Market Overview - The North Exchange A-shares market is experiencing increased risk aversion due to ongoing global geopolitical conflicts and fluctuating expectations of interest rate cuts by the Federal Reserve, leading to heightened volatility in global risk assets[6] - The average daily trading volume in the A-share market has decreased by CNY 100.6 billion, while the North Exchange A-shares' average daily trading volume has shrunk by CNY 28.7 billion, reaching a near one-year low[6] Valuation and Performance - The current PE (TTM) ratio for North Exchange A-shares has dropped to approximately 34 times, down from about 50 times in mid-2025, indicating a significant correction[6] - The North Exchange's valuation is now lower than that of the Sci-Tech Innovation Board (42.2 times) and the Growth Enterprise Market (38.0 times), suggesting a growing safety margin for long-term investments[6] Trading Activity - As of March 27, 2026, the North Exchange A-shares consist of 301 stocks with an average market capitalization of CNY 26.8 billion, compared to CNY 131.1 billion for the Growth Enterprise Market and CNY 187.2 billion for the Sci-Tech Innovation Board[13] - The total trading amount for the North Exchange during the week was CNY 677.6 billion, with an average trading amount per stock of CNY 2.2 billion and a turnover rate of 15.9%[13] Stock Performance - In the recent trading period, the North Exchange 50 index fell by 3.4%, underperforming the Growth Enterprise Market by approximately 1.7 percentage points[20] - Among the 301 stocks, 28 stocks increased in value, while 272 stocks decreased, with the top performer, Puan Medical, rising by 136.6%[22] New Listings - One new stock, Puan Medical (920069.BJ), was listed on March 27, 2026, with a first-day increase of 136.6% and a PE ratio of 15.0 times[30] - Upcoming listings include three companies: Yuelong Technology, Sain Electronics, and Longyuan Co., with expected issuance prices and PE ratios ranging from 13.8 to 15.0 times[34] Risk Factors - Key risks include policy changes, liquidity risks, and the potential for corporate earnings to fall short of expectations, which could further impact market sentiment[6]

Industry News - Bahrain and UAE aluminum plants confirmed attacks from Iran, causing injuries and property damage, potentially impacting global aluminum supply which accounts for about 10% of the market [4] - China's high-energy physics research institute announced the successful mass production of medical-grade alpha isotopes, accelerating the clinical application of domestic alpha nuclear medicine [4] Company News - Dazhengda announced the cancellation of a temporary shareholders' meeting and will not review the investment in a GPU company [8] - SanTe Ski Resort received an administrative penalty notice from the Hubei Securities Regulatory Bureau [8] - Baibang Technology is planning a change in control, leading to a suspension of its stock [9] - China Petroleum announced a projected net profit of 157.3 billion yuan for 2025, a year-on-year decrease of 4.5% [12] - Tianshan Aluminum expects a 107.92% year-on-year increase in net profit for Q1 2026 [12] - Changfei Optical Fiber projected a 20.4% year-on-year increase in net profit for 2025, proposing a dividend of 2.95 yuan per 10 shares [12] - Luoyang Molybdenum announced a 50.3% year-on-year increase in net profit for 2025, proposing a dividend of 2.86 yuan per 10 shares [12] - TCL Technology projected a 188.8% year-on-year increase in net profit for 2025, proposing a dividend of 0.9 yuan per 10 shares [12] - BYD reported a total revenue of 803.96 billion yuan for 2025, a year-on-year increase of 3.46% [12]