北交所策略专题报告 2026 年 01 月 04 日 掘金北交所科技产业：从 2025 年度复盘看两大主线——汽车智能化与硬科技稀缺龙头 ——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 收官：科技新产业总市值近 5000 亿，汽车分类实现市值持续提升 北交所科技新产业截至 2025 年 12 月 31 日共有标的 158 家，总市值达到 4,815.74 亿元。智能制造分类 2025/12/31 总市值收于 1,612.81 亿元，PE TTM 中值收于 39.97X。智能制造分类 2025 涨跌幅排名前十均在年内实现超 100%涨幅。分类重 点标的包含万通液压等。信息技术分类 2025/12/31 总市值收于 865.77 亿元，PE TTM 中值收于 85.42X 出现回升。星图测控在 2025 年内实现 237.52%涨幅，共 有 8 只标的实现 50%以上年内涨幅。关注星图测控、并行科技等高稀缺性优质 信息技术标的。汽车分类总市值在 2025 年内持续上涨，2025 年 12 月 31 日收于 768.9 ...

北交所策略专题报告 2026 年 01 月 04 日 北交所研究团队 交 所 研 究 北 交 所 策 略 专 题 报 告 相关研究报告 《科马材料（920086.BJ）：干式摩擦片 隐形冠军，国产破局正当时—北交所 新股申购报告》-2026.1.2 《北交所股份协议转让增多，实现"产 业赋能"与"市场减压"双赢—北交 所策略专题报告》-2026.1.1 《新三板隐形冠军涌现：聚焦车联网 等细分行业，关注雅迅智联、一诺生 物 等 — 新 三 板 掘 金 周 报 第 三 期 》 -2025.12.28 布局 2026 春季行情，关注新质生产力和中小盘成长股机会 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 关注春季行情中北证新质生产力，行情后期中小盘成长主线或有第二波上涨 2024 年以来北交所经历了 2024 年"924"和 2025 年一季度到三季度行情，2025 年北证 50 指数四季度整体稳定。复盘 2013-2015 年创业板行情来看，行情后期 成长主线业绩兑现通常有第二波上涨，关注春季中的北证代表新质生产力的产 业链机会。1）本 ...

中央经济工作会议将"创新驱动"放在突出位置，发展新阶段，浙江省首次提出大力培育"新质浙商"，既是概念更 新，更是培育新增长动力的"关键一招"。 今年，台州市把黄志洪的企业纳入人工智能赋能典型企业名单，黄岩区也出台了支持算力产业高质量发展的若干 政策，通过发放算力券、建设公共平台、提供人才补贴等形式，鼓励老黄这样的民营企业家搞AI。 眼下，相当一批"新质浙商"正在瞄准人工智能新赛道，加速突围破"圈"闯新路。 这一黑板的圈，就是黄志洪坚持开发了快十年的AI系统作战图，确实让人摸不着头脑。 黄志洪，"70后"，台州黄岩塑料制品企业负责人，梦想是自己开发一套解决中小企业设计难的AI系统。 但十年后，妻子黄萍走到了崩溃的边缘。 黄志洪妻子 黄萍：实际投入进去六七千（万）都有了。 台州黄岩是中国"模具之乡""塑料日用品之都"，有4000多家模塑企业，10多万从业人员。大家都想要新设计，出 新品。设计师招起来难，留下来更难。黄志洪做了一个疯狂的决定，人工不行，就搞"人工智能"！就在老家沙滩 村的山沟沟里"闭关"，搞AI。 黄岩佑禾塑料制品有限公司负责人 王益淞：为什么会放着好端端的日子不过？ 身边人的质疑，再加上几十年来开 ...

Core Viewpoint - The A-share market showed a strong performance in December 2025, with the Shanghai Composite Index rising by 2.06%, the Shenzhen Component Index by 4.17%, and the ChiNext Index by 4.93%. The article discusses how to identify investment opportunities in January 2026 based on recommendations from various brokerages [3]. Brokerage Recommendations - Multiple brokerages have released their investment portfolios for January, covering sectors such as finance, information technology, and consumer goods. Notable stocks recommended include: - Aikedi, Hengli Petrochemical, Hengxuan Technology, and others [4]. - Industrial Bank, Haier Smart Home, and China Petroleum among others [4]. - Zhongji Xuchuang received the highest recommendation from five brokerages, while China Zhongmian and Zijin Mining were recommended by four [7]. Stock Performance - Zhongji Xuchuang's stock price reached 610.00 yuan with a market capitalization of 67.78 billion yuan, showing an increase of 18.56% in December 2025. China Zhongmian's stock price was 94.56 yuan, with a market cap of 192.91 billion yuan, increasing by 20.03%. Zijin Mining's stock price was 34.47 yuan, with a market cap of 90.30 billion yuan, rising by 20.61% [9]. Preferred Sectors - Brokerages suggest that the A-share market may continue a "spring surge" trend, with a likely upward movement. Key sectors to focus on include: - Commercial aerospace, non-ferrous metals, and semiconductors [10]. - Financial securities recommend focusing on cyclical sectors and thematic investment opportunities such as AI and commercial aerospace [10][11]. - East China Securities emphasizes three directions: technology, domestic demand, and cyclical sectors benefiting from AI [12][13].

Core Viewpoint - The A-share market showed a strong upward trend in December 2025, with the Shanghai Composite Index rising by 2.06%, the Shenzhen Component Index by 4.17%, and the ChiNext Index by 4.93%. Analysts are looking for investment opportunities in January 2026 as multiple brokerages have released their monthly investment portfolios across various sectors [2][10]. Brokerage Recommendations - Donghai Securities recommends stocks including Aikedi, Hengli Petrochemical, Hengxuan Technology, and others [3][11]. - Everbright Securities suggests Industrial and Commercial Bank of China, Haier Smart Home, and others [3][11]. - Guotai Junan recommends stocks like Guotai Haitong, Hengli Hydraulic, and others [3][11]. - Guolian Zhansheng includes stocks such as Industrial Fulian, Guangwei Composite, and others [3][11]. - The most frequently recommended stock is Zhongji Xuchuang, receiving endorsements from five brokerages, while China Zhongmian and Zijin Mining received four recommendations each [6][12]. Stock Performance - Zijin Mining had the highest increase in December 2025, with a rise of over 20%, closing at 34.47 yuan [5][13]. - Zhongji Xuchuang closed at 610.00 yuan with a market cap of 67.78 billion yuan, showing an 18.56% increase [6][14]. - China Zhongmian closed at 94.56 yuan with a market cap of 192.91 billion yuan, increasing by 20.03% [6][14]. - China Taibao closed at 41.91 yuan with a market cap of 37.51 billion yuan, rising by 20.60% [6][14]. Preferred Sectors - Brokerages suggest that the A-share market may continue its "spring excitement" trend, with a likely upward movement. Key sectors to focus on include commercial aerospace, non-ferrous metals, and semiconductors [7][15]. - Focusing on offensive and elastic stocks in sectors like non-ferrous metals, commercial aerospace, and semiconductor chips is recommended [7][15]. - Analysts from various firms emphasize the importance of cyclical opportunities and thematic rotations, particularly in basic chemicals and non-ferrous metals [7][15]. - The ongoing policy support and liquidity easing are expected to create favorable conditions for the market [7][15].

Core Viewpoint - The article discusses the concept of "war metals," highlighting the historical price trends of metals such as chromium, manganese, tungsten, titanium, uranium, silver, and tin, and draws parallels between the current geopolitical climate and that of the 1970s and 1980s [1][3][4]. Group 1: Historical Context and Comparisons - The current era shares significant similarities with the 1970s and 1980s, characterized by geopolitical tensions and technological advancements that drive demand for certain metals [3][4]. - The period from the 1960s to the 1980s saw a stagnation in productivity in the U.S., similar to the current global trend of de-globalization and rising geopolitical tensions [3][4]. - The article emphasizes that the dual attributes of metals—strategic and productivity-related—are crucial in understanding their price volatility [7][10]. Group 2: Price Volatility and Market Dynamics - The price of strategic metals experienced extreme fluctuations during the 1970s and 1980s due to geopolitical factors, with examples such as cobalt rising from approximately $5.62 per pound in 1977 to a peak of $32.83 per pound in 1979 [9][10]. - The article notes that after 1980, despite technological advancements in sectors like computing and semiconductors, metal prices generally declined, indicating that new industrial demand does not always correlate with sustained price increases [10][11]. - The current market dynamics are influenced by financial derivatives and leverage, making the discussion of strategic metals relevant to a broader audience compared to past decades [8][10]. Group 3: Geopolitical Influences - Historical geopolitical tensions, such as the Cold War, significantly impacted the supply and demand of strategic metals, with the Soviet Union and the U.S. engaging in strategic stockpiling and market manipulation [12][13]. - The article highlights that geopolitical conflicts often lead to panic buying and supply shortages, which exacerbate price volatility in the metals market [14][15]. - The potential for a shift in geopolitical relations, akin to the thawing of U.S.-Soviet tensions in the 1980s, could significantly alter the current market landscape for these metals [19].

1.2 总市值变动 2025年 度 末， 创业板总市值为17.83万亿元，较2024年末增长43.0%，增幅高于沪深证主板。 1.3 成交额对比 2 025年 度 创业板总成交额达114.22万亿元，单只个股平均成交额819.97亿元，高于上证主板、科创板和北证A股。 | | | 各板块平均成交额对比 | | | --- | --- | --- | --- | | 板块 | 个股数量 | 期间总成交额 （万亿元） | 平均成交额 (亿元) | | 深证主板 | 1490 | 127.09 | 852.93 | | 创业板 | 1393 | 114.22 | 819.97 | | 上证主板 | 1699 | 134.28 | 790.33 | | 科创板 | 600 | 37.79 | 629.82 | | 北证A股 | 288 | 6.49 | 225.23 | | 数据来源: Wind | | | | 1.4 日均换手率对比 市场板块篇 1.1 50指数涨跌对比 2025年 度创业板50指数大涨57.45%，强于各板块50指数。 1.6 市净率对比 2 025年 度 末， 创业板市净率为4.35倍，高于沪深 ...

Market Performance - A-shares major indices showed strong performance in 2025, with the CSI 300 index rising by 17.66%, the ChiNext index by 49.57%, and the SSE 50 index by 12.9% [1] - The North Stock 50 index increased by 38.8%, and the Sci-Tech 50 index rose by 35.92%, with the Shanghai Composite Index surpassing 4000 points for the first time in nearly a decade on October 28 [1] - In comparison, the S&P 500 index in the US recorded a 16.39% annual increase, while the Nasdaq managed a 20.36% rise, and the Dow Jones increased by 12.97% [2] Comparative Analysis - A-shares outperformed US benchmarks in 2025, with the CSI 300 index slightly exceeding the S&P 500 index, while indices focused on technology and growth, such as ChiNext and Sci-Tech 50, significantly outperformed the Nasdaq [5] - The A-share market exhibited a more balanced and diversified growth pattern, driven by multiple sectors including materials (+57.67%), information technology (+47.18%), and industrials (+30.03%) [8] Sector Dynamics - The A-share market's growth is characterized by a dual-engine structure focusing on advanced manufacturing and critical resource supply chains, contrasting with the US market's heavy reliance on a few tech giants [9] - The US market's growth is primarily driven by major tech companies, with the "Magnificent Seven" accounting for nearly 40% of the S&P 500's total market capitalization, indicating a concentrated market structure that poses risks [6] Notable Stocks - In 2025, two stocks in the A-share market achieved over tenfold increases, with Shangwei New Materials leading at 1689.13% and Tianpu Co. at 1645.4% [12] - Shangwei New Materials' surge was attributed to its transformation from traditional chemicals to humanoid robots, supported by a change in control to Zhiyuan Robotics [13] US Market Trends - The US tech sector saw significant differentiation among the "Magnificent Seven," with Google and Nvidia outperforming the market, while other giants like Microsoft and Meta lagged behind [21] - Data storage companies emerged as major winners in the S&P 500, with top performers like Western Digital and Micron benefiting from increased AI infrastructure investments [18] Investment Themes - The investment narrative in the US shifted from potential AI concepts to profit realization capabilities, impacting the valuation of tech companies based on their ability to demonstrate revenue growth and cost advantages [22] - Nvidia's strong performance is attributed to its dominant position in the AI computing supply chain, with consistent quarterly earnings exceeding market expectations [23]

2025年，中资企业全球IPO市场显著回暖，发行数量与募资规模双双实现大幅增长。全年共有290家中资企业在全球主要资本市场完成上市，较2024年增 加61家；累计募资规模达3663.55亿元，同比大幅增长123.04%。从市场结构看，港股已成为中资企业最主要的融资平台，募资规模显著领先；A股市场 IPO节奏回暖，融资功能明显修复；海外市场发行数量保持稳定，但募资规模有所回落。整体来看，2025年中资企业IPO呈现数量回升、结构优化、港股 领跑的显著特征。 中资企业上市全景 1.1 中资企业全球IPO数量 Wind数据显示，2025年，中资企业全球市场共完成IPO上市290起（A股按网上发行日期，港股及美股市场按首发上市日期，下同），数量较2024年上升 61起。 1.2 中资企业全球IPO募资金额 2025年，中资企业全球IPO募资规模合计约3663.55亿元（人民币，下同），较2024年回升123.04%。 1.3 中资企业分市场 IPO 数量 2025 年，具体到各市场来看， A 股市场 IPO 上市 112 起，较 2024 年上升 10 起；港股市场 IPO 上市 110 起，较 2024 年上升 4 ...

Core Insights - The event "Lunan Women Gathering · Hengfeng Wealth Prosperity" was organized by Hengfeng Bank Zaozhuang Branch in collaboration with the Zaozhuang Women Entrepreneurs Association, focusing on high-end exchanges that integrate digital transformation insights and cultural experiences [1][3] Group 1: Event Overview - The event included visits to Inspur Group's exhibition hall and the National Small and Medium Enterprises Digital Transformation Promotion Center, allowing participants to experience cutting-edge digital technology and understand its role in business transformation [3] - Dr. Gao Jiang from the Private Banking Department of Hengfeng Bank provided a specialized presentation on family wealth inheritance and trust planning, aimed at assisting women entrepreneurs in achieving stable wealth transfer and appreciation [3] Group 2: Cultural Experience - Participants visited the Hongjitang Traditional Chinese Medicine Cultural Park, where they experienced the unique charm of thousand-year-old Chinese medicine culture, highlighting the integration of traditional culture with modern life [3] Group 3: Outcomes and Future Plans - The event received high recognition from women entrepreneurs regarding Hengfeng Bank's professional service capabilities and achieved positive results in collaboration with the Zaozhuang Women Entrepreneurs Association, strengthening the foundation for development and trust [3] - Hengfeng Bank Zaozhuang Branch plans to deepen collaboration with the Zaozhuang Women Entrepreneurs Association, integrate service resources, and expand its retail business to enhance the influence and reputation of the "Hengfeng Service" brand [3]