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） ...

*免责声明：文章内容仅供参考，不构成投资建议 | | | 海圣医疗(北交所,920 | | | --- | --- | --- | --- | | 发行价格 | 12.64元 | | | | 智签率 | 0.02% | | 询价 | | 总市值 | | | | | 发行市盈率 | 13.99 | | 行业 | | 业务及亮点 | 公司主营业务为麻醉、监护类医疗器械产品的 1、 | | | | | ICU 病房、急诊科等科室的终端临床需求。 | | | | | 2、公司已搭建起麻醉类、监护类、手术及护理类 | | | | | 品矩阵,掌握 14 项核心技术,为产品矩阵构筑了 | | | | | 3、公司主要产品广泛应用于全国上千家三级医院 | | | | | MEDTRONIC/COVIDIEN（美敦力 / 柯惠医疗公司 | | | *风险提示：股市有风险，入市需谨慎 ...

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 - The implementation of a unified medical service pricing mechanism in Gansu aims to address the long-standing issues of inconsistent pricing and project naming in healthcare services, enhancing the management of nearly 3,000 medical service price items across the province [1][2]. Group 1: Focus on Children - New nursing guidelines include pricing for "premature infant care" and "newborn care," which will be incorporated into the medical insurance payment system, reimbursed at the standard for Class A projects [2]. - Additional pricing items for children under six years old have been established to incentivize healthcare providers to offer higher quality services to young patients [2]. - The pricing mechanism acknowledges the value of nursing staff's expertise and labor in high-risk premature infant care, reflecting respect for medical professionals [2]. Group 2: Focus on the Elderly - The implementation of the pricing guidelines has significantly improved services for the elderly, introducing fees for home hospital beds, home care services, and palliative care [2]. - These new medical service price items allow elderly individuals with mobility issues to receive professional medical care at home, particularly during end-of-life stages, ensuring comprehensive physical and psychological support [2]. Group 3: Support for Innovation - Adjustments in medical service pricing have facilitated the clinical application of advanced technologies such as invasive brain-machine interface technology and AI-assisted diagnostics [2]. - The introduction of air medical transport projects will enhance the emergency rescue capabilities of hospitals, creating an efficient "air life channel" for the public [2]. Group 4: Overall Impact - The Gansu Provincial Medical Insurance Bureau aims to standardize hospital charges through these pricing adjustments, making healthcare access more convenient and strengthening medical security, ultimately improving the health satisfaction of the populace [3].

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to relevant market indices [43]. Core Insights - The company, Haiseng Medical, specializes in the research, production, and sales of anesthesia and monitoring medical devices, with a strong market presence in various clinical departments such as anesthesia, ICU, and emergency [2][7]. - The company has demonstrated a solid financial performance with projected revenues of 306 million CNY in 2023, 304 million CNY in 2024, and 345 million CNY in 2025, reflecting year-over-year growth rates of 14.25%, -0.70%, and 13.68% respectively [10][4]. - The company has established itself as a leading player in the domestic market for anesthesia and monitoring medical consumables, with a comprehensive product matrix and a robust sales network covering over 600 top-tier hospitals [35][36]. Summary by Sections Basic Financial Status - The company is expected to achieve revenues of 3.06 billion CNY, 3.04 billion CNY, and 3.45 billion CNY from 2023 to 2025, with corresponding net profits of 780 million CNY, 710 million CNY, and 860 million CNY [10][4]. - The company’s revenue sources are primarily from anesthesia and monitoring medical devices, which together account for over 80% of total revenue [10]. Industry Situation - The medical device industry is one of the fastest-growing sectors globally, with a projected market size of 6,379.6 billion USD by 2028, driven by increasing health demands [20][21]. - The domestic medical device market has rapidly expanded, with a compound annual growth rate of 14.76% from 2017 to 2024, indicating significant growth potential [24]. Company Highlights - Haiseng Medical has competitive advantages in core technologies, product variety, and marketing channels, having developed advanced technologies that exceed industry standards [35][36]. - The company is actively engaged in product innovation and development, collaborating with universities to enhance its technological capabilities [36]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO, including upgrading production facilities, establishing a research and testing center, and building a marketing service base [37][38]. Peer Comparison - Compared to similar companies, Haiseng Medical's revenue is below the average of its peers, but its sales gross margin is positioned in the mid-to-high range of the industry [39][40].