证券研究报告 北证A股：聚焦"专精特新"主阵地， 政策红利驱动系统性重估，中长期配置价值明确 证券分析师：朱洁羽 执业证书编号：S0600520090004 联系邮箱：zhujieyu@dwzq.com.cn 二零二五年九月二十六日 请务必阅读正文之后的免责声明部分 核心要点 ➢ 一、政策端：服务创新型中小企业主阵地，制度体系持续完善 1）全面920时代来临：2025年10月9日起，北证存量股票将启用920开头新代码，有望提高北证A股辨识度，凸显北交所作为中国第三大证券交易所的独立地位，并为指数编制、行情独立 展示及衍生金融产品创新奠定基础。"深改19 条"后北交所高质量建设稳步推进中，后续公开市场可转债、场内ETF基金、优化发行上市机制等政策有望渐次落地，吸引更多增量资金入场。 2）再融资与并购重组：北交所秉持"小额、快速、灵活、多元"的再融资审核理念，逐步完善融资制度。开市以来，北交所已实施的再融资募集资金总额达14.70亿元，平均为2.45亿元。 并购重组方面，2025年5月16日，北交所修订重大资产重组规则，引入"小额快速"审核机制和重组简易审核程序。2025年5月30日，北交所受理首单重大资产重组— ...

Group 1 - Huatai Securities suggests that technology stocks may continue to perform well in September due to concentrated industrial catalysts, despite a slight decline in non-financial performance growth in mid-year reports [1] - The overall A-share market shows a high degree of valuation differentiation, with TMT sector transaction volume exceeding 40%, indicating a need for capital rotation after rapid short-term gains [1] - Investment strategy should focus on strong sectors such as AI, pharmaceuticals, military industry, and consumer sectors benefiting from RMB appreciation [1] Group 2 - CITIC Construction points out that the current market sentiment is overheated, with a need to pay attention to deteriorating trading structures, suggesting a shift towards undervalued consumer and cyclical sectors for better cost-effectiveness [2] - The long-term trend remains unchanged, with a recommendation to invest in low-valuation sectors like consumer goods, non-ferrous metals, and new energy [2] - Key sectors to watch include large consumption, new energy, non-bank financials, innovative pharmaceuticals, TMT, and satellite internet [2] Group 3 - GF Securities maintains that investors holding technology stocks in the current bull market should continue to stay invested, as the trend is difficult to reverse once established [3] - For new market entrants, considering low-position call options may be a viable strategy, with attention to sectors like automotive parts, robotics, consumer electronics, and cyclical consumer goods [3] Group 4 - GF Securities forecasts that coal prices are likely to stabilize and gradually recover, with a strong performance expected in the fourth quarter due to a balanced supply-demand situation [4] - The second quarter saw coal prices at a low point, but leading companies have shown strong cost control and profitability resilience, with expectations for both volume and price increases in the second half of the year [4]