北交所ETF将落地？业内寄望！

Core Viewpoint - The launch of North Exchange (北交所) ETFs is anticipated to accelerate, potentially debuting in Q3 of this year, supported by favorable policies and improving market liquidity [1][2][3]. Group 1: Market Activity and Performance - As of the end of 2024, there are 264 companies listed on the North Exchange, with a total revenue of 178.46 billion yuan in 2024, reflecting a year-on-year growth of 7.81% [2]. - The North Exchange stock market became active after September 24, 2024, with peak daily trading volumes reaching 61.7 billion yuan, and average trading volumes around 40 billion yuan since March 2025 [1][4][5]. - The proportion of North Exchange stock trading volume relative to the total trading volume of the Shanghai and Shenzhen exchanges has significantly increased, stabilizing above 2% since the beginning of this year [5][6]. Group 2: ETF Development and Regulatory Support - The North Exchange has received substantial policy support since its inception, including the introduction of the North 50 Index, which laid the groundwork for passive index fund investments [3][4]. - The China Securities Regulatory Commission (CSRC) has emphasized the need to enrich the product system and expand index investment, including the development of ETFs and other investment vehicles [3][4]. - The recent government directives aim to enhance the proportion of equity public funds and establish a fast-track approval process for ETFs, indicating a strong push for index investment development [3][4]. Group 3: Challenges and Considerations - Industry experts highlight the necessity of sufficient market liquidity to support the launch and trading of ETFs, with concerns about potential liquidity risks affecting normal operations [4][7]. - The current regulatory environment imposes high qualification requirements for investors in North Exchange stocks, which may evolve as the market matures [8]. - There are ongoing discussions regarding the technical aspects of ETF implementation, including market-making systems and the potential need for adjustments in investor qualifications to enhance trading activity [6][8].