|CGS 北交所日报 今日涨跌 ...