行业周报 | 北交所 科技主线引领结构性修复，政策与资金共振强化配置价值 证券研究报告 2025 年 12 月 09 日 北交所市场周报——251201-251205 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 138.8 亿元，环比上涨 4.2%。当周北证 50 收涨 1.49%，当周日均换手率达 1.8%。当周涨幅前五 大个股分别为：豪声电子（13.9%）、优机股份（13.6%）、星图测控（13.3%）、 三协电机（13.2%）、创远信科（11.2%）；跌幅前五大个股分别为：大鹏工业 （-15.0%）、昆工科技（-13.8%）、恒拓开源（-10.6%）、迪尔化工（-9.5%）、 美登科技（-8.8%）。 重点新闻及政策：1）Palantir 携手英伟达开发软件平台，以加快 AI 数据中 心建设：Palantir、英伟达和美国公用事业公司 CenterPoint Energy 宣布， 三方正共同开发一款新的软件平台，以加速新一代人工智能（AI）数据中心 的建设；该软件系统被命名为"连锁反应"（Chain Reaction），将使用 AI 工具来协助客户；2）两部门：支持具备资质和条件的企业 ...

盘后数据出炉。 12月9日，A股市场整体涨跌互现。截至收盘，上证指数报3909.52点，下跌0.37%；深证成指报13277.36 点，下跌0.39%；创业板指报3209.6点，上涨0.61%；北证50指数下跌1.72%。A股市场合计成交19178.7 亿元，较上一交易日减少1338.75亿元。 1. A股市场主力资金净流出359.69亿元 今日A股市场主力资金开盘净流出111.87亿元，尾盘净流出14.73亿元，A股市场全天主力资金净流出 359.69亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | →流入金額 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-12-9 | -359.69 | -111.87 | -14. 73 | -156. 68 | | 2025-12-8 | 7. 34 | -79.70 | -8. 67 | 59. 68 | | 2025-12-5 | 17.75 | -82. 49 | 21.94 | 81. 12 | | 2025-12-4 | -214.71 ...

盘后数据出炉。 12月9日，A股市场整体涨跌互现。截至收盘，上证指数报3909.52点，下跌0.37%；深证成指报13277.36点，下 跌0.39%；创业板指报3209.6点，上涨0.61%；北证50指数下跌1.72%。A股市场合计成交19178.7亿元，较上一 交易日减少1338.75亿元。 1. A股市场主力资金净流出359.69亿元 今日A股市场主力资金开盘净流出111.87亿元，尾盘净流出14.73亿元，A股市场全天主力资金净流出359.69亿 元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-12-9 | -359.69 | -111.87 | -14. 73 | -156. 68 | | 2025-12-8 | 7. 34 | -79.70 | -8. 67 | 59. 68 | | 2025-12-5 | 17.75 | -82. 49 | 21.94 | 81. 12 | | 2025-12-4 | -214.71 ...

Company Overview - Recently, Ye's Qiyuan Management (Shenzhen) Co., Ltd. was established with a registered capital of 20 million RMB [1] - The legal representative of the company is He Shihua [1] Business Scope - The company engages in various services including enterprise headquarters management, supply chain management, enterprise management consulting, and market marketing planning [1] - It also provides information consulting services (excluding licensed information consulting), financial consulting, and technical services such as development, consulting, exchange, transfer, and promotion [1] - The manufacturing and sales of specialized chemical products (excluding hazardous chemicals) are part of its operations [1] - The company is involved in the production and sales of ecological environment materials, casting molding materials, new catalytic materials and additives, and electronic specialized materials [1] - Additionally, it deals with the retail and wholesale of computer hardware and software, as well as the manufacturing of electronic components and power electronic components [1] - The company is authorized to operate second-class monitored chemicals and produce and sell pharmaceutical excipients, subject to relevant approvals [1]

Group 1 - The core index of the Science and Technology Innovation Board (科创板) showed mixed performance, with the Science and Technology Growth Index rising by 0.2%, while the Science and Technology 50 Index and the Science and Technology Composite Index both fell by 0.3%, and the Science and Technology 100 Index decreased by 0.9% [1] - Guotai Junan Securities believes that the previous adjustments in the sector have been sufficient, and with stable annual report forecasts and continued high growth in the first quarter, if industrial catalysts emerge, the growth style is expected to return and potentially lead the overall market in the upcoming spring rally [1] Group 2 - Small and medium-sized technology companies in the electronic, pharmaceutical, power equipment, and computer industries account for over 80% of the sector, with a particularly high proportion in the electronic and pharmaceutical industries [4] - The Science and Technology Composite Index ETF by E Fund tracks the comprehensive index of the Science and Technology Innovation Board, covering all market securities and focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, while providing high growth potential and risk diversification [4] - The Science and Technology Growth 50 ETF tracks the growth index of the Science and Technology Innovation Board, consisting of 50 stocks with high growth rates in operating income and net profit, highlighting the growth style and strong performance [4]

天眼查App显示，近日，寰宇风尚商贸（深圳）有限公司成立，法定代表人为胡建成，注册资本3万人 民币，经营范围为一般经营项目是：珠宝首饰批发；珠宝首饰零售；钟表销售；工艺美术品及礼仪用品 销售（象牙及其制品除外）；工艺美术品及收藏品批发（象牙及其制品除外）；包装材料及制品销售； 计算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；工艺美术品及收藏品零售（象牙及其制 品除外）；家用电器销售；日用家电零售；电子产品销售；文具用品批发；文具用品零售；办公用品销 售；箱包销售；服装制造；服装服饰批发；服装服饰零售；日用品批发；日用品销售；互联网销售（除 销售需要许可的商品）；常用有色金属冶炼；企业形象策划；金银制品销售；广告设计、代理；文艺创 作；信息咨询服务（不含许可类信息咨询服务）；货物进出口。（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动），许可经营项目是：包装装潢印刷品印刷；食品生产；食品销售；在线数据 处理与交易处理业务（经营类电子商务）。（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

Group 1 - The market has experienced a period of volatility since the index successfully surpassed 4000 points in November, leading to a rapid rotation of hot sectors and increased difficulty for investors [1][12] - Historical experience suggests that weak and volatile market conditions are often the best times for long-term investment positioning, as evidenced by past market bottoms [1][12] - From 2000 onwards, A-shares have seen four historical market bottoms, with significant returns when investments were made at these lows and held for three years, averaging over 16% annualized returns [1][15] Group 2 - Long-term investment in broad-based indices is favored, as exemplified by Warren Buffett's endorsement of the S&P 500 as an excellent long-term investment vehicle [2][16] - Broad-based indices address common long-term investment challenges such as stock selection difficulty, risk concentration, cost erosion, and emotional interference [2][16] Group 3 - The CSI A500 index, launched in late 2024, is designed as an "upgraded version" of broad-based indices, optimizing industry structure and increasing weight in new economy sectors like technology and pharmaceuticals [4][18] - The CSI A500 index employs an "industry balance" methodology to ensure representation across all sectors, reducing over-concentration in traditional industries [4][18] Group 4 - Since its inception, the CSI A500 index has outperformed the CSI 300 index, with a cumulative return of 444.09% compared to 352.67% for the latter, indicating a significant excess return [6][20] - As of December 5, 2025, the total scale of ETFs tracking the CSI A500 index has exceeded 200 billion yuan, ranking second among all broad-based ETFs, with a high institutional investor participation rate of 90% [10][22]

沪指12月9日下跌0.37%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为综合、通信，涨幅分 别为3.45%、2.23%。跌幅居前的行业为有色金属、钢铁，跌幅分别为3.03%、2.47%。计算机行业今日 下跌0.97%。 资金面上看，两市主力资金全天净流出529.92亿元，主力资金净流入的行业仅有3个，商贸零售行业净 流入资金11.43亿元；综合行业净流入资金4.32亿元；银行行业净流入资金7057.87万元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.37亿元， 其次是计算机行业，净流出资金为56.16亿元，净流出资金较多的还有机械设备、非银金融、电力设备 等行业。 计算机行业今日下跌0.97%，全天主力资金净流出56.16亿元，该行业所属的个股共336只，今日上涨的 有64只，涨停的有2只；下跌的有265只。以资金流向数据进行统计，该行业资金净流入的个股有76只， 其中，净流入资金超亿元的有5只，净流入资金居首的是大位科技，今日净流入资金4.09亿元，紧随其 后的是淳中科技、宏景科技，净流入资金分别为2.69亿元、2.10亿元。计算机行业资金净流出个股中， ...

证券时报·数据宝统计显示，科创板股今日上涨的有153只，下跌的有436只，以收盘价为基准测算，科 创板平均股价为41.00元，其中，收盘价超过100元的有70只，股价在50元至100元之间的有134只，股价 在30元至50元的有150只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1436.00元，上涨1.28%，其次是源杰科技、C摩尔-U 等，最新收盘价分别为675.50元、628.31元。 科创板百元股中，今日平均上涨0.34%，具体来看，今日上涨的有28只，涨幅居前的有德科立、腾景科 技、普冉股份等。下跌的有41只，跌幅居前的有长光华芯、中科飞测、浩欧博等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价522.03%，溢价幅度居前的有上纬新材、 寒武纪-U、安集科技等，溢价幅度分别为4348.49%、2130.16%、1490.69%。 以最新收盘价计算，科创板平均股价为41.00元，其中股价超100元的有70只，股价最高的是寒武纪-U。 （文章来源：证券时报网） 融资融券方面，百元股最新（12月8日）融资余额合计973.86亿元，融资余额居前的有寒武纪-U、中芯 国际、海光信息等，最新融 ...

以最新收盘价计算，A股平均股价为13.74元，其中股价超过100元的有159只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至12月9日 收盘，沪指报收3909.52点，下跌0.37%，A股平均股价为13.74元，个股股价分布看，股价超过100元的 有159只，股价在50元至100元的有431只，股价在30元至50元的有747只。 股价超百元个股中，收盘价最高的是寒武纪，今日报收1436.00元，上涨1.28%，其次是贵州茅台、源杰 科技等，最新收盘价分别为1401.01元、675.50元。 市场表现方面，收盘股价超百元股中，今日平均上涨0.55%，跑赢沪指0.92个百分点。今日上涨的有68 只，涨停的有线上线下、淳中科技等，下跌的有90只，跌幅居前的有科达利、天普股份等。 追溯发现，最新百元股近一个月平均上涨4.29%，其间沪指下跌2.20%，涨幅居前的有德科立、腾景科 技、长光华芯等，涨幅分别为76.02%、64.00%、61.39%，今年以来平均涨幅为127.51%，强于沪指 110.87%，累计涨幅居前的有上纬新材、天普股份、胜宏科技等，涨幅分别为1530.97 ...