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]

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 ...

Core Insights - The Beijing Stock Exchange (BSE) has demonstrated strong resilience and vitality over its four years of operation, with the North Exchange 50 Index increasing by over 50% despite complex external environments [1][3] - A comprehensive regulatory framework has been established to support the development of innovative small and medium-sized enterprises (SMEs), ensuring a balance between compliance and growth [2][3] Group 1: Regulatory Framework - The BSE prioritizes strict regulation and risk prevention, creating a system that respects the development of enterprises while maintaining compliance [2] - Nearly 80% of the 282 listed companies on the BSE are SMEs, with over half being national-level "specialized and innovative" enterprises [2] - The BSE has adopted a "zero tolerance" policy towards financial fraud, ensuring strict penalties and promoting corporate governance [2] Group 2: Financing Tools - The BSE has facilitated over 60 billion yuan in direct financing for listed companies, averaging 20 million yuan per company, addressing the financing challenges faced by SMEs [4] - The bond market has seen significant developments, with over 13 trillion yuan in national bonds issued and nearly 990 billion yuan in local government bonds, supporting regional economic growth [4] - A diverse financing system has been established, allowing companies to choose financing tools based on their development stages, marking a shift from merely providing a "listing channel" to offering comprehensive financial solutions [4][6] Group 3: Market Mechanisms - The BSE is exploring the introduction of after-hours fixed-price trading to reduce transaction costs and enhance market participation [5] - The anticipated launch of the North Exchange 50 ETF aims to provide convenient investment options for individual investors and long-term funds [5][6] Group 4: Ecosystem Development - The BSE is focused on building a collaborative ecosystem that supports long-term enterprise development, moving from a focus on "hard systems" to "soft ecosystems" [7] - Strategic partnerships with government agencies and local authorities are being established to enhance service quality for SMEs [7] - The BSE aims to attract long-term capital by optimizing the market's funding structure and ensuring that a significant portion of listed companies receive venture capital investment [7] Group 5: Future Outlook - The BSE has outlined four key development dimensions for the future, including optimizing listing standards, enhancing the quality of listed companies, and promoting digital trading solutions [8] - The establishment of a positive market ecosystem is emphasized, aiming for a market where participants are willing to invest and remain engaged [8]

2025年以来，聚焦北交所核心资产的北证50指数年内涨幅近五成，领跑A股主要指数，吸引众多投资者关注。 如何抓住"创新摇篮"带来的投资机遇，参与北证50指数投资是重要方向。作为北交所的标杆指数，这一由50只市场代表性龙头证券构成的核心标的池，对 创新型中小企业达到"精准覆盖"，更网罗了一批细分赛道的"隐形冠军"。根据数据统计，2025年上半年，北证50成份股40%为专精特新企业，88%为高新 技术企业 。 从业绩指标来看，北证50指数不仅收益率领先其他科创类指数，夏普比率、Calmar比率等风险调整后的收益指标也都处于领先的地位。2025年7月31日成 交额为2022年指数成立初期的44倍，流动性也有了新的突破。 在政策红利密集释放，创新活力加速涌动的前提下，北交所正以服务创新型中小企业主阵地之姿强势出圈！ 作为资本市场赋能新质生产力发展的重要载体，这里汇聚了280家上市公司，战略性新兴产业、先进制造业企业超过八成，国家级专精特新"小巨人"企业 过半。目前，全市场已有近950万户合格投资者与公募、QFII等机构资金形成多元生态合力。在深化改革托底、创新产业（300832）汇聚与资金活水持续 注入的共振下，北交 ...

在北交所新成立4年之际，10月29日，新任董事长鲁颂宾在会议上透露了改革的最新思路，强调将优化 产品制度供给，持续推进北交所指数体系建设。当天，北交所唯一代表性宽基指数——北证50指数大涨 8.41%，展现出优异的成长属性和进攻弹性。 自924行情以来，北证50指数就以其高弹性、高波动的特征吸引了市场的关注。 在本轮行情爆发后的首月，也就是2024年10月，北证50指数以43.8%的单月涨幅领涨所有主要宽基指 数。2024年9月4日至2025年9月30日期间，指数涨幅更是突破154.87%，相对科创50指数、创业板50指 数均有20%以上的超额收益，波动率也为其中最高。 近日，资本市场又传来重磅消息，华宝北证50成份指数基金（A类：025954；C类：025955）11月12日 起首发！ 这一指数基金的落地，不仅为北交所市场再添一只核心指数投资工具，更打破了普通投资者参与北交所 的高门槛壁垒，为想要布局"小而精"赛道的投资者提供了高效率一键布局的全新选择，最低1元就可以 进行投资！ 从产品定位来看，华宝北证50成份指数基金旨在紧密跟踪北证50指数的走势，分享北交所最优质企业的 成长红利！ 作为北交所的唯一代表 ...

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]

Group 1 - The core viewpoint highlights that in the current loose monetary policy environment, small-cap stocks are gaining an advantage, with the North Exchange 50 Index effectively reflecting the performance of small and micro-cap stocks, characterized by high elasticity and policy adaptability [1][2] - As of November 7, 2025, the North Exchange 50 Index has risen by 1.09%, with significant gains in constituent stocks such as Anda Technology (up 23.94%), Silane Technology (up 10.27%), and Huami New Materials (up 6.88%) [1] - The North Exchange is focused on improving its merger and acquisition system, guiding financial resources towards key core technology sectors, and enhancing the attractiveness of its market through various reforms and new bond products [1] Group 2 - The North Exchange's overall revenue and profit showed recovery in the third quarter, although the profit growth rate remains negative, indicating pressure on core profitability [2] - There is optimism regarding the North Exchange's future performance, with favorable factors accumulating and clear signals of policy warming, particularly the anticipated launch of the North Exchange 50 ETF, which is expected to attract incremental funds [2] - The North Exchange aims to enhance investment transaction convenience by accelerating the launch of the North Exchange 50 ETF and exploring after-hours fixed-price trading [2]