Core Insights - A total of 123 companies listed on the Beijing Stock Exchange have disclosed their performance forecasts for 2025, showing significant performance differentiation [1] - Among these, 40 companies are expected to have positive performance, with 24 forecasting growth, 13 turning losses into profits, and 3 showing slight increases [1] - Companies demonstrating strong resilience in development attribute their success to technological innovation, market expansion, and operational optimization [1] Performance Highlights - Twelve companies, including Hongyu Packaging and Huiwei Intelligent, are expected to see net profit growth exceeding 100% in 2025, driven by enhanced core competitiveness and industry development benefits [2] - Hongyu Packaging anticipates a net profit of 17 million to 22 million, representing a year-on-year increase of 357.91% to 492.59%, due to optimized customer and product structures and improved operational efficiency [2] - Haineng Technology expects a net profit of 41 million to 44 million, with a growth rate of 213.65% to 236.61%, benefiting from industry demand recovery and continuous investment in high-end product development [2] Turnaround Companies - Among the 13 companies that have turned losses into profits, Lierda and Chunguang Intelligent have implemented targeted operational strategies to achieve this transition [4] - Lierda forecasts a net profit of 35 million to 50 million, recovering from a loss of 109 million the previous year, driven by R&D investments and improved sales in its IoT solutions [4] - Shibibai's turnaround aligns with industry trends, expecting a net profit of 50 million to 60 million, benefiting from increased demand for its composite materials [4] Strategies for Recovery - Some companies are proactively addressing performance pressures through increased R&D investment, business structure optimization, and market channel expansion [6] - Weibo Hydraulic and Kerun Intelligent are focusing on market expansion and internal operational optimization to counteract the impact of rising raw material prices [7] - Companies like Naconor and Beiyikang are adjusting their strategies to improve profitability amid industry cycles and changing market conditions [7]

北交所策略专题报告 2026 年 02 月 06 日 掘金北交所后备军：三维视觉龙头先临三维及光器件鑫巨宏受理中 ——北交所新质生产力后备军筛选三十 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所上市"后备军"214 家，分布在高端装备、TMT 等新质生产力行业中 截至 2026 年 2 月 1 日，北交所已有 214 家公司获受理，待上会企业 163 家，覆 盖高端装备（64 家）、TMT（27 家）、化工新材料（36 家）、消费（19 家）、生 物医药（12 家）等多元细分领域。受理和辅导中公司中，包含了一些新质生产 力公司，我们从中首选专精特新、单项冠军企业、"独角兽"企业。同时，我们 也着重关注氢能源、商业航天、低空经济等行业。 后备军筛选系列已 30 期，筛选出一批已经上市的新质生产力公司 在 2025 年北交所上市的 26 家公司中，本系列报告我们优选出星图测控、开发科 技、天工股份、广信科技、酉立智能、志高机械、宏远股份、能之光、三协电 机、世昌股份、锦华新材、江天科技等。其余优选公司中已过会公司包括：英氏 控股、雅图高新、 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [7]. Core Views - The company is positioned as a leading manufacturer of optical devices in China, benefiting from the accelerated development of the artificial intelligence industry and global data center construction, leading to significant growth potential in high-speed optical device products [7]. - The company's projected revenue for 2025-2027 is estimated at 54.19 billion, 83.29 billion, and 106.19 billion yuan respectively, with net profits of 20.9 billion, 30.6 billion, and 38.5 billion yuan, indicating strong growth [7]. - The report highlights the company's efforts to coordinate material supply and improve delivery capabilities, which are expected to alleviate potential bottlenecks in product delivery [6]. Summary by Sections Financial Performance - The company forecasts a net profit attributable to shareholders of 18.81 billion to 21.50 billion yuan for 2025, representing a year-on-year increase of 40% to 60% [1]. - The non-recurring gains are expected to impact net profit by approximately 420 million to 520 million yuan [1]. - The adjusted net profit is projected to be between 18.29 billion and 21.08 billion yuan, reflecting a growth of 39.19% to 60.40% year-on-year [1]. Market Position and Growth Drivers - The demand for AI computing power is strong, and the company is expected to see stable growth in the optical device sector due to the ongoing global data center expansion [6]. - The company is actively working to enhance its supply chain coordination, particularly in response to material shortages affecting high-speed optical communication [6]. Earnings Forecast - The earnings forecast for the company shows a significant increase in revenue and net profit over the next few years, with a projected revenue growth rate of 66.65% for 2025 and 53.69% for 2026 [8]. - The earnings per share (EPS) are expected to rise from 2.69 yuan in 2025 to 4.95 yuan in 2027, indicating a positive outlook for profitability [8].

权威精选 A股"易中天组合"的首份2025年业绩预告，由天孚通信披露。 1月21日盘后，天孚通信发布2025年度业绩预告，公司预计2025年实现归属于上市公司股东的净利润约18.81亿元~21.5亿元，同比增长40.00%~60.00%，上年 约13.44亿元；预计2025年实现扣非净利润约18.29亿元~21.08亿元，同比增长39.19%~60.4%，上年约13.14亿元。 | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | | 项目 | | 本会计年度 | | | 上年同期 | | 归属于上市公司 | | 188, 093. 11 | ~ | 214, 963. 56 | 134. 352. 22 | | 股东的净利润 | 比上年同期增长 | 40. 00% | | 60. 00% | | | 扣除非经常性损 | | 182,893.11 | ~ | 210, 763. 56 | 131. 398. 48 | | 益后的净利润 | 比上年同期增长 | 39. 19% | | 60. 40% | | 图片来源：天孚通信公告 据Wind金融终端 ...

A股"易中天组合"的首份2025年业绩预告，由天孚通信（SZ300394，股价188.73元，市值1467亿元）披露。 1月21日盘后，天孚通信发布2025年度业绩预告，公司预计2025年实现归属于上市公司股东的净利润约18.81亿元~21.5亿元，同比增长40.00%~60.00%，上年 约13.44亿元；预计2025年实现扣非净利润约18.29亿元~21.08亿元，同比增长39.19%~60.4%，上年约13.14亿元。 | 项 | | 本会计年度 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 | | 188, 093. 11 ~ | 214. 963. 56 | 134, 352. 22 | | 股东的净利润 | 比上年同期增长 | 40. 00% | 60. 00% | | | 扣除非经常性损 | | 182, 893. 11 ~ | 210, 763. 56 | 131, 398. 48 | | 益后的净利润 | 比上年同期增长 | 39. 19% | 60. 40% | | 图片来源：天孚通信公告 据Wind金融终端，21家机构对天孚通信 ...

Group 1 - The core viewpoint of the article emphasizes that the first quarterly reports of equity funds from Tongtai Fund highlight a strong focus on new productive forces, particularly in technology sectors such as computing power, semiconductors, and controllable nuclear fusion [2][3][10]. - The quarterly report reveals that the Tongtai Digital Economy Stock Fund maintains a high stock position, with a stock value accounting for 93.42% of total fund assets, showing a nearly 20% increase in fund size due to net value growth [8][10]. - The fund manager expresses confidence in technology innovation and new productive forces as key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. Group 2 - The Tongtai Digital Economy Stock Fund's top ten holdings are concentrated in core technology areas, with significant adjustments made compared to the previous quarter, including new additions and reductions in holdings [4][6]. - The Tongtai New Energy Preferred One-Year Holding Period Stock Fund focuses on the controllable nuclear fusion sector, with notable changes in its top ten holdings, reflecting a strategic shift in investment focus [6][11]. - The fund manager highlights the potential of controllable nuclear fusion as a long-term energy solution, although it is still in the early stages with high uncertainty and risks associated with various technological routes [11].

Core Viewpoint - The article highlights the performance and investment strategies of two equity funds under Tongtai Fund, which have maintained high stock positions and focused on sectors related to new productive forces, such as computing power, semiconductors, and controllable nuclear fusion [2][4][11]. Group 1: Fund Performance - On January 9, Tongtai Fund's two equity funds released their Q4 2025 reports, marking them as the first public funds to disclose such information [2][4]. - Both funds experienced significant growth in scale due to net value increases, with the Tongtai Digital Economy Fund's stock value accounting for 93.42% of its total assets, remaining stable compared to the previous quarter [8][9]. - The Tongtai New Energy Preferred Fund's stock position was 88.39%, a decrease of nearly three percentage points from the previous quarter, but it saw a nearly 90% increase in scale due to net inflows and rising net value [9]. Group 2: Investment Strategies - The Tongtai Digital Economy Fund continues to focus on the big technology sector, with its top ten holdings concentrated in core technology areas such as optical devices, computing chips, and semiconductor equipment [4][11]. - The fund manager, Chen Zongchao, emphasizes that technology innovation and new productive forces are key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. - The Tongtai New Energy Preferred Fund is focused on the controllable nuclear fusion sector, which is seen as a potential ultimate energy solution due to its abundant fuel, low emissions, and high safety [12].

天孚通信（300394.SZ）1月3日在投资者互动平台表示，公司定位光器件整体解决方案提供商和光电先 进封装制造服务商，产品广泛应用于电信通信、数据中心、光纤连接和汽车辅助驾驶用激光雷达等领 域，暂不适用于卫星导航或商业航天领域。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的产品是否有应用于卫星导航、商业航天 领域？贵公司的产品是否适配太空数据中心建设？贵公司是否有参与或计划参与太空数据中心建设？ ...

Market Overview - The new stock N Hengtong listed on the Beijing Stock Exchange opened significantly higher, exceeding 1000%, trading at 350 yuan and maintaining a rise of over 966% at the time of reporting [1][3] - The A-share market saw all three major indices open higher, with the Shanghai Composite Index at 3970.76, up 0.14%, and the Shenzhen Component Index at 13623.39, also up 0.14% [2] Sector Performance - The education, retail, real estate, semiconductor, automotive, consumer electronics, and AI glasses sectors showed strong activity at the market open, while sectors such as shipbuilding, diversified finance, chemical fiber, precious metals, liquor, digital currency, and carbon fiber experienced declines [2] - The AI concept sector saw a notable increase, with Desheng Technology hitting the daily limit, and other companies like BlueFocus and Hand Information also showing significant gains [6] Company Highlights - Hengtong is recognized as a "small giant" in global optical devices, specializing in products such as fiber optic connectors and flexible fiber optic cables [3] - The commercial aerospace sector gained momentum, with companies like Leike Defense and Luxin Investment showing strong stock performance following government initiatives to promote the industry [8] - The education sector was active, with Kevin Education hitting the daily limit, supported by government plans to integrate AI into education by 2026 [9] - The robotics sector remained active, with companies like Wanxiang Qianchao and Wuzhou Xinchun achieving multiple consecutive gains, driven by government policies promoting AI applications in the automotive industry [10] - Longxin Technology, a DRAM manufacturer, has submitted an IPO application to raise 29.5 billion yuan, with expectations of exceeding profit forecasts in Q4 2025 [11]

Group 1: Stock Market Performance - The new stock N Hengtong opened significantly higher, exceeding 1000%, trading at 350 yuan, and remained up over 966% at the time of reporting [4] - The A-share market saw all three major indices open higher, with the Shanghai Composite Index at 3970.76, up 0.14%, and the Shenzhen Component Index at 13623.39, also up 0.14% [3] - Various sectors such as education, retail, real estate, semiconductors, automotive, consumer electronics, and AI glasses were active at the market opening, while sectors like shipbuilding, diversified finance, and precious metals saw declines [3] Group 2: AI and Technology Sector - The Zhipu AI concept sector experienced a surge, with Desheng Technology hitting the daily limit, and other companies like BlueFocus and Hand Information showing significant gains [7] - Zhipu AI updated its Hong Kong IPO details, confirming the issuance of 37.42 million new shares at a price of 116.20 HKD per share, with a potential total of 43.03 million shares if the over-allotment option is exercised [9] Group 3: Education Sector - The education sector was active, with Kevin Education hitting the daily limit and other companies like Zhonggong Education and Dou Shen Education also rising [10] - The Ministry of Education announced plans to further promote AI in education, with a policy document expected by 2026 to establish a future-oriented education system [10] Group 4: Robotics and Industrial Sector - The robotics sector showed repeated activity, with companies like Wanxiang Qianchao and Wuzhou Xinchun achieving multiple consecutive gains [11] - The Ministry of Industry and Information Technology, along with other departments, issued a plan to accelerate the application of AI in key areas of the automotive industry, promoting the large-scale use of intelligent robots [11] Group 5: Mining and Materials Sector - Zijin Mining announced an expected net profit of approximately 51 to 52 billion yuan for 2025, representing a year-on-year increase of about 59% to 62%, attributed to increased production and rising sales prices of key minerals [11] - The long-term storage concept saw gains, with Hefei Urban Construction hitting the daily limit, and other companies in the sector also performing well [12]