北交所开年持续上涨，三大交易所上调融资保证金比例 ——北交所双周报（1.12-1.23） 评级： 增持（维持） 分析师：冯胜 执业证书编号：S0740519050004 | 上市公司数 | 292 | | --- | --- | | 行业总市值(亿元) | 9,363.02 | | 行业流通市值(亿元) | 5,802.62 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 02 月 04 日 Email：fengsheng@zts.com.cn 分析师：宋瀚清 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 北交所基本状况 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 291 只，平均市值 32.20 亿元。 本区间（2026.1.12-2026.1.23，下同）北证 50 指数涨跌幅为 4.22%，收盘价 1588.66 点；同期沪深 300、上证指数涨跌幅分别为-1.19%、0.38%。本区间北交所日均成交 额达 3341.00 亿元，较上一区间（2025.12.29 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall market performance of the North Exchange shows a significant increase, with the North 50 Index rising by 7.49% during the period from January 5 to January 16, 2026, closing at 1548.33 points. In comparison, the Shanghai and Shenzhen 300, ChiNext, and Sci-Tech 50 indices increased by 2.20%, 4.93%, and 12.64%, respectively [4][10] - The average market capitalization of the 288 constituent stocks in the North Exchange is 32.69 billion yuan, with a total market value of 941.449 billion yuan and a circulating market value of 573.460 billion yuan [1][4] - The daily average trading volume during this period reached 331.61 billion yuan, representing a 67.96% increase compared to the previous period [4][12] Summary by Sections North Exchange Market Overview - As of January 16, 2026, the North Exchange has 288 listed companies, with an average market capitalization of 32.69 billion yuan. The North 50 Index increased by 7.49% during the specified period [4][10] - The daily average trading volume was 331.61 billion yuan, with a turnover rate of 6.62%, which is an increase of 2.30 percentage points from the previous period [12][13] North Exchange Sector Performance - The top five performing sectors in the North Exchange during this period were Media (45.09%), Oil and Petrochemicals (22.23%), Non-ferrous Metals (16.87%), Automotive (14.64%), and Communications (13.47%) [4][15] North Exchange New Stocks - Three new stocks were issued during this period: Kema Materials (920086.BJ), Aisheren (920050.BJ), and Guoliang New Materials (920076.BJ) [5][23] North Exchange Key News - On January 5, 2026, the company Guangdao Tui (920680) was officially delisted, marking the first forced delisting due to major violations since the establishment of the North Exchange [7][24] - On January 14, 2026, the financing margin ratio for investors was adjusted from 80% to 100%, aimed at reducing leverage and protecting investors' rights [7][24] North Exchange Investment Strategy - The report suggests focusing on sectors expected to perform well in 2026, including Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology [7][26]

Group 1 - The core viewpoint of the article is that Chuanrun Co., Ltd. (002272) is actively collaborating with Xiangjiang Technology to promote liquid cooling technology for data centers and upgrade green computing infrastructure [1] Group 2 - The company emphasizes leveraging each other's strengths in the ongoing partnership with Xiangjiang Technology [1]

Core Viewpoint - The conference emphasizes the importance of thermal management technology in various key sectors, including AI computing, advanced packaging, new energy, and electric vehicles, aiming to drive innovation and collaboration within the industry [2][5][19]. Group 1: Conference Overview - The 6th Thermal Management Industry Conference and Expo, hosted by DT New Materials, took place in Shenzhen, gathering experts from academia and industry to discuss technological innovations and engineering practices in thermal management [2]. - The conference featured multiple forums and discussions on trending applications such as AI data centers, advanced packaging, power devices, and liquid cooling technology, providing a comprehensive communication platform for the industry [4][19]. Group 2: Keynote Highlights - Dr. Zhang Lisheng, CEO of DT New Materials, highlighted Shenzhen's role as a hub for electronic information and advanced manufacturing, aiming to create a robust ecosystem for thermal management, integrated circuits, and new materials [5][7]. - Notable presentations included topics on directional heat transfer mechanisms, thermal management in communication and AI products, and intelligent thermal control mechanisms, showcasing advancements in materials and system-level solutions [9][10][12][14][16]. Group 3: Industry Trends and Innovations - The conference discussions revealed key trends such as high heat flux density, advanced packaging, and the engineering of liquid cooling systems, indicating the main development lines for the industry over the next 3-5 years [52]. - The exhibition area featured numerous new products and solutions, facilitating direct interactions between engineers and procurement leaders, leading to potential collaborations [53]. Group 4: Future Outlook - The conference aims to create tangible value for the industry through connectivity and collaboration, with ongoing discussions between academic experts and industry representatives for future research and project implementations [56][59]. - More forums and significant content updates are expected in the following days, reflecting the growing importance of thermal management in the era of increased computational power [59].

Core Insights - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to collaborate on data center liquid cooling technology innovation, green energy-saving solutions, and global market expansion [2] Group 1 - The cooperation will focus on key areas such as technological innovation in liquid cooling for data centers [2] - The partnership aims to implement green energy-saving solutions [2] - The collaboration will also target global market expansion strategies [2]

Core Viewpoint - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to collaborate on data center liquid cooling technology innovation, green energy solutions, and global market expansion [1] Group 1: Collaboration Areas - The cooperation will focus on key areas such as water system power optimization, liquid cooling infrastructure solutions, breakthroughs in single-phase immersion liquid cooling technology, industrial waste heat utilization, and energy efficiency improvements [1] - Both companies aim to enhance communication and cooperation in the low-carbon energy structure and energy conservation and emission reduction fields [1] Group 2: Strategic Goals - The partnership supports the strategic goals of achieving "carbon peak and carbon neutrality" [1]

Core Viewpoint - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps (Shanghai) Co., Ltd. to innovate in data center liquid cooling technology, implement green energy-saving solutions, and expand in global markets [1] Group 1: Partnership Details - The partnership is based on the principle of resource complementarity and win-win cooperation [1] - Grundfos is a global water technology development and pump manufacturing company headquartered in Denmark, with a strong presence in the Chinese market [1] - The collaboration will leverage Grundfos's advanced experience in fluid control and energy efficiency management alongside Xinpeng's strategic development and product manufacturing in the liquid cooling sector [1] Group 2: Areas of Focus - Key areas of collaboration include innovation in data center liquid cooling technology [1] - Implementation of green energy-saving solutions [1] - Global market expansion efforts [1]

Core Viewpoint - The collaboration between New Peng Co., Ltd. and Grundfos Pumps (Shanghai) Co., Ltd. focuses on innovations in data center liquid cooling technology, implementation of green energy-saving solutions, and global market expansion [1] Group 1: Partnership Details - New Peng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps, a global water technology development and pump manufacturing company headquartered in Denmark [1] - Grundfos has established a strong presence in the Chinese market with two production facilities and the largest overseas R&D center [1] Group 2: Areas of Collaboration - The partnership aims to leverage Grundfos's advanced experience in fluid control and energy efficiency management alongside New Peng's strategic development and product manufacturing in the liquid cooling sector [1] - Key areas of focus for the collaboration include innovation in data center liquid cooling technology, the realization of green energy-saving solutions, and the expansion into global markets [1]

Core Viewpoint - The company Xinpeng Co., Ltd. has signed a memorandum of cooperation with Grundfos Pumps to collaborate on data center liquid cooling technology innovation, green energy-saving solutions, and global market expansion [1] Group 1 - The cooperation memorandum is an intention document and does not involve specific transaction amounts [1] - The agreement does not require approval from the company's board of directors or shareholders [1]

Core Insights - The overall market is experiencing an adjustment period as it enters the third quarter report disclosure phase, with the North Exchange showing a decline in the North 50 Index by 6.26% during the period from October 9 to October 17, 2025 [3][4] - The average market capitalization of the 279 constituent stocks on the North Exchange is 3.005 billion, with a daily average trading volume of 186.656 billion, reflecting a decrease of 6.56% compared to the previous period [3][4] - The report highlights the performance of specific sectors, with mechanical equipment and public utilities showing positive growth, while textiles and apparel experienced a decline [3][4] Market Overview - As of October 17, 2025, the North Exchange has 279 constituent stocks, with the North 50 Index closing at 1432.87 points [3] - The daily average turnover rate for the North Exchange during this period was 4.16%, a decrease of 0.15 percentage points from the previous interval [3] - The top five performing sectors during this period were mechanical equipment (7.13%), public utilities (4.36%), and transportation (2.72%), while agriculture, forestry, fishery, and textiles showed negative growth [3] Company Performance - Two companies disclosed their third-quarter reports: Yabao Xuan reported a revenue of 419 million, a year-on-year increase of 55.90%, and a net profit of 48.7188 million, up 36.59% [4] - Minshida reported a revenue of 343 million, a year-on-year increase of 21.77%, and a net profit of 91.17 million, up 28.88% [4] Investment Strategy - The report suggests focusing on high-quality development opportunities in the North Exchange for 2025, particularly in sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology [5] - Specific companies to watch include KLT in data centers, Suzhou Axis in robotics, and Hualing in semiconductors, among others [5]