北交所日报 北交所日报（2026.01.30） 2026 年 01 月 30 日 核心观点 分析师 范想想 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相对沪深 300 表现图 2026-01-30 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2026 年度策略_ 小而美美到"小 美久到，推动北证高质量发展 2. 【银河北交所】小十五五到：北交所引领中而企业 再进阶 3. 【银河北交所】2025 年度中期策略_并购协同促 新格局，提质扩容迎新供给 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 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 资料来源：中国银河证券研究院 ⚫ 1 月 30 日，北证 50 涨跌幅为-0.29%，收于 1,531.55 点。同日，北证 专精特新指数收于 2,571.08 点，涨跌幅为-0.29%；上证指数收于 ...

Core Insights - The report highlights a decrease in the market value of public funds heavily invested in the Beijing Stock Exchange (BSE), which reached 9.05 billion yuan as of Q4 2025, a decline of 12.19% quarter-on-quarter [2] - The report indicates that the decline is primarily due to profit-taking by investors in thematic funds, with a total redemption of 1.48 billion units, accounting for 52% of the total units before redemption [2][17] - The average net value growth rate of thematic funds in 2025 was 56.7%, significantly outperforming the BSE 50 index's growth of 38.8% [17] Public Fund Investment Trends - As of Q4 2025, the market value of public funds invested in the BSE accounted for 0.27% of the total A-share market, a decrease of 0.04 percentage points [3][4] - The report notes that passive investment trends are ongoing, with index funds experiencing net subscriptions for three consecutive quarters, totaling 12.838 billion yuan as of Q4 2025, an increase of 7.55 billion yuan [2][13] - The report anticipates continued institutional investment in the BSE, with eight thematic funds pending market entry, including six index funds and two actively managed funds [2] Active Equity Fund Strategies - Active equity public funds are focusing on low-valuation growth stocks, with the valuation center of the top 10 stocks held by these funds dropping to 39 times earnings, below the valuation center of the BSE A-shares [2][20] - Key stocks of interest include Litong Technology (solid-state battery), Tongli Co. (lowest valuation on the BSE), and Lin Tai New Materials (low-valuation high-performance) [2][22] - The report also notes an increased focus on cyclical manufacturing sectors, such as basic chemicals and machinery, while reducing exposure to consumer sectors like beauty care and agriculture [2] Thematic Fund Performance - The report emphasizes that thematic funds have shown significant excess returns, with the average net value growth rate of thematic funds in 2025 being 56.7%, compared to the BSE 50's growth of 38.8% [17] - Specific funds that performed well include the "Hua Xia BSE Innovation Small and Medium Enterprises Selected Two-Year Open Fund," which had the lowest redemption ratio [2][15] - The report identifies a trend of active equity public funds increasing their holdings in stocks like Litong Technology, Tongli Co., and Lin Tai New Materials, indicating a strategic shift towards promising sectors [22]

Group 1 - The event aimed to help investors understand the Beijing Stock Exchange (BSE) market and guide them in objectively analyzing its investment value, with over a hundred participants from Jiangxi Modern Vocational Technology College [1] - The expert lecturer introduced the background of the BSE's establishment as a significant measure for deepening capital market reform and implementing innovation-driven strategies since its inception in 2021, focusing on serving small and medium-sized enterprises [3] - The lecturer detailed the "Deep Reform 19 Articles" top-level design, breaking down reform measures from investment, financing, and trading perspectives to provide a comprehensive understanding of the BSE's development [3] Group 2 - The current operational status of the BSE was discussed to help participants understand its market positioning and development potential, enriching their investment knowledge and aiding in the formulation of suitable investment strategies [5] - An interactive session was conducted to educate students about campus loans and related crimes, emphasizing the importance of safeguarding personal banking information [6] - The event was successfully conducted under the guidance of the BSE, enhancing investor understanding and confidence in the BSE's sustainable, steady, and high-quality development [8]

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].

Core Insights - The North Exchange (北交所) has seen significant growth in the number of funds, with over 35 North Exchange 50 Index funds established since its inception, marking its third anniversary on December 15 [1][3] - The performance of North Exchange funds has varied widely, with some funds achieving returns exceeding 100% since the "9.24" market event, while others lag significantly behind [2][4][5] Fund Performance - The top-performing North Exchange funds since inception include: - CITIC Construction Investment North Exchange Selected Two-Year Open A: 175.43% - Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open: 156.91% - Other funds have shown varying performance, with some achieving returns as low as 74.39% [1][5] - The North Exchange 50 Index has increased by over 130% since September 24, with three funds achieving returns above 100% [4] Market Expansion - The North Exchange 50 Index funds have expanded significantly, with 12 new funds launched in 2025 alone, driven by increased market interest and liquidity [3][7] - The total market capitalization of the North Exchange has surpassed 900 billion, while the combined scale of North Exchange 50 Index and theme funds remains below 200 billion, indicating potential for further growth [7] Investment Opportunities - Fund managers highlight three key growth areas for future investment: 1. Innovative growth sectors driven by industry trends and policy support 2. Steady growth focusing on management efficiency and performance metrics 3. Recovery growth targeting industries or companies poised for a turnaround [8] - The North Exchange is expected to continue attracting quality companies, with a significant portion of IPO candidates in the A-share market planning to list on the North Exchange [7][8] Institutional Involvement - The entry of institutional investors has enhanced the visibility of quality North Exchange stocks, with over 70 stocks being heavily held by public funds [5][6] - The increasing participation of institutional investors has made stock selection more challenging, as the market has become more thoroughly explored [9]

Group 1 - The first batch of North Exchange thematic funds is entering a new open window period, with the average cumulative return exceeding 100% over the past two years [1][2] - Eight North Exchange thematic funds established in November 2021 are now announcing their second open period for subscription, redemption, and conversion [2][3] - The average cumulative return of these eight funds is reported to be 104%, with one fund achieving a return of 174.67% [3] Group 2 - Public funds are increasing their investment in the North Exchange, with the amount held in North Exchange stocks rising from 54.18 billion to 103.07 billion from the end of last year to the third quarter of this year [4] - As of December 3, 2023, 15 North Index 50-related funds have been reported this year, indicating a growing interest in these products [5] - Multiple fund companies are preparing to submit North Index 50 ETF-related products, which are expected to enhance trading strategies and risk control mechanisms [6]

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]

Group 1 - The medium to long-term allocation value of the North Exchange is clear, with increasing institutional participation and market expansion [2][9][30] - As of November 14, 2025, the North Exchange has 282 listed companies with an average market capitalization of 3.194 billion yuan, showing continuous high-quality development [9][30] - The average daily trading volume of North Exchange A-shares reached 1.08 billion yuan in 2025, doubling from 0.5 billion yuan in 2024, indicating significant liquidity improvement [2][17] Group 2 - The issuance of new stocks is steadily increasing, with a sufficient reserve of companies waiting to be listed and improving profitability [2][30] - As of November 16, 2025, there are 95 companies in the IPO process, indicating a promising future for new stock issuance on the North Exchange [30] - The average net profit of new three-board listed companies increased from 44.61 million yuan in January 2024 to 93.12 million yuan in November 2025, supporting high-quality expansion of the North Exchange [30] Group 3 - The North Exchange has seen a significant increase in institutional participation, with the market value held by funds rising from 3.030 billion yuan in Q1 2024 to 10.307 billion yuan in Q3 2025 [3][37] - The number of funds holding North Exchange stocks increased from 49 at the end of 2024 to 71 by November 2025, reflecting growing interest from institutional investors [37][41] - The North Exchange's stock performance has outpaced other markets, with many funds achieving high returns, particularly in technology-focused investments [41][46] Group 4 - The North Exchange's new stock issuance has shown significant profitability, with the average first-day increase of new listings reaching 325% from early 2025 to November 14, 2025 [46] - The strategic investment standards for new stock issuance have been adjusted to include institutions with strategic cooperation and long-term investment intentions, enhancing market stability [46] - The potential introduction of a market capitalization-based subscription model for new stocks could further strengthen investment participation in the North Exchange [46] Group 5 - High-dividend stocks on the North Exchange are gaining attention, with 32 stocks having more than two dividends in 2024 and seven stocks yielding over 3% [48][49] - Companies such as Taihu Yuanda and Qingju Technology are highlighted for their strong dividend performance and stable earnings [51][48] - The focus on high-dividend stocks aligns with a strategy for stable investment returns in the current market environment [48] Group 6 - The North Exchange 50 index has a significant representation in industries such as industrial (36%), information technology (24%), and materials (19%) [52] - Companies within the North Exchange 50 that are also recognized as specialized and innovative enterprises are being closely monitored for investment opportunities [55] - The ongoing adjustments in the North Exchange 50 index reflect a focus on maintaining high-quality and high-growth potential companies [55]

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]