北交所策略专题报告 2026 年 01 月 25 日 北交所主题基金 2025 年成绩单平均 55.53%，把脉 2026 年结构性机会 ——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 公布 2025Q4 季报，11 家主题基金 2025 年收益率均值达 55.53% 从公募机构在北交所配置家数来看，2024 年末共计 29 家公募机构配置北交所股 票，同比增长 31.82%，2025 年末公募基金重仓北交所企业的数量分别为 41 家， 同比 2024 年末增长 41.38%。从公募机构在北交所重仓配置金额角度来看，2025 年末公募机构在北交所重仓配置金额 90.50 亿元，重仓配置占比达 0.12%。其中 2025 年单季度末公募机构在北交所重仓配置金额分别为 67.43 亿元、98.92 亿元、 103.07 亿元、90.50 亿元，重仓配置占比达 0.11%、0.17%、0.14%、0.12%。从被 动指数基金规模角度来看，2025 年北证 50 指数基金规模高增长。2022-2026 年 北证 50 指数基金规模 ...

Group 1 - The report highlights the introduction of the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles," which will take effect on April 1, 2026, mandating a full lifecycle management approach for retired batteries [4][16][17] - The total amount of retired lithium batteries in mainland China is projected to increase from 157,100 tons in 2020 to 455,100 tons in 2024, representing a compound annual growth rate (CAGR) of 30.5% [4][37][39] - The report identifies four companies listed on the Beijing Stock Exchange involved in lithium battery recycling, with a total market capitalization of 10.459 billion yuan as of January 23, 2026 [4][45][46] Group 2 - The chemical new materials sector experienced an average weekly increase of 5.11% in stock prices, with notable companies such as Meibang Technology and Tianli Composite showing significant gains [5][62] - The average price-to-earnings (P/E) ratio for the chemical new materials industry rose to 42.5X, indicating a positive market sentiment [5][62] - The technology sector saw a median P/E ratio increase from 44.3X to 44.7X, with a total market capitalization growth from 546.417 billion yuan to 560.692 billion yuan [6][76][77] Group 3 - The report emphasizes the importance of both tiered utilization and recycling of retired power batteries, with tiered utilization focusing on reusing batteries with remaining capacity for applications such as energy storage systems [25][26] - The recycling process aims to extract valuable materials from waste batteries, with physical and chemical recovery methods being the primary techniques employed [27][29][30] - The report notes that the global processing volume of retired batteries is expected to grow from 338,400 tons in 2020 to 1.3 million tons by 2024, with a CAGR of 40.6% [40]

Core Viewpoint - The article highlights the passing of Lu Zhicheng, the former president and chairman of Tongfang Co., Ltd., who significantly contributed to the company's development and the transformation of technology in China [1][4]. Group 1: Background of Lu Zhicheng - Lu Zhicheng was born in August 1948 in Shanghai and graduated from Tsinghua University in 1977, where he later became a professor and doctoral advisor [4]. - He was a pioneer in the commercialization of scientific research and technology transfer from universities to industries, founding Beijing Tsinghua Artificial Environment Engineering Company in 1989 [4]. Group 2: Contributions to Tongfang Co., Ltd. - Lu played a crucial role in the establishment and listing of Tongfang Co., Ltd. in 1997, implementing a "technology + capital" development strategy and creating a model for technology transfer from laboratories to markets [4][6]. - Under his leadership from 1997 to 2015, Tongfang focused on core businesses aligned with national strategies, successfully developing well-known companies such as Tongfang Weishi and Tongfang Zhinet [5]. Group 3: Legacy and Impact - Lu's efforts in technology development included significant projects like the large container inspection system and the localization of microelectronic components, contributing to national security and technological independence [5]. - He established the "National Higher Education Artificial Environment Engineering Scholarship" to support talent cultivation in the field, leaving a lasting impact on the industry and academia [5]. - His principles of "undertaking, exploring, and surpassing" and the corporate culture he instilled will continue to guide Tongfang towards becoming a world-class high-tech enterprise [5]. Group 4: Company Overview - Tongfang Co., Ltd. was founded in 1997 with funding from Tsinghua University and was listed on the Shanghai Stock Exchange the same year [6]. - As of January 23, the company's stock price was 9.47 yuan per share, with a total market capitalization of 31.727 billion yuan [7].

Core Insights - The passing of Mr. Lu Zhicheng, former president and chairman of Tongfang Co., Ltd., on January 24, 2026, at the age of 78, marks a significant loss for the company and the industry [1] Group 1: Background and Contributions - Mr. Lu was born in August 1948 in Shanghai and graduated from Tsinghua University in 1977, where he later became a professor and doctoral advisor, focusing on the integration of HVAC technology and computer control [3] - In 1989, driven by the ideal of "revitalizing the country through science and education," he founded Beijing Tsinghua Artificial Environment Engineering Company, which laid the groundwork for the establishment of Tongfang Co., Ltd. in 1997 [3] - As a core founder, he established the "technology + capital" development strategy and the "transfer of soil" model for industry-academia-research integration, facilitating the commercialization of scientific achievements from universities [3] Group 2: Achievements and Legacy - From 1997 to 2015, Mr. Lu led Tongfang in aligning with national needs, developing core businesses in information technology, public safety, and energy conservation, which resulted in the growth of well-known enterprises such as Tongfang Weishi and Tongfang Zhinet [4] - He was instrumental in the development of the "large container inspection system" and the localization of microelectronic core components, significantly contributing to China's security technology and the integration of Chinese technology in national projects like the second-generation ID card and the Beijing Olympics [4] - Mr. Lu's principles of "undertaking, exploring, and surpassing" and the corporate culture of "loyalty, responsibility, and value equivalence" have left a lasting impact on Tongfang and will guide future generations towards the vision of becoming a world-class high-tech enterprise [5]

Core Viewpoint - The article announces the passing of Lu Zhicheng, the former president and chairman of Tongfang Co., Ltd., who died on January 24, 2026, at the age of 78, highlighting his significant contributions to the company and the high-tech industry in China [1]. Group 1: Background and Contributions - Lu Zhicheng was born in August 1948 in Shanghai and graduated from Tsinghua University in 1977, where he later became a professor and doctoral advisor, focusing on the integration of HVAC technology and computer control [4]. - He founded Beijing Tsinghua Artificial Environment Engineering Company in 1989, driven by the ideal of "science and education revitalizing the country" and "serving the nation through industry" [4]. - In 1997, he played a key role in the restructuring of Tsinghua University’s enterprises, leading to the establishment and listing of Tongfang Co., Ltd., and laid the foundation for its "technology + capital" development strategy [4]. Group 2: Achievements and Legacy - Under Lu's leadership from 1997 to 2015, Tongfang focused on national needs and developed core businesses in information technology, public safety, and energy conservation, nurturing several well-known companies such as Tongfang Weishi and Tongfang Zhinet [5]. - He was instrumental in the development of the "large container inspection system" and the localization of microelectronic core components, enhancing China's security inspection capabilities [5]. - Lu's principles of "commitment, exploration, and transcendence" and the corporate culture he established will continue to inspire future generations at Tongfang as they strive to become a world-class high-tech enterprise [5]. Group 3: Company Overview - Tongfang Co., Ltd. was established in 1997 with funding from Tsinghua University and was listed on the Shanghai Stock Exchange the same year [6]. - The company is primarily engaged in nuclear technology applications, digital information, and smart energy, with products including security inspection equipment, knowledge data products, AI products, and energy-saving applications [6]. - As of January 23, 2026, Tongfang's stock price was 9.47 yuan per share, with a total market capitalization of 31.727 billion yuan [7].

Core Viewpoint - The passing of Mr. Lu Zhicheng, the former president and chairman of Tongfang Co., Ltd., marks a significant loss for the company and the industry, given his contributions to technology commercialization and innovation in China [1][3]. Group 1: Personal Background - Mr. Lu Zhicheng was born in August 1948 in Shanghai and graduated from Tsinghua University in 1977, where he later became a professor and doctoral advisor [3]. - He specialized in the integration of HVAC technology and computer control, contributing to interdisciplinary research [3]. Group 2: Contributions to Tongfang Co., Ltd. - In 1989, Mr. Lu founded Beijing Tsinghua Artificial Environment Engineering Company, driven by the ideal of "scientific education revitalizing the nation" [3]. - He played a crucial role in the restructuring and listing of Tongfang Co., Ltd. in 1997, establishing a "technology + capital" development strategy [3]. - Mr. Lu pioneered the "soil transplantation" model for industry-academia collaboration, facilitating the commercialization of scientific research [3]. Group 3: Impact on National Strategy - From 1997 to 2015, Mr. Lu led Tongfang in aligning its core businesses with national strategic needs, focusing on information technology, public safety, and energy conservation [4]. - He was instrumental in developing the "large container inspection system" and promoting the localization of microelectronic core components, enhancing China's security capabilities [4]. - As a co-founder of the "National Higher Education Artificial Environment Engineering Scholarship," he significantly contributed to talent cultivation in the field [4].

Group 1 - The core economic data for Beijing Economic-Technological Development Area (Beijing EDA) in 2025 shows a GDP of 401.21 billion yuan, marking a year-on-year growth of 10.7%, leading among national-level economic development zones [1] - The main driving force behind this rapid economic growth is the continuous breakthroughs in leading industries, including the full-scale production of BOE's sixth-generation semiconductor display devices and the launch of the new pure electric CLA at Beijing Benz [1] - In 2025, the industrial output value of Beijing EDA grew by 12% year-on-year, with key industries such as high-end automobiles and new energy smart vehicles achieving an output value of 311.32 billion yuan, up 17.4% [1] Group 2 - The productive service industries, represented by information services and finance, have shown significant empowering effects, with information services generating revenue of 130.28 billion yuan, a year-on-year increase of 16.7% [2] - Investment in fixed assets in Beijing EDA has maintained a scale of over 100 billion yuan for three consecutive years, with major projects like the Sanofi insulin raw material project and the large commercial complex Wanxianghui accelerating their implementation [2] - In 2025, the R&D expenses of key large and medium-sized enterprises in Beijing EDA increased by 31.8% year-on-year, leading the city in growth [2] Group 3 - The Beijing EDA aims to establish itself as a model for new productive forces and an international high-end industrial complex, focusing on building a modern industrial system and nurturing trillion-yuan industrial clusters [3] - The area is set to kick off several key projects in the new year, including the new drug R&D and industrialization base project by Shouyao Holdings and the headquarters of Aerospace Intelligent Manufacturing [3]

中国经济 新亮点。 国内发明专利有效量达532万件、专利密集型产业增 加值突破18万亿元 …… 在国务院新闻办公室1月23日 举行的发布会上,国家知识产权局介绍2025年知识 产权工作进展情况,分析数据反映出的主要特点 在2025年底 国内(不含港澳台) 400±11 次明专利有'划重ጋጋ么门什 有效注册商标量4987.7万件 累计认定 地理标志产品5066个 集成电路布图设计 累计登记发证9.3万件 国家级知识产权 保护中心、快速维权中心129家 公共服务机构519家 ♀ 长三角地区、京津冀地区、广东省 发明专利有效量合计354.9万件 约占国内总量的2/3 有效注册商标量合计2805.8万件 占国内总量的1/2以上 在世界知识产权组织发布的 2025年全球百强创新集群排名中 特占1 创新质量持续提升 国内(不含港澳台)有效发明专利中 高价值发明专利数量229.2万件 同比增速比总体水平高2.2个百分点 信息技术管理方法 计算机技术 医学技术等领域 有效发明专利增速最快 人工智能专利有效量居全球前列 在量子科技、生物制造、 脑机接口、第六代通讯等 未来产业布局一批关键核心技术专利 特点7 重点区域创新活跃 ...

中国经济 新亮点。 国内发明专利有效量达532万件、专利密集型产业增 加值突破18万亿元 …… 在国务院新闻办公室1月23日 举行的发布会上,国家知识产权局介绍2025年知识 产权工作进展情况,分析数据反映出的主要特点 在2025年底 国内(不含港澳台) 400±11 次明专利有'划重ጋጋ么门什 有效注册商标量4987.7万件 累计认定 地理标志产品5066个 集成电路布图设计 累计登记发证9.3万件 国家级知识产权 保护中心、快速维权中心129家 公共服务机构519家 特占1 创新质量持续提升 国内(不含港澳台)有效发明专利中 高价值发明专利数量229.2万件 同比增速比总体水平高2.2个百分点 信息技术管理方法 计算机技术 医学技术等领域 有效发明专利增速最快 人工智能专利有效量居全球前列 在量子科技、生物制造、 脑机接口、第六代通讯等 未来产业布局一批关键核心技术专利 特点7 重点区域创新活跃 ♀ 长三角地区、京津冀地区、广东省 发明专利有效量合计354.9万件 约占国内总量的2/3 有效注册商标量合计2805.8万件 占国内总量的1/2以上 在世界知识产权组织发布的 2025年全球百强创新集群排名中 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and quality improvement of China's domestic invention patents, with a target of 5.32 million valid invention patents by the end of 2025, translating to 16 high-value invention patents per 10,000 people [1][2] - The number of high-value invention patents has reached 2.29 million, with a year-on-year growth rate 2.2 percentage points higher than the overall level, indicating a strong focus on key technologies in fields such as information technology, medicine, and artificial intelligence [1] - The patent transfer and licensing registrations are projected to reach 697,000 in 2025, marking a 13.7% year-on-year increase, while the industrialization rate of enterprise invention patents has reached 54%, showing steady growth over the years [1] Group 2 - The added value of patent-intensive industries in China has surpassed 18 trillion yuan, with its GDP share increasing from 11.97% in 2020 to 13.38% in 2024, contributing positively to economic growth [2] - Patent-intensive industries are characterized by significant innovation-driven features, with R&D investment intensity expected to exceed 2.6% in 2024, which is 2.4 times that of non-patent-intensive industries [2] - The number of invention patent authorizations per 10,000 employees in patent-intensive industries has reached 476 over the past five years, reflecting a 66 patent increase year-on-year, which is ten times the national average [2]