7月北交所有哪些催化事件？ 6月即将结束，北交所在这里的走势强于我们的预期，7月有哪些时间值得我们提前关注和布局呢？请见 阅读催化盘点—— ...

"9·3阅兵"已确认，北交所该如何参与？ 今年的"9·3阅兵"已经正式敲定！恰逢一个国际事件频发的时代，今年的阅兵意义非凡，北交所有哪些 可供参与的选择？一起看看吧—— ...

广信科技（920037.BJ）今日上市！近几日北交所行情很好，公司赶上了绝佳的上市时点，再加上自身 质地出色、发行估值又很低，从网上发行开始就遭"疯抢"，市场对其上市表现满怀期待。 而对于打新投资者来说，最关心的莫过于上市首日涨幅，尤其是最大涨幅和均价涨幅，对于上市涨幅的 测算，北研君在之前的文章中就给出过一套方法，通过这套方法，我们得出首日涨幅区间为： +433%~+586% 。具体的测算过程及最大涨幅、均价涨幅，请前往北研君小号翻阅。 超低估值的电网材料龙头，广信科技上市能涨多少？ ...

Core Viewpoint - The article highlights the impressive performance of the Beijing Stock Exchange (北交所) in the first half of 2025, with a significant index increase of 37% and 93% of listed companies experiencing gains [1] Summary by Sections - Performance Overview - The Beijing Stock Exchange has shown outstanding profitability in the first half of 2025, with an index rise of 37% [1] - A remarkable 93% of companies listed on the exchange have reported gains during this period [1] - Leading Stocks - The article invites readers to explore which stocks led the market rally, indicating a focus on identifying top-performing companies [1] - Community Engagement - The article encourages participation in a poll regarding personal investment performance, fostering community interaction among investors [1]

月初，北交所就公布了"北证专精特新指数"的首批成分股名单，伴随着当前北交所行情火爆， 预计相 关指数基金会快速落地，并成长起一定规模 。今天我们将北证50套利的逻辑应用与这一新的指数，看 看哪些成分股最具套利价值。记得关注我们的小号~ 新指数将登陆北交！哪些成分股最具套利潜力？ ...

Group 1 - The article highlights that July, along with April, is a critical month for performance evaluation in the A-share market, where stock price movements are closely correlated with quarterly earnings growth rates [1] - It emphasizes that this period can be considered a "fundamental window period," indicating a strong relationship between stock performance and earnings growth [1] - The article mentions that a detailed analysis of companies with the highest growth potential for the first half of 2025 on the Beijing Stock Exchange has been conducted [1]

Group 1 - The recent decline in the North Exchange (北交所) was nearly 2%, with 241 stocks falling, indicating a concentrated release of negative sentiment despite the North 50 Index not fully reflecting the severity of the drop [1] - The closing point of 1365.79 represents a 9% pullback from the recent high of 1500, with the median PE (TTM) at 50.26X, down 10% from the peak of 55.58X on May 21 [1] - The analysis suggests that the index has not yet completed its adjustment phase [1] Group 2 - The current PE of 50X for the North Exchange is comparable to the second phase of the ChiNext (创业板) in early 2015, indicating potential for significant valuation increases in the upcoming third phase [2] - Historical data shows that during the ChiNext's first and second phases, the median PE rose from 26.53X to 59.66X, with a total of 47 companies listed, and the average fundraising amount was 25.68 million [2] - In the third phase of ChiNext, despite a significant increase in market valuation, the IPO prices did not rise proportionately, suggesting that a similar trend may occur in the North Exchange [2] Group 3 - In the North Exchange's first and second phases, 16 stocks were issued with an average issuance PE of 13.85X and an average fundraising size of 2.75 million, totaling 44 million raised [3] - As valuations are expected to rise and trading becomes more active, there is speculation that IPOs may accelerate, potentially reaching a frequency of one issuance every two days [3] - The expectation is that IPO issuance prices may remain relatively low despite increasing market valuations [3]

Core Viewpoint - The recent performance of new stocks on the Beijing Stock Exchange (BSE) has been impressive, with significant first-day gains, leading to questions about the sustainability and attractiveness of participating in new stock offerings [1][2]. Group 1: New Stock Performance - The first-day performance of newly listed stocks on the BSE has shown substantial gains, with average increases around 310%, and some stocks experiencing maximum gains close to 400% [1][2]. - The valuation trend indicates that most companies are trading at a price-to-earnings (PE) ratio of 35-45 times, which is considered a fair pricing mechanism for new stocks on the BSE [1][2]. - The performance of new stocks is influenced by their initial pricing and total market capitalization, with lower-priced and smaller-cap stocks generally achieving higher first-day gains [1][2]. Group 2: Subscription Data and Trends - The subscription data reveals that larger fundraising companies tend to attract more subscription funds, but the difference in subscription amounts is not as significant as the variance in fundraising scales among different companies [3][4]. - The average subscription rate for larger companies is higher, while smaller companies tend to have lower subscription rates but potentially higher single-stock returns [4][5]. Group 3: Investment Returns - The calculated returns from participating in new stock offerings show that the highest returns are associated with larger companies, while smaller companies yield lower returns [5][6]. - The average return from new stock subscriptions this year is significantly lower than last year's, indicating a trend of decreasing profitability in new stock investments [5][6]. - If the BSE continues to list over 30 new stocks annually, even with lower individual stock returns, it could still outperform traditional cash management strategies like money market funds [6].

Core Viewpoint - The North Exchange 50 Index has been in a consolidation phase since reaching its peak on November 8, 2024, and is now facing a potential new adjustment period due to external influences [1] Market Performance - The North Exchange 50 Index closed at 1382.74, down 2.92% from the previous day, with a trading volume of 16.66 million lots and a turnover of 36.93 billion [2] - The index has experienced a maximum drawdown of 31.14% since its peak, with a current P/E ratio of 52.41 [10] Historical Comparison - The current market conditions of the North Exchange are likened to the historical performance of the ChiNext board from 2012 to 2015, indicating potential similarities in market behavior and phases [6][9] - The North Exchange has seen a significant increase in trading volume, from 3.84 billion to 36.93 billion, similar to the ChiNext's growth during its early stages [10] Future Predictions - The North Exchange 50 Index is expected to experience a maximum drawdown of around 30% in the next phase, with new stock issuances accelerating [13] - Predictions suggest that the index could potentially exceed 3000 points, with trading volumes surpassing 1000 billion [13]

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