行业日报 | 北交所 风险提示：政策监管风险，北交所政策不及预期，行业竞争加剧风险。 分析师 曹森元 S0800524100001 19821289688 caosenyuan@research.xbmail.com.cn 缩量整固显韧性，新质生产力主题引领结构性机会 证券研究报告 2025 年 08 月 29 日 北交所市场点评——20250828 核心结论 行情回顾：1）指数层面：8 月 28 日北证 A 股成交金额达 305.3 亿元，较上一 交易日减少 23.4 亿元，北证 50 指数收盘价为 1554.43，上涨 0.26%，PE_TTM 为 73.72 倍。北证专精特新指数收盘价为 2725.14，上涨 0.59%。2）个股层面： 当日北交所 274 家公司中 151 家上涨，9 家平盘，114 家下跌。其中涨幅前五的 个股分别为：舜宇精工（30.0%）、凯腾精工（15.9%）、则成电子（12.2%）、 龙竹科技（11.6%）、创远信科（8.7%）；跌幅前五的个股分别为：云创数据 （-7.2%）、大唐药业（-4.4%）、新赣江（-4.0%）、华洋赛车（-3.9%）、机 科股份（-3.7%）。 新闻 ...

公告称，本期间沥青路面养护设备分部的收益较2024年同期增加161.3%，乃主要由于销售一套机组化 系列设备。由于销售一套机组化系列设备，沥青路面养护设备分部的毛利率由截至2024年6月30日止6个 月期间的41.7%增加至本期间的46.9%。 智通财经APP讯，英达公路再生科技(06888)发布截至2025年6月30日止6个月中期业绩，该集团取得收益 8238.6万港元，同比增加17.19%;公司拥有人应占亏损941.4万港元，同比增加10.66%;每股基本亏损0.96 港仙。 ...

公告称，本期间沥青路面养护设备分部的收益较2024年同期增加161.3%，乃主要由于销售一套机组化 系列设备。由于销售一套机组化系列设备，沥青路面养护设备分部的毛利率由截至2024年6月30日止6个 月期间的41.7%增加至本期间的46.9%。 英达公路再生科技(06888)发布截至2025年6月30日止6个月中期业绩，该集团取得收益8238.6万港元，同 比增加17.19%;公司拥有人应占亏损941.4万港元，同比增加10.66%;每股基本亏损0.96港仙。 ...

Core Insights - The North Exchange 50 index increased by 1.28% to close at 1574.25 points on August 29, 2025, with a trading volume of 12.96 billion shares and a total market capitalization of 907.98 billion yuan [3][4][5] - The overall trading volume on the North Exchange was 32.295 billion yuan, which is a decrease compared to the average daily trading volume of 41.701 billion yuan from the previous week [4][5] - The sectors that performed well included Beauty Care (+3.7%), Defense and Military Industry (+3.0%), Power Equipment (+2.4%), and Building Materials (+1.5%), while sectors that declined included Communication (-3.0%), Environmental Protection (-2.1%), Electronics (-1.8%), and Media (-1.1%) [4][5] Company Performance - Among the 274 listed companies on the North Exchange, 148 saw their stock prices rise, 4 remained flat, and 122 experienced declines [4] - The top gainers included Rongyi Precision (+29.95%), Derui Lithium Battery (+19.11%), and Jiezong Technology (+16.53%) [4][9] - The top decliners were Shuguang Shuchuang (-8.87%), Zhixin Electronics (-7.34%), and AVIC Taida (-7.29%) [4][10] Valuation Metrics - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 53.88 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (69.26 times) and the Growth Enterprise Market (42.90 times) [4][13] - The highest average P/E ratio among sectors on the North Exchange is in the Computer sector at 193.6 times, followed by Light Industry Manufacturing (122.4 times) and Social Services (83.7 times) [4][13]

Core Viewpoint - The stock market showed mixed performance with the Shanghai Composite Index rising by 0.37% and the Shenzhen Component Index increasing by 0.99%, while the total trading volume decreased compared to the previous day [1]. Group 1: Market Overview - The Shanghai Composite Index closed at 3857.93 points, up 0.37% - The Shenzhen Component Index closed at 12696.15 points, up 0.99% - The ChiNext Index closed at 2890.13 points, up 2.23% - Total trading volume in both markets was 27,982.97 billion, a decrease of 1,725.05 billion from the previous trading day [1]. Group 2: Capital Flow - The net outflow of main funds in the two markets was nearly 530 billion, with an opening net outflow of 222.09 billion and a closing net outflow of 41.04 billion, totaling 527.66 billion for the day [2]. - The net outflow for the CSI 300 was 126.1 billion, while the ChiNext saw a net outflow of 161.98 billion [2][4]. Group 3: Sector Performance - The electric power equipment sector saw a net inflow of 63.62 billion, with a growth of 0.89% - The food and beverage sector had a net inflow of 46.95 billion, increasing by 1.03% - The non-ferrous metals sector recorded a net inflow of 33.88 billion, up 1.36% - The computer sector experienced the largest net outflow of 233.02 billion, declining by 1.27% - The electronics sector had a net outflow of 200.08 billion, down 1.22% [5][6]. Group 4: Institutional Focus - The top stocks with significant institutional net purchases included Wancheng Group with a net buy of 30,789.36 million, and Longyang Electronics with a net buy of 9,226.96 million [9]. - Notable stocks with strong institutional interest also included Xian Dao Intelligent and Hong Baoli, with respective net buys of 7,157.43 million and 5,466.88 million [9]. Group 5: Latest Institutional Ratings - Sichuan Chengyu received a strong buy rating from Huachuang Securities with a target price of 8, indicating a potential upside of 41.34% from its latest closing price of 5.66 [11]. - Industrial Bank was rated buy by Huatai Securities with a target price of 27.1, suggesting a 20.93% upside from its latest closing price of 22.41 [11].

Choice统计显示，8月29日，沪深两市可交易A股中，上涨个股有1850只，下跌个股有3186只，平盘个 股110只。不含当日上市新股，共有79只个股涨停，15只个股跌停。从所属行业来看，涨停个股主要集 中在电力设备、电子、机械设备、建筑装饰、化工等行业。 （文章来源：证券时报网） ...

Group 1 - The A-share market continued to rise in August, with major indices showing an upward trend, particularly the Sci-Tech 50, which increased by 21.4%, while the Shanghai 50 had the smallest increase of 5.1% [1][8] - The Hong Kong stock market experienced a volatile upward trend, influenced by rising expectations of overseas interest rate cuts and improved domestic risk appetite, with the Hang Seng Technology Index rising by 4.5% [1][11] Group 2 - The report maintains a bullish outlook on the A-share market, suggesting that the logic supporting the market's rise remains unchanged, with reasonable valuations and new positive factors emerging, such as the potential start of a Federal Reserve rate cut cycle [2][17] - Short-term investment focus should be on sectors that are lagging behind, while medium to long-term attention should be on three main lines: technological self-reliance, domestic consumption, and dividend stocks [2][21] Group 3 - The report suggests a "dumbbell" strategy for Hong Kong stocks, focusing on technology growth and high dividend yield stocks, with an emphasis on sectors benefiting from domestic supportive policies amid the US-China competition [3][23] - Despite the continuous rise in the Hong Kong market, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [3][26] Group 4 - The A-share stock selection for September includes ten stocks: Huayou Cobalt, Zhongwei Company, Xinyi Sheng, Perfect World, Zhengguang Co., CITIC Securities, Huatai Securities, Haier Smart Home, Aolai De, and China Merchants Shekou [4][27] - The Hong Kong stock selection for September includes nine stocks: SMIC, Hua Hong Semiconductor, Horizon Robotics, Meitu, Gao Wei Electronics, Sunny Optical Technology, Huiju Technology, AAC Technologies, and Xindong Company [4][32]

Group 1 - The Guozheng Free Cash Flow Index experienced a decline of approximately 0.7%, with constituent stocks showing mixed performance, including gains from Ningbo Huaxiang, Chufeng Power, and Luoyang Molybdenum, while Gree Electric, Zhongyuan Media, and Weichai Heavy Machinery faced losses [1] - The largest free cash flow ETF (159201) followed the index's adjustment, dropping about 0.3%, presenting a low-position layout opportunity [1] - The free cash flow ETF has seen continuous net inflows over the past nine days, totaling 615 million yuan, with the latest share count reaching 4.012 billion and total assets at 4.494 billion yuan, both hitting record highs since inception [1] Group 2 - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance, suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [2] Group 3 - Since 2025, policies have repeatedly emphasized the importance of insurance capital as long-term funds, with directives for large state-owned insurance companies to invest 30% of new premiums in A-shares annually [1] - The Ministry of Finance has extended the assessment cycle for state-owned commercial insurance companies, reinforcing the long-term investment intentions of insurance capital [1] - The scale of equity investments by insurance capital is expanding, focusing on high-dividend and "cash cow" assets, with a deepening value investment philosophy [1]

8月29日，创业板指站上2900点，续创3年多新高，成份股宁德时代一度涨超14%。 中证细分机械设备产业主题指数因其电力设备占比高，整体表现强势。机械ETF（159886）盘中一 度上涨3.73%，截至发稿上涨3.03%，成分股中宁德时代大涨超10%，国轩高科、璞泰来强势涨停。该 ETF近期涨幅明显，8月以来整体涨幅超12%，今年4月8日以来累计涨近30%。 机械ETF（159886）紧密跟踪中证细分机械设备产业主题指数。该指数从相关细分产业中选取规模 较大、流动性较好的上市公司证券作为指数样本，以反映相关细分产业上市公司证券的整体表现。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 从行业分布来看，中证细分机械设备产业主题中电力设备占比高达59.9%，机械设备占比达 24.8%，汽车占比9%，国防军工占比5.6%，计算机占比0.7%。指数成分股通常具备较强的技术创新能 力和市场 ...

公司发布的半年报数据显示，上半年公司共实现营业收入3.17亿元，同比增长32.61%，实现净利润 4288.76万元，同比增长101.44%，基本每股收益为0.3500元，加权平均净资产收益率3.54%。（数据 宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，智立方所属的机械设备行业，目前整体跌幅为0.26%，行业内，目前股价上 涨的有174只，涨幅居前的有荣亿精密、同飞股份、中创智领等，涨幅分别为17.96%、14.39%、 10.01%。股价下跌的有407只，跌幅居前的有磁谷科技、蓝英装备、欧科亿等，跌幅分别为8.44%、 7.50%、6.96%。 两融数据显示，该股最新（8月28日）两融余额为1.81亿元，其中，融资余额为1.81亿元，近10日增加 2054.21万元，环比增长12.78%。 智立方股价创出历史新高，截至9:50，该股上涨6.78%，股价报59.22元，成交量479.17万股，成交金额 2.75亿元，换手率7.91%，该股最新A股总市值达71.79亿元，该股A股流通市值35.86亿元。 ...