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 ...

Core Viewpoint - The company, XJ Electric (许继电气), currently does not have power equipment for the commercial aerospace sector, focusing instead on other areas such as charging stations and data center power solutions [1] Group 1: Charging Stations - The company's product offerings in the charging station sector include low-voltage slow charging piles, high-voltage fast charging piles, and liquid-cooled ultra-fast charging piles [1] Group 2: Data Center Power Solutions - In the data center power supply area, the company has completed the 泰尔 certification for its UPS and HVDC power supply products, which qualifies it for bidding [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]

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]

行业日报 | 北交所 放量上涨，关注海希通讯等优质转型个股边际变化 证券研究报告 2025 年 12 月 09 日 北交所市场点评——20251208 核心结论 行情回顾：1）指数层面：12 月 8 日北证 A 股成交金额达 151.0 亿元，较上 一交易日增加 18.0 亿元，北证 50 指数收盘价为 1426.25，上涨 1.27%， PE_TTM 为 67.50 倍。北证专精特新指数收盘价为 2379.06，上涨 1.92%。 2）个股层面：当日北交所 286 家公司中 224 家上涨，6 家平盘，56 家下跌。 其中涨幅前五的个股分别为：天力复合（16.7%）、天工股份（8.0%）、纳 科诺尔（7.1%）、海希通讯（6.7%）、惠丰钻石（6.1%）；跌幅前五的个 股分别为：泓禧科技（-5.9%）、星图测控（-4.2%）、天润科技（-4.0%）、 美之高（-2.8%）、康乐卫士（-2.7%）。 新闻汇总：1）中共中央政治局召开会议分析研究 2026 年经济工作，习近平 主持会议：12 月 8 日，中共中央政治局召开会议，主要聚焦两大核心议题： 一是分析总结 2025 年及过去 5 年经济社会发展成效，明 ...

Group 1 - The core viewpoint highlights a potential "electricity revolution" driven by the explosion of AI computing power, with data center power concepts gaining strength and companies like Oulutong rising over 10% [1] - The short-term market dynamics suggest that this sector may be a fleeting opportunity for speculative investments [1] Group 2 - The Fujian sector remains active, with Anji Food achieving six consecutive trading limits, and several other stocks like Longzhou Co. and Shuhua Sports also experiencing multiple trading limits [2] - The overall trend indicates a strong performance in the Fujian region, with various companies showing significant upward movement [2] Group 3 - The non-ferrous copper sector continues to decline, with companies such as China Metallurgical Group, Hainan Mining, and Luoyang Molybdenum leading the downturn [3] - The underlying reasons for this decline raise questions about the viability of high-copper-content assets in the current market [3]

Core Viewpoint - The report from Zhongtai Securities indicates that the domestic and overseas AI data center (AIDC) industry will continue to evolve, driving stock performance, while the overseas power equipment market faces supply-demand tensions, creating opportunities for domestic supply chains to expand internationally [1] Group 1: AIDC Industry Trends - The demand for AIDC is expected to grow significantly due to sustained high capital expenditure from overseas cloud providers [1] - The increase in total power capacity and load variability in data centers necessitates technological upgrades for both in-cabinet and out-of-cab power supplies, indicating a trend in the industry [1] - The transition from UPS to HVDC and SST in out-of-cab power supplies is confirmed, marking the initial phase of change in the SST industry chain [1] Group 2: Investment Opportunities - The PSU segment is identified as the only certain performer within the AIDC power supply sector, with potential for stock price appreciation if demand exceeds expectations [1] - The upgrade in AIDC power supplies presents investment opportunities in traditional power equipment such as transformers and circuit breakers [1] Group 3: Domestic and International Market Dynamics - The construction of AIDC is expected to significantly increase electricity demand, with contributions primarily from the China-US region, thereby boosting global electricity demand [1] - Domestic power equipment is anticipated to continue its expansion into international markets, driven by the AIDC construction [1] - Attention is drawn to the recovery of capital expenditure in domestic power grids, including high-voltage projects and the resumption of bidding for power meters and distribution networks [1]

Group 1 - The strongest branch of computing power has formed a VCP structure with optical connections and PCBs, and optical connections have made breakthroughs [1] - If the market index continues to rise, the leading sectors will likely be computing power equipment followed by power equipment, with power equipment experiencing a later and less sufficient pullback [3] - The average stock price index has recently confirmed a situation where the lower limit of the pullback space has been identified, but it is uncertain if the adjustment structure has ended, with the possibility of the box continuing to expand to the right [5] Group 2 - The trading volume has recently broken through the 21-day average volume, initially satisfying the conditions for a momentum reversal, but the price box may not break through immediately [5] - The reliance on small-cap junk stocks for market rallies is unlikely, and attention should be on hard technology, innovative pharmaceuticals, as well as the support levels of insurance and banking sectors [5] - The performance of brokerage firms has been weak, indicating that they may struggle to achieve significant results, despite being favored by retail investors, as institutions show little interest [5]

Core Viewpoint - The company, Jicheng Electronics Co., Ltd., has been selected as a candidate for multiple procurement projects by the State Grid Corporation of China, with a total bid amount of approximately 214.73 million yuan, which is expected to positively impact the company's operating performance in 2024 [1][4]. Group 1: Bid Details - The company won bids for 15 packages across various projects, including 4 packages in the North China region for integrated ring network boxes and 3 packages for integrated pole-mounted circuit breakers, totaling 69.10 million yuan [2]. - In the Central and Sichuan-Chongqing regions, the company secured 4 packages for low-voltage power cables and integrated equipment, amounting to 48.47 million yuan [3]. - The company also won 3 packages in the Northeast region and 1 package in the East China region, with total amounts of 35.29 million yuan and 31.13 million yuan, respectively [3]. Group 2: Impact on Company Performance - The total bid amount of approximately 214.73 million yuan represents 8.27% of the company's projected revenue for the fiscal year 2024, indicating a significant contribution to the company's financial performance [4].

中证1000ETF（159845）紧密跟踪中证1000指数。中证1000指数由全部A股中剔除中证800指数成分股后，规模 偏小且流动性好的1000只股票组成，综合反映中国A股市场中一批小市值公司的股票价格表现。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入7.26亿元，近十个交易日净流出6.18亿元。最新 规模达457.53亿元，近一个月规模增长9.65亿元。今日盘中成交额3.92亿元，近一周日均成交高达10.79亿元，流 动性较好。 国内方面，11月PMI显示价格景气持续改善，保险新政加力支持长线资金入市。经济方面，11月制造业PMI小幅 回升，价格景气进一步上行。 平安证券表示，当前A股仍处于牛市上行中继阶段，短期或保持区间震荡格局，待12月美联储议息会议以及国内 重要经济会议落地后，市场预期有望进一步明晰。 12月9日上午，A股三大指数走势分化，其中沪指下跌0.11%。截至10:45，中证1000ETF（159845）下跌0.13%。 其他宽基指数中，上证50跌0.37%，沪深300跌0.09%，中证500跌0.26%。 个股表现来看，中证1000ETF前50只权重股中，涨幅靠前 ...