诸海滨：上半年北交所成功“出圈”，希望总市值尽快破万亿大关

Core Viewpoint - The North Exchange has successfully achieved "going out of the circle" in the first half of 2025, marked by significant market performance and increased liquidity, attracting more investors and companies [2]. Group 1: Market Performance - In the first half of 2025, the North Exchange 50 index saw a remarkable increase of nearly 42%, ranking first among nine major indices [2]. - The average daily turnover rate of the North Exchange exceeded 8%, making it the most liquid exchange in the market [2]. Group 2: Fund Performance - Public mutual funds related to the North Exchange performed exceptionally well, indicating recognition of high-quality companies by investors [2]. - In the first quarter of this year, public mutual funds increased their allocation to the North Exchange by nearly 24% compared to the end of last year [2]. Group 3: Future Outlook - The North Exchange is approaching its fourth anniversary, with ongoing reforms and financial product advancements expected to attract more investors and companies [2]. - There is a collective focus on achieving rapid expansion based on high quality, with hopes for the total market value to surpass 1 trillion yuan, requiring coordinated efforts from policies and the market [2]. Group 4: Reform Directions - The "920 segment" reform is progressing well, with preparations nearly complete, promising a fresh identity for North Exchange companies in the eyes of investors [3]. - Future reforms will focus on the resonance between technology and finance, including the development of specialized indices and related fund products [3]. - The first batch of North Exchange thematic funds is set to enter a new round of open periods, with potential exploration of a more flexible funding inflow mechanism [3].