为帮助投资者进一步了解北交所市场，引导投资者客观分析北交所的投资价值，切实保护投资者合法权益。2025年11月19日下午，东方证券联合北京证券交 易所走进江西现代职业技术学院，开展"北交所走近投资者"主题投教活动，超百名师生参与学习交流。 本次活动在北交所的指导下，东方证券积极配合获得圆满成功，投资者进一步加深了对北交所的理解，增强了对北交所持续、稳健、高质量发展的信心。 未来，东方证券将持续发挥投资者教育基地的作用，不断提升投资者服务水平，助力提升市场参与者的理性投资认知，为市场长期稳定健康发展奠定基础。 财经频道更多独家策划、专家专栏，免费查阅>> 活动中，东方证券北交所服务e站专家讲师查鹏程围绕北交所 的定位与建设展开，介绍了北交所设立的时代背景——作为深化资本市场改革、落实创新驱动 战略的重要举措，其自2021年设立以来已形成服务中小企业的特色生态。结合改革进展，查老师详解了"深改19条"顶层设计，从投资端、融资端，交易端等 维度拆解改革举措。让投资者从不同角度了解到北交所的全面发展。 责任编辑：山上 同时查老师还介绍了目前北交所市场的运行情况，帮助师生理解北交所的市场定位与发展潜力，丰富投资理财知识 ...

Group 1 - The article discusses unexpected investment strategies that have been adopted by some funds, particularly focusing on the performance of the Beijing Stock Exchange (BSE) and its impact on fund returns [4]. - Funds heavily invested in BSE stocks, such as Xinghua Jingcheng Mixed Fund, Tongtai Kaitai Mixed Fund, and Tongtai Yuanjian Mixed Fund, have shown significant short-term performance due to the BSE's recent outperformance compared to the Shanghai and Shenzhen markets [5][6]. - The BSE has a 30% limit on price fluctuations, which, combined with its lower liquidity compared to the main board, results in higher volatility for funds employing this strategy. This limits the scale of such funds, making it challenging for larger companies to participate [7]. Group 2 - The article introduces the concept of global rotation, where funds adjust their market allocations across different regions, such as A-shares, Hong Kong stocks, and U.S. stocks. An example is the Chuangjin Hexin Global Pharmaceutical and Biotechnology Fund, which has successfully adjusted its allocations this year, particularly reducing Hong Kong stocks and increasing U.S. stocks [8][9]. - Some sectors or themes may be more suitable for global rotation strategies, indicating potential for more products to explore this approach [9]. - The article also mentions ETF rotation strategies, particularly among funds of funds (FOFs) like Guotai Industry Rotation Stock Fund, which can engage in ETF rotation despite having limited positions [10][11]. - FOF products capable of ETF rotation tend to exhibit higher volatility compared to their peers, often ranking at both ends of the performance spectrum, which requires not only skill but also a strong mindset from investors [12].

| 本 3月24日以不 UX 川二区公立以面 肩加 | 区间收益率 | 成立以来收益率 | | --- | --- | --- | | 基金简称 | (%) | (%) | | 中信建投北交所精选两年定开A | 175.43 | 154.01 | | 华夏北交所创新中小企业精选两年定开 | 156.91 | 135.26 | | 汇添富北交所创新精选两年定开A | 131.96 | 91.69 | | 景顺长城北交所精选两年定开A | 117.77 | 118.81 | | 万家北交所慧选两年定开A | 109.88 | 76.22 | | 易方达北交所精选两年定开A | 107.16 | 65.77 | | 广发北交所精选两年定开A | 103.14 | 69.97 | | 南方北交所精选两年定开 | 97.54 | 64.07 | | 大成北交所两年定开A | 95.89 | 31.26 | | 泰康北交所精选两年定开A | 78.79 | 134.51 | | 嘉实北交所精选两年定开A | 74.39 | -3.49 | 上述基金成立以来大多取得了正收益。但由于跟踪误差等因素，不同基金间的收益分化较为明 ...

◎记者 赵明超 首批北交所主题基金正在迎来新一轮开放窗口期。2021年集中成立的8只北交所主题基金，过去两年平 均累计收益超过100%。从最新动向看，公募基金正持续加大北交所产品的布局力度，北证50指数相关 基金累计年内上报数量多达15只。值得期待的是，北证50ETF也箭在弦上，北交所投资生态将会进一步 完善。 多家基金公司正在筹备北证50ETF相关产品上报 首批主题基金迎第二个开放期 2021年11月23日，首批8只北交所主题基金集中成立，均采取两年定期开放运作模式。近期，多只北交 所主题基金发布公告，宣布进入第二个开放期。 首批北交所主题基金再迎开放窗口期 公募加大掘金力度 随着北交所市场的高质量发展，其对公募基金等机构投资者的吸引力持续提升，公募基金也在不断加大 对北交所的掘金力度。 据开源证券测算，2021年至2023年，北交所投资机构数量增长相对缓慢，但这一趋势已明显改变。截至 去年底，公募基金重仓持有北交所股票的金额为54.18亿元，今年三季度末已增至103.07亿元。 近日，多家基金公司发布公告，旗下基金可投资北交所上市股票。11月22日，长城基金公告称，旗下基 金将按照各自基金合同的约定，参与 ...

Group 1 - The core point of the article highlights that the Huatai-PineBridge North Exchange Innovation Selected Two-Year Open Mixed Fund A/C has performed poorly in November, with returns of -13.50% and -13.52%, ranking at the bottom of the mixed fund performance list for the month [1] - As of the latest report, the fund has a cumulative return of 96.74% and 93.60%, with a cumulative net asset value of 1.9405 yuan and 1.9095 yuan respectively [1] - The fund focuses on companies with excellent management quality and favorable fundamental trends that align with China's economic and industrial development direction, with its top ten holdings including companies like Kaitian Co., Minshida, and Wantong Hydraulic [1] Group 2 - The current fund manager, Ma Xiang, has been with Huatai-PineBridge since 2011 and has served as an industry analyst before taking on the role of fund manager since November 23, 2021 [1] - The fund was established on November 23, 2021, and has a total fund size of 1.88 billion yuan for the C share and 1.91 billion yuan for the A share as of the end of November 2023 [2]

证券研究报告 中长期配置价值明确，攻守之道双轨并行 ——2026年北交所年度投资策略 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年十一月二十三日 请务必阅读正文之后的免责声明部分 1 核心要点 ➢ 中长期配置价值明确，机构参与度逐步提升： 1）北交所市场稳步扩容，流动性改善明显，估值仍有上行空间：①截至2025年11月14日，北交所共282家上市公司，较25年初新增19家，平均市值31.94亿元，北交所市场持续扩容。②在"深 改19条"政策+30%涨跌幅限制+相关基金产品推出引入较多增量资金影响下，北交所流动性显著改善，截至25年11月14日，25年北证A股个股日均成交额达1.08亿元，较24年0.5亿元翻倍增长， 北证50日均换手率5.66%，远高于其他板块。③截至2025年11月14日，北证50的PETTM为47倍，处于2022年以来的历史最高水平，但仍远低于科创50的76倍水平，北交所估值仍有上行空间。 2）新股发行节奏稳步提升，待上市企业储备充足，盈利能力持续向好：①新股发行节奏提升，北交所优质标的持续稳定增长。截至20 ...

Core Viewpoint - The A-share market has shown recovery this year, with the North Exchange's performance being particularly noteworthy, as the North Index 50 has increased by 52.51% year-to-date, attracting investor attention [1] Group 1: Market Performance - The North Index 50 has seen a significant rise due to multiple favorable factors, including policy optimizations and market stabilization measures [1] - The average daily trading volume of the North Index 50 reached 28.36 billion yuan this year, which is 45 times higher than the period from its launch on November 21, 2022, to the end of that year [1] Group 2: Index Composition - The North Index 50 comprises 50 representative companies with large market capitalization and strong liquidity, with 66% being specialized and innovative enterprises and 78% being high-tech companies [2] - The index is concentrated in strategic emerging industries such as new energy, computers, semiconductors, robotics, and biomedicine, aligning with national economic development goals [2] Group 3: Investment Opportunities - The launch of the Invesco Great Wall North Index 50 Fund provides investors with a convenient tool to access opportunities in the North Exchange [3] - Over 80% of the companies in the North Index 50 reported profit growth in the third quarter, indicating a significant improvement in the fundamentals of the index constituents [3] - Invesco Great Wall has achieved notable performance with its actively managed products, with year-to-date net value growth rates of 63.36% and 42.63%, significantly outperforming their respective benchmarks [3]

Core Insights - The "Investment Education Navigation" online course series, organized by the Shaanxi Investor Education Pioneer Alliance, aims to enhance investor understanding of market rules and risk recognition [1][3] - The focus of the latest course is on the continuous expansion and increasing vitality of the Beijing Stock Exchange (BSE), emphasizing its core characteristics and future investment opportunities [3] Group 1: Market Characteristics - The BSE is positioned as "earlier, smaller, and newer," concentrating on specialized, refined, and innovative small and medium-sized enterprises [3] - The market is experiencing continuous expansion, improved liquidity, and a flexible regulatory framework [3] Group 2: Investment Opportunities - Investors are encouraged to focus on three high qualities: high scarcity, high growth, and high dividend [3] - The course highlights the importance of leveraging policy dividends and reforms in market making, financing, and indexation to enhance valuations [3] Group 3: Investment Risks - Investors should remain aware of risks related to operations, liquidity, high volatility, and information asymmetry [3] - Emphasis is placed on fundamental research, a long-term perspective, diversified allocation, and position control [3] Group 4: Participation and Education - Ordinary investors can participate in the market through index funds, which offer a low entry barrier [3] - The course aims to cultivate rational and mature investors by promoting a long-term investment philosophy [3]

Core Insights - The recent quarterly reports from companies listed on the Beijing Stock Exchange (BSE) indicate a growing interest from public funds, with new fund shareholders appearing in the top ten circulating shareholders of several stocks [1][2] - The performance of BSE-listed companies has shown signs of recovery, with a notable increase in revenue and a decrease in the decline of net profit compared to previous quarters [2][3] - The number of brokerage credit trading guarantee accounts has increased, reflecting a rise in margin trading activity among investors [1][4] Group 1: Public Fund Involvement - As of October 24, 10 BSE stocks have disclosed their Q3 reports, with new public funds appearing among the top ten circulating shareholders of companies like Guangxin Technology and Taihu Snow [1][2] - From Q2 onwards, more public funds have begun to allocate resources to BSE stocks, with 59 stocks being heavily weighted by various types of funds [3] - Notable funds such as Xingquan Commercial Model Preferred Mixed and Xingquan New Vision Flexible Allocation have entered the top ten shareholders of Guangxin Technology [2] Group 2: Company Performance - By the end of Q3, 9 out of 10 BSE-listed companies reported positive net profits, indicating a recovery trend [2] - In the first half of the year, BSE companies achieved a total operating income of 92.064 billion, with an average income of 336 million, reflecting a year-on-year growth of 6.01% [2] - The average net profit for BSE companies was 2.156 million, with a year-on-year decline of 10.59%, showing a narrowing of the decline [2] Group 3: Margin Trading Activity - The increase in brokerage credit trading guarantee accounts among the top ten shareholders indicates heightened investor participation in margin trading [1][4] - These accounts are essential for margin trading, as they manage collateral and funds for clients engaging in such transactions [4] - The BSE has established rules for margin trading, allowing stocks to be eligible from the first day of listing, provided investors meet specific conditions [5]

Group 1 - The core viewpoint of the articles highlights the increasing interest of public funds in companies listed on the Beijing Stock Exchange (BSE), as evidenced by the presence of new public fund shareholders in the top ten circulating shareholders of several companies following the release of their Q3 reports [1][2][3] - As of October 23, 2023, 10 companies listed on the BSE have released their Q3 reports, with 9 of them reporting positive net profits, indicating a recovery in performance [2][3] - The average operating revenue of BSE-listed companies reached 92.064 billion yuan in the first half of the year, showing a year-on-year growth of 6.01%, while the average net profit was 5.909 billion yuan, reflecting a reduced decline of 10.59% compared to the previous year [2][3] Group 2 - The number of brokerage credit trading guarantee accounts appearing among the top ten circulating shareholders has significantly increased, indicating a growing enthusiasm among investors for margin trading in BSE stocks [1][4] - Notably, several brokerage firms' credit trading guarantee accounts have entered the top ten shareholder lists of companies like Changhong Energy and Minshida, suggesting a rising interest in leveraging investments [4][5] - The implementation of margin trading rules for BSE stocks in 2022 has provided a regulatory framework that supports the growth of margin trading activities, with specific requirements for investors to participate [5]