2025年，北交所二级市场的交易活跃度依然保持在较高水平，无论是日成交金额还是换手率都很亮眼。 北交所"晴雨表"北证50指数全年累计涨幅达38.8%。北证专精特新指数涨幅为44.01%。 新股赚钱效应尤其明显。新股首日股价平均涨幅超300%，并且出现多只盘中涨幅超过1000%的新股。 单只北交所新股的打新资金甚至逼近万亿元，多方资金踊跃参与北交所打新。余伟认为，这反映出投资 者对创新型中小企业的高度认可。 市场预期，未来北交所将会有更多优质企业上市，随着更多种类的资金参与到北交所投资，二级市场交 易活跃度也会有进一步提升。 北交所最新披露的2025年市场统计快报显示，截至12月31日，北交所上市公司数量达到288家，总市值 8694亿元。从上市公司地域分布看，江苏、浙江、广东、北京、山东位列前五，分别达56家、33家、33 家、24家、21家。市值在百亿元以上的上市公司共有9家。 （来源：千龙网） 2025年，北交所高质量发展再上新台阶。12月31日，A股全年收官日，蘅东光上市交易，成为去年第26 家登陆北交所的企业。 蘅东光聚焦于光通信领域无源光器件产品的研发、制造与销售。这家光通信领域专精特新"小巨人"企 ...

省工业和信息化厅相关负责人表示，未来我省将持续开展优质中小企业梯度培育，引导企业不断提 升创新能力，走专精特新发展道路，积极融入辽宁特色"2211"产业体系建设进程。 创新型中小企业具有较高专业化水平、较强创新能力和发展潜力，是优质中小企业的基础力量。以 此次入选的沈阳杰唯科技有限公司为例，其业务覆盖数据通信、网络安全、云计算、智能安防等多个技 术服务领域。企业自主研发的高增益型定向广播，采用高电声转换设计、声波导管设计和波束形成技 术，凭借自研特殊换能器鼓膜和磁路，发出高声强语音信息，能够实现定向远距离清晰语音播报。专业 声学系统解决方案围绕智慧交通、智慧城市、智能轨道、应急预警等领域，提供多场景、多业务、全周 期、全生态、数字化一站式服务。 近日，省工业和信息化厅公布2025年度第三批辽宁省创新型中小企业名单，沈阳有色金属加工有限 公司、大连达利凯普科技股份公司等326家企业入选。今年我省累计新增创新型中小企业860家，覆盖装 备制造、信息技术、新材料、生物医药、能源环保等多个行业领域。 ...

北京证券交易所最新数据显示，截至11月14日，北交所现有上市公司282家，中小企业占比超八成，民 营企业占比近九成，国家级专精特新"小巨人"企业超一半。 截至10月30日，279家北交所公司已完成三季报披露，平均营业收入5.20亿元，同比增长约6%；平均净 利润3298.57万元。从业绩情况看，230家公司实现盈利。 北交所于2021年11月15日开市。北交所董事长鲁颂宾表示，下一步北交所将深入谋划"十五五"时期北交 所、新三板市场建设思路与举措，推动服务创新型中小企业主阵地建设再上新台阶。（记者刘慧） 【纠错】 【责任编辑:王頔】 ...

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant milestones in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and enhancing market functions [1][2][3] Group 1: Market Performance - As of November 14, 2025, the BSE has 282 listed companies, a threefold increase from 81 at its inception, with over 80% being SMEs and nearly 90% being private enterprises [2] - The average revenue of 279 companies that disclosed their Q3 reports is 5.20 billion, reflecting a year-on-year growth of 6%, while the average net profit stands at 32.99 million [2] - The total market capitalization of listed companies is approximately 900.83 billion, with the top companies being Better Ray (42.04 billion) and Jinbo Biological (27.59 billion) [2] Group 2: Institutional Arrangements - The BSE has established inclusive market access for growth-stage and unprofitable companies, with a focus on balancing regulatory costs for SMEs [3] - The introduction of the "920" code signifies the BSE's transition to an independent code era, enhancing market recognition and attracting quality enterprises [3][4] Group 3: Market Ecosystem - The BSE has issued over 13 trillion in government bonds and supported local government bond issuance exceeding 990 billion, contributing to regional economic development [5] - More than 90% of listed companies have distributed dividends, with over 9.5 million qualified investors participating in the market [6] Group 4: Future Directions - The BSE plans to enhance its functions by improving support for technology innovation and refining its listing review system [7] - The focus will also be on stabilizing the market by improving the quality of listed companies and fostering long-term capital investment [8] - The BSE aims to optimize its product offerings and enhance market services, including the introduction of the North Certificate 50 ETF and after-hours fixed-price trading [9]

Core Insights - The Beijing Stock Exchange (BSE) officially opened on November 15, 2021, and has since become a key platform for innovative small and medium-sized enterprises (SMEs) in China [1] - As of now, the BSE has 282 listed companies with a total market capitalization exceeding 900 billion yuan, with nearly 80% being SMEs and over 90% being private enterprises [3][4] - The BSE has implemented a precise and inclusive market access mechanism to support growth-stage and unprofitable companies, alongside a practical continuous supervision system [5][6] Market Performance - The BSE has seen significant growth in market scale and activity over the past four years, with 282 listed companies and a total market value of 900.83 billion yuan [3][4] - The average R&D intensity of listed companies on the BSE is 4.5%, surpassing the average level of regulated enterprises [5] - Over 80% of companies reported profitability in the first half of the year, with a median net profit of approximately 15 million yuan [5] Investor Landscape - The number of qualified investors has reached about 9.5 million, with increasing participation from public funds, private equity funds, and qualified foreign institutional investors (QFIIs) [5] - The BSE is preparing to launch the North Exchange 50 ETF, which is expected to attract more diverse investors and enhance market activity [6][7] Future Development Plans - The BSE aims to enhance its service for innovative SMEs by focusing on four key areas: improving functionality, strengthening foundations, providing friendly services, and fostering an open ecosystem [8] - Plans include optimizing listing standards, enhancing the bond market product system, and promoting the issuance of government bonds [9][10] - The BSE will also work on improving market product systems, service mechanisms, and technological systems to better meet market demands [10][11] Collaborative Efforts - The BSE emphasizes collaboration with government departments and market institutions to support the development of innovative SMEs [11] - There is a focus on enhancing cooperation with local government industrial funds and financial institutions to facilitate SME financing [11][12]

Core Insights - The Beijing Stock Exchange (BSE) has become a significant platform for innovative small and medium-sized enterprises (SMEs) since its opening on November 15, 2021, with 282 listed companies and a total market capitalization exceeding 900 billion yuan [1][3] - The BSE's inclusive market access mechanism supports growth-stage and unprofitable companies, while its ongoing regulatory framework balances compliance costs for SMEs [1][3] - The introduction of the BSE's specialized indices and trading mechanisms, such as the market-making system, enhances market vitality and operational efficiency [1][3] Market Growth and Structure - As of now, nearly 80% of the listed companies on the BSE are SMEs, with private enterprises making up about 90% and over half classified as national-level "specialized, refined, distinctive, and innovative" small giants [3][4] - The average R&D intensity of listed companies is 4.5%, significantly higher than the average for larger enterprises, with over 80% of companies achieving profitability in the first half of the year, maintaining a median net profit of approximately 15 million yuan [3][4] Investor Engagement - The number of qualified investors has reached around 9.5 million, with increasing participation from public funds, private equity, and qualified foreign institutional investors (QFIIs) [4] - The BSE is actively preparing for the launch of the BSE 50 ETF, which is expected to attract more diverse investors and enhance market liquidity [5] Future Development Plans - The BSE aims to strengthen its support for technological innovation and improve its listing standards and regulatory frameworks to better serve key strategic sectors [6] - Efforts will be made to enhance the quality of listed companies through stringent regulatory mechanisms and to promote long-term capital investment in small and medium-sized stocks [7] - The BSE plans to optimize its product offerings and service systems, including the introduction of new trading mechanisms and digital innovations [8] Collaborative Ecosystem - The BSE emphasizes collaboration with government departments and market institutions to foster a supportive environment for innovative SMEs [9] - There is a focus on enhancing international cooperation and expanding the BSE's global outreach to improve market internationalization [9]

Core Insights - The Beijing Stock Exchange (BSE) has become a key platform for innovative small and medium-sized enterprises (SMEs) since its opening on November 15, 2021, with 282 listed companies and a total market capitalization exceeding 900 billion yuan [2][3]. Market Overview - As of now, the BSE has 282 listed companies, with a total market capitalization of over 900 billion yuan, where nearly 80% are SMEs and about 90% are private enterprises [3][4]. - The average R&D intensity of listed companies on the BSE is 4.5%, significantly higher than the average for large-scale enterprises [5]. Investor Landscape - The number of qualified investors on the BSE is approximately 9.5 million, with increasing participation from public funds, private equity funds, and qualified foreign institutional investors (QFIIs) [5][6]. Regulatory and Market Mechanisms - The BSE employs a precise and inclusive market access mechanism to support growth-stage and unprofitable companies, alongside a practical continuous supervision system to balance compliance costs for SMEs [2][5]. - Recent initiatives include the launch of the BSE Specialized and Innovative Index and the completion of the "920" code switch, enhancing market investment tools and operational efficiency [2][5]. Future Development Plans - The BSE aims to enhance its service for innovative SMEs by focusing on four key areas: improving functionality, strengthening foundations, providing friendly services, and fostering an open ecosystem [7]. - Plans include optimizing listing standards, enhancing the bond market product system, and promoting the establishment of more public fund products targeting small and medium-sized stocks [8][9]. Collaboration and Ecosystem Building - The BSE emphasizes collaboration with government departments and market institutions to support the financing and development of innovative SMEs [10]. - Efforts will be made to deepen international cooperation and enhance the market's internationalization [10].

作为国家级资本平台，北交所为河南中小企业注入资本新动能的同时，也带来了差异化制度价值，推动 区域产业链向价值链高端跃升。随着更多豫企借助资本市场实现产业升级，河南创新型中小企业正成为 推动区域经济高质量发展的重要力量。（记者 贾永标） 责任编辑： 秦臻 作为打造服务创新型中小企业的主阵地，创新精神也已深度融入北交所河南上市公司的发展基因中。统 计显示，2025年前三季度，近半数河南北交所企业研发费用实现同比增长，研发投入金额从200多万元 至2000多万元不等，形成"研发—转化—盈利"的良性循环。 河南北交所后备力量充足，目前已有32家企业完成上市辅导备案，6家企业正处于冲刺阶段。其中嘉晨 智能、海昌智能已获受理，拟募资总额7.12亿元；鑫宇光科技、深冷能源等企业已提交备案材料，覆盖 光通信、工业气体等细分领域。 11月15日，北京证券交易所（以下简称"北交所"）迎来开市4周年。统计显示，我省已有13家企业登陆 北交所，总数居中部六省首位，总市值突破350亿元，北交所正为河南区域经济高质量发展注入强劲金 融动能。 创新基因显著，专精特新占比过半。河南13家北交所上市公司中，民营企业占比达85%，高新技术企业 ...

Core Insights - The Beijing Stock Exchange (BSE) has become a vital engine for high-quality economic development in China, marking its fourth anniversary with significant achievements in supporting innovative small and medium-sized enterprises (SMEs) [1][2] Group 1: Market Performance - As of November 15, 2025, the BSE has grown from 81 initial companies to 282 listed firms, with a total market capitalization exceeding 912.67 billion yuan [1] - In the first three quarters of 2025, 279 listed companies reported a combined revenue of 145.07 billion yuan and a net profit of 9.20 billion yuan, with over 80% of companies achieving profitability [2] - The BSE has seen a significant improvement in market liquidity, with a cumulative trading volume of 5.87 trillion yuan and an average daily trading volume of approximately 28.10 billion yuan, reflecting a 128.66% increase compared to the previous year [3] Group 2: Financing and Investment - Over the past four years, the 282 listed companies have raised over 54 billion yuan, averaging nearly 2 billion yuan per company, with over 80% of the funds directed towards green low-carbon initiatives, digital economy, high-end equipment manufacturing, and new materials [2] - The BSE has introduced various special bond types, including technology innovation bonds and green bonds, to support financing for innovative enterprises [2] Group 3: Institutional Innovation and Policy Support - The BSE has established itself as an essential part of China's multi-tiered capital market system, with ongoing institutional innovations enhancing its service capabilities for innovative SMEs [3][7] - The implementation of the "Deep Reform 19 Articles" aims to improve the listing mechanism and enhance market vitality, with a focus on high-quality listings and collaboration with the New Third Board [7][8] Group 4: Future Development and Strategic Focus - The BSE plans to continue enhancing its market functions, solidifying its foundation, and fostering a friendly service environment for innovative SMEs [8] - There is an emphasis on attracting long-term capital, such as public funds and insurance capital, to improve liquidity and support the growth of "specialized, refined, distinctive, and innovative" enterprises [8]

Core Insights - The Beijing Stock Exchange (BSE) is celebrating its fourth anniversary, having established itself as a key player in the multi-tiered capital market, focusing on serving innovative small and medium-sized enterprises (SMEs) [1][9] - As of November 13, 2023, the BSE has 282 listed companies with a total market capitalization exceeding 900 billion yuan, approaching the 1 trillion yuan mark [3][4] - There are currently 170 companies in the IPO pipeline for the BSE, indicating strong interest and activity in the market [6][7] Market Growth - The BSE has shown significant growth over four years, with the number of listed companies increasing from 81 at inception to 282 today [1][3] - The total market capitalization of listed companies reached approximately 912.58 billion yuan as of November 13, 2023 [3] - The number of new listings has also increased, with 25 new stocks listed in the fourth anniversary year and 20 new stocks listed in 2023 [3] Company Performance - Among the listed companies, Betterray leads with a market capitalization of 41.85 billion yuan, followed by Jinbo Biological at 27.42 billion yuan [3][4] - The average revenue for BSE companies in the third quarter was 520 million yuan, reflecting a year-on-year growth of 6%, with an average net profit of approximately 32.99 million yuan [4][5] - Betterray reported a revenue of about 12.38 billion yuan for the first three quarters of 2023, a 20.6% increase year-on-year, with a net profit of approximately 768 million yuan [5] IPO Pipeline - The BSE has a robust IPO pipeline with 170 companies at various stages of the IPO process, indicating a healthy interest in the exchange [6][7] - The IPO review process has accelerated, with multiple companies receiving approval in recent weeks, showcasing the BSE's efficiency in handling new listings [7][8] Policy Support - The China Securities Regulatory Commission (CSRC) has emphasized the importance of the BSE in supporting innovative SMEs and is committed to its high-quality development [9][10] - Continuous policy support has been provided to enhance the market's functionality and stability, contributing to the BSE's growth [9][10] Future Directions - Future initiatives include the introduction of the North Certificate 50 ETF and the exploration of after-hours fixed-price trading [1][10] - The BSE aims to strengthen its unique characteristics and attract high-quality enterprises by implementing a new securities code system [10][11]