北交所 2025 年 7 月月报 优于大市 北交所两融余额创历史新高，IPO 受理再提速 证券研究报告 | 2025年08月06日 本月北交所股票成交活跃度与上月相比微降，两融余额创历史新高。 本月北交所新增上市公司 1 家，为鼎佳精密（920005.BJ）。北交所上 市公司总数为 269 家，总市值为 8384.55 亿元，流通市值为 5135.06 亿 元，环比分别变化-1.2%和 0.0%。 流动性和市场成交活跃度方面，本月北交所股票成交活跃度与上月微 降，单月成交数量和成交金额为 267.63 亿股和 5855.84 亿元，环比分 别下降 0.9%和 3.7%。两融方面，北交所 7 月两融余额创历史新高，日 均值达到 60.45 亿元，环比上升 9.51%。全月有 9 个交易日两融余额在 60 亿元以上。 估值方面，截至 7 月 31 日，北证 50 指数市盈率（PE-TTM）为 48.04 倍， 处于近两年 85.15%的分位数水平，市净率（PB-MRQ）为 9.34 倍，处于 近两年 91.13%的分位数水平。股息率为 0.74 倍，处于近两年 7.23%的 分位数水平。按行业来看，以各行业的市盈 ...

Group 1: Company Overview and Activities - The company held an earnings briefing on May 15, 2025, via the "Investor Relations Interactive Platform" [3] - Key personnel present included Chairman Yu Lixin, General Manager Xu Jingsong, and Financial Officer Su Xiaojing [3] Group 2: Subsidiary Development - Subsidiary Aidun Alloy focuses on R&D, production, and sales of nickel-based and various wear-resistant and corrosion-resistant alloy materials [4] - Aidun Alloy maintains good relationships with downstream customers and is expanding its application in various industries, including new energy and petrochemicals [4] Group 3: International Business Opportunities - The company’s products are primarily exported to countries involved in the "Belt and Road" initiative, including India, Singapore, Malaysia, and Japan [5] - The ongoing large-scale initiation of overseas infrastructure projects presents new growth opportunities for the company [5] Group 4: Business Diversification Plans - The company aims to diversify by expanding into new markets and enhancing its product offerings, particularly through the acquisition of Aidun Alloy [5][8] - Plans for 2025 include strengthening R&D for new products and increasing market share [8] Group 5: Production Capacity and Efficiency - The company's rock-breaking tool production base was completed and put into operation on December 17, 2024, with ongoing efforts to enhance production efficiency [7][8] - The company is focusing on developing non-excavation tools to improve manufacturing capabilities [8] Group 6: Financial Management and Performance - The company has implemented measures to improve accounts receivable management, resulting in a significant increase in sales collections in 2024 [10] - As of Q1 2025, accounts receivable have decreased, indicating effective recovery efforts [10] Group 7: Information Disclosure and Investor Relations - The company adheres to regulations for investor relations management and maintains open communication channels with investors [11] - Brokers and sponsors ensure timely review of information disclosure documents and compliance with regulations [11]