北交所周报 交投活跃度节前回落，北交所优化再融资 2026 年 02 月 23 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj@chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相关研究 1. 【银河北交所】2026 年度策略_"小而美"到"强 而久"，推动北证高质量发展 2. 【银河北交所】"十五五"：北交所引领中小企业 再进阶 3. 【银河北交所】2025 年度中期策略_并购协同促 新格局，提质扩容迎新供给 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 相对沪深 300 表现图 2026-02-23 资料来源：iFinD，中国银河证券研究院 ⚫ 北证 50 指数周涨幅为+0.58%。2 月 9 日至 2 月 13 日，北证 50 涨幅为 +0.58%。北交所 294 家上市公司中，共 103 家公司周涨幅为正，其中新股 爱得科技（+144 ...

Group 1 - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech 50 Index both increasing by over 1%. The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 159.7 billion yuan compared to the previous trading day [1] - The computing power industry chain experienced a collective surge, with significant gains in computing power leasing concepts. Major companies like Dazhi Technology and Capital Online saw their stocks hit the daily limit [1] - The Ministry of Industry and Information Technology announced plans to develop national computing power interconnection nodes, aiming to enhance the efficiency and service level of public computing resources and promote high-quality development in the computing power sector [1] Group 2 - The CPO concept saw rapid gains, with leading company Tianfu Communication's stock rising by 11.61% to a historical high of 322 yuan per share, bringing its market capitalization to 250.33 billion yuan [2] - The computing power chip concept also rose in the afternoon, with companies like Chipone Technology experiencing over a 10% increase in stock price [2] - The electric grid equipment sector showed strong performance, with companies like Siyuan Electric and Sifang Co. reaching new highs, while other companies in the sector also saw significant stock price increases [2]

Market Overview - On February 12, the three major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.16 trillion yuan, an increase of 159.7 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index: 4134.02 (+2.03, +0.05%) [2] - Shenzhen Component Index: 14283.00 (+122.06, +0.86%) [2] - ChiNext Index: 1816.15 (+27.93, +1.56%) [2] - CSI 300: 4719.58 (+5.76, +0.12%) [2] - CSI 500: 8423.57 (+97.76, +1.17%) [2] Industry Developments - The Ministry of Industry and Information Technology announced plans to develop national computing power interconnection nodes, aiming to enhance the efficiency and service level of public computing resources [3] - Major domestic internet companies, including Tencent, Alibaba, and Baidu, are increasing efforts to attract users to AI applications, which is expected to significantly boost active user numbers in AI applications [3] - The demand for AI applications is driving growth in the domestic computing power industry chain, presenting key development opportunities [3] Stock Highlights - Tianfu Communication, a leader in the CPO concept, saw its stock rise by 11.61% to 322 yuan per share, reaching a market capitalization of 250.33 billion yuan [3] - Chip companies related to computing power also experienced gains, with Chipone Technology rising over 10% [3] - The liquid cooling server concept showed strong performance, with Chuanrun Co. achieving two consecutive trading limits in four days [3] - The electric grid equipment sector saw collective strength, with companies like Siyuan Electric and Sifang Co. reaching new highs [3] Individual Stock Movements - Double Good Energy, a solar energy company, saw its stock price hit the limit up within 10 minutes, with a total market value of 20.1 billion yuan, following the announcement of three overseas orders for high-efficiency heat exchangers [4] - Newly listed company N Haisheng experienced a maximum increase of 244.94%, triggering a trading halt, with over 300 million yuan in transactions [4]

Trading Activity - The average daily trading volume on the North Exchange decreased by 28.69% to 204.93 billion CNY, down from 287.38 billion CNY in the previous week[5] - The weekly turnover rate for the North Exchange was 19.15%, indicating a slight decline compared to previous weeks[7] Index Performance - The North 50 Index experienced a slight decline of 0.70% during the week, with fluctuations influenced by the weak performance of small-cap stocks[14] - Other indices such as the Sci-Tech 50 and the ChiNext Index saw declines of 5.76% and 3.28% respectively, highlighting a broader market downturn[14] Sector Analysis - Most sectors on the North Exchange reported negative median returns, with the beauty and personal care sector leading with a median increase of 2.32%, while the oil and petrochemical sector had the largest decline at -8.42%[20] - The computer industry had the highest median price-to-earnings (P/E) ratio at 139.57 times, indicating a relatively high valuation compared to other sectors[20] New Listings and Market Activity - There were two new IPOs on the North Exchange during the week, but no new stocks were listed[40] - The overall trading scale of the New Third Board decreased, with the innovative tier and basic tier seeing transaction amounts drop by 15.61% and 25.94% respectively[34] Risk Considerations - There is a noted risk of pullback in North Exchange stocks, particularly as trading volumes have shown signs of contraction, which may lead to further declines in the North 50 Index[42]

| 北证日均成交额环比继续下降，北证 50 | | --- | | 指数当周震荡显著 | ——北交所周报（2026 年 2 月第 1 周） 本报告导读： 2 月第 1 周 A 股市场缩量震荡，小盘股表现稍弱，北证 50 指数波动明显，单周小幅 下跌 0.70%，日均成交额回落至 200 亿元附近。当周北交所 2 只新股招股，无新股 上市。 次新板块持续回调，科创板年内首只未盈利新股 上市 2026.02.10 新股精要—动力电池热失控防护零部件领先提供 商固德电材 2026.02.10 IPO 月度数据一览（2026 年 1 月） 2026.02.03 次新板块回调明显，恒运昌申购收益亮眼 2026.02.02 北证交易活跃度回升，北证 50 指数回调 2026.02.01 证 券 研 究 报 告 投资要点： 新股研究 /[Table_Date] 2026.02.12 | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | ...

海圣医疗本次发行募集资金总额为142,757,651.52元，募集资金净额为113,438,208.84元，拟用于麻 醉监护急救系列医疗器械升级扩产及自动化项目、研发检测中心项目、营销服务基地建设项目。 公司是面向全球的麻醉、监护类医疗器械综合产品提供商，主营业务为麻醉、监护类医疗器械产品 的研发、生产和销售，产品已广泛应用于麻醉科、ICU病房、急诊科等科室的终端临床需求。 (责任编辑：蔡情) 中国经济网北京2月12日讯 今日，海圣医疗（920166）在北交所上市。 本次发行前，黄海生直接持有公司47.11%的股份，为公司控股股东，黄海生及吴晓晔系夫妻，黄 海生直接持有公司47.11%的股份，吴晓晔持有励新投资20.60%财产份额，通过励新投资间接控制公司 7.81%的股份。黄海生及吴晓晔夫妇两人合计控制公司54.92%的股份。黄海生及吴晓晔系公司实际控制 人。本次发行前后，公司控股股东、实际控制人未发生变化。 北交所：海圣医疗（920166） ...

第二环节：领导致辞 第三环节：敲响上市宝钟 海圣医疗北交所上市仪式于2026年2月12日09:00-09:30举行，全景路演全程直播，敬请期待。 活动简介 浙江海圣医疗器械股份有限公司成立于2000年，是面向全球的麻醉、监护类医疗器械综合产品提供商，主营业务为麻醉、监护类医疗器械产品的研发、生 产和销售，产品已广泛应用于麻醉科、ICU病房、急诊科等科室的终端临床需求。公司自成立以来，持续深耕麻醉和监护医用耗材、设备的研发和制造， 是我国较早从事麻醉和监护类医用耗材、设备研发制造的科技型医疗器械生产企业之一，也是该细分领域的头部企业。海圣医疗将于2026年2月12日登陆 北交所上市交易，全景路演将对上市仪式全程直播，敬请关注。 活动议程 第一环节：介绍嘉宾 海圣医疗北交所上市仪式 日 09:00-09:30 第四环节：仪式结束，嘉宾合影留念 ...

Core Viewpoint - Zhejiang Haisheng Medical Devices Co., Ltd. is set to go public on the Beijing Stock Exchange, aiming to raise approximately 37 million yuan for the upgrade and expansion of its anesthetic and monitoring medical devices, as well as for the establishment of a research and testing center and a marketing service base [2]. Group 1: Company Overview - The company specializes in the research, production, and sales of anesthetic and monitoring medical devices, which are widely used in departments such as anesthesiology, ICU, and emergency [2]. - Huang Haisheng holds a 47.11% stake in the company, making him the controlling shareholder, while his spouse, Wu Xiaoye, indirectly controls an additional 7.81% through Lixin Investment, resulting in a combined control of 54.92% [2]. Group 2: IPO Details - The company plans to issue shares at a price of 12.64 yuan per share, with an expected earnings per share (EPS) ratio of 13.99, aligning with the specialized equipment manufacturing industry [1]. - The total number of shares to be issued is 11.2941 million, with 10.1647 million shares available for online subscription [1]. - The expected total fundraising amount is 142.7577 million yuan, with a net amount of approximately 113.4382 million yuan after deducting estimated issuance costs of 29.3194 million yuan [2].

1、公司主营业务为麻醉、监护类医疗器械产品的 2月4日新股申购（共1只 | | | 海圣医疗(北交所,920 | | --- | --- | --- | | 申购代码 | 920166 | | | 发行价格 | 12.64 元 | 顶格 | | 总市值 | 8.09亿 | | | 发行市盈率 | 13.99 | 行业 | | 同业可比公司 | 维力医疗 | 同业公司 动态市盈率 | | | 三鑫医疗 | | | | 天益医疗 | | | | 麻醉类医疗器械： 50.61%； | | | | 监护类医疗器械： 38.85%; | | 手术及护理类医疗器械： 10.40%; 其他：0.13% | | 易思维(科创板,68881 | | --- | --- | | 发行价格 | 55.95元 | | 智签署 | 0.02% | 询价! | | --- | --- | --- | | 总市值 | 41.96亿 | | | 发行市盈率 | 90.39 | 行业 | | 业务及亮点 | 1、创始团队主要来自天津大学精密测试技术及仪 | | | | 备深厚研发积淀及丰富产业经验。 | | | | 2、是我国汽车制造机器视觉 ...

Company Overview - Haiseng Medical (920166.BJ) has launched its subscription on February 4, with an issue price of 12.64 yuan per share and a subscription limit of 508,200 shares, reflecting a price-to-earnings ratio of 13.99 times. The company is listed on the Beijing Stock Exchange, with CITIC Securities as its sponsor [1] - Haiseng Medical is a global provider of anesthesia and monitoring medical devices, focusing on the research, production, and sales of these products, which are widely used in anesthesia departments, ICUs, and emergency departments [1] Product and Market Position - The company holds 53 domestic medical device registration certificates, including 11 Class III, 40 Class II, and 2 Class I certificates. Additionally, it has 2 FDA registrations and 12 products with EU CE certifications [1] - Haiseng Medical has established a sales network covering most provinces and cities in China, with its products used in over 1,000 tertiary hospitals and thousands of medical institutions, including more than 600 top-tier hospitals [4] Industry Growth - According to Frost & Sullivan, China's medical device market is growing rapidly, with the market size expected to increase from 440.3 billion yuan in 2017 to 1,154.4 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 14.76%, significantly higher than the global CAGR of approximately 4.82% during the same period [4] - The domestic medical device market is anticipated to continue its growth, with projections indicating a market size of 1,244.2 billion yuan by 2025 and over 1.66 trillion yuan by 2030, driven by government support for domestic medical devices and increasing per capita medical spending [4] Financial Performance - The company reported revenues of approximately 268 million yuan, 306 million yuan, and 304 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of approximately 70.11 million yuan, 78.04 million yuan, and 70.92 million yuan for the same years [7] - As of December 31, 2022, total assets were approximately 319.68 million yuan, with total equity of about 260.55 million yuan. By June 30, 2025, total assets are projected to reach approximately 519.45 million yuan, with total equity of about 446.96 million yuan [8] - The company has maintained a gross margin of around 51.59% to 53.15% over the past few years, with a net profit margin showing a slight fluctuation [8]