证券研究报告|北交所专题报告 2025年10月9日 证券分析师 姓名：赵昊 资格编号：S1350524110004 邮箱：zhaohao@huayuanstock.com 证券分析师 姓名：万枭 资格编号：S1350524100001 邮箱：wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 核心要点：9月新股收益率维持397%高位，2025Q3预期顶格收益达14.4万元 n 发行情况：2025年前9个月共计15家公司完成上市，募资49亿元，全年募资已超越2024年；9月有3家公司上市，募资额 9.2亿元，北交所IPO节奏维持加速态势，预计后续IPO延续该节奏。2025Q3有9家公司上市（上季度为3家），募资额27 亿元（上季度为7亿元），从募资规模来看，2025Q3创下2024Q1以来新高。公司质量方面，2025年前9月，北交所新上 市公司的2024年营收平均为8.9亿元，归母净利润平均为1.3亿元，财务数据相比2023-2024年新上市公司显著提升。 n 申购热度：从网上申购资金来看，2025年前9个月平均达6079亿元，9月平均达7248亿元；2025Q3平均达 ...

长江能科明日开启申购，发行代码为920158，本次发行价格5.33元 ，发行市盈率为14.99倍，单一账户 申购上限为142.50万股。公司本次初始发行数量3000.00万股，其中，网上发行量为2400.00万股，发行 后总股本为1.38亿股，根据超额配售选择权机制，国泰海通证券股份有限公司获授权向网上投资者超额 配售450.00万股，占初始发行股份数量的15.00%，同时网上发行数量扩大至2850.00万股。本次发行战 略配售股份合计600.00万股，占初始发行规模的20.00%。 本次发行预计募集资金总额1.60亿元。若全额行使超额配售选择权本次募集资金总额为1.84亿元。募集 资金主要投向年产1,500吨重型特种材料设备及4,500吨海陆油气工程装备项目、研发中心建设。 公司专注于能源化工专用设备的设计、研发、制造和服务，产品广泛应用于油气工程、炼油化工、海洋 工程、清洁能源等领域。 公司募集资金投向 | 项目 | 投资金额（万元） | | --- | --- | | 年产1,500吨重型特种材料设备及4,500吨海陆油气工程装备项目 | 10000.00 | | 研发中心建设 | 6000.00 | ...

Wind数据显示，北交所冻结资金规模最大的前10家均为今年上市新股，其中宏远股份、巴兰仕、志高机械冻结资金均超过7000 亿元。打新资金激增导致中签率持续走低，8月22日上市的能之光中签率仅0.0179%，为北交所历史最低。与此同时，机构投资 者也纷纷参与战略配售，竞争日趋激烈。例如，锦华新材引入了15家战投，合计认购653.33万股；三协电机则引入了16家战 投，战略配售募集资金总额为3178.8万元。 在新股发行火热的同时，北交所的"源头活水"也在不断注入。9月18日晚，北交所新受理了九目化学、百诺医药和申兰华3家公 司的IPO申请。其中，九目化学为专精特新"小巨人"企业，是OLED材料领域制造业典范。新三板市场作为北交所的重要后备 军，目前创新层企业数量已超过1700家，其中符合北交所财务标准的企业超过800家。近期，百利食品完成北交所IPO辅导，芬 尼股份则完成上市辅导备案，均为专精特新"小巨人"企业。 Wind统计显示，今年以来北交所上市的14只新股首日涨幅均超过150%，其中广信科技、鼎佳精密、天工股份等新股首日涨幅 也均超过400%，市场赚钱效应极为突出。 随着新股赚钱效应的扩散，北交所打新热度 ...

9月19日，世昌股份登陆北交所，首日收盘大涨271.6%，延续了今年北交所新股的"不败神话"。至此， 2025年北交所上市新股已达14只，首日平均收益率达到349.98%，赚钱效应显著。 市场参与热情也随之水涨船高：日前锦华新材的发行结果披露，52.49万户投资者参与申购，冻结资金 规模高达8511.87亿元，创下历史新高。与此同时，近日北交所发行节奏明显加快，9月18日新受理3家 公司，一批新三板公司踊跃冲刺北交所IPO。 新股赚钱效应爆棚 延续今年来北交所新股强势表现，世昌股份上市"首秀"同样不负众望，收盘涨幅271.6%，成为北交所又 一单日涨幅超过2倍的新股。 世昌股份主营业务为汽车燃料系统的研发、生产和销售，主要产品为汽车塑料燃油箱总成。公司主要面 向整车制造企业进行销售，主要产品具有轻量化、低排放、抗静电、低噪音、安全性高等特点，主要客 户包括吉利汽车、奇瑞汽车、中国一汽、长安汽车等国内主流整车制造企业。2024年，公司实现营业收 入5.15亿元，净利润6994.93万元。 打新市场热情高涨 随着赚钱效应的扩散，北交所打新热度居高不下，申购资金规模屡创新高。 9月19日， 锦华新材的北交所IPO发 ...

Group 1 - Hebei Shichang Automotive Parts Co., Ltd. (Shichang Co.) was listed on the Beijing Stock Exchange on September 19, with an opening price of 48.22 CNY per share and a closing price of 40.50 CNY, marking a 271.56% increase on the first day of trading [1] - The IPO price was set at 10.9 CNY per share, with an earnings ratio of 10.32 times, and the IPO attracted approximately 649.6 billion CNY in frozen funds, resulting in a subscription ratio of 0.025% [1] - Shichang Co. specializes in the research, production, and sales of automotive plastic fuel tank assemblies, with a projected compound annual growth rate (CAGR) of 35.23% in revenue and 95.50% in net profit from 2022 to 2024 [1] Group 2 - The recent trend in the A-share market shows a strong performance for new stocks, with an average first-day increase of nearly 250% from January to September 14, 2023, and a notable rise in new stock trading enthusiasm following the debut of Changzhou Sanxie Electric Co., which saw a first-day increase of 785% [2] - The average first-day return for new stocks on the Beijing Stock Exchange reached approximately 330% in the first eight months of the year, significantly higher than the 230% recorded for the entire previous year [2] - The number of new companies successfully listed has increased, with 21 companies passing the review process by August, and 170 companies currently preparing for IPOs on the Beijing Stock Exchange [4] Group 3 - The IPO of Zhejiang Jinhua New Materials Co., Ltd. attracted 52.49 million participants, with frozen funds exceeding 85.11 billion CNY and a subscription multiple of 1511 times, indicating a high level of investor interest [3] - The average online subscription funds for the first eight months of the year reached 57.87 billion CNY, with a noticeable increase in the average subscription amount compared to previous years [3] - The market is experiencing a trend of increasing competition for new stock subscriptions, with the average winning rate dropping to 0.044% in the first eight months of 2023 [3] Group 4 - The market outlook suggests that with the further improvement of the registration system, new stock issuance will become more market-oriented and regular, providing more opportunities for investors [5] - Optimizations in market regulations and trading rules are expected to enhance the performance of newly listed stocks, supporting the profitability of new stock subscriptions [5]

Group 1: IPO Performance - In the first eight months of 2025, the average first-day return for IPOs on the Beijing Stock Exchange reached 328%, significantly higher than the 229% for the entire year of 2024[24] - In August 2025, the average first-day return for five newly listed companies was 290%, a slight decrease from July, possibly due to the accelerated issuance of new stocks leading to more dispersed funds[24] - The average revenue for newly listed companies in August 2025 was 10.7 million yuan, indicating a continuous improvement in the quality of companies listed on the exchange[32] Group 2: Subscription Trends - The average subscription amount for new stocks in August 2025 reached a record high of 677.4 billion yuan, reflecting strong market enthusiasm for new listings[27] - The average subscription amount for the first eight months of 2025 was 578.7 billion yuan, a substantial increase from 369 billion yuan in 2023 and 212.9 billion yuan in 2024[27] - The average expected return for a top-tier subscription account (1.5 million yuan) in the first eight months of 2025 was 29,000 yuan, with August's expected return at 7,550 yuan[31] Group 3: Market Dynamics - A total of 12 companies completed their IPOs in the first eight months of 2025, raising 3.8 billion yuan, with five companies listed in August alone, raising 1.33 billion yuan, marking the highest monthly fundraising amount since 2024[19] - The average online subscription rate dropped to 0.0365% in August 2025, indicating increasing competition for new shares as the number of applicants rises[27] - As of August 31, 2025, there were 170 companies preparing for IPOs on the Beijing Stock Exchange, with an average review cycle of 399 days for the five companies listed in August[46]

Core Viewpoint - The issuance results for the new stock of Sanxie Electric (920100) have been released, showing strong demand with total subscription funds reaching 673.64 billion yuan, exceeding initial predictions [3][6]. Subscription and Issuance Details - Total subscription funds amounted to 6736.3960 billion yuan, which is approximately 110 billion yuan higher than previous estimates [6]. - The number of effective subscription accounts reached 667,891, with a total of 762.90 billion shares subscribed [5]. - The final issuance quantity was 1,800 million shares, with 1,710 million shares allocated to online investors, accounting for 95% of the total issuance [4][8]. Allocation and Winning Rate - The winning rate for online investors was 0.0224%, with 88,647 accounts receiving allocations [4][5]. - The total amount allocated to online investors was approximately 150.99 million yuan [4]. Market Performance Expectations - The average increase for the 12 new stocks listed on the North Exchange this year is 327.74%, with an average profit of 3,591.26 yuan per hand [9]. - It is anticipated that Sanxie Electric's stock may see an initial increase of over 200%, although reaching 300% may be challenging [9].

Monetary Market Overview - The central bank's OMO net injection this week was CNY 13,652 billion, with CNY 2,200 billion in treasury cash deposits maturing[3] - The average daily transaction volume of pledged repos decreased by CNY 1 trillion to CNY 7.1 trillion, with overall pledged repo volume lower than last week[3] - The new caliber funding gap rose to -640 on Tuesday but fell to -4,625 by Friday, remaining above last week's -5,511[3] Market Reactions and Trends - A-share market strength and the freezing of funds for new listings on the Beijing Stock Exchange have been suggested as factors influencing market adjustments[3] - The average DR001 rate for August was 1.32%, indicating that the central bank may tolerate increased funding volatility in the latter half of the month[3] - Government bond net payments this week totaled CNY 2,948 billion, with next week's treasury payment scale expected to be CNY 2,370 billion[3] Future Projections - The forecast for September includes CNY 12,900 billion in treasury issuance and a net financing of CNY 5,300 billion[4] - The overall government bond issuance scale for August was CNY 2.33 trillion, with a net financing scale of CNY 1.33 trillion, slightly lower than previous expectations[4] - Next week, the government bond net payment scale is projected to decrease to CNY 2,114 billion[4]

Company Overview - Ningbo Nengzhiguang New Materials Technology Co., Ltd. (referred to as Nengzhiguang) was listed on the Beijing Stock Exchange on August 22, with an opening price of 36 CNY per share, representing a 399.31% increase from the issue price of 7.21 CNY per share [1] - The company achieved a closing price of 32.04 CNY per share on its first trading day, marking a 344.38% increase, with a trading volume of 758 million CNY and a turnover rate of 73.08% [1] - Nengzhiguang's total market capitalization post-listing reached 589 million CNY, with a circulating market value of only 123 million CNY [1] Industry Context - Nengzhiguang specializes in the research, production, and sales of polymer additives and functional polymer materials, with applications across various sectors including automotive, electronics, and photovoltaic components [2] - The company claims that its core product technical indicators are highly competitive within the domestic industry, with some products achieving performance levels that meet or exceed those of imported counterparts, indicating a trend of import substitution [2] Market Sentiment - The enthusiasm for new stock subscriptions remains high, with Nengzhiguang's IPO seeing frozen funds of 564.54 billion CNY and a subscription multiple of 5576.52 times, resulting in a low winning rate of only 0.0179% [2] - The overall performance of new stocks on the Beijing Stock Exchange has been strong, with no new stocks breaking below their issue price this year, reflecting a robust market sentiment and investor confidence [4] Future Outlook - Nengzhiguang plans to focus on technological innovation and talent development, aiming to enhance its core competitiveness through increased R&D investment and collaboration with academic institutions [2] - The current market environment, characterized by low IPO valuations and high investor interest, suggests that new stocks, including those from Nengzhiguang, may have significant upward potential in the near term [5]

Group 1 - The core point of the article highlights the significant debut performance of Hongyuan Co., with its opening price soaring 305.7% from the issue price, ultimately closing at a 358.02% increase on its first trading day [1][3] - Hongyuan Co. achieved a total market capitalization of 5.155 billion yuan and a rolling price-to-earnings ratio of 52.39, indicating strong market expectations for its future growth [3] - The listing of Hongyuan Co. on the Beijing Stock Exchange (BSE) has created a disparity where most retail investors are unable to participate fully due to the high cash allocation requirements, leading to a situation where only those with substantial capital can effectively engage in the new share offerings [3][5] Group 2 - The current bull market presents a dilemma for investors, as locking up significant funds for a chance to participate in new listings may result in missed opportunities in the broader market [5][7] - The article suggests that the excitement of the bull market can lead to overvaluation, warning that historical patterns show that exuberance often precedes a market correction [5][7] - The true winners in the market are those who can exit at the right moment, emphasizing the importance of maintaining a clear perspective amidst market euphoria [7]