北交所策略专题报告 2025 年 07 月 06 日 北交所小巨人主阵地的新质生产力扩容，高端制造链再升级 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北交所进一步提"质"，2025 年新受理公司聚焦硬科技与先进制造 2025 年 6 月 18 日中国证监会发布《关于在科创板设置科创成长层增强制度包容 性适应性的意见》。对比创业板、北交所上市标准，科创板本次调整体现了中国 资本市场各板块清晰的市场定位。北交所定位服务创新型中小企业，通过差异化 的市值和财务标准，北交所构建了能容纳不同发展阶段企业的多层次准入体系， 特别是为研发投入大、盈利周期长的科技型企业提供了对接资本市场的渠道。此 外北交所将创新属性作为审核的核心维度之一，通过多角度评估企业的创新能 力。截至 2025 年 7 月 4 日，北交所 2025 年新受理企业数量 133 家，其中国家级 专精特新"小巨人"企业数量 44 家，占比达 33.08%。从行业板块来看，工业、 材料和信息技术企业数量分别占比 33.08%、23.31%和 11.28%。多数 ...

新华社记者程云杰、陈尚营、姚远 高清画质、影视级镜头语言、15秒实现多镜头视频生成——凭借这一技术实力，成立只有两年多的智象未来已跻身全球多模态生成式人工智能创 新企业的第一梯队。这家位于安徽省合肥市的企业，市场规模也迅速拓展到1000万全球个人用户和4万企业用户。 公司创始人梅涛把人工智能创业比作"穿越无人区"，"技术是新的，市场也是新的"。由于国际形势导致美元资金回撤，从事风险投资的人民币资 金相对较少，融资通道相对狭窄，智象未来一度只能采取"小步快跑"的策略，"每次融一点钱就快速地跑出来，下一步的资金才会进来"。 智象未来落户合肥并非偶然。安徽一直在聚力发展先进制造业集群，计划挖掘培育一批以创新为支撑，跨越初创困难期、步入高速成长期，呈现 跳跃式发展态势的瞪羚企业，打造一批估值超过10亿美元且未上市的独角兽企业，同时，支持专精特新"小巨人"企业打造新动能、攻坚新技术、 开发新产品，强化产业链配套能力。 记者在安徽参加"活力中国调研行"时发现，打造"基金丛林"，构建政府领投、国资联投、机构跟投，覆盖科技型企业全生命周期的基金体系已成 为安徽金融改革的特色之一。 截至去年10月，安徽新兴产业引导基金体系累计 ...

Group 1 - The "Hundred Days and Millions of Recruitment Special Action" job fair for college graduates was held in Nanjing, attracting over 1,000 graduates seeking job opportunities [1] - More than 130 employers participated in the offline event, offering over 2,200 job positions across various fields, including software engineering, intelligent construction, computer science, and elderly care [1] - The online recruitment through the "Just in Jiangsu" smart employment service platform reached an impressive 100,000 visits [1] Group 2 - The elderly care recruitment section featured 64 medical and elderly care service institutions, providing over 1,000 job positions with an average monthly salary exceeding 4,000 yuan [1][2] - Young professionals are encouraged to enter the elderly care industry, which is seen as a sunrise industry, but there is a need for patience and dedication to thrive in this field [2] - The event included seven employment and entrepreneurship service areas, offering comprehensive support such as policy briefings, career guidance, resume diagnostics, live job broadcasts, AI interviews, skills training, and entrepreneurship guidance [2] Group 3 - The Jiangsu Provincial Human Resources Department plans to focus on job-seeking college graduates and youth by organizing targeted recruitment activities, implementing a "1131" service initiative to provide personalized support [3]

天眼查资料显示，科大讯飞股份有限公司，成立于1999年，位于合肥市，是一家以从事软件和信息技术 服务业为主的企业。企业注册资本231173.4185万人民币。通过天眼查大数据分析，科大讯飞股份有限 公司共对外投资了129家企业，参与招投标项目5000次，财产线索方面有商标信息2736条，专利信息 5000条，此外企业还拥有行政许可59个。 金融界2025年7月5日消息，国家知识产权局信息显示，科大讯飞股份有限公司申请一项名为"混合专家 网络训练方法、问答方法、相关设备及程序产品"的专利，公开号CN120258046A，申请日期为2025年 06月。 专利摘要显示，本申请公开了一种混合专家网络训练方法、问答方法、相关设备及程序产品，本申请将 混合专家网络中第二专家层FC2和Unpermute操作层融合为第一融合层，在前向传播过程仅需保存第一 融合层的输入及每个token对应专家的概率Probs，在反向传播过程，第一融合层的输入既可以用来计算 第一融合层参数的梯度，又可以用来计算Probs的梯度，无需额外保存FC2的输出，降低了需要保存的激 活的显存占用量。进一步还可以将Permute操作和FC1融合为第二融合层 ...

Group 1 - The State Intellectual Property Office of China granted a patent for a "Box Sealing and Packing Integrated Machine" to Hangzhou Yongchuang Intelligent Equipment Co., Ltd. and Zhejiang Yongchuang Machinery Co., Ltd. The patent number is CN223059393U, with an application date of August 2024 [1] - The patent describes a new design that integrates a sealing module and a packing module into one machine, which enhances efficiency and product consistency while reducing the overall size and footprint of the equipment [1] - The integrated machine consists of a frame, sealing module, packing module, and a conveying module, with the sealing module designed to seal packaging boxes and the packing module including a packing frame and packing body [1] Group 2 - Hangzhou Yongchuang Intelligent Equipment Co., Ltd. was established in 2002 in Hangzhou, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 487.90 million RMB [2] - The company has invested in 43 enterprises, participated in 970 bidding projects, and holds 942 patents along with 69 trademark registrations and 41 administrative licenses [2] - Zhejiang Yongchuang Machinery Co., Ltd. was founded in 2011 in Hangzhou, focusing on rubber and plastic products, with a registered capital of 300 million RMB [2] - This company has participated in 58 bidding projects, holds 252 patents, 3 trademark registrations, and has 23 administrative licenses [2]

| ■ D 中小企业促进法为 全国开征环境保 新版水污染防治 护税 法施行 中小企业发展保驾 护航 公共图书馆法规定 反不正当竞争法 四类服务免费 鼓励保护市场竞争 导游不得擅自变更 外卖商户应有实 行程、强迫游客购物 体店 手 车辆购置税由7.5% 对进出口关税进行 央行调整车贷政策 恢复到10% 部分调整 最近一年营业收入≥1亿元，且最近两年营收复合增长率≥30%。生物医药等研发周期长的企业多适用此条，需注意 研发费用可全额加计扣除。 北交所（北京证券交易所）作为服务创新型中小企业的主阵地，其上市条件和要求相较于沪深交易所更具包容性 和灵活性，旨在为"专精特新"企业提供高效的融资平台。以下从财务指标、行业属性、公司治理、审核流程等维 度，全面解析北交所的上市规则体系及实操要点。 一、基础上市条件： 1. 新三板挂牌满12个月： 企业需在全国股转系统（新三板）创新层连续挂牌满12个月，这是北交所上市的前置条件。根据《北京证券交易 所股票上市规则（试行）》，挂牌期间需规范运作，且最近12个月内未出现重大违法违规行为。例如，2023年上 市的"曙光数创"即从创新层挂牌至北交所IPO仅用时14个月，体现了层间衔接 ...

Group 1 - Shenzhen Wole Material Co., Ltd. and Shenzhen Wole Shrink Co., Ltd. applied for a patent for an "easy-peel heat shrink tube" with publication number CN120248487A, filed on December 2023 [1] - The patent describes a heat shrink tube made from ethylene-acrylate copolymer, which reduces molecular entanglement and cohesion strength, enhancing its peelability [1] - The easy-peel heat shrink tube can shrink over 35% at 200°C, achieving a molecular chain orientation of 30%-85%, allowing for tearable performance at room temperature [1] Group 2 - Shenzhen Wole Material Co., Ltd. was established in 1998, primarily engaged in the manufacturing of chemical raw materials and products, with a registered capital of approximately 1.26 billion RMB [2] - The company has invested in 31 enterprises, participated in 2,195 bidding projects, and holds 1,370 patents along with 526 trademark registrations [2] - Shenzhen Wole Shrink Co., Ltd. was founded in 2018, focusing on rubber and plastic products, with a registered capital of 100 million RMB [2] - This subsidiary has invested in 1 enterprise, participated in 5 bidding projects, and holds 64 patents [2]

固定收益 | 固定收益定期 高频经济跟踪周报 20250705 需求：新房成交同比回落，汽车消费持续回暖 （1）地产方面，本周 20 城商品房成交面积环比小幅上升，但同比下降， 明显低于季节性水平，高能级城市新房成交同比跌幅收窄，低能级城市新 房成交同比跌幅加大。此外，重点城市二手房成交面积环比大多下降。 （2）消费方面，乘用车零售日均销量和批发日均销量环比上升，观影消费 低于季节性，出行表现有所分化，全国迁徙规模指数环周上升，一线城市 地铁客运量环周回落。 生产：工业生产运行平稳，基建开工维持偏强 （1）中上游方面，唐山高炉开工率小幅下降，螺纹钢开工率下降，PTA 开 工率环周上升，涤纶长丝开工率与石油沥青装置开工率环周上升，指向基 建开工或边际改善。 （2）下游方面，汽车全钢胎开工率和半钢胎开工率较上周下降，半钢胎绝 对值仍高于历年同期水平，以旧换新补贴政策支持下短期内对生产端或有 一定支撑。 基建施工加速，对美航运价格回落 证券研究报告 投资：螺纹钢表观消费回暖，水泥价格有所下降 螺纹钢表观消费表现回暖，螺纹钢价格环周上升；水泥发运率与水泥库容 比下降，水泥价格有所下降。 贸易：港口吞吐量下降，出口集运 ...

金融界2025年7月5日消息，国家知识产权局信息显示，北汽福田汽车股份有限公司取得一项名为"车辆 尾排处理系统及具有其车辆"的专利，授权公告号CN223066201U，申请日期为2024年08月。 天眼查资料显示，北汽福田汽车股份有限公司，成立于1996年，位于北京市，是一家以从事汽车制造业 为主的企业。企业注册资本791740.0367万人民币。通过天眼查大数据分析，北汽福田汽车股份有限公 司共对外投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息1610条，专利信息5000 条，此外企业还拥有行政许可3158个。 专利摘要显示，本实用新型涉及一种车辆尾排处理系统及具有其车辆，系统包括：除氢装置，其输入端 与燃料电池系统的尾排出口相连，用于清除尾排出口的尾排气体中的氢气，得到待排出气体；水汽分离 装置，其输入端与除氢装置的输出端相连，其第一输出端与大气相连，用于对待排出气体进行水汽分离 后将分离后气体排放；储水装置，其输入端与水汽分离装置的第二输出端相连，用于存储待排出气体进 行水汽分离后的液态水；设置于除氢装置和储水装置之间的导热装置，用于将除氢装置清除尾排气体中 的氢气时产生的热量传导至 ...

Group 1 - The company Xi'an Shangu Power Co., Ltd. has applied for a patent for a "wing-shaped blade diffuser" to address the limitations of existing multi-blade diffusers in meeting the wide operating range requirements of centrifugal compressors in industries such as petroleum, chemical, and steel [1] - The patent application was filed on January 2024, and the diffuser design includes 7 to 11 blades with a total angle of the arc lines accounting for 44% to 65% of the diffuser's circular angle, ensuring a wider operating range while improving single-stage pressure ratio and efficiency [1] - Computational Fluid Dynamics (CFD) calculations indicate that the surge margin of the new diffuser design has increased by 2.38%, with maximum flow point total pressure ratio rising from 1.8743 to 1.8945, and total pressure loss reduced by 4.1 kPa at an inlet pressure of 202.97 kPa [1] Group 2 - Xi'an Shangu Power Co., Ltd. was established in 1999 and is primarily engaged in the automotive manufacturing industry, with a registered capital of approximately 1.725 billion RMB [2] - The company has made investments in 16 enterprises and participated in 1,380 bidding projects, holding 168 trademark records and 897 patent records, along with 46 administrative licenses [2]