0% 北交所投资策略 北交所市场持续扩容，关注科技与消费共振 2026 年上半年北交所投资策略 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 专 题 研 究 19/09 19/11 20/01 20/03 20/05 20/07 分析师：吕子炜 SAC 执业证书编号： S0340522040001 电话：0769-23320059 邮箱： lvziwei@dgzq.com.cn -20% 行业指数走势 资料来源：东莞证券研究所，iFinD 相关报告 证 券 研 究 报 告 20% 40% 券商Ⅱ(申万) 沪深300 2025 年 11 月 25 日 北 交 所 研 究 ◼ 北证50指数屡创新高。2025年北证50指数整体呈"震荡上行、屡创 新高"的特征。指数在5月下旬首次突破1500点并创下当时的历史 新高，随后在8月中旬继续上行突破1600点，并于9月8日触及 1670.01点的历史高位，全年累计涨幅达32.27%（截至11月21日）。 推动指数上涨的原因主要是较好的市场流动性驱动大量资金涌入 ...

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has evolved from a "testing ground" to a main battleground for specialized and innovative enterprises, with 282 listed companies and a total market capitalization of 900.835 billion yuan as of November 14, 2025 [2][12][14] - Among the listed companies, 254 are classified as specialized and innovative "little giants," accounting for 90.07% of the total, with 152 being national-level little giants [2][33] - The report identifies key industry chains within the BSE, including smart connected new energy vehicles, hydrogen energy, new materials, innovative pharmaceuticals, and artificial intelligence [2][38] Group 2 - The BSE's market performance shows a decline in the North BSE 50 index, which reported 1,514.20 points, with a TTM PE ratio of 71.80X, while the specialized and innovative index reported 2,500.55 points with a TTM PE of 80.59X [3][62][66] - The average market capitalization of BSE companies is lower than that of the ChiNext and STAR Market, with the average market cap at 31.94 million yuan compared to 126.11 million yuan and 175.43 million yuan respectively [22][23] - The report notes that the liquidity of the BSE has improved, with the turnover rate now higher than that of the STAR Market and slightly above the ChiNext [41][42][47] Group 3 - The report indicates that the IPO review process is active, with two companies approved and three pending approval, reflecting a steady increase in the number of companies entering the market [3][28] - The report emphasizes the growing interest from public funds in the BSE, with 39 public institutions investing in BSE stocks by mid-2025, marking a significant increase in both the number of institutions and the amount invested [45][46] - The BSE is expected to enhance its index system and introduce the North BSE 50 ETF, which could further improve liquidity and attract more institutional investors [50][51]

21世纪经济报道记者雷晨 （图片来源：北交所官网） 2021年11月15日，北交所正式开市，中国资本市场迎来了一支服务创新型中小企业的新生力量。 四年后的今天，北交所已拥有282家上市公司，总市值突破9000亿元，合格投资者约950万户，成为服务创新型中小企业的主阵地。 近期，北京证券交易所董事长鲁颂宾在2025金融街论坛年会平行论坛上表示，北交所通过精准包容的市场准入机制，支持处于成长期的企业和未盈利企业上 市发展；通过贴合实际的持续监管制度，平衡中小企业的规范成本；通过引入做市交易等多元便捷的交易机制，为市场注入更多活力。近期推出的北证专精 特新指数和完成的"920"新代码切换，进一步丰富了市场投资工具，提升了市场运行效率。 282家公司总市值超9000亿元 随着北交所开市四年来的不断探索与实践，其市场规模与活跃度均呈现出显著的增长态势。 上市公司方面，截至目前，北交所上市公司已有282家，总市值超过9000亿元，中小企业占比近八成，民营企业占比近九成，国家级专精特新"小巨人"企业 占比超一半。 | 项目 | 本日数值 | 项目 | 不 | | --- | --- | --- | --- | | 公司家数 ...

随着北交所开市四年来的不断探索与实践，其市场规模与活跃度均呈现出显著的增长态势。 四年后的今天，北交所已拥有282家上市公司，总市值突破9000亿元，合格投资者约950万户，成为服务 创新型中小企业的主阵地。 上市公司方面，截至目前，北交所上市公司已有282家，总市值超过9000亿元，中小企业占比近八成， 民营企业占比近九成，国家级专精特新"小巨人"企业占比超一半。 据悉，北交所上市公司平均研发强度高达4.5%，显著超越规上企业平均水平。今年上半年，超八成公 司实现盈利，净利润中位数维持在约1500万元的水平。 中国小康建设研究会经济发展工作委员会专家余伟在接受21世纪经济报道记者采访时表示，北交所的定 位决定了其将以更包容的形式吸引优质创新型中小企业来北交所上市，帮助中小企业在发展的关键阶段 走得又稳又快。 据悉，北交所构建了一套契合中小企业特点的制度安排，市场准入精准包容，支持处于成长期的企业及 未盈利企业上市发展。持续监管贴合实际，平衡中小企业规范成本。同时，交易机制多元便捷，引入做 市交易机制。近期，北交所还推出了北证专精特新指数，完成"920"新代码切换。 21世纪经济报道记者雷晨 2021年11月 ...

近期，北京证券交易所董事长鲁颂宾在2025金融街论坛年会平行论坛上表示，北交所通过精准包容的市场准入机制，支持处于成长期的企业和未盈利企业上 市发展；通过贴合实际的持续监管制度，平衡中小企业的规范成本；通过引入做市交易等多元便捷的交易机制，为市场注入更多活力。近期推出的北证专精 特新指数和完成的"920"新代码切换，进一步丰富了市场投资工具，提升了市场运行效率。 282家公司总市值超9000亿元 随着北交所开市四年来的不断探索与实践，其市场规模与活跃度均呈现出显著的增长态势。 合格投资者约950万户。 2021年11月15日，北交所正式开市，中国资本市场迎来了一支服务创新型中小企业的新生力量。 四年后的今天，北交所已拥有282家上市公司，总市值突破9000亿元，合格投资者约950万户，成为服务创新型中小企业的主阵地。 （图片来源：北交所官网） 据悉，北交所上市公司平均研发强度高达4.5%，显著超越规上企业平均水平。今年上半年，超八成公司实现盈利，净利润中位数维持在约1500万元的水 平。 中国小康建设研究会经济发展工作委员会专家余伟在接受21世纪经济报道记者采访时表示，北交所的定位决定了其将以更包容的形式吸引 ...

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant growth in its four years of operation, with the number of listed companies increasing from 81 to 282, representing a growth of approximately 248% [1][2] - The BSE has successfully attracted a large number of innovative small and medium-sized enterprises (SMEs), with over 80% of listed companies being SMEs and nearly 90% being privately owned [1][2] - The BSE's market performance has improved, with a notable increase in IPOs and new stock listings, leading to enhanced market liquidity [1][4] Market Performance - As of November 14, the BSE has 282 listed companies, with over 200 new listings in four years, significantly outpacing other A-share segments [2] - The average revenue of BSE companies has shown a growth of nearly 6%, with 230 out of 279 companies reporting profitability [2] - The North Star 50 Index has seen a cumulative increase of over 40% since September 24, indicating strong market performance [4] Liquidity and Market Structure - The BSE has focused on improving liquidity, which has been a challenge due to the smaller size of listed companies [3][6] - Recent policy measures, including the accelerated launch of the North Star 50 ETF and optimization of the market maker system, are expected to enhance liquidity [6][7] - The introduction of the "920" code signifies a new era for the BSE, aligning it more closely with major exchanges [3][8] Future Directions - The BSE aims to enhance its market functions by optimizing listing standards, improving the merger and acquisition framework, and expanding its bond market product offerings [8][9] - The exchange plans to attract more quality companies and institutional investors to improve market depth and stability [7][10] - The BSE is also looking to deepen international cooperation and increase its market's internationalization [10]

合计总市值超9000亿元 四年时间，北交所市场规模呈现出显著增长态势，北交所现有上市公司282家，截至11月13日收盘，上 市公司总市值合计约9125.82亿元。 从北交所开市周年个股数量来看，截至2022年11月15日、2023年11月15日、2024年11月15日，北交所个 股分别为123只、229只、257只。北交所第四周年上市新股数量为25只，年内上市新股数量为20只。 从282只个股市值排名来看，截至11月13日收盘，贝特瑞以418.5亿元的总市值居于首位，锦波生物以 274.2亿元的总市值排在第二位，曙光数创、开发科技、天工股份、星图测控、艾融软件、同力股份6股 总市值则在100亿—200亿元，北交所共孕育8只超百亿市值个股。 个股股价方面，锦波生物、并行科技、万达轴承3股挤进百元股阵营，股价最高的是锦波生物，截至11 月13日收盘，公司股价收涨2.24%，报238.31元/股。 11月15日，北交所将迎来开市四周年。四年前的11月15日，北交所正式开市，首批81家上市公司集体亮 相。作为多层次资本市场的重要一环，北交所设立以来锚定"服务创新型中小企业"的定位，开市四年时 间，北交所已有282家上 ...

Group 1 - The North Exchange 50 Index and the North Exchange Specialized and Innovative Index will undergo adjustments on December 15, 2025, with potential new additions and removals of companies based on quantitative indicators and buffer rules [3][6][12] - Expected companies to be added to the North Exchange 50 Index include Development Technology, Geberit, and Wantong Hydraulic, while companies like Zhongfangbiao, Qiuguan Cable, and Haitai New Energy may be removed [3][8][10] - For the North Exchange Specialized and Innovative Index, anticipated additions include Star Map Measurement and Control, Jun Chuang Technology, and Ju Xing Technology, with removals expected for companies like Runong Water Saving and Tongxiang Technology [12][13] Group 2 - The North Exchange A-share PE ratio has decreased to 49X, with a weekly average trading volume dropping to 231 billion [17][20] - The North Exchange 50 Index has reported a decline of 3.79%, closing at 1,522.73 points, while other indices like the Shanghai and Shenzhen 300 and the ChiNext have shown increases [18][22] - The market sentiment remains optimistic for the year, with a focus on several key themes, including the establishment of more public fund products targeting small and medium-sized stocks and the promotion of domestic consumption-related stocks [3][12][23] Group 3 - Recent IPO activities include the listing of two new companies, Zhongcheng Consulting and Danna Biology, with a total of 43 companies having gone public since January 1, 2024 [23][24] - The average issuance PE ratio for the 43 listed companies is 13.76X, with an average first-day price fluctuation of 264% [27][29] - The report highlights the ongoing normalization of new stock issuance processes at the North Exchange, with several companies currently in various stages of the IPO process [31]

Group 1 - The establishment of the Beijing Stock Exchange (BSE) aims to support the financing of innovative small and medium-sized enterprises (SMEs) to accelerate their growth into "specialized, refined, unique, and innovative" companies [8][11] - The BSE has launched two core indices: the North Exchange 50 Index and the North Exchange Specialized and Innovative Index, which cover a total of 50 representative securities and focus on "little giant" enterprises, respectively [8][14] - The North Exchange 50 Index has achieved a cumulative return of 101.60% from June 28, 2024, to October 20, 2025, outperforming the ChiNext Index by 23.78 percentage points [1][24] Group 2 - The North Exchange Specialized and Innovative Index has a cumulative return of 144.86% during the same period, making it the best-performing index compared to the ChiNext Index and Wind Micro Stock Index [1][24] - The average market capitalization of the North Exchange 50 Index components is 6.662 billion, while the average for the Specialized and Innovative Index is 4.889 billion [19][31] - The North Exchange Specialized and Innovative Index has a higher price-to-earnings (P/E) ratio of 70.50X compared to the North Exchange 50 Index's 49.60X, indicating a focus on high-growth potential companies [22][30] Group 3 - The financial performance of the North Exchange 50 Index shows a median revenue of 680 million and a median net profit of 69 million for the year 2024, with a three-year compound revenue growth rate of 6.51% [30][34] - In contrast, the North Exchange Specialized and Innovative Index has a median revenue of 409 million and a median net profit of 37 million, with a three-year compound revenue growth rate of 11.98% [31][34] - The research indicates that the North Exchange Specialized and Innovative Index has a higher research and development (R&D) expense ratio of 5.63% compared to 4.40% for the North Exchange 50 Index, aligning with its technology growth characteristics [37][40]

北交所投资者服务部专家向与会嘉宾介绍了北交所市场建设发展的最新情况。创金合信专精特新基金经 理王先伟作了题为《新一轮科技革命浪潮下掘金北交所专精特新投资机遇》的分享。他指出，在当前以 人工智能为代表的科技革命浪潮中，北交所企业正迎来前所未有的发展机遇。北交所企业多处于产业链 上游关键环节，在高端制造、新材料、核心零部件等领域具备独特优势，已成为新技术落地应用的重要 力量。谈及下一阶段北交所的投资机会，他认为，北证专精特新指数不仅估值仍具备优势，且指数成分 公司处于行业发展更早期阶段，拥有较大成长空间，机构持仓比重或将进一步提升。他表示，具身智能 和自动驾驶产业链将成为北交所投资的特色产业方向，原因在于该产业链的专精特新企业已开始在北交 所聚集，且相关公司质地优良。 华源证券北交所首席分析师赵昊通过详实的数据，展示了北交所市场的投资价值。"目前北交所在审企 业质量持续提升，在审企业净利润中位数已达7000多万元，平均数超过9000万元，这一数据显著高于当 前部分已上市北交所公司上市前的业绩水平。"赵昊进一步分析指出，看好北交所市场发展前景，优质 公司供给增加与增量资金入市将形成"戴维斯双击"效应，北证专精特新指 ...