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 - The market is experiencing a "barbell" trading pattern, with strong performance in new consumption and active technology themes, as evidenced by the North Exchange 50 index rising by 3.13% and daily average trading volume increasing by 11.5% [10][18] - There is a notable divergence in market styles, with large-cap high-dividend and micro-cap themes performing well, while low PE indices and large-cap indices increased by 1.47% and 1.15%, respectively, contrasting with high PE and small-cap indices which fell by -0.95% and -0.27% [10][11] - The report highlights strong performances in sectors such as military industry and new consumption, with specific companies like Jinbo Biological, Lusi Co., and Kangbit showing significant strength [10][11] Group 2 - The North Exchange 50 index is approaching previous highs, indicating a cautious market environment where funds are structurally favoring new consumption [11] - The report suggests that the market environment in May remains favorable for the North Exchange and thematic investments, despite concerns about domestic stimulus measures potentially leading to underwhelming macro performance [11][12] - Companies recommended for attention include Jinbo Biological, Kangbit, Yizhi Konjac, and others in the new consumption sector, as they are expected to attract more institutional interest [11][12] Group 3 - The North Exchange has introduced a "small-scale fast" review mechanism for major asset restructuring, allowing companies with cumulative transaction amounts not exceeding 100 million yuan to bypass extensive review processes [12] - The report emphasizes that consumption and technology will remain key focus areas in Q2, with a long-term view on companies with competitive advantages [12] Group 4 - The North Exchange saw a total trading volume of 8.068 billion shares this week, with a trading value of 173.42 billion yuan, reflecting a week-on-week increase of 39.32% [18][27] - The average PE ratio for the North Exchange is reported at 94.45 times, with a median of 53.73 times, indicating a relatively high valuation compared to other indices [24][26] Group 5 - This week, one new stock, Tiangong Co., was listed on the North Exchange, bringing the total number of listed companies to 266 as of May 16, 2025 [31] - The new third board saw 7 new listings and 3 delistings, with planned financing of 170 million yuan and completed financing of 7 million yuan [54][56]