北交所日报 北交所日报（2025.08.26） 2025 年 08 月 26 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 相对沪深 300 表现图 2025-08-26 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2025 年度策略_并购重组助高质 发展，抓两新两重投资机遇 2. 【银河北交所】2024 中期策略_新质生产力赋能 北证，关注国央企投资价值 3. 【中国银河证券】Deepseek 冲击波：北交所_ 中小企业的智能化赋能 www.chinastock.com.cn 证券研究报告 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 1 8 月 26 日，北证 50 涨跌幅为-0.76%，收于 1591.90 点。北证 50 指数 开盘点位为 1600.32 点，最高点位达 1612.97 点，最低点位为 1584.96 点。 同日，上证指数收于 3868.38 点，涨跌幅为-0.39%；沪深 300 收 4452.59 点， 涨跌幅为- ...

- The report does not contain any quantitative models or factors for analysis[1][3][4]

- The report contains no quantitative models or factors relevant to the task

Group 1 - The core viewpoint of the article highlights the active trading environment of the Beijing Stock Exchange (BSE) and the impressive performance of related thematic funds, with a focus on the insights from the fund manager of CITIC Construction Investment's BSE Select Two-Year Open-End Fund, Cold Wenpeng [1] - As of the end of Q1 this year, there are 32 thematic funds in the BSE market with a total management scale of approximately 13.6 billion yuan, including 11 actively managed products totaling 4.35 billion yuan and 21 passive index products totaling 9.26 billion yuan [1] - Over 70% of BSE thematic funds achieved returns exceeding 20% in Q1, attributed to the market's institutional advantages and the long-term commitment of fund research teams [1] Group 2 - Cold Wenpeng's investment framework consists of six key dimensions, emphasizing diversified allocation, focusing on undervalued growth, a top-down approach for industry selection, a bottom-up approach for company selection, contrarian thinking, and strict risk management [1] - The future development of the BSE is viewed positively, with expectations of continued growth, high-quality expansion, ongoing institutional innovation, and increased returns to investors through dividends and buybacks [2] - The BSE is positioned to serve innovative small and medium-sized enterprises, representing a significant market for new productive forces, with a focus on improving supply quality and attracting institutional investors [2]

亮眼业绩得益于北交所市场多重利好因素的共振。政策层面，北交所持续优化制度设计，降低企业上市门槛，吸 引众多专精特新企业聚集；业绩方面，北交所上市公司2025年一季度财报显示，265家企业中有165家实现营收正 增长，为市场提供了坚实的基本面支撑；资金端，公募基金加速布局，截至一季度末，72只基金的前十大持仓中 出现了北交所公司，机构配置比例显著提升。 然而，资金的热捧也带来了管理压力。为防止短期资金盲目涌入，多只基金近期启动限购。业内人士指出，限购 既是控制规模、保护现有投资者利益的常规操作，也反映了部分基金对后市波动风险的警惕。 尽管北交所主题基金整体表现强势，但部分产品在"高收益"的光环下，却未能跑赢比较基准。以国泰北证50成份 指数为例，该产品年内收益超20%，却跑输基准达12个百分点。类似情况并非个例，多只成立时间较晚或仓位调 整滞后的基金均出现显著差距。上述产品成立时间为去年11月份，而同期成立的鹏华北证50成份指数也同样跑输 基准10个百分点。 目前，北交所主题基金主要分为主动管理型产品和被动指数基金两类。理论上，被动型基金应尽可能贴近指数表 现，但实际运作中，跟踪误差往往因建仓节奏、成分股调整等 ...

- The provided content does not include any quantitative models or factors, nor their construction methods, formulas, evaluations, or backtesting results[1][2][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20]