2025 年 12 月 14 日 市值配售改革受关注，原力数字等 三新股过会 ——北交所策略周报（20251208-20251214） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： 相关研究 - 证 券 研 究 报 告 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 汪秉涵 A0230525090003 wangbh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 三 板 研 究 请务必仔细阅读正文之后的各项信息披露与声明 专 题 研 究 证券分析师 wangbh@swsresearch.com ⚫ 本周北证 50 上涨 2.79%，成交额环比上升 40.57%。1）本周北交所情绪明显回暖，天 力复合连续两天涨停，北证市场成 ...

Group 1 - The core viewpoint of the report indicates that the North Exchange 50 index has decreased by 9.04%, with trading volume declining by 16.2% during the week. The Shanghai Composite Index also experienced significant adjustments, dropping by 3.9% [11][18]. - The report highlights that the automotive supply chain is facing downward pressure on valuations due to expectations of a 50% reduction in the new energy vehicle purchase tax next year and poor sales performance in recent weeks [12]. - The lithium battery and automotive sectors account for approximately 30% of the North Exchange 50's weight, and recent adjustments in these sectors have significantly impacted the index [12][15]. Group 2 - This week, two new stocks were listed on the North Exchange: Beikang Testing and Dapeng Industrial, with first-day price increases of 295.52% and 1211.11%, respectively [3][30]. - The report notes that the North Exchange currently has 284 companies listed, with no new listings or subscriptions expected in the following week [3][39]. - The report provides insights into the performance of individual stocks, with 10 stocks rising and 271 falling, resulting in a rise-fall ratio of 0.04 [41]. Group 3 - The report emphasizes the importance of monitoring value stocks that have seen rapid valuation declines, suggesting that the recent market downturn presents a good opportunity for long-term value investors [15][16]. - It recommends focusing on companies that are expected to enter the North Exchange 50 index and those in the technology and cyclical sectors, considering the changes in the third-quarter fundamentals and marginal improvement expectations [15][16]. - Specific companies to watch include Tongli Co., Better Ray, Kait Co., Wantong Hydraulic, Gobika, Guangxin Technology, Lintai New Materials, Kangnong Agriculture, and Deyuan Pharmaceutical [16].

2025 年 11 月 16 日 北证开市四周年，市值近万亿流动 性改善显著 ——北交所策略周报（20251110-20251116） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 11 家，摘牌 6 家，周新增计划融资 0.96 亿元，完成融资 0.67 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 联系人 郑菁华 A0230525060001 zhengjh@swsresearch.com 新 三 板 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 ...

Core Insights - The Beijing Stock Exchange (BSE) has significantly grown over four years, with 282 listed companies and a total market capitalization of approximately 900.835 billion yuan, approaching the one trillion yuan mark [1] - Over 80% of the listed companies are in strategic emerging industries and advanced manufacturing, with 53% being national-level specialized and innovative "little giant" enterprises, indicating a strong concentration of innovative entities [1] Market Performance - Seven companies have a market capitalization exceeding 10 billion yuan, with Betterray leading at 42.038 billion yuan, followed by Jinbo Biological at 27.593 billion yuan [2] - Among the 275 stocks, 228 have doubled in price since their issuance, with notable performers like Xingtum Measurement Control and Litong Technology seeing price increases over tenfold [2] - The average first-day gain for the 20 new stocks listed this year was 3.25 times, showcasing a strong profit-making effect [2] Expert Opinions - Experts believe that the BSE serves as a "specialty store" for specialized and innovative enterprises, emphasizing its role in connecting capital markets with small and medium-sized enterprises (SMEs) [3] - The introduction of the North Exchange 50 ETF is anticipated to enhance market liquidity and attract more investments, facilitating the growth of specialized and innovative companies [4] Future Outlook - Recommendations include aligning listing standards and regulatory requirements with the realities of SMEs, and creating a comprehensive service system throughout the business lifecycle [5] - There is a call for a focus on the quality of companies rather than quantity, with an emphasis on the innovative attributes and stability of performance during the IPO process [6] - Future expectations include the total market capitalization of the BSE surpassing one trillion yuan, the emergence of companies with a market cap of one billion yuan, and daily trading volumes reaching one billion yuan [6]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on technology growth sectors such as semiconductors, AI applications, biomedicine, and new materials [3][4]. Core Insights - The market is experiencing a significant rotation of funds, indicating a "high-low switch" trend, with capital moving from previously high-performing sectors to those with relatively lower valuations or favorable policy expectations [3]. - The North Exchange's "14th Five-Year Plan" is highlighted as a key focus, with plans to enhance services for innovative SMEs and introduce the North Exchange 50 ETF, which is expected to bring in passive incremental funds and improve market liquidity [3]. - Short-term market fluctuations are anticipated due to capital rotation and overall sentiment in the A-share market, but medium to long-term stability and vitality are expected to improve as policy benefits are released and more long-term funds are attracted [3]. Summary by Sections Market Review - On November 3, the North Exchange A-share trading volume reached 26.03 billion yuan, a decrease of 6.3 billion yuan from the previous trading day, with the North Exchange 50 Index closing at 1567.23, down 0.98% [7][16]. - Among 281 companies listed, 99 saw an increase, 10 remained flat, and 172 experienced declines, with notable gainers including Danah Biotechnology (497.1%) and Deere Chemical (20.8%) [17][18]. Important News - TSMC announced a price increase of approximately 3%-5% for advanced processes below 5nm starting January 2026, indicating strong demand in AI and high-performance computing sectors [20]. - Tesla's Optimus project is facing challenges in data collection methods, with a shift towards a hybrid approach in the robotics industry [21]. Key Company Announcements - Kun Gong Technology announced the release of 837,700 shares from pledge, representing 2.3858% of its holdings and 0.7524% of the total share capital [23]. - Haosheng Electronics was recognized as a national-level "specialized and innovative" small giant enterprise [26].

Group 1 - The performance of the Beijing Stock Exchange (BSE) in Q1-Q3 2025 shows a recovery in revenue but pressure on profitability, with total revenue of 145.1 billion yuan, a year-on-year increase of 6%, and net profit of 9.2 billion yuan, a year-on-year decrease of 7% [1][6][10] - Leading companies and scarce assets are outperforming, with notable performances from companies like Jinbo Biological, Betterray, and Development Technology, which have shown strong growth [1][30] - The industry shows significant differentiation, with the highest revenue growth in beauty care (+30%), petroleum and petrochemicals (+24%), communication (+18%), and automotive (+17%), while most industries face challenges of revenue growth with profitability under pressure [1][18][19] Group 2 - A total of 19 companies reported a net profit greater than 100 million yuan with positive growth, indicating strong performance among leading firms [1][36] - There are 23 companies identified as long-term high achievers, with a compound annual growth rate (CAGR) of over 15% from 2022 to 2024, and revenue growth exceeding 10% in Q1-Q3 2025, including Jinbo Biological and Kaiter Co [1][38] - The BSE 50 index has shown resilience, with a median net profit of 460 million yuan, surpassing that of the Sci-Tech Innovation Board, reflecting a competitive advantage in profitability [1][24][25]

Group 1 - The core viewpoint of the news is that the North Exchange stocks continue to strengthen, with the North 50 Index rising over 3% [1] - Notable stocks with significant gains include Lijia Technology, Kunming Technology, Guozi Software, Luqiao Information, Betterray, and Deyuan Pharmaceutical [1] - The chairman of the North Exchange, Lu Songbin, announced ongoing optimization of the North Exchange index system, plans to launch the North 50 ETF, and research on introducing after-hours fixed-price trading to enhance investment trading convenience [1] Group 2 - The North 50 Index closed at 1603.90, up by 50.59 points, representing a 3.26% increase [2] - Other indices showed mixed performance, with the Shanghai Composite Index down by 0.22% and the ChiNext Index up by 0.55% [2] - The overall market sentiment appears to be positive for the North Exchange, contrasting with slight declines in other major indices [2]

Group 1: Market Impact and Developments - The North China Securities Exchange 50 Index surged by 8.41% to close at 1573.71 points, influenced by expectations surrounding the launch of the North China Securities Exchange 50 ETF [1] - The Chairman of the Beijing Stock Exchange, Lu Songbin, announced plans to optimize the index system and accelerate the introduction of the North China Securities Exchange 50 ETF, aiming to enhance trading convenience [1] - The anticipated ETF is expected to lower participation barriers and significantly improve market liquidity, making it an effective tool for investors to allocate resources in the North China Securities Exchange [1] Group 2: Company Overview and Financial Performance - Better Ray, established in August 2000 and part of China Baoan Group, specializes in lithium battery anode and cathode materials, covering three core areas: power batteries, energy storage batteries, and consumer batteries [2] - Financial data shows a decline in Better Ray's revenue from 256.79 billion yuan in 2022 to 142.37 billion yuan in 2024, with net profit decreasing from 23.11 billion yuan to 9.30 billion yuan during the same period [2] - The decline in performance is attributed to intensified industry competition and falling product prices, particularly in the cathode materials segment, which saw a 74.99% drop in revenue in 2024 [2]

Core Insights - The North Exchange stocks showed strong performance in the afternoon, with the North 50 Index rising nearly 9% [1] - Notable gainers included Huaxin Yongdao up 25%, Better Ray up over 18%, and Fujida up over 16% [1] - The Chairman of the North Exchange, Lu Songbin, announced plans to optimize the index system and introduce the North 50 ETF, enhancing trading convenience [1] Company Performance - Huaxin Yongdao: October increase of 25.21%, total market value of 4.057 billion, year-to-date increase of 5.52% [2] - Better Ray: October increase of 18.74%, total market value of 39.6 billion, year-to-date increase of 82.19% [2] - Fujida: October increase of 16.37%, total market value of 6.407 billion, year-to-date increase of 25.64% [2] - Tianma New Materials: October increase of 13.88%, total market value of 3.846 billion, year-to-date increase of 45.86% [2] - Tonghui Electronics: October increase of 13.64%, total market value of 7.052 billion, year-to-date increase of 211.92% [2] - Shuguang Digital Innovation: October increase of 13.19%, total market value of 19.2 billion, year-to-date increase of 42.24% [2]