晨会纪要 证券研究报告 2026 年 02 月 27 日 核心结论 分析师 【北交所】北交所日报——20260225：温和上涨，关注金三银四和两会政 策预期 zhouying@research.xbmail.com.cn 国内市场主要指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 4,146.63 | -0.01 | | 深证成指 | 14,503.79 | 0.19 | | 沪深 300 | 4,726.87 | -0.19 | | 上证 180 | 10,389.00 | -0.16 | | 中小板指 | 8,841.13 | 0.61 | | 创业板指 | 3,344.98 | -0.29 | 资料来源：聚源 主要海外市场指数 | 指数名称 | 收盘 | 涨跌(%) | | --- | --- | --- | | 道琼斯 | 49,499.20 | 0.03 | | 标普 500 | 6,908.86 | -0.54 | | 纳斯达克 | 22,878.38 | -1.18 | 资料来源：聚源 1 | 请务必仔细阅读报告尾部的投资评级说明和声明 ...

行业日报 | 北交所 温和上涨，关注金三银四和两会政策预期 北交所日报——20260225 核心结论 行情回顾：1）指数层面：2 月 25 日北证 A 股成交金额达 186.56 亿元，较 上一交易日增加 22.77 亿元，北证 50 指数收盘价为 1,547.201，上涨 0.77%， PE_TTM 为 65.09 倍。北证专精特新指数收盘价为 2,597.61，上涨 1.22%。 2）个股层面：当日北交所 294 家公司中 208 家上涨，6 家平盘，80 家下跌。 其中涨幅前五的个股分别为：同辉信息（10.3%）、安达科技（8.2%）、天 力复合（6.3%）、纳科诺尔（6.3%）、恒合股份（6.1%）；跌幅前五的个 股分别为：连城数控（-7.1%）、科力股份（-5.9%）、视声智能（-3.5%）、 蘅东光（-3.5%）、戈碧迦（-3.3%）。 新闻汇总：1）数据中心没钱、定制芯片落后："新秀"OpenAI 正努力追 赶老牌巨头：OpenAI 的星际之门项目因资金问题受挫，导致其战略重心转 向掌控数据中心内部资源而非拥有实体资产；此外，OpenAI 在定制芯片问 题上落后于其他科技巨头，其于 2025 年 ...

Core Viewpoint - The company, Lanzhou Zhuangyuan Pasture Co., Ltd., is actively expanding its market presence through innovative marketing strategies and product offerings, while also contributing to rural revitalization efforts in China [2][4]. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. primarily engages in the production, processing, and sales of dairy products and milk beverages, with a product range that includes pasteurized milk, sterilized milk, fermented milk, and various liquid dairy products under brands such as "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][9]. - The company was established on April 25, 2000, and went public on October 31, 2017. Its main business revenue composition includes sterilized milk (37.04%), fermented milk (24.37%), and other dairy products [9]. Market Position - Zhuangyuan Pasture has become a leading dairy product enterprise in Gansu and Qinghai, holding a market share of approximately 20% [3]. - The company has implemented a balanced development strategy that aligns market development with supply capacity, focusing on quality management to meet safety and freshness standards [3]. Marketing Strategies - In the 2024 semi-annual report, the company adopted integrated marketing strategies, leveraging tourism routes to promote new products and enhance market expansion through online and offline channels [2]. - The company has utilized social media platforms and KOLs (Key Opinion Leaders) to increase brand awareness and product visibility, particularly through the promotion of its "Old Lanzhou" product series [2]. Rural Revitalization Efforts - As a state-owned enterprise, Zhuangyuan Pasture actively supports national policies for rural revitalization, engaging in initiatives that enhance farmer income through logistics agreements and order-based procurement models [4]. - The company also promotes local employment and land leasing to further support rural communities [4]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, reflecting a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, showing a year-on-year increase of 59.08% [9]. - The company has distributed a total of 646.93 million yuan in dividends since its A-share listing, with cumulative distributions of 121.95 million yuan over the past three years [9].

Group 1 - The article emphasizes the dedication of youth who contribute to the development of the border regions, integrating personal ideals with national responsibilities [1][2] - It highlights various individuals and groups, such as the "Sea Buckthorn King" and the "Grain Security Vanguard," who embody the spirit of hard work and commitment to their communities [1] - The narrative reflects on the historical significance of youth engagement in national development, portraying their efforts as a response to the call for service in areas where they are most needed [1] Group 2 - The current context of the region is framed as a pivotal point for major strategic opportunities, including the "Belt and Road" initiative and the Western Development strategy, transforming it into a frontier for openness rather than a mere geographical boundary [2] - The article mentions the diverse opportunities available in sectors such as smart agriculture, green energy, cross-border e-commerce, and cultural tourism, indicating a broad stage for growth [2] - It calls for more ambitious youth to continue contributing to the development of the border areas, reinforcing the idea that their efforts will be historically significant and beneficial to the people [2]

Core Viewpoint - The construction of a comprehensive base for key materials in the integrated circuit manufacturing industry in the southwestern region of China is timely and aligns with the national strategy for the development of the western region, addressing the urgent demand for core supporting materials from local semiconductor manufacturing enterprises [1][2] Group 1: Project Overview - The project aims to establish a key materials comprehensive base in the semiconductor industry cluster centered around Chengdu and Chongqing, which is crucial for the development of the local semiconductor industry [1] - The project will include four core functional areas: an annual production of 200,000 tons of ultra-pure electronic-grade and industrial-grade sulfuric acid, 220,000 tons of steam, 30,000 tons of ultra-pure electronic-grade hydrogen peroxide, and a project for the recycling of waste acid in the integrated circuit industry [2] Group 2: Strategic Importance - The project is designed to effectively address the shortcomings of long supply distances, high costs, and slow response times for key materials in the integrated circuit sector within the region [2] - The completion of the project is expected to significantly shorten the supply chain radius, enhance supply efficiency, and reduce production costs for downstream enterprises [2] - The initiative will further promote the implementation of the national western development strategy in the electronic information field, improve the regional integrated circuit industry chain ecosystem, and strengthen the core competitiveness and regional influence of China's semiconductor industry [2] Group 3: Financial Aspects - The total planned investment for the project is 600 million yuan, with fixed asset investment amounting to 350 million yuan [2]

Core Viewpoint - The construction of a comprehensive base for key materials in the integrated circuit manufacturing industry in the southwestern region of China is timely and aligns with the national strategy for the development of the western region, addressing the urgent demand for core supporting materials from local semiconductor manufacturing enterprises [1][2] Group 1: Project Overview - The project aims to establish a key materials comprehensive base in the semiconductor industry cluster centered around Chengdu and Chongqing, which is crucial for the development of the local semiconductor industry [1] - The project will include four core functional areas: an annual production of 200,000 tons of ultra-pure electronic-grade and industrial-grade sulfuric acid, 220,000 tons of steam, 30,000 tons of ultra-pure electronic-grade hydrogen peroxide, and a project for the recycling of waste acid in the integrated circuit industry [2] Group 2: Strategic Importance - The project is designed to effectively address the shortcomings of long supply distances, high costs, and slow response times for key materials in the integrated circuit sector within the region [2] - The completion of the project is expected to significantly shorten the supply chain radius, enhance supply efficiency, and reduce production costs for downstream enterprises [2] - The initiative will further promote the implementation of the national western development strategy in the electronic information sector, improve the regional integrated circuit industry chain ecosystem, and strengthen the core competitiveness and regional influence of China's semiconductor industry [2] Group 3: Financial Aspects - The total planned investment for the project is 600 million yuan, with fixed asset investment amounting to 350 million yuan [2]

Group 1 - The core project of Gansu Juhua New Materials Co., Ltd. focuses on high-performance silicon-fluorine materials and has a total investment of 41 billion yuan, setting a record for single industrial project investment in Gansu Province [2] - The project is strategically significant for the development of new energy batteries, semiconductors, and high-end equipment manufacturing, contributing to the transformation and upgrading of the chemical industry in Northwest China [2] - The project is located in the Yumen Economic Development Zone and aims to leverage regional resource advantages to enhance the industrial chain [2] Group 2 - To support the timely production of the project, the State Grid Gansu Electric Power Company has initiated a "one-to-one" exclusive service mechanism for major projects, customizing power supply plans [3] - The company has completed capacity upgrades for 30 circuit breakers at two 330 kV substations and has adjusted the operation mode of the main network multiple times to ensure the project's power supply [3] - The "efficient power management" service model has been introduced, providing comprehensive tracking and guidance for equipment debugging and pre-operation checks to ensure successful power delivery [3]

Core Viewpoint - The article discusses the performance and strategic initiatives of Lanzhou Zhuangyuan Pasture Co., Ltd., highlighting its market position, product offerings, and efforts in rural revitalization. Company Overview - Lanzhou Zhuangyuan Pasture Co., Ltd. is primarily engaged in the production, processing, and sales of dairy products and milk beverages, with a focus on various liquid dairy products under brands such as "Zhuangyuan Pasture," "Shenghu," and "Dongfang Duoxian Zhuangyuan" [2][9]. - The company was established on April 25, 2000, and went public on October 31, 2017 [9]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 629 million yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders was -48.44 million yuan, an increase of 59.08% year-on-year [9]. - The company's main revenue sources include sterilized milk (37.04%), fermented milk (24.37%), and other dairy products [9]. Market Position - Zhuangyuan Pasture has established itself as a leading dairy product company in Gansu and Qinghai, with a market share of 20% [3]. - The company has implemented a balanced development strategy that aligns market development with supply capacity, focusing on quality management to meet safety and freshness standards [3]. Strategic Initiatives - The company has adopted integrated marketing strategies, leveraging tourism routes and online platforms to promote new products and enhance brand visibility [2]. - It actively participates in rural revitalization efforts by collaborating with local cooperatives and employing local farmers, thereby increasing their income [4]. Shareholder Information - As of September 30, 2025, the company had 18,100 shareholders, with a decrease of 12.97% from the previous period [9]. - Notable institutional shareholders include Noan Multi-Strategy Mixed A and CITIC Prudential Multi-Strategy Mixed A, with increases in their holdings [10].

在青海期间，赵刚一行先后前往西宁曹家堡国际机场T3航站楼、"青海生态之窗"、青海省清洁能源 和绿色算力调度中心，考察了解航站楼建设运营和当地生态环境保护、绿色算电协同发展等情况。 青海省领导张锦刚、程基伟出席有关活动。青海省政府秘书长苏全仁，陕西省政府秘书长吕来升， 两省省直有关部门和部分企业负责人参加活动。（记者：孙鹏） 2月10日，陕西省政府与青海省政府在西宁签署战略合作框架协议。省长赵刚与青海省委书记吴晓 军、青海省省长罗东川座谈并见证签约。 吴晓军、罗东川代表青海省委省政府对赵刚一行来青表示欢迎，对陕西长期以来给予的帮助支持表 示感谢。他们说，近年来，陕西深入贯彻落实习近平总书记考察陕西重要讲话重要指示精神，在科技创 新引领高质量发展、高水平对外开放、生态环境保护、城乡融合发展等方面取得了显著成绩，形成的好 经验、好做法值得青海学习。青海与陕西同处大西北、共饮黄河水，山水相连、人文相亲，承担着共 建"一带一路"、西部大开发、黄河流域生态保护和高质量发展等国家战略的使命任务，合作空间潜力巨 大。面向"十五五"，希望双方以签署的协议为契机，在落实国家重大发展战略，深化基础设施、能源交 通建设、产业协同发展 ...

本报讯 （记者 莫昌伟 田得乾） 2月10日，省委书记、省人大常委会主任吴晓军，省委副书记、省长罗 东川与陕西省委副书记、省长赵刚举行工作座谈，两省政府在西宁签署战略合作框架协议。 会上，双方还签署了《〈青海省民用机场有限责任公司与陕西省机场管理集团公司联合重组协议书〉补 充协议》。在青期间，赵刚一行赴西宁曹家堡国际机场T3航站楼、省生态环境厅"青海生态之窗"、青海 省清洁能源和绿色算力调度中心等地调研。 张锦刚、程基伟参加有关活动。 赵刚对青海长期以来给予陕西的支持和帮助表示感谢。他说，近年来，两省交流交往密切，各领域合作 更加深入，结出累累硕果。当前，陕西正深入学习贯彻习近平总书记历次来陕考察重要讲话重要指示， 锚定高质量发展不动摇，奋力谱写中国式现代化建设的陕西新篇章。希望两省紧抓国家战略机遇，充分 发挥各自比较优势，进一步深化在生态、产业、能源、基础设施、文化、人才等领域的务实合作，努力 开创共赢新局面，携手为强国建设、民族复兴伟业作出更大贡献。 吴晓军、罗东川代表省委省政府对赵刚一行来青表示欢迎，对陕西长期以来给予的帮助支持表示感谢。 他们说，近年来，陕西深入贯彻落实习近平总书记考察陕西重要讲话重要 ...