北交所策略专题报告 2026 年 02 月 01 日 北交所研究团队 政策激发消费市场活力，掘金北交所升级类与情绪体验消费标的 ——北交所策略专题报告 诸海滨（分析师） 车欣航（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 chexinhang@kysec.cn 证书编号：S0790525050001 2025 年社零突破 50 万亿，《加快培育服务消费新增长点工作方案》注入动力 2025 年作为"十四五"规划收官之年，我国消费市场稳步扩容、提质升级，社 会消费品零售总额首次突破 50 万亿元，达 50.1 万亿元，同比增长 3.7%，最终消 费支出对经济增长的贡献率达 52%，持续发挥经济发展主引擎作用。各级商务主 管部门推进提振消费专项行动，实施消费品以旧换新，叠加 2026 年 1 月《加快 培育服务消费新增长点工作方案》出台，为消费市场注入强劲动力。服务消费成 为增长核心，呈现"增速快、结构优、需求新"的特征，增速持续快于商品零售。 2025年我国服务零售额同比增长5.5%，居民人均服务性消费支出同比增长4.5%， 占人均消费支出比重达 46.1%，文体休闲、 ...

Group 1: Company Developments - Tianming Technology announced its entry into the robotics sector by signing a cooperation development agreement with Hangzhou Zhongzhi High Intelligent Technology Co., Ltd, focusing on key technologies for robotic drive joints and electric pedal drive joints [3] - The total development budget for the collaboration is estimated to be between 15.25 million and 21.65 million yuan [3] - Tianming Technology plans to establish the "Tianming Technology Robotics Research Institute" to recruit and train talent for its robotics research and industrialization efforts [3][4] Group 2: Market Reaction - Following the announcement of its transformation into a robotics concept stock, Tianming Technology's share price surged, opening high and rising over 19% at one point, ultimately closing up 14.98% at 19.19 yuan per share, with a total market capitalization of 2 billion yuan [5] Group 3: Industry Context - The robotics sector remains a hot topic in the capital market, with several companies listed on the Beijing Stock Exchange involved in this industry, including Juneng Co., which focuses on intelligent manufacturing and has been actively engaging with institutional investors regarding its robotics initiatives [2][6] - Juneng Co. reported that nearly 80% of its revenue comes from the automotive sector, with approximately 23% of that from new energy vehicle-related business [7]

Group 1: Revenue Growth - The main sources of revenue growth in 2024 are the sales of winches and electric pedals, with significant growth in winch sales compared to the previous year [4] - Other business income, which saw a high growth rate, primarily comes from R&D income for domestic automotive OEMs, with costs covered by the OEMs for new models or additional demands [4] Group 2: Domestic Market Development - The domestic business growth is mainly driven by the automotive OEM market, with increased demand from partners like Great Wall Motors and Jiangling Motors [5] - The electric pedal product is currently applied in the Jiangling Ford model and is expected to expand its market share in the domestic aftermarket [5] Group 3: International Sales Strategy - The company's overseas products are sold mainly under its own or joint brands, with no involvement in cross-border e-commerce [6] - Development of electric pedal samples for the Tesla Cybertruck has been completed, and the company is awaiting feedback from potential partners [6] Group 4: Investment Projects and Dividends - The construction of investment projects is nearing completion, with the main structures and installations finished, and factory acceptance expected by mid-year [7] - The proposed dividend plan for 2024 is to distribute a cash dividend of 5 yuan (including tax) for every 10 shares, pending approval at the annual shareholders' meeting [8]