北交所策略专题报告 2025 年 10 月 08 日 "920"代码切换迎新机，历史规律与海外科技映射下的节后小盘股机遇 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所"920"时代国庆后开启，历史数据显示节后小盘风格胜率显著提升 "920"代码切换催化在即，历史数据显示节后小盘风格胜率显著提升。北交所 将于 10 月 9 日为存量股启用新证券代码，这标志着北交所全面进入独立代码时 代，此举旨在强化其作为服务创新型中小企业主阵地的市场定位，并脱离过往与 新三板混同的代码体系，市场生态与板块认同感预计将得到显著提升。此外，统 一 920 代码还有助于强化北交所"专精特新"特色与着重培育创新型中小企业等 特点，吸引相应特点优质企业加入板块。以北交所当前小盘风格为主的特性，回 溯中证 2000 历史表现可见，国庆节后是小盘股的传统优势窗口。具体来看，节 后前三个交易日（T+1 至 T+3）上涨胜率高达 70%-80% 。核心逻辑在于，节前 漫长的假期兑现了市场的观望与避险情绪，节后资金回流、风险偏好修复，流动 性更敏感的 ...

□ 本报记者丁宏波通讯员梅丛婧 "这次对接太精准了，直接帮我们找到了技术突破方向。"近日，在海安新材料产业集群交流对接会上， 南通瑞诚高分子材料有限公司和常州大学教授一拍即合，达成初步合作意向，公司研发部经理郭晓亮难 掩兴奋。 今年，海安围绕"五群十链"产业布局，整合多方资源推出"三驱联动"机制——银政企研融通资源链、供 需对接激活产业链、人才引育夯实服务链。在"小规模、多频次、高精准"的服务模式下，"更能打"的产 业生态正在海安成形。截至8月，海安规模以上工业企业总数达1396家，居南通首位，其中亿元以上企 业超400家；今年前8月，海安工业开票销售同比增长4.7%，总量列南通第一。 "链"金融活水浇灌专精特新 在海安"功能膜材料"专场活动中，南京大学赖耘教授团队带来的"神奇玻璃"惊艳全场——正面哑光，翻 面瞬间晶莹剔透。专家一介绍完，几位海安企业家立马围上去聊合作。 企业敢干敢闯，背后是海安提供的金融服务保障支撑。招商银行、海安农商行等拿出"专精特新贷""筑 峰强链贷"，现场预授信620亿元。25家银行和50家企业对接，108个合作意向当场敲定。 金融"及时雨"巧妙破解企业"融资难、融资贵"难题。今年，海 ...

拟募集资金3.98亿元 9月30日，北交所上市委2025年第25次审议会议结果出炉，新天力科技股份有限公司（简称"新天力"） 符合发行条件、上市条件和信息披露要求，顺利过会。作为国内热成型食品容器行业的领先企业，公司 背靠蜜雪冰城、香飘飘、伊利股份、西贝多家头部食品企业，其中仅蜜雪冰城与香飘飘两家就贡献了约 五成的收入。 招股书显示，此次新天力IPO拟募集资金3.98亿元，资金将主要投向三大领域，包括年产3.6万吨高质量 塑料食品容器扩产项目、研发中心升级项目和补充流动资金。 新天力为国家级专精特新"小巨人"企业，专注于为客户提供一站式的食品容器综合解决方案，并致力于 成为全球食品业界备受信赖的合作伙伴。公司主要产品为塑料和纸制食品容器，下游涵盖食品工业、餐 食、街饮等不同应用场景，公司依托持续创新的技术、优质的产品质量和出色的定制开发能力，为众多 食品工业企业、连锁餐饮品牌提供多场景、全方位的食品容器综合解决方案。 经过多年的发展，公司已发展成为国内热成型食品容器行业的领先企业。按销售收入计，2021年至2023 年公司热成型塑料食品容器包装产品在国内市场的排名位列行业前三。此外，公司凭借其出色的创新研 发 ...

9月30日，北交所上市委2025年第25次审议会议结果出炉，新天力科技股份有限公司(简称"新天力")符 合发行条件、上市条件和信息披露要求，顺利过会。作为国内热成型食品容器行业的领先企业，公司背 靠蜜雪冰城、香飘飘、伊利股份、西贝多家头部食品企业，其中仅蜜雪冰城与香飘飘两家就贡献了约五 成的收入。拟募集资金3.98亿元招股书显示，此次新天力IPO拟募集资金3.98亿元，资金将主要投向三 大领域，包括年产3.6万吨高质量塑料食品容器扩产项目、研发中心升级项目和补充流动资金。新天力 为国家级专精特新"小巨人"企业，专注于为客户提供一站式的食品容器综合解决方案，并致力于成为全 球食品业界备受信赖的合作伙伴。公司主要产品为塑料和纸制食品容器，下游涵盖食品工业、餐食、街 饮等不同应用场景，公司依托持续创新的技术、优质的产品质量和出色的定制开发能力，为众多食品工 业企业、连锁餐饮品牌提供多场景、全方位的食品容器综合解决方案。经过多年的发展，公司已发展成 为国内热成型食品容器行业的领先企业。按销售收入计，2021年至2023年公司热成型塑料食品容器包装 产品在国内市场的排名位列行业前三。此外，公司凭借其出色的创新研发能力， ...

Core Viewpoint - New Tianli Technology Co., Ltd. has successfully passed the listing review by the Beijing Stock Exchange, indicating its compliance with issuance and listing conditions, as well as information disclosure requirements [1] Group 1: Company Overview - New Tianli is a leading enterprise in the domestic thermoformed food container industry, backed by major food companies such as Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei, with the first two contributing approximately 50% of its revenue [1][4] - The company aims to provide comprehensive food container solutions and aspires to become a trusted partner in the global food industry [2] - New Tianli has developed into one of the top three companies in the thermoformed plastic food container packaging market in China from 2021 to 2023, with a strong focus on innovation and quality [3] Group 2: Financial Performance - The company plans to raise 398 million yuan through its IPO, with funds allocated to expanding production capacity, upgrading its R&D center, and supplementing working capital [2] - New Tianli's revenue for the years 2022 to 2024 was 944 million yuan, 1.022 billion yuan, and 1.101 billion yuan, respectively, with net profits of 36.32 million yuan, 57.77 million yuan, and 68.40 million yuan [4] - In the first half of 2025, the company achieved a revenue of 536 million yuan, representing a year-on-year growth of 1.14%, while net profit increased by 17.71% to 42.57 million yuan [4] Group 3: Client Base and Market Position - New Tianli has served over 1,000 clients, enhancing its brand recognition, with its brand "Otor New Tianli" recognized as a famous trademark in Zhejiang Province [4] - Major clients include well-known food processing companies and chain restaurants, with Mixue Ice City, Xiangpiaopiao, Yili Group, and Xibei consistently ranking among the top five clients, contributing 62.10%, 63.63%, and 65.60% of sales in recent years [4] - The revenue from Xibei has been declining due to its contraction in the fast-food business, with income from Xibei decreasing from 34.99 million yuan in 2022 to 28.14 million yuan in 2024 [5]

Market Overview - In September 2025, the North Exchange market continued its oscillating trend, with the North Certificate 50 Index reaching a historical high mid-month, indicating sustained recognition of high-quality supply and institutional reform expectations[5] - As of September 29, 2025, the North Certificate 50 Index fell by 2.21% for the month, with a maximum increase of 6.08% during the period[15] - The overall PE valuation for the North Certificate 50 Index was 76.41 times, with a median of 75.86 times, compared to 42.73 times for the ChiNext Index and 180.14 times for the Sci-Tech Innovation Board[21] Trading Activity - The total trading volume for the North Exchange in September 2025 was 582.41 billion yuan, with a trading volume of 24.638 billion shares[24] - The average margin financing balance for September was 7.676 billion yuan, reflecting an increase of 11.65% month-on-month[25] Investment Recommendations - Focus on three main lines: (1) High-growth new productivity targets and leading companies in competitive niche sectors; (2) Innovation-driven sectors such as semiconductors, military, AI, and satellite internet; (3) Consumer-related companies benefiting from policies aimed at boosting domestic demand[5] - The market is transitioning from retail-driven to institutional allocation, enhancing the market's representativeness and financing functions[5] New Listings and Regulatory Updates - Three new stocks were listed in September, bringing the total number of companies listed on the North Exchange to 277[33] - The "920 code switch" for existing companies is set to be implemented on October 9, 2025, enhancing market identification[37] Risk Factors - Risks include potential delays in policy implementation and the possibility of irrational investment behavior due to short-term stock price surges[39]

现在是政策市场，国家让你干什么，你就干什么。 以下文章来源于i黑马 ，作者i黑马 让创业者不再孤独@i黑马 i黑马 . 对创业者来说，你要爬的梯子 一共有五步： 第一步：创小， 即 创新型中小企业。 创新型中小企业，一般是指在产品、技术、管理、模式等方面创新能力强、专注细分市场、成长性好的中小企业。 第二步：科小， 即 科技型中小企业。 科技型中小企业，是指依托一定数量的科技人员从事科学技术研究开发活动，取得自主知识产权并将其转化为高新技术产品或服务，从而实现 可持续发展的中小企业。 这类企业侧重于科技研发和成果转化，是推动科技创新和产业升级的先锋力量。 第三步：专精特新。 所以，国家明确大方向后，你就赶紧上车快跑， 因为 国家不会老做一件事。 所以，做制造的第一件事，是去爬国家的梯子。 即 具有专业化、精细化、特色化、新颖化等发展特征的企业。 也就是，专注细分市场具备特色专业技术的创新型中小企业。 这一概念是我国为促进中小企业转型升级、增强核心竞争力而提出的重要发展方向。 第四步：小巨人。 也就是，"专精特新"中小企业中的佼佼者。 第五步：北交所IPO。 北京证券交易所，简称"北交所"，是中国第一家公司制证 ...

Core Insights - The overall market of the Beijing Stock Exchange (BSE) continued to show a fluctuating trend in September 2025, with the BSE 50 Index reaching a historical high mid-month, indicating sustained recognition of high-quality supply and expectations for institutional reforms [5][14] - The upcoming "920 code switch" for existing companies in October marks a significant step towards a unified code system, enhancing market recognition [5][14] - The market ecology is shifting from being dominated by retail investors to institutional allocation, reflecting a transition from "quantity expansion" to "quality optimization" [5][14] - Looking ahead to Q4, potential catalysts for funds include index adjustments, thematic fund issuances, and anniversary policy expectations, with a focus on "specialized, sophisticated, and new + high-end manufacturing" themes [5][14] Market Review and Valuation - As of September 29, 2025, the BSE 50 Index fell by 2.21% in September, with a maximum increase of 6.08% during the period. Year-to-date, the index has risen by 48.34% with a peak increase of 60.92% [6][15] - The average PE (TTM) for the BSE 50 Index was 76.41 times, while the median was 75.86 times. In comparison, the ChiNext Index had an average PE of 42.73 times, and the Sci-Tech Innovation Board had an average PE of 180.14 times [21][15] New Stock Dynamics - In September, three new stocks were listed on the BSE, bringing the total number of listed companies to 277. During the period from September 1 to September 29, four companies were subscribed, and three were listed [33][34] Key Company Announcements - The BSE announced that starting from October 9, 2025, existing listed companies will uniformly adopt new securities codes starting with "920," which will cover trading orders, market inquiries, and various business operations [37]

Core Viewpoint - The company, Shandong Bailong Chuangyuan Biotechnology Co., Ltd., is experiencing growth driven by its health sweetener products, particularly allulose, and benefits from its stake in a rural commercial bank, as well as the depreciation of the RMB [2][3][4]. Group 1: Company Overview - The company specializes in the research, production, and sales of prebiotics, dietary fibers, and health sweeteners, with a revenue composition of 54.15% from dietary fibers, 28.00% from prebiotics, 13.57% from health sweeteners, and 3.91% from other products [8]. - As of August 29, the company had 12,700 shareholders, a decrease of 0.43% from the previous period, with an average of 33,056 circulating shares per shareholder, an increase of 0.43% [8]. - The company was established on December 30, 2005, and went public on April 21, 2021 [8]. Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 649 million yuan, representing a year-on-year growth of 22.18%, and a net profit attributable to shareholders of 170 million yuan, up 42.00% year-on-year [8]. - The company has distributed a total of 183 million yuan in dividends since its A-share listing, with 172 million yuan distributed over the past three years [9]. Group 3: Market Position and Recognition - The company holds a 5.14% stake in Shandong Yucheng Rural Commercial Bank, which contributes to its financial stability [3]. - The company has been recognized as a "specialized, refined, characteristic, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets and innovation [4]. - The company benefits from a 60.62% share of overseas revenue, aided by the depreciation of the RMB [4]. Group 4: Stock Performance and Trading Activity - On September 30, the company's stock rose by 0.20%, with a trading volume of 64.54 million yuan and a turnover rate of 0.77%, bringing the total market capitalization to 8.43 billion yuan [1]. - The average trading cost of the stock is 20.44 yuan, with the current price approaching a resistance level of 20.15 yuan, indicating potential for a price correction if this level is not surpassed [7]. - The main capital inflow for the day was 461,300 yuan, with no significant trends in capital movement observed [5][6].

来源：新浪证券-红岸工作室 2、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部国家级专 精特新小巨人企业名单。 9月30日，开创电气涨2.88%，成交额9631.47万元，换手率3.55%，总市值59.40亿元。 异动分析 锂电池概念+专精特新+人民币贬值受益+跨境电商 1、据2024年5月8日互动易：2023 年公司开发锂电新产品 20 款，受到博世、Harbor Freight Tools 等客户 的认可。公司目前锂电产品的销售占比，不到总销售收入的 10%，还有很大的提升空间。谢谢！ 3、根据2024年年报，公司海外营收占比为91.85%，受益于人民币贬值。 4、根据2025年7月4日互动易：公司于2018年开始布局电商业务。先后在金华、杭州、深圳成立跨境电 商公司，通过亚马逊及其他电商平台推广及销售公司自主品牌电动工具及其他品类产品。2024年公司线 上销售收入同比增长58.64%。 ( ...