证券研究报告 | 北交所定期报告 | | --- | 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 我国 AI 调用量于 2026 年 2 月首超美国，关注北交所 AI 算力产业链标的 ——北交所科技成长产业跟踪第六十五期（20260301） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 hyzqdatemark 2026 年 03 月 02 日 请务必仔细阅读正文之后的评级说明和重要声明 联系人 2025H2 我国大模型日均调用量环比增长 263%，国产算力需求正经历指数级增长。根据第一财经消息，全球最 大的 AI 模型 API 聚合平台 OpenRouter 数据显示，2026 年 2 月 9 日-15 日，中国模型以 4.12 万亿 Token 的调 用量，首次超过同期美国模型的 2.94 万亿 Token；2026 年 2 月 16 日-22 日，中国模型周调用量进一步冲高至 5.16 万亿 Token，三周大涨 127 ...

证券日报网讯 2月27日，柏星龙发布公告称，公司2025年实现营业收入516，045，485.13元，归属于上 市公司股东的净利润23，141，630.83元。 （文章来源：证券日报） ...

证券代码：920075 证券简称：柏星龙 公告编号：2026-008 深圳市柏星龙创意包装股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 1、报告期内经营情况 报告期内，本年度实现营业收入 51,604.55 万元，同比下降 12.89%；归属 于上市公司股东的净利润 2,314.16 万元，同比下降 43.87%；基本每股收益 0.3570 元/股，同比下降 44.46%。 2、报告期内财务状况 报告期末，公司总资产 68,933.50 万元，较期初增长 4.85%；归属于上市公 司股东的所有者权益 40,026.72 万元，较期初下降 1.53%；期末归属于上市公 司股东的每股净资产 6.18 元/股，较期初下降 1.44%。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一 ...

证券代码：920075 证券简称：柏星龙 公告编号：2026-007 深圳市柏星龙创意包装股份有限公司 关于使用闲置自有资金现金管理的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、授权现金管理情况 （二） 累计现金管理金额未超过授权额度。 （三） 本次现金管理产品受托方、资金使用方情况 公司董事会已对受托方的基本情况、信用情况及其交易履约能力等进行了 必要的调查。公司与受托方无关联关系，本次现金管理不构成关联交易。 三、公司对现金管理相关风险的内部控制 （一）公司将及时跟踪、分析各投资产品的投向、项目进展情况，一旦发 现或判断可能出现不利因素，将及时采取相应的保全措施，控制投资风险； 截至本公告发出之日，公司以闲置资金现金管理合计未到期余额为人民币 11,700.00 万元（其中以闲置募集资金进行现金管理未到期余额为人民币 1,500.00 万元，以闲置自有资金现金管理未到期余额为人民币 10,200.00 万 元），根据《北京证券交易所股票上市规则》等相关规定，本次现金管理已达披 露标 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a forecasted increase of over 10% relative to the benchmark index in the next 6 to 12 months [27]. Core Insights - The overall market performance of the Beijing Stock Exchange (BSE) shows a decline, with the BSE 50 index dropping by 3.59% to close at 1531.55 points as of January 30, 2026. In comparison, the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average market capitalization of the 292 constituent stocks on the BSE is 3.207 billion yuan, with a total industry market value of 936.302 billion yuan and a circulating market value of 580.261 billion yuan [4][10]. - The report highlights the top-performing sectors for the week, including Oil and Petrochemicals (33.99%), Media (4.97%), Agriculture, Forestry, Animal Husbandry, and Fishery (4.69%), Transportation (2.28%), and Communications (2%) [4][17]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks, with an average market capitalization of 3.207 billion yuan. The BSE 50 index experienced a decline of 3.59% during the week, while the Shanghai Composite Index and other indices showed minimal changes [4][10]. - The average daily trading volume for the BSE was 28.731 billion yuan, reflecting a 7.20% increase from the previous week, with a turnover rate of 5.88% [15]. New Stocks on BSE - One new stock, Meidele (920119.BJ), was issued during the week. Additionally, several companies are at various stages of the IPO process, including Huadian Guangda, which has been accepted for review [5][22]. Key News from BSE - The BSE released a revised guideline for sustainable development reporting on January 30, 2026, aimed at enhancing the quality of information disclosure among listed companies. This includes new application guidelines focusing on pollutant emissions, energy use, and water resource utilization [6][24]. - The first IPO of the year was accepted for Beijing Huadian Guangda Environmental Co., which specializes in new catalytic materials for air pollution control, aiming to raise approximately 260 million yuan [6][24]. 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. Specific companies highlighted include KLT, Suzhou Axis, and Hualing Co. [25].

Investment Rating - The industry investment rating is maintained at "Overweight" [1][27]. Core Insights - The report highlights that the overall performance of the Beijing Stock Exchange (BSE) is expected to show significant results in 2026, with a focus on high-quality development and investment opportunities in various sectors [6][25]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks with an average market capitalization of 3.207 billion [4][10]. - The BSE 50 Index experienced a decline of 3.59%, closing at 1531.55 points, while the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average daily trading volume for the week was 28.731 billion, an increase of 7.20% from the previous week, with a turnover rate of 5.88% [4][15]. Sector Performance - The top five performing sectors on the BSE for the week were: - Oil and Petrochemicals: 33.99% - Media: 4.97% - Agriculture, Forestry, Animal Husbandry, and Fishery: 4.69% - Transportation: 2.28% - Communication: 2% [4][17]. New Stocks - One new stock was issued during the week, Meidel (920119.BJ), with updates on the status of other companies in the review process [5][22]. Key News - The BSE released a revised "Guidelines for the Preparation of Sustainable Development Reports" to enhance the quality of sustainability disclosures among listed companies [6][24]. - The first IPO of the year was accepted, with Beijing Huadian Guangda Environment Co., Ltd. aiming to raise approximately 260 million by issuing up to 32.2 million shares [6][24]. Investment Strategy - The report suggests focusing on the following sectors for investment in 2026: 1. Data Centers: KLT and Shuguang Data Creation 2. Robotics: Suzhou Axis, Audiwei, JunChuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [6][25].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1]. Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10]. - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [4][10]. - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [4][12]. - The top five performing sectors during this period were non-ferrous metals, building materials, chemicals, steel, and electronics, with increases of 9.24%, 8.49%, 8.25%, 5.26%, and 5.22% respectively [4][14]. Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [4][10]. - The North 50 Index closed at 1588.66 points, with a trading volume of 334.1 billion and a turnover rate of 6.79% [4][12]. New Stocks in the North Exchange - During the period from January 12 to January 23, 2026, three new stocks were issued: Koma Materials, Aishalen, and Guoliang New Materials [23]. Key News from the North Exchange - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% for new financing contracts [6][26]. Investment Strategy for the North Exchange - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2026 [6][27].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The overall performance of the North Exchange has shown a positive trend, with the North 50 Index increasing by 4.22% during the period from January 12 to January 23, 2026, while the Shanghai and Shenzhen 300 Index decreased by 1.19% [4][10] - The average market capitalization of the North Exchange's constituent stocks is 3.22 billion [10] - The daily average trading volume reached 334.1 billion, representing a 41.49% increase compared to the previous period [12] Summary by Sections North Exchange Market Overview - As of January 23, 2026, there are 291 constituent stocks in the North Exchange, with an average market capitalization of 3.22 billion [10] - The North 50 Index closed at 1588.66 points, with a trading volume increase and a daily turnover rate of 6.79% [12] Sector Performance - The top five performing sectors in the North Exchange during the reporting period are Non-ferrous Metals (9.24%), Building Materials (8.49%), Chemicals (8.25%), Steel (5.26%), and Electronics (5.22%) [14] Individual Stock Performance - Out of 288 stocks listed on the North Exchange, 216 stocks increased in value, 71 decreased, and 1 remained flat, resulting in a 75% increase ratio [16] New Stocks in the Period - During the reporting period, three new stocks were issued, and several companies updated their review status, indicating ongoing market activity [5][23] Key News - On January 14, 2026, the China Securities Regulatory Commission approved an adjustment to the financing margin ratio, increasing the minimum margin from 80% to 100% [26] Investment Strategy - The report suggests focusing on sectors such as Data Centers, Robotics, Semiconductors, Consumer Goods, and Military Information Technology for potential investment opportunities in 2026 [27]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - The "Work Plan" issued by the State Council aims to accelerate the cultivation of new growth points in service consumption, focusing on six key areas and three potential areas, which is expected to open up incremental space for service consumption [3][6] - By 2025, the per capita service consumption expenditure in China is projected to reach 13,602 yuan, with a year-on-year increase of 4.5%, accounting for 46.1% of total per capita consumption expenditure [3][11] - The domestic tourism market is expected to see 6.522 billion trips in 2025, a year-on-year increase of 16.2% [3][14] - The ice and snow industry is projected to generate over 187.5 billion yuan in consumption during the 2024-2025 season, with a growth rate exceeding 25% [3][30] - The emotional economy market in China is expected to reach 23,077.67 billion yuan in 2024 and surpass 45,000 billion yuan by 2029 [3][36] Summary by Relevant Sections Service Consumption Growth - The "Work Plan" focuses on optimizing service supply and fostering new service consumption models, particularly in transportation, housekeeping, automotive aftermarket, online audio-visual services, travel services, and inbound consumption [3][6] - The report highlights the increasing contribution of final consumption expenditure to economic growth, projected to be 52% in 2025, up by 5 percentage points from 2024 [9] Market Performance - The median price-to-earnings (P/E) ratio for the North Exchange service consumption sector decreased from 48.2X to 47.7X, with a total market capitalization dropping from 114.684 billion yuan to 112.981 billion yuan [46][51] - The median market cap for companies in this sector fell from 2.038 billion yuan to 1.978 billion yuan [51] Company Insights - Notable companies in the service consumption sector include: - Elderly care: Zhisheng Information, Beiyikang - Sports: Huayang Racing, Kangbiter - Tourism: Meiya Technology - Emotional/experiential consumption: Taihu Snow, Lusi Co., Baixinglong - Education: Digital Human, Tonghui Information - Online audio-visual: Xiange International, Haifiman - Apparel: Zhongfangbiao, Tianfangbiao [3][40] Performance Highlights - The report indicates that 29% of companies in the North Exchange service consumption sector saw stock price increases, with the median stock price change being -2.41% [46] - Top performers included Qiule Seed Industry (+22.55%), Kangnong Seed Industry (+13.50%), and Oufu Egg Industry (+7.05%) [46][56]

Group 1 - The report highlights that China's social retail sales are expected to exceed 50 trillion yuan in 2025, reaching 50.1 trillion yuan, with a year-on-year growth of 3.7% [2][10][19] - The contribution of final consumption expenditure to economic growth is projected to be 52%, continuing to act as a main engine for economic development [2][19] - The service consumption sector is becoming the core of growth, with a year-on-year increase of 5.5% in service retail sales and a 4.5% rise in per capita service consumption expenditure, accounting for 46.1% of total per capita consumption expenditure [2][19] Group 2 - The report indicates that the consumption service sector saw a decline of 2.02% this week, while the agriculture, forestry, animal husbandry, and fishery sector experienced a growth of 6.49% [3][31] - Among the listed companies in the consumption service sector, 26% saw an increase in market value, while 74% experienced a decline [3][35] - Notable individual stock performances included Qiu Le Seed Industry (+22.55%), Kang Nong Seed Industry (+13.50%), and Tong Guan Mining Construction (+11.98%) [3][43] Group 3 - As of January 30, 2026, there are 177 companies queued for listing on the North Exchange, with 28 related to the consumption service sector, averaging 1.116 billion yuan in revenue and 129 million yuan in net profit for 2024 [3][45] - Companies such as Shiyang Agricultural Science, Baili Food, and Jule Co. are projected to exceed 200 million yuan in net profit for 2024 [3][45][46] - Sixteen companies in the consumption service sector have announced performance forecasts for 2025, with notable growth expected from Hongyu Packaging, Oufu Egg Industry, Longzhu Technology, and Taihu Snow [3][46][48] Group 4 - The report outlines twelve measures to stimulate service consumption, focusing on six key areas including transportation services, domestic services, online audio-visual services, travel services, automotive aftermarket services, and inbound consumption [10][11] - The report identifies potential growth areas in performance services, sports event services, and emotional/experiential services, with specific companies like Kangbiter, Huayang Racing, and Bixinglong positioned in these sectors [14][15]