2025 年 12 月 14 日 市值配售改革受关注 三新股过会 -北交所策略周报（20251208-20251214） 本周策略观点: 本周市场行情: 北交所新股： 新三板可除 相关研究 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230525090003 wangbh@swsresearch.com 研究支持 目靖华 A0230124070002 lvjh@swsresearch.com 联系人 汪秉涵 A0230525090003 wangbh@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 证券分析师 本周北证 50 上涨 2.79%,成交额环比上升 40.57%。1) 本周北交所情绪明显回暖,天 力复合连续两天涨停，北证市场成交量放大，强势股占比指标由 10%以下回升至 15.1%； 2）从主题热点来看，商业航天/卫星互联网（天力复合、富士达、星图测控等 ...

几天之内，有关北交所市值打新进入网上测试阶段的传闻屡次引发讨论。究竟实情如何？财联社记者多方了解，可以明确的是， 所流传的 "市值打 新已进入线上测试阶段" 消息与事实不符，但该传闻的产生并非源于北交所已启动市值打新相关改革，其中一个原因在于市场对这一改革的主观期待 。 从记者向券商等多方了解到的情况来看，有四点内容已经明确： 第一点，从北交所常规业务落地流程来看，一项新制度的推出需经过严格的流程闭环。"现阶段已进入线上测试阶段"不符合程序，所以传闻 不实。此外，据财联社长期对北交所的跟踪报道，北交所的改革正沿着"循序渐进、稳步推进"的路径展开，所有政策的推出都需要前期的反 复考虑。 第二点， 市场还是很期待北交所对此进行改革，愿望强烈，这也是传闻之所以备受关注的根源点。 北交所董事长鲁颂宾在10月29日的2025金融街论坛年会上已释放明确信号。他表示，北交所将持续优化新股发行制度，提升投资交易便利 性。证监会公众公司监管司一级巡视员商庆军同期也表态，要研究优化北交所新股发行制度，为市场提供更多参与机会和投资便利。 市值打新是与北交所现行"现金申购"相对的新股申购制度，目前沪深交易所、科创板及创业板均已实行这 ...

来源：市场资讯 （来源：ETF智选） 今天市场很闷，比较亮眼的在北交所那边，放量上涨。 有两个消息，都是小作文。 一个是说北交所要改成市值打新。 然后港股市场，今天在老美降息后，依然乏力，香港恒生指数收跌0.04%，恒生科技指数跌0.83%。 这段时间港股一直比较不太行，11月中旬以来加速下跌。原因有这么几个。 1、港股的解禁高峰，12月共计1260亿港元限售股解禁，大幅解禁，对市场情绪影响大。 2、A股基本面分化，顺周期基本面较差；美股流动性不佳。而港股恰恰是，基本面看内地，流动性看 海外，好的没蹭上，坏的都占了。 所以当前港股对利好不敏感，又放大利空。 往后看，1月的解禁压力是比较小的，在500亿港元以下，这对于港股是利好的。 之前北交所打新，压现金就行。按照传言，改了后，需要持仓北交所股票，但不需要压钱，中了后再 给。 另一个是传言首批北交所50ETF要来了。 北证市场之前流动性一直不行，而ETF是用一篮子股票换基金份额，要求成分股流动性好，低成本快速 买卖。 现在A股放量，北证市场量能也显著放大，如果打新新规再添一把火，确实是有利于北证50ETF推出。 不过现在都是传言阶段，岁末年初是传统的小盘弱势阶 ...

◎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 report indicates a significant adjustment in the market during November 2025, with the North Exchange 50 Index declining by 12.32% and the North Exchange Specialized and New Index falling by 13.44%, underperforming compared to major indices like the ChiNext and STAR Market [8][10][12] - Looking ahead to December, the report emphasizes the importance of focusing on trading opportunities related to companies included in the North Exchange 50 and Specialized and New Indexes, particularly after the resolution of certain uncertainties [3][21] - The report anticipates a speeding up of reforms in the North Exchange in 2026, suggesting that recent market adjustments may have led to the undervaluation of quality assets, creating potential investment opportunities [3][21] Market Performance - The North Exchange A-share overall PE ratio remains at 44X, while the daily average trading volume has decreased to 139 billion [28][31] - In November 2025, the North Exchange saw a trading volume increase to approximately 376.6 billion, with a monthly turnover rate of 53%, up from 44% in October [20][23] - The report notes that only 10 companies had a price increase exceeding 5% in November, with notable performers in the power equipment and machinery sectors [17][18] Company Focus - Companies such as Tongli Co., Development Technology, and others are highlighted as potential investment targets due to their solid fundamentals and valuation attractiveness [3][21] - The report suggests focusing on companies with stable long-term performance and market scarcity, such as Guangxin Technology and Lin Tai New Materials [3][21] - Sectors with high policy support and growth certainty, including robotics, energy storage, and AI power, are recommended for investment, with specific companies like Hai Xi Communications and Xingtu Measurement Control being noted [3][21] New Listings and IPOs - From January 1, 2024, to November 28, 2025, a total of 46 companies have been newly listed on the North Exchange, with the average issuance PE ratio being 13.80X and an average first-day price fluctuation of 287% [37][45] - Recent updates indicate that two companies have registered and two have passed the review process, with ongoing normalization in new stock issuance [43][44]

Group 1: Market Overview - The North Exchange 50 Index has shown a "volatile upward trend, repeatedly hitting new highs," with a cumulative increase of 32.27% as of November 21, 2025, reaching a peak of 1670.01 points on September 8, 2025 [12][4] - The trading volume in the North Exchange has significantly increased, with a total transaction amount of 56,719.06 billion yuan in the first ten months of 2025, representing a year-on-year growth of 240.46% [13][19] - The total market capitalization of the North Exchange reached 9,209.78 billion yuan by October 31, 2025, more than doubling since its inception, with the number of listed companies increasing from 81 to 280 [19][21] Group 2: Policy Impact - A series of policies based on the "Deep Reform 19 Articles" have enhanced market vitality and resilience, facilitating a transition from rapid "scale expansion" to high-quality development [22][24] - The North Exchange has introduced a more inclusive listing standard, directly serving innovative small and medium-sized enterprises, and has improved the listing mechanism to accommodate technology innovation companies [24][22] Group 3: Technology and Consumption Trends - The resonance between technology and consumption is identified as a core driver of economic growth, with significant advancements in artificial intelligence, robotics, and new consumption patterns [25][26] - The Chinese AI market is rapidly developing, with China holding 36% of the world's AI large models and leading in generative AI patents, having filed over 38,000 patents from 2014 to 2023 [26][28] - The humanoid robot market is projected to grow significantly, with the global market expected to reach approximately 642.22 billion yuan by 2030, reflecting a compound annual growth rate of 58.90% [44][46] Group 4: Consumer Market Recovery - Consumer spending has become a major driver of GDP growth in China, contributing 85.6% to economic growth in 2023 [55][56] - The medical beauty market in China is expected to grow from 2,669 billion yuan in 2023 to 2,964 billion yuan in 2024, with a compound annual growth rate of 15.60% from 2019 to 2024 [57][58] - The pet industry is also experiencing growth, with the number of pets in urban areas projected to reach 124.11 million by 2024, reflecting a 2.1% increase from 2023 [69][70]

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]

Group 1 - The report highlights the steady expansion of the Beijing Stock Exchange (BSE) market, with the number of listed companies increasing to 282 and total market capitalization approaching 1 trillion yuan, with over 50% being national-level "little giant" enterprises in specialized and innovative sectors [2][5][22] - Daily trading volume has surged from 2 billion yuan to nearly 30 billion yuan, indicating improved pricing efficiency and liquidity [2][5][22] - The number of qualified investors has reached nearly 9.5 million, with institutional funds such as public funds and social security funds accelerating their investments, marking a significant shift towards long-term capital in the market [2][5][22] Group 2 - The BSE has entered a new phase with the simultaneous operation of the North Certificate 50 and specialized and innovative indices, with expectations for the early issuance of specialized and innovative index funds [2][5][22] - The report suggests continued focus on the construction of the BSE index system and the launch of the North Certificate 50 ETF, which is anticipated to attract incremental capital [2][5][22] - The report identifies several key investment themes, including the promotion of public fund products targeting small and medium-sized stocks, and sectors with strong policy support and growth certainty, such as lithium batteries, energy storage, and AI power [2][5][22] Group 3 - The overall price-to-earnings (PE) ratio for BSE A-shares remains at 49X, with a slight decline in PE ratios across various boards, indicating a cooling market sentiment [10][11][22] - The average PE ratio for newly listed companies from January 1, 2024, to November 14, 2025, is 13.76X, with an average first-day price fluctuation of 264% [21][24][22] - The report notes that two companies passed the review and one company registered during the week, indicating a normalization in the IPO process on the BSE [22][16]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant milestones in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and enhancing market functions [1][2][3] Group 1: Market Performance - As of November 14, 2025, the BSE has 282 listed companies, a threefold increase from 81 at its inception, with over 80% being SMEs and nearly 90% being private enterprises [2] - The average revenue of 279 companies that disclosed their Q3 reports is 5.20 billion, reflecting a year-on-year growth of 6%, while the average net profit stands at 32.99 million [2] - The total market capitalization of listed companies is approximately 900.83 billion, with the top companies being Better Ray (42.04 billion) and Jinbo Biological (27.59 billion) [2] Group 2: Institutional Arrangements - The BSE has established inclusive market access for growth-stage and unprofitable companies, with a focus on balancing regulatory costs for SMEs [3] - The introduction of the "920" code signifies the BSE's transition to an independent code era, enhancing market recognition and attracting quality enterprises [3][4] Group 3: Market Ecosystem - The BSE has issued over 13 trillion in government bonds and supported local government bond issuance exceeding 990 billion, contributing to regional economic development [5] - More than 90% of listed companies have distributed dividends, with over 9.5 million qualified investors participating in the market [6] Group 4: Future Directions - The BSE plans to enhance its functions by improving support for technology innovation and refining its listing review system [7] - The focus will also be on stabilizing the market by improving the quality of listed companies and fostering long-term capital investment [8] - The BSE aims to optimize its product offerings and enhance market services, including the introduction of the North Certificate 50 ETF and after-hours fixed-price trading [9]

Core Insights - The Beijing Stock Exchange (BSE) officially opened on November 15, 2021, and has since become a key platform for innovative small and medium-sized enterprises (SMEs) in China [1] - As of now, the BSE has 282 listed companies with a total market capitalization exceeding 900 billion yuan, with nearly 80% being SMEs and over 90% being private enterprises [3][4] - The BSE has implemented a precise and inclusive market access mechanism to support growth-stage and unprofitable companies, alongside a practical continuous supervision system [5][6] Market Performance - The BSE has seen significant growth in market scale and activity over the past four years, with 282 listed companies and a total market value of 900.83 billion yuan [3][4] - The average R&D intensity of listed companies on the BSE is 4.5%, surpassing the average level of regulated enterprises [5] - Over 80% of companies reported profitability in the first half of the year, with a median net profit of approximately 15 million yuan [5] Investor Landscape - The number of qualified investors has reached about 9.5 million, with increasing participation from public funds, private equity funds, and qualified foreign institutional investors (QFIIs) [5] - The BSE is preparing to launch the North Exchange 50 ETF, which is expected to attract more diverse investors and enhance market activity [6][7] Future Development Plans - The BSE aims to enhance its service for innovative SMEs by focusing on four key areas: improving functionality, strengthening foundations, providing friendly services, and fostering an open ecosystem [8] - Plans include optimizing listing standards, enhancing the bond market product system, and promoting the issuance of government bonds [9][10] - The BSE will also work on improving market product systems, service mechanisms, and technological systems to better meet market demands [10][11] Collaborative Efforts - The BSE emphasizes collaboration with government departments and market institutions to support the development of innovative SMEs [11] - There is a focus on enhancing cooperation with local government industrial funds and financial institutions to facilitate SME financing [11][12]