证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260122 我国 2025 年对外直接投资同比增长 7.1%， 北证 50 上涨 0.69% 2026 年 01 月 22 日 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 执业证书：S0600522100003 研究助理 陈哲晓 《服务器 CPU 面临提价，北证 50 上 涨 0.14%》 2026-01-21 《中国 2025 年全年 GDP 同比增 5%，北证 50 上涨 0.02%》 2026-01-19 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）2026 年第一批 936 亿元超长期特别国债支持设备更 新资金已经下达。近日，2026 年第一批 9 ...

Core Viewpoint - The renewable energy sector is experiencing positive momentum driven by supportive government policies and increasing demand in electric vehicles and energy storage [1][2][3] Group 1: Market Performance - The New Energy ETF (516160) rose by 3.02%, with a trading volume of 906.94 million yuan [1] - Key stocks in the index, such as Maiwei Co., Ltd. and Laplace, saw significant gains of 20.00% and 19.62% respectively [1] Group 2: Government Policies - On January 20, the Ministry of Finance released five documents outlining a package of favorable policies to support small and medium enterprises, private investment, and equipment upgrades [1] - Key focus areas for support include energy power, new energy vehicles, energy conservation, and small hydropower [1] Group 3: Industry Trends - The electric vehicle and energy storage sectors are entering a new growth cycle, with several automakers announcing ambitious sales targets for 2026 [2] - Global lithium battery production is projected to reach 2,297 GWh by 2025, marking a 48.5% year-on-year increase, with power batteries being the main growth driver [2] - CATL and Changan Automobile signed a five-year strategic cooperation memorandum focusing on advanced fields such as battery swapping and smart vehicles [2] Group 4: Supply Chain Dynamics - The supply and demand for lithium carbonate are expected to remain favorable, with China's production projected to reach 976,300 tons by 2025, a 49% increase [2] - A recent investment of 3.688 billion yuan by a major mining company aims to produce approximately 80,000 tons of lithium carbonate annually [2] Group 5: Technological Advancements - The solid-state battery sector is entering a critical phase of engineering and industrialization, with recent tests being conducted in extreme cold conditions [2] - The State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, aimed at achieving carbon peak by 2030 [3] - The integration of AI in manufacturing is being promoted to enhance productivity and support new industrialization [3] Group 6: Index Composition - The New Energy Index includes companies involved in renewable energy production, application, storage, and interaction devices, with the top ten weighted stocks accounting for 43.23% of the index [3]

Core Insights - The article emphasizes the strategic importance of the new energy and storage industries in China's "14th Five-Year Plan," highlighting the government's support for these sectors to drive high-quality development [1] Industry Overview - The new energy vehicle (NEV) industry in China is projected to achieve significant growth, with production and sales expected to reach 16.62 million and 16.49 million units respectively by 2025, marking a year-on-year increase of over 20% [2] - By 2040, the market penetration rate of NEVs in China is anticipated to exceed 80%, positioning the country among the world's leading automotive powers [2] Company Positioning - 纳百川 has established itself as a core supplier in the fields of power batteries for electric vehicles, fuel vehicle power systems, and thermal management for storage batteries, maintaining a strong customer strategy [1] - The company has been a strategic partner of 宁德时代 since 2012, supplying products to major automotive brands such as T Company, NIO, Xpeng, and Li Auto [1] Technological Advancements - 纳百川 has developed a comprehensive core technology system that addresses industry challenges, achieving a temperature deviation of less than 3°C in battery module thermal distribution and a flow resistance deviation of under 5% [2][3] - The company has also made breakthroughs in key areas such as new material applications and welding technology, ensuring product reliability under complex conditions [3] Market Growth and Demand - The global energy storage market is expected to grow significantly, with projections estimating a market size of $668.7 billion by 2024 and $5.12 trillion by 2034, reflecting a CAGR of 21.7% from 2025 to 2034 [3] - 纳百川's storage business has seen rapid growth, with its revenue share increasing from less than 5% in 2022 to over 30% in Q1 2025, driven by the booming storage industry [4] Capacity Expansion - The company's production capacity is nearing saturation, with a utilization rate of 88.31% and a sales rate of 97.57% in Q1 2025, indicating a critical constraint in meeting downstream demand [4] - To capitalize on industry opportunities, 纳百川 plans to invest 579 million yuan in a new production project aimed at producing 3.6 million sets of water-cooling plates annually [4][5] Future Outlook - The "14th Five-Year Plan" is expected to deepen the development of new energy industry clusters, with the NEV and storage sectors poised for high-quality growth [5] - As the company continues to expand its production capacity and overcome bottlenecks, it is well-positioned to benefit from the upgrading of the new energy industry and solidify its leading position in thermal management [5]

Economic Performance - In 2025, Zhejiang's GDP reached 94,545 billion yuan, growing by 5.5% year-on-year at constant prices [1] - The primary industry added value was 2,657 billion yuan (3.9% growth), the secondary industry 35,682 billion yuan (5.1% growth), and the tertiary industry 56,206 billion yuan (5.8% growth) [1] Artificial Intelligence Sector - From January to November 2025, the core AI industry in Zhejiang generated revenue of 6,294 billion yuan, marking a 21.6% year-on-year increase [2] - Key areas of growth included data services (35.4%), computing power services (31.8%), smart terminals (10.8%), and algorithm models (9.9%) [2] Emerging Industries - In 2025, high-tech manufacturing, digital economy core industries, equipment manufacturing, and strategic emerging industries in Zhejiang saw value-added growth rates of 12.4%, 11.3%, 10.5%, and 10.0% respectively [2] - Rapid production increases were noted in new products such as virtual reality devices (96.8%), lithium-ion batteries (65.2%), new energy vehicles (49.8%), industrial robots (36.4%), laptops (27.5%), and service robots (27.0%) [2] Private Economy - In 2025, the added value of private enterprises in Zhejiang's industrial sector grew by 7.2%, contributing 77.7% to the growth of the industrial sector [4] - The province had 123,000 private enterprises with export performance, an increase of 11.8%, with total import and export volume reaching 4.56 trillion yuan, up 7.1% [4] Income Distribution - The per capita disposable income for all residents in Zhejiang reached 70,240 yuan, a nominal increase of 4.8% year-on-year [4] - Urban and rural per capita disposable incomes were 81,649 yuan and 45,154 yuan, growing by 4.3% and 5.5% respectively, with the urban-rural income gap narrowing to 1.81 [4]

2025年，我国全年经济总量迈上140万亿元新台阶、5%的增速位居全球前列。"在1月20日国务院新闻办 公室举行的新闻发布会上，国家发展改革委副主任王昌林说，我国"十四五"实现圆满收官，续写了中国 奇迹新篇章。 2026年，我国经济的"十五五"画卷如何起笔？绿色转型的"快车道"上有哪些新举措？全国统一大市场建 设又将如何破除壁垒，让要素流动更顺畅？ 这场发布会给出了清晰而有力的答案，明确将通过实施扩大内需战略、纵深推进全国统一大市场建设、 加快培育新质生产力以及系统推动绿色低碳转型等关键举措，在"十五五"开局之年扎实推动经济高质量 发展，确保新征程起好步、开新局。 这一系列部署表明，我国的"双碳"之路，正从单一的能源替代，走向一场涵盖能源、产业、社会和治理 体系的系统性变革。 "两新"效能持续放大 "这既是我们对国际社会的庄严承诺，也是我国经济自身高质量发展的内在需求。"国家发展改革委资源 节约和环境保护司司长王善成说，尽管全球应对气候变化合作遭遇波折，但中国坚定的目标承诺和有力 的落实举措，为全球绿色发展进程注入了稳定预期和长期信心。 建成了全球最大的可再生能源体系，构建了全球最完整的新能源产业链，实现了全 ...

Core Viewpoint - The company, Jingjin Electric, has shown significant growth in both revenue and net profit, indicating strong performance in the electric drive system sector for new energy vehicles [2]. Group 1: Stock Performance - On January 22, Jingjin Electric's stock rose by 2.20%, with a trading volume of 150 million yuan [1]. - The financing buy-in amount for Jingjin Electric on the same day was 13.72 million yuan, while the financing repayment was 11.29 million yuan, resulting in a net financing buy of 2.43 million yuan [1]. - As of January 22, the total financing and securities balance for Jingjin Electric was 148 million yuan, with the financing balance accounting for 2.90% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Shareholder Information - As of January 20, the number of shareholders for Jingjin Electric was 16,700, a decrease of 2.44% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.50% to 31,179 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, Jingjin Electric achieved a revenue of 1.802 billion yuan, representing a year-on-year growth of 96.07% [2]. - The net profit attributable to the parent company was 83.55 million yuan, reflecting a year-on-year increase of 121.62% [2]. Group 4: Company Overview - Jingjin Electric Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on February 25, 2008, with its listing date on October 27, 2021 [1]. - The company's main business involves the research, development, production, sales, and services of electric drive systems, with 94.75% of its revenue coming from new energy vehicle electric drive systems [1].

Core Viewpoint - Beiqi Blue Valley forecasts a net loss of 4.35 billion to 4.65 billion yuan for 2025, indicating a narrowing of losses compared to previous years, despite having reported losses for five consecutive years [1] Sales Performance - Beiqi Blue Valley's sales are expected to increase significantly, reaching 209,600 units in 2025, representing a year-on-year growth of 84.06% [1] - The company plans to launch multiple new models in the second half of 2025, including the Extreme Fox T1 and the Xiangjie S9T, which are anticipated to drive sales growth [2] - The Xiangjie brand achieved a historic monthly sales record of over 10,000 units in December, becoming the sales champion in the luxury new energy vehicle segment priced above 300,000 yuan [2] Financial Expenditure - In the first three quarters of 2025, Beiqi Blue Valley's R&D expenses amounted to 1.573 billion yuan, a 43.26% increase from the previous year, while sales expenses reached 1.552 billion yuan, up 22.11% year-on-year [3] Asset and Equity Status - As of September 30, 2025, Beiqi Blue Valley's total assets were 33.844 billion yuan, a decrease of 18.29% from the previous year, and the equity attributable to shareholders was 2.087 billion yuan, down 62.13% [4] - The company is primarily supported by its controlling shareholder, Beiqi Group, which holds a 23.14% stake, with additional stakes held by related parties [4] Capital Injection - Beiqi Blue Valley has received approval for a private placement to raise up to 6 billion yuan, with 5 billion yuan allocated for new energy vehicle development and 1 billion yuan for AI and intelligent driving systems [5] - The capital injection is expected to improve the company's financial condition and enhance its profitability and competitive strength, reducing the risk of delisting despite current losses [5]

Core Viewpoint - The article highlights the current state of Chinese companies going global, emphasizing the importance of effectively communicating their technological advancements and innovation stories to the world [1] Group 1: Company Insights - BYD's Executive Vice President, Li Ke, stated that the company's plug-in hybrid technology can replace traditional fuel vehicles on a one-to-one basis, and its fast-charging technology allows electric vehicles to charge at speeds comparable to refueling [1] - Li Yifan, CEO of Hesai Technology, noted that hard tech companies often struggle with external communication, leading to an underestimation of China's technological capabilities by international partners [1] - Longi Green Energy's Vice President and North America President, Luo Xin, emphasized that the company's competitive edge lies not only in solar technology but also in creating a comprehensive clean energy system that includes photovoltaics, energy storage, and hydrogen energy [1] Group 2: Industry Trends - The "wild capture" interviews reveal a common challenge for Chinese companies: how to better narrate their innovation stories to the world while possessing strong technological advantages [1] - The shift from being "underestimated" to "actively communicating" reflects a new phase for Chinese companies in technology export, focusing on value dissemination rather than just product output [1] - Chinese enterprises are learning to articulate their core strengths in a language that resonates globally, marking a significant evolution in their international engagement strategies [1]

Monetary Policy - The People's Bank of China, led by Pan Gongsheng, will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery [1] - There is still room for further reductions in reserve requirements and interest rates this year, with an emphasis on maintaining ample liquidity [1] Technology Development - Fudan University researchers have successfully developed "fiber chips," achieving large-scale integrated circuit preparation within flexible polymer fibers, with a transistor density of 100,000 per cm [1] - The technology allows for efficient interconnection of transistors and other electronic components, enabling both digital and analog circuit functions [1] Company News - Blue Arrow Aerospace's IPO review status has changed to "inquired" on the Shanghai Stock Exchange [2] - Yushu Technology clarified that its actual shipment of humanoid robots in 2025 will exceed 5,500 units, with over 6,500 units expected to be produced [3] - The Ministry of Commerce and nine other departments are promoting the participation of retail pharmaceutical companies in centralized drug procurement [3] Individual Company Performance - CATL launched a mass-produced sodium-ion battery for light commercial vehicles, capable of operating in extreme cold conditions [4] - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year, with revenue projected at 9.203 billion yuan, a 25% increase [4] - Strong One Co. anticipates a net profit increase of 58% to 71% in 2025, driven by strong orders from major clients in the communication network and AI computing sectors [5] - Changda Technology plans to invest 1 billion yuan in a functional IC packaging substrate project to enhance its competitiveness in the high-end integrated circuit field [6] - Founder Technology forecasts a net profit increase of 67% to 98% in 2025, focusing on high-value business orders in AI servers and high-speed optical modules [7]

日度报告——综合晨报 [T报ab告le_日R期an：k] 2026-01-23 中国央行表态继续实施适度宽松货币政策 宏观策略（外汇期货(美元指数)） 美国消费者支出连续两个月稳步增长 美国最新的 11 月核心 pce 同比符合预期，通胀压力继续可控， 美元指数维持震荡。 黑色金属（螺纹钢/热轧卷板） Mysteel 五大品种库存周环比增加 10.07 万吨 综 本周五大品种库存再度累积，随着需求的季节性下滑，和产量 回升，建材累库较为明显。卷板整体小幅去库，需求仍有韧性。 短期矛盾尚不突出，仍建议反弹逢高套保。 合 宏观策略（国债期货） 晨 央行行长潘功胜：今年降准降息还有一定的空间 报 央行呵护流动性的态度较为明确，但预计短期内降准或是大幅 增加买债额度的必要性继续下降。 有色金属（铜） 韩国锌业称美国冶炼厂废料堆含 30 亿美元金属价值 短期宏观因素可能会加剧价格波动，基本面短期因素对铜价形 成抑制，预计盘面短期宽幅震荡可能性更大，策略上短线转观 望。 能源化工（苯乙烯） 苯乙烯周度产量数据 多头增仓意愿强烈，苯乙烯盘面大幅上扬 | 1、 金融要闻及点评 | 3 | | --- | --- | | 1. ...