证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251012 美国关税风波或再起，建议关注具备估值安 全边际的优质个股 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 观点 ◼ 本周（10 月 9 日—10 月 10 日）北交所市场在里程碑事件落地后进入短 期整理，尽管主要指数回调，但个股活跃度依然较高。本周北交所重大 事件为 10 月 9 日存量股票全部切换为 920 开头独立代码，有助于提升 板块辨识度和生态建设。市场资金对北交所主题个股和新股关注度高， 例如，灵鸽科技（固态电池）、常辅股份（可控核聚变）在新代码启用 当日强势涨停；10 月 10 日上市的奥美森首日大涨 349.82%。 新股上市 ◼ 奥美森（920080.BJ）：为 2003 年成立的智能装备制造商，主营换热器 设备、管路加工设备及新能源定制化设备，客户涵盖格力电器、美的集 团等龙头企业；2025 年中报显示其营收 1.91 亿元，换热器设备占比 68.92%且毛利率达 45.04%，依托政策支持加速拓展新能源装备领域， 2025 年 5 月脉动穿管技术获国际领先水平认证。 投资建议 ...

Core Viewpoint - Morgan Stanley believes that the positive fundamentals of the optical module industry have largely been reflected in stock prices after several months of significant increases, leading to rating adjustments for multiple related stocks [1][2]. Group 1: Market Sentiment and Stock Performance - Morgan Stanley suggests that investors should take profits during periods of high market sentiment, as the positive fundamentals are widely recognized and reflected in stock prices [2]. - Since April, stock price increases have been substantial: New Yisheng up 460%, Zhongji Xuchuang up 312%, Tianfu Communication up 269%, and Huagong Technology up 62% [4]. Group 2: Rating Adjustments and Valuation Concerns - Morgan Stanley has made significant rating adjustments, notably downgrading New Yisheng to "Underweight," citing a potential slowdown in growth after a 338% year-on-year performance increase in Q2 2025 [3][10]. - The firm warns that the current valuations of New Yisheng and Tianfu Communication have exceeded historical averages, indicating that the positive fundamentals may have already been partially digested [7]. - The forward P/E ratio for Zhongji Xuchuang has risen from 14x to 24x, while New Yisheng's has increased from 8x to 20x since the beginning of 2025 [7]. Group 3: Future Growth Catalysts - Morgan Stanley views the rapid rollout of 1.6T products as a potential catalyst for growth in the second half of 2025 and 2026, despite delays in the GB300's launch affecting the timeline for 1.6T module shipments [13]. - The demand for 800G modules is expected to remain strong, which will help offset pricing and sales pressures on lower-end optical modules [13].