央广网北京11月15日消息（记者 樊瑞）2025年11月15日，北交所正式迎来开市四周年。经过四年平稳 运行，北交所的交易与融资规则不断改革创新，产品与再融资等途径逐渐增加，市场功能逐步完善。 282家上市公司，总市值约9008.35亿元，950万户合格投资者……作为多层次资本市场体系的重要一 环，北交所致力于打造服务创新型中小企业主阵地，开市以来，北交所在服务中小企业创新发展方面交 出了亮眼成绩单。 在2025金融街论坛年会上，北交所董事长鲁颂宾也透露了未来发力方向，包括加快推出北证50ETF，研 究引入盘后固定价格交易等。 集聚优质创新型中小企业 截至11月14日，北交所现有上市公司282家，是开市之初81家的三倍多，中小企业占比超八成，民营企 业占比近九成，国家级专精特新"小巨人"企业超一半。截至10月30日，279家北交所公司已完成三季报 披露，平均营业收入5.20亿元，同比增长6%；平均净利润3298.57万元。从业绩情况看，230家公司实现 盈利，盈利面达八成。 清华大学五道口金融学院副院长田轩表示，北交所开市以来，总体上展现出稳健发展的态势，逐步构建 起多层次资本市场体系的重要一环，尤其在服务创 ...

11月15日，北交所迎来开市4周年。（新华） 深圳商报记者 陈燕青 11月15日，北交所迎来开市4周年。最近4年，北交所不断发展壮大，流动性显著改善、合格投资者数量近950 万户、总市值超9000亿元、机构投资者不断壮大。北证50指数今年走势强劲，至今大涨46%，跑赢A股主要 指数。 从近4年的变化来看，北交所发展迅猛。从2021年11月15日开市之初的81家上市公司、市值不足3000亿元的市 场，如今发展到拥有282家上市公司、总市值超9000亿元，北交所已进入全新发展阶段，一个新"万亿市场"渐 行渐近。 最近4年，北交所平均每年新增50家上市公司，总市值较开市时增幅超过2倍。截至11月14日收盘，北交所公 司总市值合计9008.35亿元。 从个股市值排名来看，截至11月14日收盘，贝特瑞以420亿元的总市值高居榜首，锦波生物、曙光数创、开发 科技、天工股份紧随其后，总市值均超百亿元。从股价来看，锦波生物、并行科技、万达轴承3只个股超百 元，其中锦波生物最新股价报239.8元。 今年以来，北交所二级市场走势强劲，北证50指数年内大涨46%，明显跑赢沪深300、深成指等指数。 展望后市，多家机构看好北交所市场 ...

Group 1: North Exchange Market Overview - The rapid development of companies has diversified the industrial layout of the North Exchange, with 274 listed companies and a total market value exceeding 900 billion as of August 2025 [1] - The overall performance of listed companies showed steady growth, with total revenue of 92.04 billion and a year-on-year increase of 5.98% in the first half of 2025 [1] - The North Exchange has become an important platform for cultivating specialized and innovative enterprises, with 54.38% of national-level specialized "little giant" enterprises among new listings [1] Group 2: Innovative Financing Tools - The North Exchange has introduced innovative financing tools, such as the directed convertible bonds, with the first issuance by Youji Co., which marks a breakthrough in serving innovative SMEs [2] - Directed convertible bonds feature a financing cost advantage and a mild impact on the equity structure of listed companies, making them an attractive option for companies [2] - Following Youji Co., other companies like Wantong Hydraulic and Weibao Hydraulic have also announced plans for directed convertible bond issuance, indicating growing interest in this financing tool [2] Group 3: Institutional Innovations and Market Development - The North Exchange has continuously explored new service models for capital markets, including allowing unprofitable companies to list and establishing a "green channel" review mechanism [3] - The North Exchange is advancing its internationalization process, having signed a memorandum of cooperation with the Hong Kong Stock Exchange to explore market connectivity [3] - A multi-level financing service system is being constructed to meet the development needs of innovative SMEs through various institutional innovations and market opening measures [3] Group 4: Market Transition and Code Standardization - The North Exchange is transitioning to a new phase with the first full network test of the batch switching of stock codes, moving towards a unified 920 code segment [4][5] - The introduction of the 920 code segment is expected to enhance the recognition and independence of the North Exchange, reducing price interference from the previous New Third Board period [5] - The market's liquidity has significantly improved, with an average daily trading amount of 29.15 billion and an average first-day increase of new stocks reaching 320.21% in 2025 [5] Group 5: Investment Ecosystem and Product Innovation - The North Exchange has seen an increase in qualified investors, with over 9 million accounts, and public funds heavily investing in North Exchange companies [5] - The launch of the "specialized and innovative" index provides diverse investment targets, with several index products already established and more in preparation [5] - The continuous influx of funds and product innovations is expected to enhance the quality of listed companies and attract institutional investor attention, potentially leading to a "Davis Double Play" effect [5][6]