北交所将进入“双指数”运行阶段，一文读懂新指数下北证市场变化

Core Viewpoint - The Beijing Stock Exchange (BSE) is set to launch a new index, the North Certificate Specialized and Innovative Index, on June 30, 2025, marking the beginning of a "dual index" era for the exchange [1][3]. Group 1: Introduction of the New Index - The North Certificate Specialized and Innovative Index will consist of the 50 largest "specialized and innovative" companies listed on the BSE, reflecting the overall performance of these firms [1][3]. - The index aims to provide diverse investment targets and performance benchmarks for the market [1][2]. Group 2: Rationale Behind the New Index - The introduction of the new index is a response to the unique characteristics of the BSE, which has a high proportion of national-level "specialized and innovative" small giant enterprises [3][4]. - As of January 3, 2025, approximately 58.56% of the BSE's listed companies are classified as "small giants," surpassing the Sci-Tech Innovation Board and significantly higher than the Growth Enterprise Market and Main Board [3][4]. Group 3: Comparison with Existing Index - The North Certificate Specialized and Innovative Index shares similarities with the existing North Certificate 50 Index, including sample selection criteria and adjustment mechanisms [6][8]. - Key differences include the requirement for selected companies to be classified as "specialized and innovative small giants" and the frequency of sample adjustments, with the new index adjusting semi-annually compared to quarterly for the North Certificate 50 [8][9]. Group 4: Market Impact and Future Developments - The dual index era is expected to lead to the development of new public and private investment products, enhancing the investment product structure of the BSE and attracting more investors [13][14]. - The introduction of the new index may not directly influence the launch of ETFs on the BSE, but it is anticipated that the market will eventually see ETF products in the future [14].