刚刚闭幕的中央经济工作会议，以及前不久党的二十届四中全会，都对"十五五"时期加快构建新发展格 局，着力推动高质量发展作出战略部署，为金融强国、资本市场高质量发展赋予新使命、明确新方向。 作为资本市场的重要机构投资者，公募基金是连接实体经济与居民财富的关键纽带，其发展成效直接关 系到金融强国建设的成色和中国式现代化的推进质效。 金融赋能新质生产力发展 中央经济工作会议指出，"因地制宜发展新质生产力""坚持创新驱动，加紧培育壮大新动能""创新科技 金融服务"。新质生产力的核心是科技创新，而科技创新具有投入大、周期长、风险高的特征，迫切需 要长期资本的精准赋能。作为专业机构投资者，公募基金须当好"耐心资本"，做时间的朋友，做创新的 伙伴，助力 "长钱长投"市场生态建设。 华夏基金秉承"研究创造价值"的投资理念，坚持价值投资、长期投资，构建适应新质生产力的投研体 系，未来将更多地关注技术壁垒、研发投入、产业链地位等长期成长要素，鼓励投研人员深入产业链一 线，发掘具备核心技术、代表中国未来竞争力的优质企业，力争发挥桥梁纽带作用，形成对新质生产力 的长期稳定支持。华夏基金前期还成立了第一家公募基金股权子公司，后续将持续挖 ...

| 本 3月24日以不 UX 川二区公立以面 肩加 | 区间收益率 | 成立以来收益率 | | --- | --- | --- | | 基金简称 | (%) | (%) | | 中信建投北交所精选两年定开A | 175.43 | 154.01 | | 华夏北交所创新中小企业精选两年定开 | 156.91 | 135.26 | | 汇添富北交所创新精选两年定开A | 131.96 | 91.69 | | 景顺长城北交所精选两年定开A | 117.77 | 118.81 | | 万家北交所慧选两年定开A | 109.88 | 76.22 | | 易方达北交所精选两年定开A | 107.16 | 65.77 | | 广发北交所精选两年定开A | 103.14 | 69.97 | | 南方北交所精选两年定开 | 97.54 | 64.07 | | 大成北交所两年定开A | 95.89 | 31.26 | | 泰康北交所精选两年定开A | 78.79 | 134.51 | | 嘉实北交所精选两年定开A | 74.39 | -3.49 | 上述基金成立以来大多取得了正收益。但由于跟踪误差等因素，不同基金间的收益分化较为明 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 12 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 首批北交所主动型主题基金迎第二个开放期，主动与指数新基金发行值得期待 ——北交所周观察第五十五期（20251207） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 8 只北交所主题基金迎第二个开放期，整体表现较为亮眼，印证了北交所企业的投资价值。 2021 年 11 月 23 日，易方达、华夏、广发、南方、嘉实、汇添富、大成、万家基金旗下共计 8 只北交所两年定开混合基金成立。2025 年 12 月 8 日，首批 8 只北交所主题基金将整体迎来 第二个开放期，过去两年平均累计收益接近 100%，跑赢创业板 50、北证 50、科创 50 等主 要指数。其中，有三只主题基金近两年累计收益率超 100%。截至 2025 年 12 月 5 日，8 只北 交所主题基金自成立以来的平均累计回报率 ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20251207 北交所主题基金开放申购，关注航空航天、 机器人等主题机会 [Table_Tag] [Table_Summary] 北交所市场表现 行业重要新闻 新股上市 ◼ 精创电气（股票代码：920035.BJ），上市日期为 2025 年 12 月 2 日。 公司专注于冷链设备智能控制器的研发、生产与销售，并提供物联网及 云系统解决方案，核心产品包括冷链智能控制类产品、多源感知冷链监 测记录设备及环境质量检测仪器，2025 年中报显示其冷链智能控制类 产品营收占比达 86.69%，毛利率维持在 45.55%。 投资观点 2025 年 12 月 07 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 ...

一、ETF行业快讯1.三大指数集体上涨，非银金融板块ETF领涨 今日，三大指数集体上涨，上证综指上涨0.7%，深证成指上涨1.08%，创业板指上涨1.36%。多只非银 金融板块ETF上涨，其中，证券保险ETF（512070.SH）上涨3.65%，保险证券ETF（515630.SH）上涨 3.25%，证券ETF龙头（560090.SH）上涨2.80%。银行板块多只ETF下跌，银行ETF指数基金 （516210.SH）下跌0.57%，银行ETF南方（512700.SH）下跌0.54%，银行ETF（159887.SZ）下跌 0.52%。 2.首批北交所主题基金再迎开放窗口期 据上证报，首批北交所主题基金正在迎来新一轮开放窗口期。2021年11月23日集中成立的8只北交所主 题基金，均采取两年定期开放运作模式。近期，多只北交所主题基金发布公告，宣布进入第二个开放 期。从最新动向看，公募基金正持续加大北交所产品的布局力度，北证50指数相关基金累计年内上报数 量多达15只。值得期待的是，北证50ETF也箭在弦上，北交所投资生态将会进一步完善。 开源证券近期发布的研报显示，北交所主题基金陆续打开申购赎回，有望推动北交所投资 ...

Group 1: Fund Issuance and Market Trends - In December, over 60 new funds have been launched or are about to be launched, with 28 funds starting on December 1 alone [1] - More than 1400 new funds have been issued this year, surpassing last year's total of 1143 and reaching a three-year high [1] - The public fund industry is innovating with new products such as credit bond ETFs and floating rate funds, expanding investment options including overseas markets like Brazil [1] Group 2: Share Buybacks and Institutional Investment - A wave of share buybacks continues among listed companies, with notable activity from leading firms like Industrial Fulian and Xiaomi [4] - Recent disclosures reveal significant changes in the top ten shareholders of several companies, indicating institutional investment trends [1][4] - Institutions have shown a preference for sectors like technology, military, and pharmaceuticals, with notable increases in holdings for companies in these areas [1] Group 3: Economic Outlook and Stock Market Predictions - Several foreign institutions express optimism about the A-share market, predicting an 8% growth in overall earnings for 2026 [8] - UBS and JPMorgan have raised their ratings on Chinese stocks, with JPMorgan forecasting a target for the CSI 300 index at 5200 points by the end of 2026, representing a 17% upside [8] Group 4: Commodity Price Movements - The price of titanium dioxide has increased by 700 yuan/ton for domestic customers and $100/ton for international customers due to rising raw material costs [3] - Tin futures have reached a new high, with prices rising 2.15% to 312,300 yuan/ton, driven by supply constraints and positive macroeconomic expectations [7] Group 5: Innovations in Technology and Consumer Products - Samsung has launched the Galaxy Z TriFold, marking a significant innovation in the foldable smartphone market, aimed at enhancing mobile productivity [9] - The AI toy market is experiencing a surge in interest, with products like Huawei's "Smart Hanhai" selling out rapidly, indicating a growing trend in AI-driven consumer products [5][6]

◎记者 赵明超 首批北交所主题基金正在迎来新一轮开放窗口期。2021年集中成立的8只北交所主题基金，过去两年平 均累计收益超过100%。从最新动向看，公募基金正持续加大北交所产品的布局力度，北证50指数相关 基金累计年内上报数量多达15只。值得期待的是，北证50ETF也箭在弦上，北交所投资生态将会进一步 完善。 多家基金公司正在筹备北证50ETF相关产品上报 首批主题基金迎第二个开放期 2021年11月23日，首批8只北交所主题基金集中成立，均采取两年定期开放运作模式。近期，多只北交 所主题基金发布公告，宣布进入第二个开放期。 首批北交所主题基金再迎开放窗口期 公募加大掘金力度 随着北交所市场的高质量发展，其对公募基金等机构投资者的吸引力持续提升，公募基金也在不断加大 对北交所的掘金力度。 据开源证券测算，2021年至2023年，北交所投资机构数量增长相对缓慢，但这一趋势已明显改变。截至 去年底，公募基金重仓持有北交所股票的金额为54.18亿元，今年三季度末已增至103.07亿元。 近日，多家基金公司发布公告，旗下基金可投资北交所上市股票。11月22日，长城基金公告称，旗下基 金将按照各自基金合同的约定，参与 ...

Core Insights - The first batch of North Exchange thematic funds has shown impressive performance since its establishment on November 23, 2021, with some products achieving cumulative returns of over 100%, the highest being 138% [1][4] - The North Exchange 50 Index has reached new highs, with a year-to-date increase of 32.72% as of November 21, 2025, contributing to the strong performance of the thematic funds [3] - The average year-to-date return for the first batch of thematic funds is 46.56%, with leading funds like Huaxia North Exchange Innovation Small and Medium Enterprises Fund achieving 77.53% [3][4] Thematic Fund Performance - As of November 23, 2025, all but one of the first batch of thematic funds have positive cumulative returns, with an average return of 60.13% [4] - The cumulative return of the Huaxia North Exchange Innovation Small and Medium Enterprises Fund is 138.62%, while other funds like Huatai North Exchange Innovation Fund are close to doubling their returns at 92.68% and 89.62% [4] - Newer funds established in August 2022 and April 2023 have also performed well, with cumulative returns exceeding 100% for all three funds [5] Market Dynamics - The North Exchange thematic funds are considered more flexible compared to other fund products, primarily focusing on core assets of the North Exchange, which enhances their competitiveness in a bull market [5][6] - The liquidity issues that previously affected these funds have been gradually resolved, with turnover rates now comparable to other growth sectors in the Shanghai and Shenzhen markets [6] - The performance of North Exchange thematic funds is expected to continue benefiting from favorable market conditions, with adjustments needed based on market environment and investment styles [6]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant results in its four years of operation, establishing itself as a key platform for innovative small and medium-sized enterprises (SMEs) in China [1][4][6] - The first batch of BSE-themed funds has reported impressive performance, with an average net asset value growth rate exceeding 80%, and some funds surpassing 160% [9][10][11] Group 1: Achievements and Developments - The BSE has implemented four sets of inclusive listing standards and established a "small and fast" review mechanism, enhancing its ability to attract and nurture high-quality SMEs [1][3][5] - The number of listed companies on the BSE has increased from 81 to 281, with market capitalization growing from hundreds of billions to trillions, indicating strong investor recognition [3][4] - The BSE has successfully gathered over 200 innovative SMEs, with a significant portion of IPO applications in the A-share market coming from the BSE [4][5] Group 2: Market Structure and Investment Opportunities - The BSE's market structure is characterized by over 80% of listed companies being SMEs and more than 85% being private enterprises, showcasing its inclusivity [5][6] - High-tech enterprises account for over 90% of listed companies, with more than 50% recognized as national-level "little giant" enterprises, indicating a strong focus on innovation [5][6] - The BSE is seen as a fertile ground for nurturing "little giants" in specialized fields, with companies experiencing faster growth compared to those on the main board [6][7] Group 3: Future Outlook and Strategic Vision - The BSE aims to enhance market attractiveness and service capabilities by optimizing listing mechanisms and exploring diversified financing systems tailored to innovative SMEs [7][8] - The introduction of the North China 50 ETF is expected to broaden the investment landscape and attract more long-term capital, enhancing market liquidity [13][14] - The BSE is positioned to become a global leader in serving SMEs, with a focus on building a comprehensive and impactful trading platform [8][19]

Core Viewpoint - The Beijing Stock Exchange (BSE) has made significant achievements in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and contributing to high-quality economic development through institutional innovations and market enhancements [1][3][5]. Group 1: Achievements and Developments - The BSE has established a robust system for issuing, listing, and trading that is tailored to the needs of innovative SMEs, with the number of listed companies increasing from 81 to 281 and market capitalization growing from hundreds of billions to trillions [5][7]. - The BSE has successfully attracted a diverse range of high-quality enterprises, with over 80% of listed companies being SMEs and more than 85% being privately owned [7][9]. - The introduction of differentiated listing standards and a variety of financing mechanisms, including common stocks, preferred stocks, and convertible bonds, has enhanced the market's appeal [4][8]. Group 2: Future Outlook - The BSE aims to further optimize its listing mechanisms and expand its market coverage to attract more high-quality SMEs, enhancing market activity and investor engagement [11][12]. - There is a strong expectation that the BSE will become a global leader in serving the capital market needs of SMEs, fostering a multi-tiered capital market structure [12][20]. - The introduction of the North China 50 ETF is anticipated to improve market liquidity and attract more institutional investment, thereby enhancing the overall market environment [20][21]. Group 3: Fund Performance - The first batch of BSE-themed funds has reported an average net asset value growth rate exceeding 80%, with some funds achieving over 160% growth since their inception [13][14]. - The performance of public funds has been attributed to their ability to identify high-growth, undervalued stocks in the BSE, benefiting from the "Davis Double Play" effect [16][17]. - The increasing participation of public funds in the BSE is expected to stabilize market dynamics and improve pricing efficiency [17][19]. Group 4: Market Enhancements - The BSE is implementing measures to improve liquidity and research coverage, addressing previous challenges faced by institutional investors [22][29]. - The introduction of post-market fixed-price trading is expected to lower transaction costs and enhance market liquidity, making it more attractive for long-term investors [26][27]. - Continuous improvements in market structure and investor engagement are anticipated to lead to a more vibrant trading environment [28][30].