北交所策略专题报告 2025 年 11 月 23 日 北交所打新策略：资产端提质打开打新空间，掘金 2026 年新股机遇 ——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 年新股首日涨幅均值 364%，排队企业高质量关注 2026 年打新机会 从发审会节奏上来看，从发审会节奏上来看，截至 2025 年 11 月 21 日，2025 年 北交所合计过会 35 家企业，合计上市 22 家企业，预计 2026 年新股上市数量或 有提高。从 2025 年三季度末开始，北交所网上发行有效申购户数+冻结资金中 枢整体稳定在 2025 年 7-11 月均值 59.89 万户和 6927.10 亿元左右，2025 年 1-11 月北交所网上发行有效申购户数均值达 56.36 万户，网上冻结资金均值达 6369.05 亿元。从 2025 年北交所新股申购中签率来看，2025 年上市企业中签率整体处于 0.03%左右，三季度后中签率并未进一步下滑。从北交所 100 股资金申购门槛来 看，2025 年 3 季度开始门槛中枢提高。2025 ...

Group 1 - The report highlights a significant increase in electricity consumption by data centers in the US, driven by the rapid development of AI technology, leading to a potential electricity supply crisis [1][9][11] - According to the US Department of Energy, the electricity grid is facing an urgent situation, with projections indicating that power outages could double by 2030 due to the combination of power plant retirements and increased load [1][11] - Morgan Stanley predicts that by 2028, the US may face an electricity shortfall of up to 20% due to the high power consumption of AI data centers, with a potential gap of 13 to 44 GW if new capacity is not added quickly [1][11][21] Group 2 - The report notes that fossil fuels accounted for over half of the US electricity generation, with a contribution of 57.17% from fossil fuels in the period from October 2024 to September 2025, and natural gas being the largest source at approximately 40% [1][15][16] - The demand for natural gas is expected to continue growing, particularly as it plays a crucial role in ensuring reliable electricity supply for data centers [1][21][22] - The report indicates that US developers plan to add 18.7 GW of natural gas combined cycle generation capacity by 2028, with 4.3 GW already under construction [21][22] Group 3 - The chemical new materials sector on the North Exchange experienced a decline of 10.19% in the week from November 17 to November 21, 2025, with all sub-sectors showing negative performance [3][30][32] - Specific sub-sectors within the chemical new materials industry saw significant declines, including battery materials (-17.46%) and non-metallic materials (-12.32%) [3][32][33] - Individual stocks within the sector showed varied performance, with Jiaxian Co. (+4.03%) and Hanwei Technology (+1.25%) being notable gainers, while others like Minshida (-5.70%) and Yingtai Biological (-5.98%) faced losses [3][36][37] Group 4 - The report discusses the strategic moves of Bettery in the solid-state battery materials sector, indicating a comprehensive approach to developing core materials, including solid electrolytes and high-nickel cathodes [3][66] - Bettery has been working on solid-state battery materials for over a decade, with successful small-scale applications of oxide and polymer solid electrolytes in semi-solid batteries [3][66] - The company is also collaborating closely with clients to develop sulfide solid electrolytes, achieving key technical indicators that meet customer requirements [3][66]

zhuhaibin@kysec.cn 证书编号：S0790522080007 锂电需求高增带动全产业链景气度提升，关注北证设备、辅材标的 根据 GGII 调研数据，前三季度全国锂电池总出货量突破 1.2TWh，同比增幅达 60%，其中第三季度单季出货 490GWh，同比增长 47%，在锂电池需求量高增长 情况下，各相关原材料、添加剂等出现价格上涨。锂电板块北交所内除了贝特瑞、 安达科技等锂电主材相关企业外，如广厦环能、灵鸽科技等相关设备企业及各类 辅材企业具有投资机会。广厦环能（920703.BJ）产品属于管壳式换热器，其中 降膜蒸发器可用于 DMC 装置中的蒸发器。灵鸽科技（920284.BJ）的锂电池正 负极材料生产线包括粉体输送、配混、烧结、粉碎、水洗（仅高镍）、包装和智 能化控制等环节，固态电池物料处理系统方面，公司硫化物固态电解质试验线已 成功交付，中试线正在交付中。还有的锂电产业链公司有远航精密、武汉蓝电、 宏裕包材、西磁科技、康普化学、东方碳素、宁新新材等。 北交所策略专题报告 2025 年 11 月 16 日 锂电需求高增向设备端传导，布局北交所"专精特新"设备与材料商 北交所研究团队 ——北 ...

Group 1 - The report highlights the significant performance of the North Exchange (北交所) following the "9.24" policy, with the North Specialized and New Index and North 50 Index increasing by 210.02% and 163.26% respectively from September 23, 2024, to September 24, 2025 [2][12][14] - The report identifies four distinct market phases since the implementation of the "9.24" policy, with the first phase showing the highest growth in the North Specialized and New Index and North 50 Index, at 143.23% and 134.9% respectively [14][18] - The report notes that small-cap companies (market cap below 2 billion) and the information technology sector experienced the largest average gains during the first market phase, with increases of 158.91% and 256.70% respectively [20][21] Group 2 - The second and third market phases (January 13, 2025 - March 18, 2025 and April 7, 2025 - May 21, 2025) also saw significant growth in the North Specialized and New Index, with increases of 53.59% and 45.72% respectively, driven by advancements in AI and technology sectors [22][29] - The report indicates that the fourth market phase (August 1, 2025 - September 24, 2025) was characterized by a rebound in the Sci-Tech Innovation Board and Growth Enterprise Market, with the North Specialized and New Index increasing by 13.88% [39][42] - The report emphasizes that the chemical new materials sector and companies with market caps over 10 billion showed the highest average gains during the fourth phase, with increases of 19.40% and 10.60% respectively [42][44] Group 3 - The report provides insights into the current valuation landscape, noting that the average TTM PE ratios for the North Exchange, Sci-Tech Innovation Board, and Growth Enterprise Market are 17.62X, 32.93X, and 25.33X respectively, indicating that the North Exchange remains undervalued [18][23] - The report highlights that the North Exchange's liquidity has decreased, with an average daily trading volume of 22.162 billion yuan, down 20.71% from the previous week [48][50] - The report categorizes the five major sectors within the North Exchange, with TTM PE ratios for high-end equipment, information technology, chemical new materials, consumer services, and biomedicine being 42.53X, 102.55X, 47.51X, 54.90X, and 44.06X respectively [62][64]

Group 1 - The report highlights that the North Exchange (北交所) has seen a significant institutional preference trend, with the North Index 50 and the North Specialized and Innovative Index reaching historical highs of 1647.01 and 2806.39 points respectively as of September 8, 2025 [2][10][43] - The report indicates that large-cap stocks have outperformed small-cap stocks during the recent market rally, with average gains for different market cap segments showing that stocks over 10 billion have increased by 18.75% [2][12][50] - The report notes that public funds' total holdings in the North Exchange reached a historical high of 22.383 billion yuan, reflecting a year-on-year increase of 265.24% [2][17][19] Group 2 - The report states that the North Exchange has seen a rise in the number and scale of passive index funds, with the North Index 50 fund size reaching 11.322 billion yuan and the number of products increasing to 60 as of September 12, 2025 [2][23][24] - The report mentions that the North Exchange will implement a new securities code "920" for existing stocks starting October 9, 2025, which is expected to enhance market recognition and attract high-quality enterprises [2][29][31] - The report identifies that the average PE ratios for key sectors such as high-end equipment, information technology, and chemical new materials are 45.18X, 109.68X, and 50.59X respectively, indicating varying levels of valuation across industries [2][51][54]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant growth in its four years of establishment, with 274 listed companies and a total market capitalization exceeding 920 billion yuan [1][2] - The BSE is designed to support innovative small and medium-sized enterprises (SMEs), contributing to the development of a multi-tiered capital market in China [1] Group 1: Market Growth - As of September 2, 2023, the BSE has seen its number of listed companies increase from 81 at its inception to 274, averaging nearly 50 new listings per year [1] - The total market capitalization has more than doubled since the opening, rising from approximately 400 billion yuan to over 920 billion yuan [1] - The average daily trading volume in 2023 is around 29 billion yuan, indicating increased market activity [1] Group 2: Company Characteristics - Approximately 90% of the listed companies on the BSE are high-tech enterprises, with over half classified as national-level specialized and innovative "little giant" companies [1][2] - The BSE has established four sets of listing standards to cater to the diverse types and development stages of SMEs, enhancing its support for specialized and innovative growth [2] Group 3: Research and Development Focus - In the previous year, BSE-listed companies invested a total of 8.594 billion yuan in R&D, accounting for 4.56% of their total revenue [2] - 178 companies, representing 65.2% of the total, reported an increase in R&D spending year-on-year [2] Group 4: Institutional Investment - As of June 30, 2023, 39 public funds held shares in 59 BSE companies, with a total holding value nearing 10 billion yuan, marking a three-year high in both the number of institutions and the scale of holdings [3] - The launch of the North Certificate Specialized and Innovative Index reflects the performance of the largest 50 specialized and innovative "little giant" companies on the BSE [3]

Core Insights - Beijing Stock Exchange (BSE) has established itself as a key platform for innovative small and medium-sized enterprises (SMEs) over the past four years, with a total of 274 listed companies and a market capitalization of 922 billion yuan as of September 2, 2021 [1] Market Overview - The BSE has seen a steady increase in market scale, with nearly 80% of listed companies being SMEs and over half classified as national-level "specialized, refined, distinctive, and innovative" enterprises [6] - High-tech enterprises make up 82% of the listed companies, with five major industrial clusters formed: high-end equipment, information technology, consumer services, chemical new materials, and biomedicine [6] Financial Performance - The average revenue of BSE-listed companies reached 336 million yuan, reflecting a year-on-year growth of 6%. A total of 225 companies reported profits, with a profit margin of 82% [6] - 61% of companies experienced year-on-year revenue growth, while 50% saw an increase in net profit [6] - R&D expenditures for BSE companies have shown a consistent upward trend, increasing from 18.51 million yuan in 2020 to 31.48 million yuan in 2024 [6] Market Dynamics - The BSE's inclusive market design has attracted a significant number of new listings, with 83 new companies in 2022 and 12 in the current year [8] - The average fundraising scale for newly listed companies is projected to grow from 191 million yuan to 333 million yuan between 2023 and 2025 [8] - The average revenue scale of listed companies is expected to rise from 439 million yuan in 2020 to 687 million yuan by 2024 [9] Investor Engagement - The BSE has implemented continuous reforms, enhancing market activity and liquidity, which has significantly increased investor participation [11] - The average daily trading volume reached 29.15 billion yuan, nearly quadrupling compared to the previous year [11] - The BSE's new listings have seen an average first-day increase of 320% in 2023, indicating strong market enthusiasm [11] Institutional Investment - As of the end of August, there are 40 thematic funds in the BSE with a total scale of 16.601 billion yuan, reflecting growing institutional interest [12] - The number of qualified investors has surpassed 9 million, indicating a robust expansion of the investor base [11]

Group 1 - The report indicates that both the North Exchange 50 and the Specialized and Innovative Index have reached historical highs, with the North Exchange 50 expected to establish a new range between 1450 and 1650 points [2][10][24] - The North Exchange 50 index closed at 1,600.27 points with a TTM PE of 72.98X, while the Specialized and Innovative Index closed at 2,785.76 points with a TTM PE of 86.13X, reflecting significant weekly increases of 8.40% and 8.86% respectively [3][28][32] - The North Exchange has a high concentration of "specialized and innovative" companies, with 54.48% classified as national-level specialized and innovative small giants, which is only slightly lower than the Sci-Tech Innovation Board [2][12][24] Group 2 - The North Exchange exhibits a stronger high-beta characteristic compared to other boards, with a 30% price fluctuation limit, leading to significant price elasticity due to marginal changes in capital flow [17][24] - The report highlights that the North Exchange is expected to benefit from the arrival of index-based investments, which will provide investors with a richer array of investment tools, potentially leading to liquidity improvements and ecological restructuring [2][20][24] - The report emphasizes the scarcity and innovative productivity represented by specialized small giants in the North Exchange, suggesting that companies with unexpected strong performance in their semi-annual reports should be closely monitored [2][35][42]

Group 1 - The polyurethane industry is experiencing a recovery, with recent price increases observed in TDI compared to June 1, 2025, and the beginning of 2025. This is attributed to supply constraints in the overseas market due to an incident at Covestro's TDI facility in Germany and ongoing reductions in overseas TDI production capacity influenced by energy costs and environmental policies [1][10]. - The industry is expected to benefit from the optimization of supply and demand dynamics, leading to an upward trend in the polyurethane industry's prosperity [1][10]. - The report suggests focusing on Yinuowei, a company engaged in the production and sales of polyurethane raw materials and other downstream derivative products [1][15]. Group 2 - The chemical new materials sector on the North Exchange saw a weekly increase of 1.65%, with notable performances from the rubber and plastic products industry and non-metallic materials, which rose by 5.27% and 5.26% respectively [2][24]. - Individual stocks that performed well in the chemical new materials sector included Gebijia (+48.22%), Huami New Materials (+28.25%), and Litong Technology (+21.59%) [2][26]. - The North Exchange 50 index closed at 1476.33 points, reflecting a weekly increase of 2.40% [2][19]. Group 3 - Yingtai Bio reported significant growth in its performance for the first half of 2025, achieving revenue of 2.966 billion yuan, up from 2.879 billion yuan in the same period last year, and a net profit of 15.29 million yuan compared to a loss of 79.38 million yuan in the previous year [3][52]. - In contrast, Dier Chemical experienced a decline in performance, with revenue of 302.47 million yuan, down 26.59% year-on-year, and a net profit of 26.90 million yuan, down 46.67% [3][52].

Group 1 - Silicon nitride (Si3N4) is a covalent compound composed of silicon and nitrogen, exhibiting superior properties such as high-temperature resistance (flexural strength over 350 MPa at 1200°C), acid and alkali corrosion resistance, and self-lubrication, making it widely applicable in aerospace, defense, and machinery sectors [2][10][14] - The market size for silicon nitride powder in China reached 170 million yuan in 2021, with projections to grow to 370 million yuan by 2028, reflecting a compound annual growth rate (CAGR) of 10.40% from 2022 to 2028 [2][10][14] - Domestic high-quality silicon nitride raw materials are scarce, leading to a reliance on imports, primarily from suppliers like Ube Industries and Toshiba [2][16] Group 2 - The chemical new materials sector on the North Exchange experienced a weekly increase of 2.82%, with notable performance in the rubber and plastic products industry, which rose by 8.05% [3][22][23] - The North Exchange 50 index closed at 1441.72 points, reflecting a weekly increase of 1.56%, while the Shanghai and Shenzhen 300 index rose by 1.23% [21][24] - Key stocks in the chemical new materials sector that performed well include Huami New Materials (+33.97%), Guangxin Technology (+23.63%), and Litong Technology (+14.81%) [3][26][29] Group 3 - Huami New Materials reported a revenue of 202.93 million yuan for the first half of 2025, marking a year-on-year increase of 6.49%, while its net profit attributable to shareholders decreased by 18.57% [4][51] - The company continues to focus on special rubber and plastic products, increasing its R&D investment and adding 10 new patents during the period [4][52] - The Kaide Quartz multi-channel quartz tube project was included in the list of new technologies and products in Beijing, indicating recognition of innovation [4][52]