北交所策略专题报告 2026 年 03 月 01 日 2025 北交所业绩快报：五大行业均增收，化工新材利润修复领跑 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所业绩快报出炉，化工新材实现营收+归母净利润同比增长 截至 2025 年 2 月 28 日北交所 2025 年业绩快报披露完毕，整体企业营收增速为 5.79%，归母净利润增速为-8.68%。从收入端来看，2025 年北交所企业营业收入 均值为 7.36 亿元，同比 2024 年均值增长 5.79%；中值为 4.19 亿元，同比 2024 年中值增长 0.05%。从利润端来看，2025 年北交所企业归母净利润均值为 4337 万元，同比 2024 年均值下滑 8.68%；中值为 2979 万元，同比 2024 年中值下滑 23.56%。从营收增速的分布维度来看，北交所 2025 年营收实现正增长的企业占 比 62.71%。2025 年北交所共有 185 家公司营收同比正增长，20 家公司增速超 40%。从归母净利润增速的分布维度来看，北交所 20 ...

那为何欧盟要做到这个地步？欧盟首席技术官称，2025年其遭遇了77起由国家支持的网络攻击，造成的 经济损失估计高达3910亿美元，对欧盟民主、经济和生活方式是巨大的风险。在此背景下，强化对关键 信息通信技术供应链的控制，是一种必要的自卫。 本周二，欧盟传出的一则消息让全球科技界都绷紧了神经。欧盟委员会公布了一项前所未有的网络安全 法案草案，核心意图直白而强硬：强制27个成员国从其移动通信网络中移除中国科技公司华为和中兴通 讯的设备。 这并非欧盟首次表态。自2020年起，欧盟便建议各国首都从其5G网络中移除这些供应商的设备，理由 是存在网络安全风险。但据委员会消息人士透露，仅有约半数成员国采取了实际行动。而这一次，欧盟 的决定则从"自愿"升级为"强制"移除。 根据新提案，各成员国需要在法案通过后的三年内执行，但该法案本身首先需要获得各国的批准。正如 一位欧盟高级官员所说的，"自2020年提出以来，市场格局并未发生改变"。言下之意，欧盟的提议不太 能动摇中国通讯设备在欧洲各国的市场。 然而，如果获得批准，华为、中兴通讯和其他中国运营商将面临更多困境。除了5G网络，该法案还引 入了一套将特定国家列为"网络安全威胁" ...

Group 1 - The Shanghai Composite Index (SSE) has broken the 4000-point mark for the first time since August 18, 2015, indicating a further establishment of a bull market trend [2] - The journey to 4000 points was not smooth, with the index hovering around 3800 points since August and experiencing a drop after U.S. President Trump's announcement of additional tariffs on China [2] - Positive factors such as U.S.-China trade negotiations, expectations of Federal Reserve interest rate cuts, and the upcoming Fourth Plenary Session of the Communist Party contributed to the market's recovery [2] Group 2 - The current bull market is primarily driven by both policy and capital market factors, with major indices like the CSI 300 trading below their 2015 peaks, suggesting that the market may still be in the early stages of the bull run [3] - The recent market rally is supported by multiple factors, including the introduction of the "14th Five-Year Plan" focusing on new productivity and a shift of household savings into the capital market [3] - There is a notable trend towards technology stocks, which are expected to lead the market throughout the bull cycle, driven by China's economic transformation and a shift in capital towards innovative sectors [3]

Group 1 - Shenzhen aims to attract international talent by leveraging the Guangdong-Hong Kong-Macao Greater Bay Area to create a technology special zone and establish a talent list tailored to their needs [1] - The city has a total of 26,200 high-level talents and 220,000 returnees from studying abroad, with over 7 million various talents, and ranks first in China's 95 post-90s talent attraction for two consecutive years [1][2] - Shenzhen's R&D investment reached 223.66 billion yuan, with an 18.9% year-on-year growth, maintaining double-digit growth for nine consecutive years, and the R&D intensity is at 6.46% [2] Group 2 - Shenzhen is committed to innovation-driven development, focusing on strategic emerging industries such as artificial intelligence, low-altitude economy, biomanufacturing, quantum technology, and 6G [2] - The city plans to integrate resources from leading enterprises, universities, and government to form innovation alliances, enhancing the international technology innovation center in the Greater Bay Area [2][3] - Future plans include deepening cooperation with Hong Kong's Northern Metropolis to create a collaborative innovation pattern, leveraging national strategic platforms [3]

Group 1: Market Performance - As of February 28, 2025, the North Exchange 50 Index closed at 1306.98 points, reflecting a weekly decline of 2.85%[28] - The average PE ratio for North Exchange A-shares increased to 43.69X, while the PE ratios for the Sci-Tech Innovation Board and the ChiNext decreased to 54.52X and 37.77X, respectively[23] - The average daily trading volume for North Exchange A-shares reached 34.541 billion yuan, up 7.41% from the previous week[24] Group 2: Fund Performance - Multiple North Exchange theme funds reached new net asset value highs, with 12 funds achieving this milestone on February 27, 2025[14] - The average return for North Exchange theme funds in 2025 has reached 24.16%, significantly higher than the 2024 annual return of 14.52%[18] - The average returns for passive index funds related to North Exchange 50, Sci-Tech Innovation 50, CSI 300, and ChiNext were 28.01%, 12.64%, 1.13%, and 5.35%, respectively[20] Group 3: IPO and Valuation Insights - As of February 28, 2025, there were 122 companies on the North Exchange with a PE TTM exceeding 45X, accounting for 46.21% of the total[32] - The number of companies with a PE TTM in the range of 0-30X decreased by 6 compared to the previous peak in November 2024[32] - One company terminated its IPO registration, while another company has completed its registration as of February 28, 2025[4]