市场整体上行，北证交易活跃度回落 ——北交所周报（2025 年 12 月第 4 周） 本报告导读： 12 月第 4 周 A 股市场整体上行，北证交易活跃度有所回落，日均成交金额再度跌破 200 亿元，北证 50 指数单周上涨 1.19%，涨幅稍弱于市场其他主要指数。当周北交 所无新股招股，1 只新股上市，新股上市首日均价涨幅仍维持 100%以上高位。 投资要点： 新股研究 /[Table_Date] 2025.12.31 | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S0880524080007 | [Table_Repor ...

Group 1: Market Overview - The main market saw a net outflow of 270.79 billion yuan, with the ChiNext board experiencing a net outflow of 119.46 billion yuan and the CSI 300 index seeing a net outflow of 143.37 billion yuan [1] - Among the 15 primary industries, the defense and military industry had the highest increase at 2.13%, while sectors like media, real estate, and non-ferrous metals also saw gains exceeding 1% [1] - In contrast, 16 industries experienced declines, with telecommunications, agriculture, forestry, animal husbandry, and electronic sectors dropping over 1% [1] Group 2: Capital Flow by Industry - Eight industries saw net inflows of main capital, with the media industry leading at 40.5 billion yuan, followed by the defense and military industry with 19.77 billion yuan [1] - Other industries with net inflows exceeding 1 billion yuan included light manufacturing, steel, and coal [1] - Conversely, 23 industries faced net outflows, with the power equipment and electronic sectors leading with outflows exceeding 54 billion yuan each [1] Group 3: Individual Stock Performance - Two AI application concept stocks, BlueFocus and Liou Co., saw net inflows exceeding 23 billion yuan each, with both stocks hitting the daily limit up [2] - Liou Co. had a significant trading volume, with 13.52 billion yuan in total transactions, accounting for 24.7% of the day's total, and a net buy of 5.39 billion yuan [3] - Newly listed N Xinguangyi opened at 65 yuan per share and closed at 71.32 yuan, marking a 225.22% increase with a trading volume of 17.41 billion yuan [4] Group 4: Late Trading Activity - In late trading, the market saw a net outflow of 36.63 billion yuan, with the ChiNext board experiencing a net outflow of 22.01 billion yuan [7] - Notably, the aerospace development stock had a net inflow of 5.63 billion yuan in late trading, while other stocks like Xinwei Communication and Sanhua Intelligent Control also saw significant inflows [8] - Conversely, stocks like Xinyi Sheng experienced net outflows exceeding 3.52 billion yuan in late trading [8][9]

盘后数据出炉。 12月31日，A股市场主要股指多数下跌，截至收盘，上证指数报3968.84点，上涨0.09%；深证成指报13525.02点，下跌0.58%；创业板指 报3203.17点，下跌1.23%。两市合计成交20451.42亿元，较上一交易日减少971.83亿元。 1.两市主力资金净流出超270亿元 今日沪深两市主力资金开盘净流出129.42亿元，尾盘净流出36.63亿元，两市全天主力资金净流出270.79亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025- 12- 31 | - 270. 79 | - 129. 42 | - 36. 63 | - 63. 89 | | 2025- 12- 30 | - 238. 28 | - 116. 17 | - 40. 17 | - 94. 18 | | 2025- 12- 29 | - 482. 76 | - 221. 26 | - 77. 92 | - 210. 81 | | ...

Core Insights - In 2025, a total of 870 companies in the A-share market experienced changes in their board secretaries, with a significant concentration in the manufacturing and financial sectors, which together account for 60% of the changes, indicating a close relationship with economic cycles [1][2] Group 1: Company Changes - The majority of changes in board secretaries occurred in the second half of 2025, aligning with annual management adjustment cycles [6] - Approximately 40% of the companies reported a year-on-year increase in net profit attributable to shareholders in the third quarter, while the average stock price increase for the year reached 12.47%, suggesting a neutral to positive market reaction to these changes [2] Group 2: Regional Distribution - The East China (Shanghai, Zhejiang) and South China (Guangdong) regions accounted for over 50% of the changes, reflecting regional economic vitality [2] Group 3: Characteristics of Board Secretaries - The tenure of board secretaries varies widely, with some having served since 1999; 70% of them are male, with an average age of 56 years [2] - 30% of the changes were due to retirement, indicating a need for governance structure optimization, while 40% were attributed to job adjustments [2][8] Group 4: Industry Focus - The changes were particularly concentrated in the real estate, electronic equipment, and energy sectors, reflecting the current economic structure of Zhejiang, where real estate and energy are pillar industries, and electronic equipment benefits from technological innovation [7][8]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - On December 30, the convertible bond industry showed mixed performance in terms of gains and losses, with valuations rising on a month - on - month basis [1]. - The mid - cap growth style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose [2]. - The convertible bond valuations increased [2]. - In the A - share market, more than half of the underlying stock industry indices declined, while in the convertible bond market, 14 industries rose [3]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.14% month - on - month, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose 0.49%, the ChiNext Index rose 0.63%, the SSE 50 Index rose 0.06%, and the CSI 1000 Index rose 0.04% [1]. - **Market Style**: Mid - cap growth was relatively dominant. Large - cap growth rose 0.57%, large - cap value fell 0.13%, mid - cap growth rose 0.81%, mid - cap value rose 0.66%, small - cap growth rose 0.66%, and small - cap value rose 0.34% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 75.057 billion yuan, a 2.96% month - on - month decrease; the total trading volume of the Wind All - A was 2.161532 trillion yuan, a 0.18% month - on - month increase; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.02 bp to 1.86% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 134.53 yuan, a 0.09% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 202.44 yuan, a 1.47% increase; the closing price of bond - biased convertible bonds was 118.85 yuan, a 0.18% decrease; the closing price of balanced convertible bonds was 129.71 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 59.95%, a 1.15 - percentage - point increase. The largest change in proportion occurred in the 120 - 130 (including 130) range, with a proportion of 28.01%, a 1.39 - percentage - point decrease. There were no bonds with a closing price below 100 yuan. The median price was 132.60 yuan, a 0.07% month - on - month decrease [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 33.54%, a 0.45 - percentage - point month - on - month increase; the overall weighted par value was 101.88 yuan, a 0.19% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 18.25%, a 1.38 - percentage - point increase; the premium rate of bond - biased convertible bonds was 86.78%, a 2.11 - percentage - point increase; the premium rate of balanced convertible bonds was 25.17%, a 0.42 - percentage - point increase [2]. Industry Performance - **Underlying Stock Market**: Among the A - share industries, the top three decliners were Commerce and Retail (-1.56%), Real Estate (-1.22%), and Utilities (-1.14%); the top three gainers were Petroleum and Petrochemical (+2.63%), Automobile (+1.35%), and Non - Ferrous Metals (+1.31%) [3]. - **Convertible Bond Market**: Among the convertible bond industries, the top three gainers were Automobile (+2.08%), Petroleum and Petrochemical (+1.25%), and Textile and Apparel (+0.77%); the top three decliners were Environmental Protection (-2.57%), National Defense and Military Industry (-1.23%), and Building Materials (-1.16%) [3]. - **By Category**: - **Closing Price**: The large - cycle category decreased by 0.38%, manufacturing increased by 0.54%, technology decreased by 0.24%, large - consumption increased by 0.10%, and large - finance decreased by 0.05% [3]. - **Conversion Premium Rate**: The large - cycle category decreased by 0.21 percentage points, manufacturing increased by 0.57 percentage points, technology increased by 0.028 percentage points, large - consumption increased by 0.63 percentage points, and large - finance increased by 0.79 percentage points [3]. - **Conversion Value**: The large - cycle category decreased by 0.74%, manufacturing increased by 0.17%, technology decreased by 0.36%, large - consumption decreased by 0.43%, and large - finance decreased by 0.20% [3]. - **Pure Bond Premium Rate**: The large - cycle category decreased by 0.55 percentage points, manufacturing increased by 0.81 percentage points, technology decreased by 0.16 percentage points, large - consumption increased by 0.12 percentage points, and large - finance decreased by 0.065 percentage points [4]. Industry Rotation - Industries such as Petroleum and Petrochemical, Automobile, and Non - Ferrous Metals led the gains. For example, Petroleum and Petrochemical had a daily increase of 2.63% in the underlying stock market and 1.25% in the convertible bond market; Automobile had a 1.35% increase in the underlying stock market and 2.08% in the convertible bond market [54].

Market Overview - The Shanghai Composite Index increased by 0.11% today, with a trading volume of 1,004.34 million shares and a transaction value of 17,424.85 billion yuan, representing a 0.72% increase compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Up by 2.43%, with a transaction value of 162.59 billion yuan, led by Tongyi Co., which rose by 10.01% [1]. - Machinery Equipment: Increased by 1.38%, with a transaction value of 1,591.32 billion yuan, led by Buke Co., which surged by 20.00% [1]. - Automotive: Gained 1.35%, with a transaction value of 949.77 billion yuan, led by Tsinghua Technology, which rose by 30.00% [1]. - The worst-performing industries included: - Commercial Retail: Decreased by 1.66%, with a transaction value of 298.04 billion yuan, led by Baida Group, which fell by 10.00% [2]. - Social Services: Down by 1.13%, with a transaction value of 104.28 billion yuan, led by Tian Su Measurement, which dropped by 15.65% [2]. - Real Estate: Fell by 1.02%, with a transaction value of 180.88 billion yuan, led by Suzhou High-tech, which declined by 6.88% [2].

Market Overview - On December 29, the Shanghai Composite Index rose by 0.04%, with the total margin trading balance reaching 25,517.34 billion yuan, an increase of 8.404 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 12,852.63 billion yuan, up by 2.886 billion yuan; in the Shenzhen market, it was 12,584.58 billion yuan, increasing by 5.484 billion yuan; and in the Beijing Stock Exchange, it was 80.13 billion yuan, up by 0.034 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 18 sectors saw an increase in margin trading balances, with the largest increase in the non-ferrous metals sector, which rose by 2.449 billion yuan [1] - Other notable sectors included defense and military industry, and electric equipment, with increases of 2.219 billion yuan and 1.954 billion yuan, respectively [1] Individual Stock Performance - A total of 1,853 stocks experienced an increase in margin trading balances, accounting for 49.27% of the total [1] - The stock with the highest increase in margin trading balance was Jiangtian Technology, which saw a balance of 9.4935 million yuan, up by 47.75%, although its stock price fell by 7.96% on the same day [1] - Other stocks with significant increases included Jiuding New Materials and Leike Defense, with increases of 47.31% and 47.02%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increases in margin trading balances, the average stock price rose by 3.43%, with notable gainers including Jilin Carbon Valley (23.65%), Yinbang Co. (14.18%), and Nabacai (10.87%) [2] - Conversely, the largest declines were seen in Jiuding New Materials (-9.96%), Jiangtian Technology (-7.96%), and Haike New Source (-6.44%) [2] Margin Trading Balance Declines - There were 1,908 stocks that saw a decrease in margin trading balances, with 180 stocks experiencing declines of over 5% [3] - The stock with the largest decrease was Tian Su Measurement, with a margin trading balance of 41.9009 million yuan, down by 28.35% [3] - Other significant declines were noted in Optech and Yintuwanglian, with decreases of 23.26% and 20.31%, respectively [3] Top Decliners - The top 20 stocks with the largest decreases in margin trading balances included Tian Su Measurement (-28.35%), Optech (-23.26%), and Yintuwanglian (-20.31%) [4] - Other notable decliners were Tianrun Technology (-20.04%) and Taihu Snow (-19.26%) [4]

Macro and Strategy Research - The profit growth rate of industrial enterprises in China has marginally declined by 1.8 percentage points to 0.1% year-on-year for the period from January to November 2025, with November showing a significant drop of 13.1% compared to October, which is a decrease of 7.6 percentage points [4] - The industrial added value growth rate for November was 4.8%, a slight decrease of 0.1 percentage points from October, influenced by insufficient domestic demand and a high base effect from the previous year [4] - The revenue profit margin for January to November was 5.29%, down by 2.0% year-on-year, indicating a further expansion of the decline compared to the previous months [4] - Among 41 industrial sectors, 18 sectors achieved positive profit growth during the same period, with notable growth in sectors such as black metal smelting and processing, non-ferrous metal mining, and high-tech manufacturing [5] Fund Research - The market saw a continued inflow of nearly 50 billion yuan into the CSI A500 index, with the ETF market scale reaching a new high of over 6 trillion yuan [7][11] - The average return for equity funds was 2.69%, with 87.08% of funds reporting positive returns, while bond funds and other categories also showed positive performance [10] - The ETF market experienced a net inflow of 914.98 billion yuan, with bond ETFs leading the inflow at 599.48 billion yuan [10] Company Research: WuXi AppTec - WuXi AppTec is positioned as a leading integrated CRDMO provider, offering end-to-end drug development and manufacturing services, with a focus on continuous development through both organic and inorganic growth strategies [15] - The CRO industry is thriving due to the high costs and long timelines associated with drug development, leading to increased demand for specialized services [15] - WuXi Chemistry reported a strong performance in its integrated services, with a significant number of new molecules added to its pipeline, indicating robust growth potential [15] - The company has streamlined its operations by divesting its clinical services research business, allowing it to focus on core competencies and enhance its service offerings [16] Industry Research: Light Industry Manufacturing & Textile Apparel - The Chinese government plans to continue funding support for the "old-for-new" consumption policy in 2026, which has already driven over 2.5 trillion yuan in sales for related products in 2025 [19] - Retail sales of clothing and footwear saw a year-on-year increase of 3.5% in November, reflecting a positive trend in consumer spending [19] - The light industry manufacturing sector underperformed compared to the CSI 300 index, indicating challenges in the current market environment [19]

Global Market Overview - The Hang Seng Index closed at 25,819, showing a year-to-date increase of 28.71% [1] - The Shanghai Composite Index rose by 0.10% to 3,964, with a year-to-date increase of 18.26% [1] - The US Dow Jones Index decreased by 0.04% to 48,711, with a year-to-date increase of 14.49% [1] - The Nikkei 225 in Japan increased by 0.68% to 50,750, with a year-to-date increase of 27.21% [1] Sector Performance in Hong Kong - The Hang Seng Financial Index remained unchanged at 49,269, with a year-to-date increase of 40.22% [2] - The Hang Seng Real Estate Index also remained unchanged at 17,887, with a year-to-date increase of 19.94% [2] - The Hang Seng Industrial Index stayed at 13,971, reflecting a year-to-date increase of 24.19% [2] Recent Market Trends - A-shares rose last Friday, led by non-ferrous metals, electric equipment, and steel, while electronics, light manufacturing, and communications lagged [3] - The USD/CNY exchange rate fell below 7.0, with expectations of further decline to 6.95 in the first half of next year [3] - The Chinese Ministry of Finance plans to implement more proactive fiscal policies in 2026 to support consumer spending [3] - The Bank of Japan's December meeting minutes indicated a need for gradual interest rate hikes to avoid falling behind inflation [3] US Market Insights - US stocks experienced low trading volume post-Christmas, with materials, information technology, and healthcare sectors rising, while consumer discretionary, energy, and financial sectors fell [3] - Gold and silver prices surged significantly, influenced by margin requirement adjustments for futures contracts [3] - Cryptocurrency markets saw a decline as US investors sold off to offset tax liabilities from stock gains [3]

Summary of Key Points Core Viewpoint - This week, 86 stocks had a turnover rate exceeding 100%, indicating significant trading activity in the market [1] Group 1: High Turnover Stocks - C Tian Su ranked first with a weekly turnover rate of 284.29% [1] - Other notable stocks with turnover rates over 200% include C Nan Baichuan, Hualing Cable, and Shennong Seed Industry [1] Group 2: Industry Classification - The stocks with turnover rates above 100% predominantly belong to the light industry manufacturing and machinery equipment sectors [1] Group 3: Weekly Performance - Among the stocks with turnover rates exceeding 100%, Guandao Tui, Shenjian Co., Hongyuan Pharmaceutical, and Tianji Co. had the highest cumulative gains for the week, all exceeding 45% [1]